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Bank First Executive Compensation (FY25)

BFC · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): June 18, 2026
137 figures on this page: 134 cited to the filing that reported them, 3 calculated from figures it prints. See the citations
Total compensation for Michael Molepske, Chief Executive Officer (Director), came to $1,800,787 in fiscal 2025, and compared with the $1,434,645 reported for fiscal 2023, Molepske's total was 25.5% higher. For fiscal 2025, the company reported a chief executive pay ratio of 30:1, against median employee compensation of $60,937. Shareholders supported the say-on-pay proposal with 93.7% of votes cast for or against in favor at the meeting held June 15, 2026 for fiscal 2025. Companies named in the disclosed peer group include Alerus Financial Corporation, Bridgewater Bancshares, Inc., City Holding Company, Civista Bancshares, Inc. and Farmers & Merchants Bancorp, Inc., among others.
Chief executive, fiscal 2025
◇
Michael Molepske
Latest say-on-pay support
=
June 15, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Molepske: $1,434,645 → $1,800,787 (25.5% higher)
Say-on-pay support: 91.5% → 93.7% (2.2 points higher)
CEO pay ratio: 31:1 → 30:1 (3.2% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Bank First's chief executive and what were they paid?
Total compensation for Michael Molepske, Chief Executive Officer (Director), came to $1,800,787 in fiscal 2025. Compared with the $1,434,645 reported for fiscal 2023, Molepske's total was 25.5% higher.
What was Bank First's say-on-pay result?
Shareholders supported the say-on-pay proposal with 93.7% of votes cast for or against in favor at the meeting held June 15, 2026 for fiscal 2025.
Which companies are in Bank First's peer group?
Companies named in the disclosed peer group include Alerus Financial Corporation, Bridgewater Bancshares, Inc., City Holding Company, Civista Bancshares, Inc. and Farmers & Merchants Bancorp, Inc., among others.
What is Bank First's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 30:1, against median employee compensation of $60,937.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Molepske
Chief Executive Officer
◇—◇—◇—◇◇
Kevin LeMahieu
Chief Financial Officer
◇◇◇———◇◇
Joan Woldt
Former Chief Operating Officer
Departed during or after this year
◇◇◇———◇◇
Jason Krepline
Chief Lending Officer
◇◇◇———◇◇
Timothy McFarlane
President
◇—————◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Molepske
Chief Executive Officer (Director)
◇—◇—◇—◇◇
Timothy McFarlane
President (Director)
◇—◇—◇—◇◇
Kevin LeMahieu
Chief Financial Officer
◇—◇—◇—◇◇
Jason Krepline
Chief Lending Officer
◇—◇—◇—◇◇
Kelly Dvorak
Chief Legal Counsel
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Jason V. KreplineRSU◇——◇——◇
Kelly M. DvorakRSU◇——◇——◇
Kevin M. LeMahieuRSU◇——◇——◇
Michael B. MolepskeRSU◇——◇——◇
Timothy J. McFarlaneRSU◇——◇——◇
Fiscal 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Kevin LeMahieuRSU◇◇——
Timothy McFarlaneRSU◇◇——
Michael MolepskeRSU◇◇——
Jason KreplineRSU◇◇——
Kelly DvorakRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mary-Kay H. Bourbulas
Lead independent director
◇◇———◇◇
Peter J. Van Sistine
◇◇———◇◇
Daniel C. McConeghy
◇◇———◇◇
Judy L. Heun
◇◇———◇◇
Phillip R. Maples
◇◇———◇◇
Robert D. Gregorski
◇◇———◇◇
Stephen E. Johnson
◇◇———◇◇
Michael S. Stayer-Suprick
◇◇———◇◇
Erin A. Davis
◇◇———◇◇
Laura E. Kohler
◇◇———◇◇
Todd A. Sprang
◇—————◇
Ebru Basaran-Shull, Michael B. Molepske, Timothy J. McFarlane and Steven M. Eldred served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alerus Financial Corporation ALRS
  • Bridgewater Bancshares, Inc. BWB
  • City Holding Company CHCO
  • Civista Bancshares, Inc. CIVB
  • Farmers & Merchants Bancorp, Inc. FMAO
  • First Mid Bancshares, Inc. FMBH
  • German American Bancorp, Inc. GABC
  • Guaranty Bancshares, Inc. GNTY
  • HBT Financial, Inc. HBT
  • Lakeland Financial Corporation LKFN
  • Mercantile Bank Corporation MBWM
  • MVB Financial Corp. MVBF
  • Nicolet Bankshares, Inc. NIC
  • Peoples Financial Services Corp. PFIS
  • Red River Bancshares, Inc. RRBI
  • South Plains Financial, Inc. SPFI
  • Southern Missouri Bancorp, Inc. SMBC
  • Stock Yards Bancorp, Inc. SYBT
  • Triumph Financial, Inc. TFIN
  • West Bancorporation, Inc. WTBA

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 15, 2026=◇◇◇
2024June 16, 2025=◇◇◇
2023June 17, 2024=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Bank First disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Bank First sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
137 figures on this page: 134 cited to the filing that reported them, 3 calculated from figures it prints.
134 cited to the filing
3 calculated from the filing

Documents cited

  1. 0001104659-26-075710
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001104659-26-048526
    2025 Grants of Plan-Based Awards · 2025, 2024 and 2023 SUMMARY COMPENSATION TABLE · CEO Pay Ratio · Director Compensation · and 1 more section
  3. 0001104659-25-060241
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001104659-24-072790
  5. 0001104659-24-049978
    NAMED EXECUTIVE OFFICER COMPENSATION
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Velarion, “Bank First executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/BFC (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Bank First discloses

The companies named in BFC's own disclosed peer group.

Alerus Financial CorporationBridgewater Bancshares, Inc.City Holding CompanyCivista Bancshares, Inc.Farmers & Merchants Bancorp, Inc.First Mid Bancshares, Inc.German American Bancorp, Inc.HBT Financial, Inc.Lakeland Financial CorporationMercantile Bank CorporationMVB Financial Corp.Nicolet Bankshares, Inc.Peoples Financial Services Corp.Red River Bancshares, Inc.South Plains Financial, Inc.Southern Missouri Bancorp, Inc.Stock Yards Bancorp, Inc.Triumph Financial, Inc.West Bancorporation, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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