Bank First Announces Net Income for the Fourth Quarter of 2025

Rhea-AI Summary

Bank First (NASDAQ: BFC) reported Q4 2025 net income $18.4M ($1.87/share) and 2025 net income $71.5M ($7.23/share). Adjusted (non-GAAP) Q4 results were $19.6M ($2.00/share) and $73.4M ($7.42/share) for the year. Net interest income was $40.2M in Q4 and NIM improved to 4.01%. Total assets were $4.51B and loans totaled $3.60B at December 31, 2025; total deposits were $3.70B. The Board declared a quarterly cash dividend of $0.50/share, payable April 8, 2026 (record March 25, 2026). The company completed the acquisition of Centre/First National Bank and Trust on January 1, 2026, and reported acquisition-related expenses and a $0.9M loss from razing a former branch site.

Positive

• EPS increased by 11.2% YoY (7.23 vs 6.50)
• Adjusted net income +12.9% YoY ($73.4M vs $65.0M)
• Net interest margin at 4.01% in Q4 2025
• Total deposits grew 17.7% annualized in Q4 2025

Negative

• Noninterest expense rose to $22.0M in Q4 2025 (up ~14% YoY)
• Acquisition-related expenses totaled $1.5M in 2025 quarters
• Loss of $0.9M from razing Denmark branch site
• Dividends and buybacks of $74.5M reduced equity cushions

News Market Reaction

+0.10%

1 alert

+0.10% News Effect

+10.9% Peak Tracked

+$2M Valuation Impact

$1.59B Market Cap

1.1x Rel. Volume

On the day this news was published, BFC gained 0.10%, reflecting a mild positive market reaction. Argus tracked a peak move of +10.9% during that session. This price movement added approximately $2M to the company's valuation, bringing the market cap to $1.59B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $18.4M FY 2025 net income: $71.5M Q4 2025 EPS: $1.87 +5 more

8 metrics

Q4 2025 net income $18.4M Three months ended Dec 31, 2025

FY 2025 net income $71.5M Year ended Dec 31, 2025

Q4 2025 EPS $1.87 Three months ended Dec 31, 2025

FY 2025 EPS $7.23 Year ended Dec 31, 2025

Net interest income $40.2M Q4 2025

Net interest margin 4.01% Q4 2025

Quarterly dividend $0.50 per share Approved for payment Apr 8, 2026; up 11.1%

Nonperforming assets ratio 0.20% Nonperforming assets of $9.0M at Dec 31, 2025

Market Reality Check

Price: $146.99 Vol: Volume 84,079 is 1.79x th...

high vol

$146.99 Last Close

Volume Volume 84,079 is 1.79x the 20-day average of 47,004, indicating elevated interest into the earnings release. high

Technical Price of $135.68 is trading above the 200-day MA at $121.73, reflecting a pre-news uptrend into results.

Peers on Argus

BFC gained 5.64% while key regional bank peers like CNOB (+5.67%) and HOPE (+5.4...

BFC gained 5.64% while key regional bank peers like CNOB (+5.67%) and HOPE (+5.46%) also advanced, but no peers appeared in the momentum scanner, pointing to a stock-specific move on earnings within a generally firm group.

Common Catalyst One close peer, Westamerica Bancorporation, also had a dividend-related headline today, suggesting some shared focus on capital return among regional banks, but BFC’s move is primarily tied to its earnings details.

Historical Context

3 past events · Latest: Jan 02 (Positive)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jan 02	Acquisition completion	Positive	-1.0%	Closed Centre 1 Bancorp deal, expanding assets and services.
Oct 21	Quarterly earnings	Positive	+2.2%	Reported higher Q3 2025 net income and EPS with solid NIM.
Oct 16	Regulatory approval	Positive	-0.1%	Received regulatory approval for Centre 1 Bancorp merger.

Pattern Detected

Recent earnings and acquisition headlines have produced mixed reactions, with strategic deals sometimes seeing slight negative price responses despite generally constructive fundamentals.

Recent Company History

Over the past few months, Bank First has focused on growth through acquisition and consistent profitability. On Oct 16, 2025, it received regulatory approval to acquire Centre 1 Bancorp, with a mildly negative price reaction. Q3 2025 earnings on Oct 21, 2025 showed higher net income and EPS, and the stock rose 2.22%. Completion of the Centre acquisition on Jan 2, 2026 produced a small decline. Today’s Q4 and full-year 2025 results, plus a higher dividend, build on this expansion and earnings growth trajectory.

Market Pulse Summary

This announcement highlights continued earnings growth, with Q4 net income of $18.4M, full-year EPS ...

Analysis

This announcement highlights continued earnings growth, with Q4 net income of $18.4M, full-year EPS of $7.23, and expansion of net interest margin to 4.01%. Asset quality remained strong, with nonperforming assets at just 0.20% of total assets, and the quarterly dividend was raised to $0.50 per share. Recent history includes completion of the Centre 1 Bancorp acquisition and prior quarters of rising profitability. Investors may watch future margins, credit metrics, and integration progress following the recent merger.

Key Terms

net interest income, net interest margin, provision for credit losses, noninterest income, +4 more

8 terms

net interest income financial

"Net interest income ("NII") during the fourth quarter of 2025 was $40.2 million"

Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.

net interest margin financial

"Net interest margin ("NIM") was 4.01% for the fourth quarter of 2025"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

provision for credit losses financial

"Bank First did not record a provision for credit losses during the fourth quarter of 2025"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

noninterest income financial

"Noninterest income was $4.8 million for the fourth quarter of 2025"

Noninterest income is the money a bank or financial firm earns from activities other than charging interest on loans, such as account fees, transaction charges, advisory and underwriting fees, trading gains, and service income — like a store making extra money from repairs, warranties or delivery charges rather than product sales. It matters to investors because it shows how diversified a company’s revenue is and whether it can withstand changes in interest rates; a strong noninterest income stream can stabilize profits but may also be more variable than steady loan interest.

noninterest expense financial

"Noninterest expense totaled $22.0 million in the fourth quarter of 2025"

Costs a company incurs that are not tied to borrowing or lending, such as employee pay, rent, technology, marketing, and office supplies. Think of a household: noninterest expense is everything you pay for living and running the home except mortgage or loan interest; for investors, it shows how efficiently a company runs its core operations and directly affects profit margins and the cash available for growth or dividends.

nonperforming assets financial

"Nonperforming assets at December 31, 2025 remained negligible, totaling $9.0 million"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

tangible book value financial

"Tangible book value per common share (non-GAAP) totaled $46.01 at December 31, 2025"

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

mortgage servicing rights financial

"The Bank experienced a minimal negative adjustment to its mortgage servicing rights asset"

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

AI-generated analysis. Not financial advice.

• Net income of $18.4 million and $71.5 million for the three months and year ended December 31, 2025, respectively
• Earnings per common share of $1.87 and $7.23 for the three months and year ended December 31, 2025, respectively
• Annualized return on average assets of 1.65% and 1.62% for the three months and year ended December 31, 2025, respectively
• Quarterly cash dividend of $0.50 per share declared, an increase of 11.1% over the prior quarter and prior-year fourth quarter.

MANITOWOC, Wis., Jan. 22, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $18.4 million, or $1.87 per share, for the fourth quarter of 2025, compared with net income of $17.5 million, or $1.75 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, Bank First earned $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share for the full year of 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc. ("Centre"), as well as net gains on the sales of certain assets and a loss on the razing of the headquarters of a previously acquired institution, the Bank reported adjusted net income (non-GAAP) of $19.6 million, or $2.00 per share, for the fourth quarter of 2025, compared with $17.4 million, or $1.74 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, adjusted net income (non-GAAP) totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share for the full year of 2024.

"We are pleased to announce that the Company's annual earnings per share increased by more than 15% despite incurring $1.5 million in expenses related to the merger with Centre, the parent company of First National Bank and Trust Company ("FNBT"), headquartered in Beloit, Wisconsin," stated Mike Molepske, Chairman and CEO of Bank First. "The acquisition of FNBT is the most transformational event in Bank First's 131-year history, bringing together two relationship-based, community-focused organizations.  This acquisition is more than twice the size of our largest previous merger, expands us into Walworth, Rock, and Green Counties in Wisconsin, and into Winnebago County in Illinois, and brings Trust and Wealth Management to Bank First."

Operating Results
Net interest income ("NII") during the fourth quarter of 2025 was $40.2 million, up $1.9 million from the previous quarter and up $4.6 million from the fourth quarter of 2024. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions ("purchase accounting") increased NII by $0.5 million, or $0.04 per share after tax, during the fourth quarter of 2025, compared to $0.7 million, or $0.06 per share after tax, during the previous quarter and $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024.

Net interest margin ("NIM") was 4.01% for the fourth quarter of 2025, compared to 3.88% for the previous quarter and 3.61% for the fourth quarter of 2024. NII from purchase accounting increased NIM by 0.05%, 0.07% and 0.08% for each of these periods, respectively. The strong improvement in NIM was partially driven by higher yields on loans newly originated and renewed during the most recent quarter, which offset a decline in yield earned on the Bank's excess cash reserves as a result of recent interest rate cuts by the Federal Reserve Bank. A thirteen basis point reduction in the average rate paid on the Bank's interest-bearing liabilities also supported the expansion in the current quarter NIM.

Bank First did not record a provision for credit losses during the fourth quarter of 2025, compared to recording a provision of $0.7 million during the previous quarter. Due to improvements in the financial trends of two relationships and corresponding reductions in the specific reserves related to them, the Bank recorded a negative provision for credit losses totaling $1.0 million during the prior-year fourth quarter. Provision expense was $1.3 million for the year ended December 31, 2025, compared to a negative provision of $0.8 million for the full year of 2024. The lack of provision expense during the fourth quarter of 2025 was the result of continued strong asset quality metrics, as well as a slight contraction in the Bank's loan portfolio during the quarter.

Noninterest income was $4.8 million for the fourth quarter of 2025, compared to $6.0 million for the prior quarter and $4.5 million for the fourth quarter of 2024. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") experienced a typical seasonal fourth-quarter decline, down $1.1 million from the prior quarter but up $0.2 million from the prior-year fourth quarter. Income from Ansay increased by $0.4 million, or 11.8%, for the full year of 2025 compared to 2024. The Bank experienced a minimal negative adjustment to its mortgage servicing rights asset during the fourth quarter of 2025, compared to a positive valuation adjustment of $0.3 million in the previous quarter. Gains on sales of mortgage loans totaled $0.6 million during the fourth quarter of 2025, up from $0.5 million in the prior quarter and $0.4 million in the prior-year fourth quarter. For the full year of 2025 gains on sales of mortgage loans totaled $1.8 million, up $0.5 million, or 39.0%, from the prior year. All other areas of noninterest income remained consistent with recent quarterly results.

Noninterest expense totaled $22.0 million in the fourth quarter of 2025, compared to $21.1 million during the prior quarter and $19.3 million during the fourth quarter of 2024. Expenses related to the Bank's acquisition of Centre, which successfully closed on January 1, 2026, totaled $0.7 million and $0.9 million during the fourth and third quarters of 2025, respectively. These expenses were primarily incurred in the areas of outside service fees and data processing. Occupancy, equipment and office expense was negatively impacted by the razing and rebuilding of the Bank's location in Denmark, Wisconsin, which created a loss of $0.9 million. The razed building, formerly the headquarters of Denmark Bancshares, Inc., which was acquired by Bank First in 2022, was replaced as it did not function efficiently as a branch location. All other components of noninterest expense remained well-contained and consistent with prior periods.

Balance Sheet
Total assets were $4.51 billion at December 31, 2025, an increase of $85.7 million during the fourth quarter of 2025, representing 7.8% annualized growth for the quarter.

Total loans were $3.60 billion at December 31, 2025, up $87.5 million from December 31, 2024. Total loan balances contracted by $25.0 million during the fourth quarter of 2025, historically a slow seasonal period for loan growth, as the Bank successfully exited several substandard relationships with related loan balances of over $21.2 million.

Total deposits, nearly all of which remain core deposits, were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024, but up $54.0 million from September 30, 2024. Total deposits grew by an annualized rate of 17.7% during the fourth quarter of 2025. Noninterest-bearing demand deposits comprised 27.1% of the Bank's total deposits at December 31, 2025.

Asset Quality
Nonperforming assets at December 31, 2025 remained negligible, totaling $9.0 million compared to $13.9 million and $9.2 million at the end of the prior quarter and prior-year fourth quarter, respectively. Nonperforming assets to total assets ended the fourth quarter of 2025 at 0.20%, compared to 0.31% and 0.21% at the end of the prior quarter and prior-year fourth quarter, respectively.

Capital Position
Stockholders' equity totaled $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024. This increase in stockholders' equity nearly equaled the impact of fair value movements on the Bank's available-for-sale investment portfolio, which positively impacted equity by $4.3 million over the course of 2025.  Dividends totaling $52.5 million, including a $3.50 per common share special dividend declared in the second quarter of 2025, and repurchases of BFC common stock totaling $22.0 million negated the positive impact of earnings of $71.5 million during the year ended December 31, 2025. The Bank's book value per common share totaled $65.47 at December 31, 2025 compared to $63.89 at December 31, 2024. Tangible book value per common share (non-GAAP) totaled $46.01 at December 31, 2025 compared to $44.28 at December 31, 2024.

Dividend Declaration
Bank First's Board of Directors approved a quarterly cash dividend of $0.50 per common share, payable on April 8, 2026, to shareholders of record as of March 25, 2026. This dividend represents an increase of $0.05 per share, or 11.1%, from the dividend declared during the prior quarter and prior-year fourth quarter.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois following its merger with FNBT on January 1, 2026. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 499 full-time equivalent staff and has assets of approximately $6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 / klemahieu@bankfirst.com

View original content:https://www.prnewswire.com/news-releases/bank-first-announces-net-income-for-the-fourth-quarter-of-2025-302668452.html

SOURCE Bank First Corporation

FAQ

What did Bank First (BFC) report for net income in Q4 2025?

Bank First reported $18.4M net income for Q4 2025, or $1.87 per share.

What is Bank First's full-year 2025 EPS and adjusted EPS (BFC)?

Full-year 2025 EPS was $7.23 and adjusted (non-GAAP) EPS was $7.42.

When is the BFC dividend payable and how much is it?

The quarterly cash dividend of $0.50 per share is payable April 8, 2026 to shareholders of record March 25, 2026.

How did Bank First's net interest margin (NIM) perform in Q4 2025?

Bank First reported a 4.01% NIM for Q4 2025, up from 3.61% year-ago.

Did Bank First complete any acquisitions affecting 2025 results (BFC)?

Yes; the acquisition of Centre/FNBT closed January 1, 2026 and related integration expenses were recorded in 2025.

How large were Bank First's deposits and loans at December 31, 2025 (BFC)?

At December 31, 2025 deposits totaled $3.70B and loans totaled $3.60B.