Bank First Announces Net Income for the Third Quarter of 2025

Rhea-AI Summary

Bank First (NASDAQ: BFC) reported net income of $18.0 million and $53.1 million for the three and nine months ended September 30, 2025, respectively, with EPS of $1.83 (Q3) and $5.36 (YTD).

NII was $38.3 million in Q3 with a net interest margin of 3.88%. Total loans were $3.63 billion (+$158.7M YoY) and total deposits were $3.54 billion. Provision for credit losses was $0.7 million in Q3 and $1.3 million YTD. Nonperforming assets totaled $13.9 million (0.31% of assets).

The board declared a quarterly cash dividend of $0.45 per share payable January 7, 2026.

Positive

• Net income $18.0M in Q3 2025
• YTD net income $53.1M through Sept 30, 2025
• EPS $1.83 Q3; $5.36 year-to-date
• NII $38.3M in Q3 2025
• Total loans $3.63B (+$158.7M YoY)
• NIM 3.88% in Q3 2025

Negative

• Provision for credit losses $0.7M in Q3 2025 (up from $0.0M prior-year)
• Total deposits down $122.3M from Dec 31, 2024
• Stockholders' equity declined $11.6M since Dec 31, 2024
• Dividends and repurchases ($48.1M + $22.0M) outpaced YTD earnings

Insights

Banking earnings analyst

Core earnings rose, margins expanded, loan growth continues; capital fell slightly after shareholder distributions.

Bank First reported net income of $18.0 million for Q3 and $53.1 million for nine months ending September 30, 2025, with EPS of $1.83 and $5.36 respectively; adjusted non‑GAAP results were modestly higher. Net interest income improved to $38.3 million and NIM widened to 3.88%, driven by higher yields on new and renewing loans and a decline in funding costs from repriced CDs. Loan balances increased to $3.63 billion, reflecting annualized quarterly loan growth of 5.5%.

Provision expense rose to $0.7 million in the quarter (and $1.3 million year‑to‑date) due to higher loan balances, but net loan losses were negligible and nonperforming assets remained small at $13.9 million (0.31% of assets). Noninterest income and certain valuation gains contributed positively, while outside service fees and merger expenses lifted noninterest expense.

Capital dynamics matter here: stockholders' equity fell to $628.1 million after a special dividend and $22.0 million in buybacks, leaving book value per share essentially unchanged at $63.87. The Board declared a quarterly cash dividend of $0.45 payable January 7, 2026. Watch near‑term credit metrics and the announced acquisition close on January 1, 2026; monitor provisions, loan yield continuation, and tangible book trends over the next 1–4 quarters to confirm sustainability of the margin and earnings improvement.

• Net income of $18.0 million and $53.1 million for the three and nine months ended September 30, 2025, respectively
• Earnings per common share of $1.83 and $5.36 for the three and nine months ended September 30, 2025, respectively
• Annualized return on average assets of 1.64% and 1.61% for the three and nine months ended September 30, 2025, respectively

MANITOWOC, Wis., Oct. 21, 2025 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $18.0 million, or $1.83 per share, for the third quarter of 2025, compared with net income of $16.6 million, or $1.65 per share, for the prior-year third quarter. For the nine months ended September 30, 2025, Bank First earned $53.1 million, or $5.36 per share, compared to $48.0 million, or $4.75 per share for the same period in 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc., as well as net gains on the sales of securities and other real estate owned ("OREO"), the Bank reported adjusted net income (non-GAAP) of $18.8 million, or $1.91 per share, for the third quarter of 2025, compared with $16.5 million, or $1.65 per share, for the prior-year third quarter. For the first nine months of 2025 adjusted net income (non-GAAP) totaled $53.8 million, or $5.42 per share, compared to $47.6 million, or $4.71 per share for the same period in 2024.

"We are pleased to report that earnings per share through the first three quarters of 2025 increased by nearly 13% compared to the same period last year, despite incurring over $891,000 in merger expenses related to our acquisition of First National Bank & Trust in Beloit Wisconsin, which is scheduled to close on January 1, 2026," stated Mike Molepske, Chairman and CEO of Bank First. "This continued growth in earnings was driven by mid-single-digit loan expansion and an increase in loan yields due to repricing. We expect loan repricing to continue boosting our loan portfolio yields for some time to come."

Operating Results

Net interest income ("NII") during the third quarter of 2025 was $38.3 million, up $1.6 million from the previous quarter and up $2.4 million from the third 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 $0.7 million, or $0.06 per share after tax, during the third quarter of 2025, compared to $0.6 million, or $0.05 per share after tax, during the previous quarter and $1.7 million, or $0.13 per share after tax, during the third quarter of 2024.

Net interest margin ("NIM") was 3.88% for the third quarter of 2025, compared to 3.72% for the previous quarter and 3.76% for the third quarter of 2024. NII from purchase accounting increased NIM by 0.07%, 0.07% and 0.17% for each of these periods, respectively. A combination of yields on newly originated loans during the quarter exceeding the portfolio average, as well as strong yield improvements on maturing loans that renewed during the quarter, resulted in a 10 basis point increase in the average rate earned on the Bank's loan portfolio compared to the prior quarter. In addition, repricing of maturing certificates of deposit during the quarter led to a 7 basis point decline in the average rate paid on the Bank's interest-bearing liabilities.

Bank First recorded a provision for credit losses of $0.7 million during the third quarter of 2025, compared to $0.2 million during the previous quarter. The Bank did not record a provision for credit losses during the third quarter of 2024. Provision expense was $1.3 million for the first nine months of 2025 compared to $0.2 million for the same period during 2024. Provision expense recorded during the third quarter of 2025 was the result of increasing balances in the Bank's loan portfolio. The Bank experienced negligible net loan losses during the quarter, and its asset quality metrics remain strong.

Noninterest income was $6.0 million for the third quarter of 2025, compared to $4.9 million for the prior quarter and third quarter of 2024. Income provided by the Bank's investment in Ansay & Associates, LLC totaled $1.3 million during the third quarter of 2025, up $0.1 million from the prior quarter and up $0.3 million from the prior-year third quarter. Gains on sales of mortgage loans totaled $0.5 million during the third quarter of 2025, up from $0.3 million in the prior quarter and $0.4 million in the prior-year third quarter. The Bank also experienced a $0.3 million positive valuation adjustment to its mortgage servicing rights asset during the third quarter of 2025, resulting primarily from increased balances of sold and serviced residential mortgage loans. This compared favorably to $0.1 million and $0.3 million in negative valuation adjustments during the prior quarter and prior-year third quarter, respectively.

Noninterest expense totaled $21.1 million in the third quarter of 2025, compared to $20.8 million during the prior quarter and $20.1 million during the third quarter of 2024. The primary driver of elevated noninterest expenses in the most recent quarter was outside service fees, which totaled $1.8 million, up $0.7 million from both the prior quarter and prior-year third quarter. Outside service fees related to the Bank's acquisition of Centre 1 Bancorp, Inc., scheduled to close on January 1, 2026, totaled $0.9 million during the third quarter of 2025. Personnel expense remained well-managed, up 0.7% from the prior quarter and 3.8% from the prior-year third quarter. Year-over-year increases were primarily the result of standard cost-of-living and merit adjustments. Occupancy, equipment and office expenses, which were elevated during the second quarter of 2025 as a result of multiple branch remodels and the opening of a new branch in Sturgeon Bay, totaled $1.6 million during the most recent quarter, down $0.4 million from the prior quarter and nearly matching the prior-year third quarter.

Balance Sheet

Total assets were $4.42 billion at September 30, 2025, a $74.6 million decline from December 31, 2024, but a $125.9 million increase from September 30, 2024.

Total loans were $3.63 billion at September 30, 2025, up $112.5 million from December 31, 2024, and up $158.7 million from September 30, 2024. Total loans grew at an annualized pace of 5.5% during the third quarter of 2025.

Total deposits, nearly all of which remain core deposits, were $3.54 billion at September 30, 2025, down $122.3 million from seasonal highs at December 31, 2024, but up $54.0 million from September 30, 2024.  Noninterest-bearing demand deposits comprised 28.2% of the Bank's total deposits at September 30, 2025, compared to 28.0% and 29.3% at December 31 and September 30, 2024, respectively.

Asset Quality

Nonperforming assets at September 30, 2025 remained negligible, totaling $13.9 million compared to $9.2 million and $11.9 million at the end of the fourth and third quarters of 2024, respectively. Nonperforming assets to total assets ended the third quarter of 2025 at 0.31%, compared to 0.21% and 0.28% at the end of the fourth and third quarters of 2024, respectively.

Capital Position

Stockholders' equity totaled $628.1 million at September 30, 2025, a decrease of $11.6 million from the end of 2024 and $0.8 million from September 30, 2024. Dividends, including a $3.50 per common share special dividend declared in the second quarter of 2025, totaling $48.1 million and repurchases of BFC common stock totaling $22.0 million outpaced earnings of $53.1 million through the first nine months of 2025, causing the decline in capital. The Bank's book value per common share totaled $63.87 at September 30, 2025 compared to $63.89 at December 31, 2024 and $62.82 at September 30, 2024. Tangible book value per common share (non-GAAP) totaled $44.30 at September 30, 2025 compared to $44.28 at December 31, 2024 and $43.07 at September 30, 2024.

Dividend Declaration

Bank First's Board of Directors approved a quarterly cash dividend of $0.45 per common share, payable on January 7, 2026, to shareholders of record as of December 24, 2025.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, and treasury management products at its 27 banking locations in Wisconsin. The Bank has grown through both acquisitions and de novo branch expansion. The Bank employs approximately 366 full-time equivalent staff and has assets of approximately $4.4 billion. Insurance services are available through its bond with Ansay & Associates, LLC. Trust, investment advisory, and other financial services are offered in collaboration with several regional partners. 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

 

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SOURCE Bank First Corporation

FAQ

What were Bank First (BFC) net income and EPS for Q3 2025?

Bank First reported net income $18.0 million and EPS $1.83 for Q3 2025.

How did Bank First's loan portfolio change by September 30, 2025 (BFC)?

Total loans were $3.63 billion, up $158.7 million year-over-year.

What was Bank First's net interest margin and NII in Q3 2025 (BFC)?

Net interest margin was 3.88% and net interest income was $38.3 million in Q3 2025.

Did Bank First (BFC) declare a dividend and when is it payable?

The board approved a quarterly cash dividend of $0.45 per share, payable January 7, 2026 to shareholders of record December 24, 2025.

What asset quality metrics did Bank First (BFC) report for Q3 2025?

Nonperforming assets totaled $13.9 million, equal to 0.31% of total assets at September 30, 2025.

How did provisions and credit losses change for Bank First (BFC) in 2025?

Provision for credit losses was $0.7 million in Q3 2025 and $1.3 million for the nine months ended September 30, 2025, up from prior-year levels.