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Bank First Reports Impressive Q2 Results for 2025

Bank First Corporation, the holding firm for Bank First, N.A., has announced its financial performance for the second quarter of 2025, showcasing a notable net income of $16.9 million, or $1.71 per share. This marks an increase from last year’s second quarter net income of $16.1 million, which was $1.59 per share. Over the first six months of 2025, the corporation reported earnings of $35.1 million, translating to $3.53 per share, compared to $31.5 million or $3.10 per share during the same timeframe last year.

Chairman and CEO Mike Molepske expressed optimism regarding the bank's performance, suggesting that recent adjustments toward a normalized yield curve are beneficial for the banking sector. He stated, "While we pride ourselves on being interest rate neutral, which minimizes the impact of changes in interest rates on our earnings, a normalized yield curve benefits the entire banking industry."

Operating Results Analysis

During Q2 2025, Bank First reported a net interest income (NII) of $36.7 million, reflecting a slight increase from the previous quarter and a $3.7 million rise compared to Q2 2024. Influences on NII included the net accretion and amortization associated with past acquisitions, resulting in a $0.6 million boost this quarter. The net interest margin (NIM) also saw improvements, coming in at 3.72%, a rise from 3.65% in the prior quarter and 3.63% the year before. The increase in NIM is attributed to higher yields from new loans and decreased rates on deposits.

The bank also recorded a modest provision for credit losses at $0.2 million, down from $0.4 million the previous quarter, reflecting a stable credit environment. Conversely, noninterest income for the quarter was $4.9 million, showing a decline from both prior periods, influenced by various operational factors.

Expenses and Forecast

Noninterest expenses totaled $20.8 million, slightly increasing compared to the previous quarter and significantly more than at the same time last year. Increases in costs can be attributed to branch remodels and upgrades to the bank’s digital platform. However, personnel expenses remain well-managed, showcasing a small reduction from the previous quarter but a minor uptick year-over-year.

Balance Sheet Status

As of June 30, 2025, Bank First reported total assets of $4.37 billion, experiencing a drop from the end of 2024 but a rise compared to mid-2024 figures. The bank's loan portfolio increased to $3.58 billion, with total deposits reaching $3.60 billion. Notably, the percentage of nonperforming assets remains low, reflecting strong asset quality.

Capital Position and Dividends

In terms of capital, stockholders' equity was recorded at $612.3 million, a decrease influenced by dividends and stock buybacks. A quarterly cash dividend of $0.45 per share was declared, aligning with prior payments and showcasing a 12.5% increase from last year's second quarter. The dividend will be payable to shareholders on October 8, 2025.

Bank First also continues to offer financial services through its banking locations across Wisconsin and is engaged in both growth through acquisitions and new branch openings. To stay informed about Bank First and their services, please visit their official website upon accessing the Shareholder Services tab.

For additional inquiries, you may contact Kevin M LeMahieu, Chief Financial Officer at Phone: (920) 652-3200 or email [email protected].