Bank First Records Growth in Q3 2025 with Impressive Earnings Results

Bank First Corporation Reports Strong Q3 2025 Financial Results

Bank First Corporation, the parent company of Bank First, N.A., has released its earnings report for the third quarter of 2025, showing significant growth in net income. The company reported a net income of $18.0 million for the quarter, which translates to earnings per share of $1.83. This marks an increase from $16.6 million, or $1.65 per share, reported in the same quarter of the previous year.

Over the first nine months of 2025, Bank First recorded net income of $53.1 million, equating to earnings of $5.36 per share, compared to $48.0 million, or $4.75 per share, for the same period in 2024.

In adjusting for one-time expenses associated with the acquisition of Centre 1 Bancorp, Inc. and other net gains, the adjusted net income for Q3 2025 stood at $18.8 million, or $1.91 per share. This is a marked improvement from $16.5 million, or $1.65 per share, year-on-year. For the first nine months of the year, adjusted net income totalled $53.8 million, an increase from the $47.6 million reported during the same timeframe of 2024.

Growth Drivers

Mike Molepske, Chairman and CEO of Bank First, attributed the continued growth to several factors. He stated, "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."

The increase in earnings has been primarily driven by mid-single-digit loan expansion and rising loan yields due to repricing efforts, which are expected to continue benefiting the bank's portfolio yields.

Key Operating Metrics

During the third quarter, Bank First registered net interest income (NII) of $38.3 million, an increase of $1.6 million from the previous quarter and $2.4 million year-over-year. The net interest margin (NIM) was recorded at 3.88%, up from 3.72% in the previous quarter and 3.76% in the third quarter of 2024. Bank First benefited from yields on newly originated loans exceeding the average portfolio yield and substantial yield enhancements on maturing loans that were renewed during the quarter.

Additionally, the bank reported a provision for credit losses of $0.7 million for the quarter, up from $0.2 million the previous quarter. This provision was linked to the escalation in the loan portfolio balances. Despite these provisions, the bank experienced minimal net loan losses, and its asset quality metrics remain stable.

Noninterest Income and Expenses

In terms of noninterest income, Bank First achieved $6.0 million for the third quarter, compared with $4.9 million in both the prior quarter and the third quarter of last year. Notable gains included $1.3 million from its investment in Ansay Associates, LLC, signaling growth from its collaborative efforts.

Total noninterest expenses amounted to $21.1 million, an increase from $20.8 million in the previous quarter and $20.1 million in Q3 2024. Elevated expenses were mainly attributed to outside service fees, particularly those associated with the upcoming acquisition of Centre 1 Bancorp, Inc.

Balance Sheet Strength

As of September 30, 2025, Bank First's total assets were recorded at $4.42 billion, reflecting a $74.6 million decline from December 31, 2024, though presenting a $125.9 million increase year-over-year. Total loans stood at $3.63 billion, marking a significant year-over-year increase of $158.7 million.

Capital Position and Dividend Declaration

Despite the growth, the bank noted a decrease in stockholders' equity, totaling $628.1 million as of September 30, 2025, down from the prior year. This decline is primarily attributed to dividends and stock repurchases exceeding earnings for the first nine months.

Bank First's Board of Directors has declared a quarterly cash dividend of $0.45 per common share, which will be paid on January 7, 2026, to shareholders on record as of December 24, 2025. As the bank continues to adapt and grow through both acquisitions and organic expansion, it aims to strengthen its position in the market while delivering value to its shareholders.

For further insights, visit Bank First's website or reach out to Kevin M. LeMahieu, Chief Financial Officer, for additional information.