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Highlights

  • Bank First reported net income of USD 16.9 million and earnings per share of USD 1.71 for Q2 2025.
  • Net interest margin rose to 3.72%, with quarterly net interest income reaching USD 36.7 million.
  • Total loans grew to USD 3.58 billion, while nonperforming assets represented 0.31% of total assets.

Bank First Corporation (Nasdaq: BFC) announced net income of USD 16.9 million for the three months ended June 30, 2025, compared to USD 16.1 million in the same quarter of the prior year. Earnings per diluted common share were USD 1.71 for the quarter, up from USD 1.59 year-over-year. For the six-month period, net income reached USD 35.1 million, or USD 3.53 per share, versus USD 31.5 million, or USD 3.10 per share, for the first half of 2024.

Net interest income for the second quarter totaled USD 36.7 million, a USD 3.7 million increase from the prior-year period. Bank First’s net interest margin improved to 3.72% from 3.63% in Q2 2024. Adjusting for purchase accounting effects, the net interest margin was 3.70% in June 2025. The provision for credit losses was USD 0.2 million in the second quarter, compared to no provision in the same period of 2024.

Noninterest income for the quarter came in at USD 4.9 million, compared to USD 5.9 million in Q2 2024. Investment income from Bank First’s stake in Ansay & Associates remained stable at USD 1.2 million, though a USD 0.1 million mortgage servicing rights valuation adjustment negatively impacted results. Noninterest expenses totaled USD 20.8 million, up from USD 19.1 million in the prior-year quarter, reflecting branch remodels, a new branch opening in Sturgeon Bay, and digital banking platform upgrades.

At June 30, 2025, total assets stood at USD 4.37 billion, an increase of USD 219.3 million from the same point last year. Total loans reached USD 3.58 billion, up USD 151.7 million year-over-year. Deposits were USD 3.60 billion, with noninterest-bearing demand deposits representing 27.5% of total deposits. Nonperforming assets totaled USD 13.6 million, or 0.31% of total assets.

Stockholders’ equity declined to USD 612.3 million, down USD 2.2 million from the previous year due to a USD 3.50 per share special dividend and stock repurchases totaling USD 22.0 million. Book value per share was USD 62.27, while tangible book value per share was USD 42.57 at quarter-end.

The Board of Directors declared a quarterly cash dividend of USD 0.45 per share, payable October 8, 2025, to shareholders of record on September 24, 2025.