Bank First Corporation Q2 2025 Financial Results

Bank First Corporation, a financial services provider through its subsidiary Bank First, N.A., has released its financial results for the second quarter of 2025. The company, which operates 27 banking locations in Wisconsin, reported notable financial performance and strategic developments in its latest SEC 8-K filing.

Financial Highlights

For the second quarter of 2025, Bank First Corporation reported a net income of $16.9 million, or $1.71 per share, compared to $16.1 million, or $1.59 per share, in the same period last year. For the first half of 2025, net income was $35.1 million, or $3.53 per share, up from $31.5 million, or $3.10 per share, in the first half of 2024.

Net interest income (NII) for Q2 2025 was $36.7 million, a slight increase from $36.5 million in the previous quarter and up from $33.0 million in Q2 2024. The net interest margin (NIM) improved to 3.72% from 3.65% in the previous quarter and 3.63% in the same quarter last year.

Noninterest income for the quarter was $4.9 million, down from $6.6 million in the previous quarter and $5.9 million in Q2 2024. Noninterest expense totaled $20.8 million, slightly up from $20.6 million in the previous quarter and $19.1 million in Q2 2024.

Business and Operational Highlights

Bank First's total assets were $4.37 billion as of June 30, 2025, a decrease from $4.50 billion at the end of 2024 but an increase from $4.15 billion as of June 30, 2024. Total loans grew to $3.58 billion, up from $3.52 billion at the end of 2024 and $3.43 billion a year ago. Total deposits were $3.60 billion, down from $3.67 billion at the end of 2024 but up from $3.40 billion as of June 30, 2024.

Nonperforming assets remained low at $13.6 million, representing 0.31% of total assets, compared to $9.2 million (0.21%) at the end of 2024 and $11.0 million (0.27%) a year ago.

Strategic Initiatives and Corporate Developments

The Board of Directors declared a quarterly cash dividend of $0.45 per share, consistent with the previous quarter and 12.5% higher than the prior-year second quarter. Additionally, a special dividend of $3.50 per share was declared in Q2 2025. The company also repurchased $22.0 million worth of common stock during the first half of 2025.

Management's Perspective

Mike Molepske, Chairman and CEO of Bank First, commented on the financial results, stating, "Bank First continues to benefit from recent moves towards normalization of the yield curve after an extended period of yield curve inversion. While we pride ourselves on being interest rate neutral, a normalized yield curve benefits the entire banking industry. If this move towards normalization continues, Bank First should see an improving net interest margin over the coming months and years."

Future Outlook

Bank First's management remains optimistic about the future, anticipating continued improvements in net interest margin and overall financial performance as the yield curve normalizes. The company aims to leverage its strong financial position to pursue further growth opportunities, including potential acquisitions and branch expansions.

SEC Filing: Bank First Corp [ BFC ] - 8-K - Jul. 18, 2025