Bank First Corporation Reports Strong First Quarter 2025 Results

Strategic Insights -

Bank First Corporation, the holding company for Bank First, N.A., has announced a net income of $18.2 million, or $1.82 per share, for the first quarter of 2025. This represents an increase from the prior-year first quarter net income of $15.4 million, or $1.51 per share. The company attributes the strong financial returns to an increase in core loan and deposit growth, which started late last year and continued into early 2025.

Key Takeaways:

  • Net interest income (NII) increased by $1.0 million from the previous quarter and $3.2 million from the first quarter of 2024, driven by an increase in core loan and deposit growth.
  • Net interest margin (NIM) was 3.65% for the first quarter of 2025, compared to 3.61% for the previous quarter and 3.62% for the first quarter of 2024.
  • The Bank's cost of funds declined 0.08% quarter-over-quarter despite elevated levels of interest-bearing demand and savings deposits.
  • Noninterest income increased by 50% from the prior-year first quarter, driven by higher service charges and a renegotiated vendor incentive program.
  • The Bank experienced a positive valuation adjustment to its mortgage servicing rights totaling $0.2 million during the first quarter of 2025.
  • The Bank received a $2.3 million death benefit related to its bank-owned life insurance portfolio, resulting in a gain of $1.0 million.

Statistics:

  • Net income: $18.2 million for the first quarter of 2025, up from $15.4 million for the prior-year first quarter.
  • Earnings per share: $1.82 for the first quarter of 2025, up from $1.51 per share for the prior-year first quarter.
  • Net interest income (NII): $36.5 million for the first quarter of 2025, up $3.2 million from the first quarter of 2024.
  • Net interest margin (NIM): 3.65% for the first quarter of 2025, up 0.10% from the prior quarter.
  • Noninterest income: $6.6 million for the first quarter of 2025, up 50% from the prior-year first quarter.
  • Provision for credit losses: $0.4 million during the first quarter of 2025, compared to $0.2 million during the first quarter of 2024.
  • Effective tax rate: 17.5% for the first quarter of 2025, down from 19.0-20.0% for the final three quarters of 2024.

Sources:

  • Bank First Corporation, "Bank First Corporation Reports First Quarter 2025 Results" (news release)
  • Ansay & Associates, LLC, "Ansay & Associates, LLC Reports First Quarter 2025 Results" (news release)
  • Wisconsin Governor's Office, "Executive Order Number 124" (July 5, 2023)
  • Bank First Corporation, "Form 10-Q for the quarter ended March 31, 2025" (Securities and Exchange Commission filing)