Bank First
Bank First Corporation, headquartered in Manitowoc, Wisconsin, announced a significant increase in net income for the third quarter of 2025, reporting $18.0 million, or $1.83 per share. This marks an increase from $16.6 million, or $1.65 per share, during the same period in 2024. For the first nine months of the year, the financial institution recorded a net income of $53.1 million, translating to $5.36 per share, up from $48.0 million, or $4.75 per share, in 2024.
The growth in earnings reflects a nearly 13% increase in earnings per share year-over-year, as stated by Mike Molepske, Chairman and CEO of Bank First. He attributed the positive performance to mid-single-digit loan expansion and improved loan yields due to repricing, despite facing over $891,000 in merger-related expenses from the acquisition of First National Bank & Trust in Beloit, Wisconsin, which is set to close on January 1, 2026.
Operating Results and Financial Highlights
For the third quarter of 2025, Bank First reported net interest income (NII) of $38.3 million, an increase of $1.6 million from the previous quarter and $2.4 million from the same quarter in 2024. The net interest margin (NIM) improved to 3.88%, compared to 3.72% in the previous quarter and 3.76% a year earlier. The increase in NII was influenced by strong yield improvements on new and renewing loans, alongside a slight reduction in the average rate paid on interest-bearing liabilities.
The bank recorded a provision for credit losses of $0.7 million during the third quarter, compared to $0.2 million in the previous quarter. This provision was due to the growing balances in the loan portfolio, though the bank experienced negligible net loan losses. Its asset quality metrics remain robust, with nonperforming assets totaling $13.9 million at the end of the third quarter.
Noninterest income also saw a positive trend, totaling $6.0 million for the third quarter, compared to $4.9 million in both the prior quarter and the same quarter last year. The bank’s investment in Ansay & Associates, LLC generated $1.3 million, while gains on sales of mortgage loans reached $0.5 million.
Balance Sheet and Capital Position
As of September 30, 2025, Bank First’s total assets were reported at $4.42 billion, reflecting a decline from December 31, 2024, but an increase from the previous year. Total loans reached $3.63 billion, up from $3.51 billion at the end of 2024 and $3.47 billion a year earlier, indicating an annualized growth rate of 5.5% for the third quarter.
Total deposits amounted to $3.54 billion, a decrease from seasonal highs but an increase compared to the previous year. The bank’s capital position is stable, with stockholders’ equity totaling $628.1 million at the close of the third quarter. The book value per common share remained consistent at $63.87, with tangible book value per common share at $44.30.
The bank’s Board of Directors has approved a quarterly cash dividend of $0.45 per common share, which will be payable on January 7, 2026, to shareholders of record as of December 24, 2025.
Bank First Corporation continues to provide a range of financial services through its subsidiary, Bank First, N.A., which operates 27 banking locations across Wisconsin. The company has a strong focus on growth through acquisitions and branch expansions, employing approximately 366 full-time equivalent staff. For additional details, visit the Shareholder Services section at www.bankfirst.com.
