Bank First Corporation, headquartered in Manitowoc, Wisconsin, announced a robust net income of $18.0 million for the third quarter of 2025, translating to an earnings per share of $1.83. This marks an increase from the $16.6 million net income, or $1.65 per share, reported in the same quarter last year. Over the first nine months of 2025, the bank’s net income reached $53.1 million, compared to $48.0 million during the same period in 2024.
The bank’s growth reflects a solid performance, particularly in the context of over $891,000 in merger expenses tied to the upcoming acquisition of Centre 1 Bancorp, Inc., which is expected to conclude on January 1, 2026. “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,” said Mike Molepske, Chairman and CEO of Bank First. He attributed this growth to mid-single-digit loan expansion and increased loan yields due to repricing.
Financial Performance Highlights
In terms of net interest income (NII), Bank First reported $38.3 million for the third quarter of 2025, an increase of $1.6 million from the previous quarter and up $2.4 million from the third quarter of 2024. The net interest margin (NIM) improved to 3.88%, compared to 3.72% in the previous quarter and 3.76% in the same quarter last year. This increase was bolstered by a favorable mix of new loan originations and the repricing of maturing loans.
Bank First recorded a provision for credit losses of $0.7 million during the most recent quarter, up from $0.2 million in the prior quarter. The provision expense arose from an expanding loan portfolio, although the bank experienced negligible net loan losses, indicating strong asset quality.
Noninterest income also saw an uptick, reaching $6.0 million in the third quarter of 2025, up from $4.9 million in both the previous quarter and the third quarter of 2024. Contributions from investments in Ansay & Associates, LLC totaled $1.3 million, showcasing a healthy return.
Balance Sheet and Capital Position
As of September 30, 2025, Bank First’s total assets amounted to $4.42 billion, reflecting a decline of $74.6 million since the end of 2024, but an increase of $125.9 million year-over-year. The total loan portfolio grew to $3.63 billion, up $112.5 million from December 31, 2024, and $158.7 million from September 30, 2024.
Total deposits stood at $3.54 billion, down $122.3 million from seasonal highs at the end of 2024, yet up $54.0 million from the previous year. The bank maintained a stable ratio of noninterest-bearing demand deposits, which comprised 28.2% of total deposits.
The bank’s asset quality remains strong, with nonperforming assets totaling $13.9 million as of September 30, 2025. This represents a slight increase from $9.2 million and $11.9 million at the end of the fourth and third quarters of 2024, respectively.
Stockholders’ equity decreased to $628.1 million, primarily due to dividend distributions and stock repurchases, which totaled $48.1 million and $22.0 million, respectively. The bank’s book value per common share stood at $63.87 as of September 30, 2025.
The Board of Directors has declared a quarterly cash dividend of $0.45 per common share, payable on January 7, 2026, to shareholders on record as of December 24, 2025.
Bank First Corporation, incorporated in 1894, continues to provide a wide range of financial services through its subsidiary, Bank First, N.A. With a presence across 27 banking locations in Wisconsin and a workforce of approximately 366 full-time equivalent staff, the bank remains committed to growth through both acquisitions and new branch openings. Further information can be found on the bank’s website.
