Bank First Corporation announced a net income of $18.0 million for the third quarter of 2025. This figure translates to earnings of $1.83 per share, marking an increase from $16.6 million, or $1.65 per share, during the same quarter last year. For the nine months ending September 30, 2025, the bank’s net income reached $53.1 million, compared to $48.0 million for the equivalent period in 2024.
The results reflect a steady growth trajectory, with the bank reporting an annualized return on average assets of 1.64% for the third quarter and 1.61% for the nine-month period. Mike Molepske, Chairman and CEO of Bank First, expressed satisfaction with these results, noting a nearly 13% increase in earnings per share year-over-year, despite incurring over $891,000 in merger expenses related to the upcoming acquisition of First National Bank & Trust in Beloit, Wisconsin, set to finalize on January 1, 2026.
Operational Highlights
During the third quarter, net interest income was reported at $38.3 million, which is an increase of $1.6 million from the previous quarter and $2.4 million year-over-year. The bank’s net interest margin improved to 3.88% from 3.72% in the previous quarter, aided by better yields on newly originated loans and the repricing of maturing loans.
Bank First recorded a provision for credit losses of $0.7 million in the third quarter, a rise from $0.2 million in the previous quarter, though the bank did not report any provisions for credit losses during the same period in 2024. Despite these provisions, the bank maintained strong asset quality metrics with negligible net loan losses.
Noninterest income also saw a significant increase, totaling $6.0 million in the third quarter, compared to $4.9 million in the previous quarter. Notably, income from the bank’s investment in Ansay & Associates, LLC rose to $1.3 million, reflecting an upward trend.
Balance Sheet Overview
As of September 30, 2025, Bank First’s total assets stood at $4.42 billion, a decline of $74.6 million from the end of 2024, yet an increase of $125.9 million year-over-year. Total loans reached $3.63 billion, up $112.5 million from December 31, 2024, and $158.7 million from the same date in 2024.
The bank’s nonperforming assets remained low at $13.9 million, maintaining a ratio of nonperforming assets to total assets at 0.31%. Stockholders’ equity was reported at $628.1 million, reflecting a decrease from earlier in the year due to dividends and stock repurchases.
The Board of Directors declared a quarterly cash dividend of $0.45 per common share, scheduled for payment on January 7, 2026, to shareholders on record as of December 24, 2025.
Bank First Corporation, established in 1894, continues to provide financial services through its subsidiary, Bank First, N.A., with a focus on loan, deposit, and treasury management products across its network of 27 locations in Wisconsin. The bank employs approximately 366 full-time staff and has expanded through both acquisitions and new branch openings. Further information is available on their website or by contacting Kevin M. LeMahieu, Chief Financial Officer, directly.