Bank First Corporation Reports Q2 2025 Financial Results with $16.9 Million Net Income

Bank First Corporation reported its financial results for the second quarter of 2025, revealing a net income of $16.9 million, a slight increase from $16.1 million in the same period last year. This growth was primarily driven by higher yields on new and renewed loans, which contributed to a 10.6% rise in total interest income, amounting to $54.6 million compared to $49.3 million in the prior year. The company's net interest income also saw an increase, reaching $36.7 million, up from $33.0 million, as average interest-earning assets grew by $310.9 million year-over-year.

In terms of overall financial performance, Bank First's total assets decreased by 2.9% to $4.37 billion as of June 30, 2025, down from $4.50 billion at the end of 2024. This decline was attributed to a significant reduction in cash and cash equivalents, which fell by $141 million to $120.3 million, reflecting seasonal fluctuations in customer deposits. Conversely, net loans increased by $63 million, totaling $3.58 billion, driven by strong demand for credit from existing customers.

The company also reported a decrease in total deposits, which fell by $65.6 million to $3.60 billion, with noninterest-bearing deposits declining to $990 million from $1.02 billion. The interest-bearing deposits, however, remained relatively stable at $2.61 billion. Additionally, Bank First's allowance for credit losses on loans was $44.3 million, representing 1.24% of total loans, a slight decrease from 1.32% a year earlier, indicating a stable credit quality in its loan portfolio.

Strategically, Bank First announced a planned merger with Centre 1 Bancorp, Inc., the parent company of First National Bank and Trust Company, which is expected to close on January 1, 2026. This merger will create a combined entity with approximately $5.9 billion in total assets, $4.6 billion in loans, and $4.9 billion in deposits, enhancing the company's market presence in Wisconsin. The merger is anticipated to provide significant growth opportunities and operational efficiencies.

Looking ahead, Bank First remains optimistic about its financial outlook, with expectations of continued growth in net interest income driven by higher loan yields and effective management of interest-bearing liabilities. The company is committed to maintaining its capital adequacy, with total stockholders' equity at $612.3 million, and is well-positioned to meet regulatory capital requirements.