Bank First Corporation reported its financial results for the first quarter of 2025, showing a net income of $18.2 million, an increase of $2.8 million or 18.1% compared to $15.4 million in the same period last year. This growth was primarily driven by a rise in interest income, which reached $55.0 million, up from $49.3 million in the first quarter of 2024. The increase in interest income was attributed to higher average interest rates and a growth in interest-earning assets, which rose by $359.3 million year-over-year.
The company's net interest income also saw a significant increase, rising to $36.5 million from $33.3 million in the prior year, reflecting a net interest margin of 3.65%. Interest expense increased to $18.5 million, up from $15.9 million, largely due to higher rates on interest-bearing liabilities. The provision for credit losses was recorded at $0.4 million, compared to $0.2 million in the same quarter last year, indicating a cautious approach to potential credit risks amid changing economic conditions.
In terms of operational metrics, total assets increased by $11.4 million to $4.51 billion, while total deposits rose by $13.1 million to $3.67 billion. The company reported a slight increase in net loans, which totaled $3.50 billion, up from $3.47 billion at the end of 2024. The allowance for credit losses on loans was $43.7 million, representing 1.23% of total loans, a slight decrease from 1.31% a year earlier.
Strategically, Bank First continues to focus on expanding its market presence, with 26 banking locations across Wisconsin. The company has maintained a strong capital position, with total stockholders' equity increasing to $648.4 million. The bank's capital ratios remain well above regulatory requirements, indicating a solid foundation for future growth. Looking ahead, Bank First anticipates continued growth in its loan portfolio and remains committed to managing interest rate risk effectively, despite the challenges posed by fluctuating market conditions.
About Bank First Corp
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