Bank First Corporation Reports 8.7% Increase in Q3 Net Income, Announces Merger with Centre 1 Bancorp

Bank First Corporation reported its financial results for the third quarter of 2025, revealing a net income of $17.99 million, a 8.7% increase from $16.55 million in the same period last year. For the nine months ending September 30, 2025, net income reached $53.11 million, up from $48.02 million in 2024. The company’s total interest income increased by 2.6% to $55.46 million for the quarter, driven by higher yields on loans, while total interest expense decreased by 5.2% to $17.20 million, resulting in a net interest income of $38.25 million, a 6.5% increase year-over-year.

In terms of significant changes, Bank First's total assets decreased by 1.7% to $4.42 billion from $4.50 billion at the end of 2024. This decline was primarily attributed to a $135.1 million decrease in cash and cash equivalents, which fell to $126.18 million. Conversely, net loans increased by $112.1 million, totaling $3.59 billion, reflecting strong demand for credit. The company also reported a decrease in total deposits, which fell by 3.3% to $3.54 billion, influenced by a shift from noninterest-bearing to interest-bearing deposits.

Strategically, Bank First announced its agreement to merge with Centre 1 Bancorp, Inc., the parent company of First National Bank and Trust Company, with the transaction expected to close on January 1, 2026. This merger is projected to create a combined entity with total assets of approximately $6 billion, loans of about $4.6 billion, and deposits of approximately $4.8 billion. The company continues to focus on expanding its market presence, particularly in Wisconsin, where it operates 27 branches.

Operationally, Bank First's allowance for credit losses on loans stood at $44.50 million, or 1.23% of total loans, reflecting a slight increase from the previous year. The company recorded a provision for credit losses of $1.25 million for the nine months ended September 30, 2025, compared to $0.20 million in the same period last year. The bank's nonperforming loans increased to $13.86 million, representing 0.38% of total loans, indicating a need for continued monitoring of credit quality.

Looking ahead, Bank First remains optimistic about its financial performance, bolstered by the anticipated benefits of the merger and ongoing loan growth. The company aims to maintain its capital adequacy, with total stockholders' equity at $628.13 million, reflecting a decrease from $639.68 million at the end of 2024. The bank's capital ratios remain above the required thresholds, positioning it well for future growth and stability in a changing economic environment.