Bank First Announces Net Income for the Fourth Quarter of 2025

• Net income of $18.4 million and $71.5 million for the three months and year ended December 31, 2025, respectively
• Earnings per common share of $1.87 and $7.23 for the three months and year ended December 31, 2025, respectively
• Annualized return on average assets of 1.65% and 1.62% for the three months and year ended December 31, 2025, respectively
• Quarterly cash dividend of $0.50 per share declared, an increase of 11.1% over the prior quarter and prior-year fourth quarter.

MANITOWOC, Wis., Jan. 22, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $18.4 million, or $1.87 per share, for the fourth quarter of 2025, compared with net income of $17.5 million, or $1.75 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, Bank First earned $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share for the full year of 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc. ("Centre"), as well as net gains on the sales of certain assets and a loss on the razing of the headquarters of a previously acquired institution, the Bank reported adjusted net income (non-GAAP) of $19.6 million, or $2.00 per share, for the fourth quarter of 2025, compared with $17.4 million, or $1.74 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, adjusted net income (non-GAAP) totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share for the full year of 2024.

"We are pleased to announce that the Company's annual earnings per share increased by more than 15% despite incurring $1.5 million in expenses related to the merger with Centre, the parent company of First National Bank and Trust Company ("FNBT"), headquartered in Beloit, Wisconsin," stated Mike Molepske, Chairman and CEO of Bank First. "The acquisition of FNBT is the most transformational event in Bank First's 131-year history, bringing together two relationship-based, community-focused organizations.  This acquisition is more than twice the size of our largest previous merger, expands us into Walworth, Rock, and Green Counties in Wisconsin, and into Winnebago County in Illinois, and brings Trust and Wealth Management to Bank First."

Operating Results
Net interest income ("NII") during the fourth quarter of 2025 was $40.2 million, up $1.9 million from the previous quarter and up $4.6 million from the fourth quarter of 2024. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions ("purchase accounting") increased NII by $0.5 million, or $0.04 per share after tax, during the fourth quarter of 2025, compared to $0.7 million, or $0.06 per share after tax, during the previous quarter and $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024.

Net interest margin ("NIM") was 4.01% for the fourth quarter of 2025, compared to 3.88% for the previous quarter and 3.61% for the fourth quarter of 2024. NII from purchase accounting increased NIM by 0.05%, 0.07% and 0.08% for each of these periods, respectively. The strong improvement in NIM was partially driven by higher yields on loans newly originated and renewed during the most recent quarter, which offset a decline in yield earned on the Bank's excess cash reserves as a result of recent interest rate cuts by the Federal Reserve Bank. A thirteen basis point reduction in the average rate paid on the Bank's interest-bearing liabilities also supported the expansion in the current quarter NIM.

Bank First did not record a provision for credit losses during the fourth quarter of 2025, compared to recording a provision of $0.7 million during the previous quarter. Due to improvements in the financial trends of two relationships and corresponding reductions in the specific reserves related to them, the Bank recorded a negative provision for credit losses totaling $1.0 million during the prior-year fourth quarter. Provision expense was $1.3 million for the year ended December 31, 2025, compared to a negative provision of $0.8 million for the full year of 2024. The lack of provision expense during the fourth quarter of 2025 was the result of continued strong asset quality metrics, as well as a slight contraction in the Bank's loan portfolio during the quarter.

Noninterest income was $4.8 million for the fourth quarter of 2025, compared to $6.0 million for the prior quarter and $4.5 million for the fourth quarter of 2024. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") experienced a typical seasonal fourth-quarter decline, down $1.1 million from the prior quarter but up $0.2 million from the prior-year fourth quarter. Income from Ansay increased by $0.4 million, or 11.8%, for the full year of 2025 compared to 2024. The Bank experienced a minimal negative adjustment to its mortgage servicing rights asset during the fourth quarter of 2025, compared to a positive valuation adjustment of $0.3 million in the previous quarter. Gains on sales of mortgage loans totaled $0.6 million during the fourth quarter of 2025, up from $0.5 million in the prior quarter and $0.4 million in the prior-year fourth quarter. For the full year of 2025 gains on sales of mortgage loans totaled $1.8 million, up $0.5 million, or 39.0%, from the prior year. All other areas of noninterest income remained consistent with recent quarterly results.

Noninterest expense totaled $22.0 million in the fourth quarter of 2025, compared to $21.1 million during the prior quarter and $19.3 million during the fourth quarter of 2024. Expenses related to the Bank's acquisition of Centre, which successfully closed on January 1, 2026, totaled $0.7 million and $0.9 million during the fourth and third quarters of 2025, respectively. These expenses were primarily incurred in the areas of outside service fees and data processing. Occupancy, equipment and office expense was negatively impacted by the razing and rebuilding of the Bank's location in Denmark, Wisconsin, which created a loss of $0.9 million. The razed building, formerly the headquarters of Denmark Bancshares, Inc., which was acquired by Bank First in 2022, was replaced as it did not function efficiently as a branch location. All other components of noninterest expense remained well-contained and consistent with prior periods.

Balance Sheet
Total assets were $4.51 billion at December 31, 2025, an increase of $85.7 million during the fourth quarter of 2025, representing 7.8% annualized growth for the quarter.

Total loans were $3.60 billion at December 31, 2025, up $87.5 million from December 31, 2024. Total loan balances contracted by $25.0 million during the fourth quarter of 2025, historically a slow seasonal period for loan growth, as the Bank successfully exited several substandard relationships with related loan balances of over $21.2 million.

Total deposits, nearly all of which remain core deposits, were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024, but up $54.0 million from September 30, 2024. Total deposits grew by an annualized rate of 17.7% during the fourth quarter of 2025. Noninterest-bearing demand deposits comprised 27.1% of the Bank's total deposits at December 31, 2025.

Asset Quality
Nonperforming assets at December 31, 2025 remained negligible, totaling $9.0 million compared to $13.9 million and $9.2 million at the end of the prior quarter and prior-year fourth quarter, respectively. Nonperforming assets to total assets ended the fourth quarter of 2025 at 0.20%, compared to 0.31% and 0.21% at the end of the prior quarter and prior-year fourth quarter, respectively.

Capital Position
Stockholders' equity totaled $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024. This increase in stockholders' equity nearly equaled the impact of fair value movements on the Bank's available-for-sale investment portfolio, which positively impacted equity by $4.3 million over the course of 2025.  Dividends totaling $52.5 million, including a $3.50 per common share special dividend declared in the second quarter of 2025, and repurchases of BFC common stock totaling $22.0 million negated the positive impact of earnings of $71.5 million during the year ended December 31, 2025. The Bank's book value per common share totaled $65.47 at December 31, 2025 compared to $63.89 at December 31, 2024. Tangible book value per common share (non-GAAP) totaled $46.01 at December 31, 2025 compared to $44.28 at December 31, 2024.

Dividend Declaration
Bank First's Board of Directors approved a quarterly cash dividend of $0.50 per common share, payable on April 8, 2026, to shareholders of record as of March 25, 2026. This dividend represents an increase of $0.05 per share, or 11.1%, from the dividend declared during the prior quarter and prior-year fourth quarter.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois following its merger with FNBT on January 1, 2026. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 499 full-time equivalent staff and has assets of approximately $6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 / [email protected]

SOURCE Bank First Corporation