- Bank First (BFC, Financial) reports Q1 2025 net income of $18.2 million, a 20.53% increase from the same period last year.
- The bank's net interest income rose to $36.5 million, marking a year-over-year growth of $3.2 million.
- Nonperforming assets decreased significantly to 0.17% of total assets, improving the overall asset quality.
Bank First Corporation (BFC) announced robust financial results for the first quarter of 2025, with net income reaching $18.2 million, or $1.82 per share. This represents a significant increase of 20.53% compared to the prior-year quarter. The bank's strong performance was driven by a notable rise in net interest income, which increased by $3.2 million year-over-year to $36.5 million.
The bank, headquartered in Manitowoc, Wisconsin, reported total assets of $4.51 billion, with a loan portfolio growth to $3.55 billion. Core deposits also saw an increase, reaching $3.67 billion. Bank First's net interest margin stood healthy at 3.65%, demonstrating effective financial management and operational efficiency.
Asset quality metrics showed significant improvement, with nonperforming assets lowering to $7.6 million, representing 0.17% of total assets, down from 0.31% in the previous year. This 39% reduction underscores the bank’s commitment to risk management and strengthens its financial stability.
In affirming its commitment to shareholder returns, Bank First declared a quarterly cash dividend of $0.45 per share, payable on July 9, 2025. This dividend reflects a 28.6% increase from the same quarter last year, indicating strong confidence in the bank's sustained profitability.
Overall, Bank First demonstrated a 1.64% return on average assets for the quarter, significantly outperforming industry averages. The tangible book value per share increased by 12.7% year-over-year to $45.46, providing notable value appreciation for shareholders. Bank First's stock price is likely to be positively impacted by these results, as it continues to expand and strengthen its market position.
