Bank First Corporation (BFC) investor relations material

Executive summary

• Net income rose to $16.9 million for Q2 2025, up from $16.1 million year-over-year, and $35.1 million for the first half, driven by higher yields on loans and asset growth.

• EPS was $1.71 for Q2 and $3.53 for the first half, compared to $1.59 and $3.10 in 2024.

• Total assets decreased 2.9% to $4.37 billion from December 2024, mainly due to lower cash and investment securities balances.

• Loans increased 1.8% to $3.58 billion as of June 30, 2025, with growth in commercial, multi-family, and consumer segments.

• Deposits declined 1.8% to $3.60 billion, reflecting a shift from noninterest-bearing to interest-bearing accounts.

Financial highlights

• Net interest income for Q2 2025 was $36.7 million, up $3.7 million year-over-year; net interest margin rose to 3.72%.

• Total interest income increased 10.6% to $54.6 million; interest expense rose 9.4% to $17.9 million.

• Noninterest income fell to $4.9 million, mainly due to lower income from Ansay and negative MSR valuation adjustments.

• Noninterest expense increased 9% to $20.8 million, driven by higher occupancy and data processing costs.

• Provision for credit losses was $0.2 million for Q2 2025, with ACL-Loans at $44.3 million (1.24% of loans).

Outlook and guidance

• Management expects to continue exceeding all well-capitalized regulatory capital requirements and the capital conservation buffer in 2025.

• The upcoming merger with Centre 1 Bancorp, expected to close January 2026, will increase total assets to $5.9 billion.

• Management expects continued improvement in net interest margin if yield curve normalization persists.