Bank First (BFC) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $18.0 million ($1.83 per share), up from $16.6 million ($1.65 per share) in Q3 2024, driven by higher yields on new and renewed loans and lower deposit repricing.

• For the nine months ended September 30, 2025, net income rose to $53.1 million ($5.36 per share) from $48.0 million ($4.75 per share) year-over-year.

• Adjusted net income for Q3 2025 was $18.8 million ($1.91 per share), up from $16.5 million ($1.65 per share) in Q3 2024, excluding acquisition and one-time items.

• A merger agreement with Centre 1 Bancorp, Inc. was announced, expected to close January 1, 2026, creating a combined entity with $6.0 billion in assets.

• Earnings growth was driven by mid-single-digit loan expansion and higher loan yields from repricing.

Financial highlights

• Net interest income for Q3 2025 was $38.3 million, up $2.4 million year-over-year and $1.6 million sequentially; net interest margin rose to 3.88% from 3.76% in Q3 2024.

• Total interest income for Q3 2025 was $55.4 million, up 2.6% year-over-year.

• Noninterest income for Q3 2025 was $6.0 million, up 22% year-over-year, with gains in MSR valuation and mortgage loan sales.

• Noninterest expense for Q3 2025 increased to $21.1 million, up from $20.1 million in Q3 2024, mainly due to higher outside service fees related to acquisitions.

• For the nine months ended September 30, 2025, net interest income was $111.5 million, up from $102.2 million year-over-year.

Outlook and guidance

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

• The Centre merger is anticipated to close in early 2026, significantly increasing the scale of operations.

• Loan repricing is expected to continue boosting portfolio yields.

• The acquisition of First National Bank & Trust is scheduled to close January 1, 2026.