Bank First (BFC) Q4 2025 earnings summary

Executive summary

• Net income reached $18.4 million for Q4 2025 and $71.5 million for the year ended December 31, 2025, up from $17.5 million and $65.6 million, respectively, year-over-year.

• Earnings per share were $1.87 for Q4 and $7.23 for the year, both increasing from the prior-year periods.

• Adjusted net income (non-GAAP) for Q4 was $19.6 million ($2.00/share), and $73.4 million ($7.42/share) for the year, reflecting adjustments for acquisition and one-time items.

• The acquisition of FNBT, effective January 1, 2026, is the largest in company history, expanding into new counties and adding trust and wealth management services.

Financial highlights

• Net interest income for Q4 2025 was $40.2 million, up $1.9 million sequentially and $4.6 million year-over-year.

• Net interest margin improved to 4.01% in Q4 2025 from 3.88% in Q3 and 3.61% in Q4 2024.

• Noninterest income was $4.8 million in Q4, down from $6.0 million in Q3 but up from $4.5 million year-over-year.

• Noninterest expense rose to $22.0 million in Q4, up from $21.1 million in Q3 and $19.3 million in Q4 2024, reflecting acquisition and building-related costs.

• Total assets at year-end were $4.51 billion, up $85.7 million in Q4, with total loans at $3.60 billion and deposits at $3.70 billion.

Outlook and guidance

• Management expects continued benefits and synergies from the FNBT acquisition, with expanded geographic reach and service offerings.

• Forward-looking statements highlight potential risks from economic conditions, interest rate changes, and integration of acquisitions.