0001104659-26-021567
SEC filingBank First Corporation reported solid financial performance for fiscal year 2025, with total assets of $4.51 billion, total loans of $3.60 billion, and total deposits of $3.70 billion. The company generated net income of $71.5 million, driven primarily by net interest income of $151.7 million and total noninterest income of $22.2 million, which included a significant $38.9 million gain on the sale of UFS. Earnings per share were $7.00 for both basic and diluted calculations. The company maintained strong asset quality with nonaccrual loans representing only 0.2% of total loans. Key strategic developments included the completion of the Centre 1 Bancorp acquisition on January 1, 2026, which expanded the company's presence in Wisconsin and Illinois and added trust and wealth management capabilities. The company employed approximately 380 full-time equivalent employees with an assets-to-FTE ratio of approximately $11.9 million.
Bank First Corporation reported total consolidated assets of $4.51 billion as of December 31, 2025, with total loans of $3.60 billion representing approximately 80.1% of total assets. The company generated net income of $71.5 million for the fiscal year, with earnings per share of $7.00 for both basic and diluted calculations. Net interest income was $151.7 million, while total noninterest income reached $22.2 million, significantly boosted by a $38.9 million gain on the sale of UFS. The company maintained strong asset quality with only 55 nonaccrual loans totaling approximately $5.8 million, representing just 0.2% of total loans. Total deposits stood at $3.70 billion, with interest-bearing deposits of $2.69 billion and noninterest-bearing deposits of $1.00 billion.
The company's revenue streams were diversified between interest income and noninterest income. Total interest income was $221.7 million, primarily driven by loans including fees of $203.7 million. Noninterest income totaled $22.2 million, with significant contributions from service charges ($8.4 million), income from Ansay ($3.9 million), loan servicing income ($2.9 million), and the substantial gain on sale of UFS ($38.9 million). The company's loan portfolio composition showed commercial real estate loans making up $1.78 billion (49.3% of portfolio), residential mortgage and home equity loans at $895.0 million (24.8%), commercial and industrial loans at $647.1 million (18.0%), construction and development loans at $215.5 million (6.0%), and consumer loans at $54.8 million (1.5%).
The company maintained profitability through effective management of its interest spread and expense control. Net interest income after provision for credit losses was $150.4 million, with a provision for credit losses of $1.2 million. Noninterest expense totaled $84.5 million, with the largest components being salaries, commissions, and employee benefits ($42.5 million), data processing ($10.3 million), and occupancy ($7.8 million). Income before provision for income taxes was $88.2 million, with provision for income taxes of $16.7 million resulting in the $71.5 million net income. The company's efficiency in managing operating expenses relative to its revenue streams contributed to its solid profitability metrics.
Cash flow from operations was $62.5 million, primarily driven by net income of $71.5 million adjusted for various non-cash items including depreciation and amortization. Investing activities used $16.0 million of cash, with significant items including net increase in loans ($84.7 million), purchases of premises and equipment ($11.4 million), and net cash received in business combination ($90.0 million). Financing activities used $64.6 million of cash, with dividends paid of $52.5 million and repurchase of common stock of $22.0 million being the largest outflows. The balance sheet showed total stockholders' equity of $643.8 million, with retained earnings of $417.0 million and additional paid-in capital of $333.8 million. The company maintained a strong liquidity position with cash and cash equivalents of $243.2 million.
The company continues to execute its strategic plan organized around CAMELS ratings (Capital, Asset Quality, Management, Earnings, Liquidity, and Sensitivity to Market Risk) with an additional focus on Information Technology. The recent acquisition of Centre 1 Bancorp, completed on January 1, 2026, reflects the company's continued execution of its acquisition strategy and strengthens its market presence and relationship-based banking model. Full integration and system conversion activities are expected to be completed in the second quarter of 2026. The company faces competition from traditional financial institutions as well as non-traditional fintech companies, but management believes it can compete effectively through local market knowledge, local decision making, and awareness of customer needs. Strategic priorities include maintaining strong credit administration, growing customer relationships, and enhancing cybersecurity and digital banking capabilities.