Bank First (BFC) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 rose to $18.2 million, up from $15.4 million in Q1 2024, driven by higher loan yields and growth in interest-earning assets.

• EPS increased 20.53% year-over-year to $1.82.

• Net interest income increased by $3.2 million to $36.5 million, reflecting loan repricing in a higher rate environment.

• Noninterest income grew to $6.6 million, aided by service charge growth, positive MSR valuation, and a $1.0 million gain from bank-owned life insurance.

• Noninterest expense remained well-controlled, rising just 1% to $20.6 million.

Financial highlights

• Total assets reached $4.51 billion, up 0.3% from December 31, 2024.

• Loans grew 0.9% to $3.55 billion, with multi-family loans up 8.8% and commercial & industrial loans up 1.5%.

• Deposits increased 0.4% to $3.67 billion, with a continued shift from noninterest-bearing to interest-bearing accounts.

• Net interest margin (taxable equivalent) was 3.65%, up from 3.62% a year ago.

• Provision for credit losses was $0.4 million, up from $0.2 million in Q1 2024.

Outlook and guidance

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

• Management highlights continued core loan and deposit growth into early 2025.

• No material changes to risk factors or forward-looking statements since the last annual report.

• Forward-looking statements caution on economic, interest rate, and acquisition-related risks.