Bank First Corp

Listed Company

BFCCIK 0001746109NasdaqLarge AcceleratedNational Commercial BanksWisconsinFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$71.50M

Total Assets

$4.51B

Equity

$643.84M

Shares Out

11.20M

Op. Cash Flow

$62.48M

Business

Bank First Corp is a bank holding company that operates through its primary subsidiary, Bank First, N.A., providing commercial and retail banking services. It offers deposit accounts, certificates of deposit, commercial and industrial loans, commercial real estate and residential mortgages, construction and consumer loans, credit cards, and digital banking, and provides investment, insurance-related and title services through subsidiaries. Key business segments include core banking, mortgage banking, investment/safekeeping, minority insurance holdings and title services. The company serves businesses, professionals and consumers across multiple Wisconsin counties via a branch network and digital channels.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	204	189	169	107	93
Taxable	11	10	8	6	3
Tax-exempt	943,000	964,000	1	2	2
Other	6	6	4	—	—
Total interest income	222	206	182	117	98
Deposits	64	64	42	10	8
Securities sold under repurchase agreements	—	22,000	2	542,000	10,000
Borrowed funds	6	4	5	2	767,000
Total interest expense	70	69	49	12	—
Net interest income	152	138	133	104	90
Provision for credit losses	1	−800,000	5	2	3
Net interest income after provision for credit losses	150	139	129	102	87
Service charges	8	8	7	6	6
Income from Ansay	4	4	3	3	3
"Income from UFS, LLC (""UFS"")"	—	—	2	3	3
Loan servicing income	3	3	3	2	2
Valuation adjustment on MSR	281,000	−299,000	395,000	3	1
Net gain on sales of mortgage loans	2	1	897,000	2	7
Gain on sale of UFS	—	—	39	—	—
Other	5	4	3	2	2
Total noninterest income	22	20	58	20	24
Salaries, commissions, and employee benefits	42	41	40	33	29
Occupancy	8	6	6	5	4
Data processing	10	10	8	6	5
Postage, stationery, and supplies	950,000	932,000	1	771,000	713,000
Net gain on sales and valuations of OREO	−159,000	−694,000	2	−146,000	−20,000
Net loss on sale of securities	—	34,000	8	—	3,000
Advertising	176,000	313,000	326,000	271,000	227,000
Charitable contributions	972,000	793,000	944,000	718,000	534,000
Federal deposit insurance	2	2	2	1	—
Outside service fees	5	5	5	6	3
Amortization of intangibles	5	6	6	2	1
Other	9	9	9	6	7
Total noninterest expense	84	79	88	62	51
Income before provision for income taxes	88	80	99	60	60
Provision for income taxes	17	14	24	14	15
Net Income	71	66	75	45	45
Earnings per share - basic	7.23	6.5	7.28	5.58	5.92
Earnings per share - diluted	7.23	6.5	7.28	5.58	5.92

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	55	59	70	52	29
Interest-bearing deposits	188	202	177	68	268
Cash and cash equivalents	243	261	247	119	297
Securities held to maturity, at amortized cost ($105,146 and $109,424 fair value at December 31, 2025 and December 31, 2024, respectively)	104	111	103	45	—
Securities available for sale, at fair value ($171,796 and $235,909 amortized cost at December 31, 2025 and December 31, 2024, respectively)	164	223	142	305	—
Loans held for sale	6	3	3	648,000	786,000
Loans	3,605	3,517	3,343	2,894	—
"Allowance for credit losses - loans (""ACL-Loans"")"	−44	−44	−44	−23	—
Loans, net	3,560	3,473	3,299	2,871	—
Premises and equipment, net	79	71	70	56	49
Goodwill	175	175	175	110	55
Other investments	24	23	21	16	9
Cash value of life insurance	61	62	61	46	32
Core deposit intangibles, net	16	21	27	—	—
"Mortgage servicing rights (""MSR"")"	14	13	14	10	5
"Other real estate owned (""OREO"")"	—	741,000	3	3	150,000
"Investment in Ansay and Associates, LLC (""Ansay"")"	35	34	33	44	43
Other assets	24	24	23	17	8
TOTAL ASSETS	4,506	4,495	4,222	3,660	2,938
Interest-bearing deposits	2,693	2,636	2,382	2,126	1,729
Noninterest-bearing deposits	1,003	1,025	1,051	934	800
Total deposits	3,696	3,661	3,433	3,060	2,528
Notes payable	110	135	35	2	8
Subordinated notes	12	12	12	24	18
Other liabilities	45	47	42	24	20
Total liabilities	3,862	3,855	3,602	3,207	2,615
Serial preferred stock - $0.01 par value; Authorized - 5,000,000 shares	—	—	—	—	—
Common stock - $0.01 par value; Authorized - 20,000,000 shares; Issued - 11,515,130 shares as of December 31, 2025 and December 31, 2024; Outstanding - 9,834,623 and 10,012,088 shares as of December 31, 2025 and December 31, 2024, respectively	115,000	115,000	115,000	101,000	85,000
Additional paid-in capital	334	334	334	218	93
Retained earnings	417	398	348	295	258
Treasury stock, at cost - 1,680,507 and 1,503,042 shares as of December 31, 2025 and December 31, 2024, respectively	−102	−83	−53	−45	—
Accumulated other comprehensive loss	−5	−9	−9	−16	4
Total stockholders' equity	644	640	620	453	323
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	4,506	4,495	4,222	3,660	2,938

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	71	66	75	45	45
Depreciation and amortization of premises and equipment	2	2	2	2	2
Net accretion of securities	−3	−3	−2	315,000	807,000
Amortization of stock-based compensation	2	2	2	2	1
Accretion of purchase accounting valuations	−3	−5	−7	−3	−2
Net change in deferred loan fees and costs	−772,000	−488,000	−1	−881,000	−1
Expense (benefit) from deferred income taxes	180,000	2	−2	−869,000	−1,000
Change in fair value of MSR and other investments	−1	296,000	−693,000	−3	465,000
Loss from sale and disposal of premises and equipment	916,000	375,000	363,000	57,000	−37,000
Proceeds from sales of mortgage loans	169	118	75	85	296
Originations of mortgage loans held for sale	−171	−117	−76	−84	−290
Realized loss on sale of securities	—	34,000	8	—	3,000
Realized gain on sale of UFS	—	—	−39	—	—
Net earnings on life insurance	−2	−2	−2	−925,000	−768,000
Increase in other assets	−1	−3	−2	3	2
(Decrease) increase in other liabilities	−2	6	16	−2	−5
Net cash provided by operating activities	62	66	53	40	40
Activity in securities available for sale and held to maturity: Sales	—	10	76	—	9
Activity in securities available for sale and held to maturity: Maturities, prepayments, and calls	287	206	127	15	34
Activity in securities available for sale and held to maturity: Purchases	−213	−302	−27	−142	−94
Proceeds from other investments	—	—	248,000	—	—
Net increase in loans	−85	−169	−37	−198	−42
Proceeds from sale of UFS	—	—	52	—	—
Dividends received from UFS	—	—	2	—	—
Dividends received from Ansay	3	2	2	—	—
Proceeds from sale of OREO	900,000	4	2	320,000	2
"Net (purchase) sales of Federal Home Loan Bank (""FHLB"") stock"	79,000	−1	262,000	−635,000	—
"Net purchases of Federal Reserve Bank (""FRB"") stock"	—	—	−4	−4	—
Proceeds from life insurance	2	1	—	—	265,000
Proceeds from sale of premises and equipment	1,000	2	—	—	548,000
Purchases of premises and equipment	−11	−7	−13	−7	−9
Net cash received in business combination	—	—	90	154	—
Net cash (used in) provided by investing activities	−16	−253	269	−178	−94
Net increase (decrease) in deposits	35	228	−159	−73	208
Net decrease in securities sold under repurchase agreements	—	−76	−21	56	5
Proceeds from advances of notes payable	220	140	122	3,123	5
Repayment of notes payable	−246	−40	−93	−3,130	−20
Repayment of subordinated notes	—	—	−12	—	—
Repayment of junior subordinated debentures	—	−4	−8	—	—
Dividends paid	−53	−16	−12	−8	−9
Proceeds from sales of common stock	737,000	245,000	195,000	114,000	114,000
Repurchase of common stock	−22	−32	−10	−14	−8
Net cash (used in) provided by financing activities	−65	201	−194	−40	180
Net (decrease) increase in cash and cash equivalents	−18	14	128	−178	127
Interest	71	66	44	11	7
Income taxes	16	14	24	14	17
Loans transferred to OREO	—	412,000	—	24,000	—
Closed branch building transferred to OREO	—	2	3	1	140,000
MSR resulting from sale of loans	2	1	879,000	771,000	2
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax	—	—	−1,000	−1,000	−2,000
Change in unrealized loss on investment securities available for sale, net of tax	4	−639,000	−1	−19	−2

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro