Bank First Corp Earnings Per Share Disclosure
Note 24 Earnings Per Common Share
See Note 1 for the Company’s accounting policy regarding per share computations. Earnings per common share, earnings per share assuming dilution, and related information are summarized as follows:
Years ended December 31, | |||||||||
(in thousands, except per share data) | | 2025 | | 2024 | | 2023 | |||
Basic | |||||||||
Net income available to common shareholders | $ | 71,496 | $ | 65,563 | $ | 74,514 | |||
Less: Earnings allocated to participating securities | (347) | $ | (349) | $ | (425) | ||||
Net income allocated to common shareholders | $ | 71,149 | $ | 65,214 | $ | 74,089 | |||
Weighted average common shares outstanding including participating securities | 9,892,125 | 10,083,647 | 10,231,569 | ||||||
Less: Participating securities | (48,052) | (53,746) | (58,359) | ||||||
Average shares | 9,844,073 | 10,029,901 | 10,173,210 | ||||||
Basic earnings per common shares | $ | 7.23 | $ | 6.50 | $ | 7.28 | |||
Diluted | |||||||||
Net income available to common shareholders | $ | 71,496 | $ | 65,563 | $ | 74,514 | |||
Weighted average common shares outstanding for basic earnings per common share | 9,844,073 | 10,029,901 | 10,173,210 | ||||||
Add: Dilutive effects of stock based compensation awards | 23,059 | 24,667 | 25,783 | ||||||
Average shares and dilutive potential common shares | 9,867,132 | 10,054,568 | 10,198,993 | ||||||
Diluted earnings per common share | $ | 7.23 | $ | 6.50 | $ | 7.28 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 16, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 11, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.