Group 1 - Bank First Corporation (NASDAQ: BFC) is planning to acquire Centre 1 Bancorp, which will nearly double its operational territory into southern Wisconsin and northern regions [1] - The acquisition reflects a significant strategic move for Bank First Corporation, which is typically known for its cautious approach [1] - The research focuses on small- to mid-cap companies, highlighting that these often receive less attention from investors, while also occasionally addressing large-cap companies for a broader market perspective [1]

Company Performance - Bank First Corporation (BFC) reported quarterly earnings of $1.71 per share, missing the Zacks Consensus Estimate of $1.80 per share, but showing an increase from $1.56 per share a year ago, resulting in an earnings surprise of -5.00% [1] - The company posted revenues of $41.62 million for the quarter ended June 2025, which was 4.32% below the Zacks Consensus Estimate, compared to $38.88 million in revenues from the previous year [2] - Over the last four quarters, Bank First Corporation has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Performance - Bank First Corporation shares have increased approximately 26.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.1% [3] - The current consensus EPS estimate for the upcoming quarter is $1.86 on revenues of $44.6 million, and for the current fiscal year, it is $7.25 on revenues of $175.1 million [7] Industry Outlook - The Zacks Industry Rank for Banks - Northeast, to which Bank First Corporation belongs, is currently in the top 32% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact the stock's performance [5]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Bank First reported strong Q2 2025 net income of $16.9 million ($1.71/share) and increased its quarterly cash dividend by 12.5% to $0.45 per share Q2 & YTD 2025 Earnings Summary | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $16.9 million | $16.1 million | $35.1 million | $31.5 million | | Earnings Per Share | $1.71 | $1.59 | $3.53 | $3.10 | Q2 2025 Key Performance Metrics | Metric | Q2 2025 | Change from Q2 2024 | | :--- | :--- | :--- | | Annualized Return on Average Assets | 1.54% | - | | Quarterly Cash Dividend per Share | $0.45 | +12.5% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management anticipates an improving net interest margin due to the normalizing yield curve, despite the bank's interest rate neutral positioning - The CEO highlighted the positive impact of a normalizing yield curve on the banking industry and expects Bank First's net interest margin to improve as a result[2](index=2&type=chunk) [Operating Results](index=1&type=section&id=Operating%20Results) Operating results show stable net interest income and expanding net interest margin, with noninterest income declining and expenses rising due to strategic investments [Net Interest Income (NII) and Net Interest Margin (NIM)](index=1&type=section&id=Net%20Interest%20Income%20(NII)%20and%20Net%20Interest%20Margin%20(NIM)) Net interest income increased to $36.7 million in Q2 2025, with Net Interest Margin improving to 3.72% due to higher loan yields and lower deposit costs Net Interest Income (NII) Comparison | Period | NII | Change from Q2 2024 | | :--- | :--- | :--- | | Q2 2025 | $36.7 million | +$3.7 million | | Q1 2025 | $36.5 million | - | | Q2 2024 | $33.0 million | - | Net Interest Margin (NIM) Comparison | Period | NIM (%) | Purchase Accounting Impact (%) | | :--- | :--- | :--- | | Q2 2025 | 3.72% | +0.03% | | Q1 2025 | 3.65% | +0.10% | | Q2 2024 | 3.63% | +0.13% | - The NIM improvement was driven by a **10 basis point increase** in rates earned on average earning assets and a **15 basis point decrease** in rates paid on average interest-bearing deposits from Q2 2024 to Q2 2025[5](index=5&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) A minimal provision for credit losses of $0.2 million was recorded in Q2 2025, a decrease from the prior quarter and an increase from Q2 2024 Provision for Credit Losses | Period | Provision Amount (Millions) | | :--- | :--- | | Q2 2025 | $0.2 million | | Q1 2025 | $0.4 million | | Q2 2024 | $0.0 million | [Noninterest Income](index=2&type=section&id=Noninterest%20Income) Noninterest income decreased to $4.9 million in Q2 2025, primarily due to a negative valuation adjustment and the absence of prior period one-time gains Noninterest Income Comparison | Period | Noninterest Income (Millions) | | :--- | :--- | | Q2 2025 | $4.9 million | | Q1 2025 | $6.6 million | | Q2 2024 | $5.9 million | - Key drivers for the period-over-period decrease included a **$0.1 million negative valuation adjustment** on mortgage servicing rights and the absence of a **$1.0 million gain** on bank-owned life insurance that occurred in Q1 2025[7](index=7&type=chunk) [Noninterest Expense](index=2&type=section&id=Noninterest%20Expense) Noninterest expense increased to $20.8 million in Q2 2025, driven by branch remodels, a new branch opening, and digital platform upgrade costs Noninterest Expense Comparison | Period | Noninterest Expense (Millions) | | :--- | :--- | | Q2 2025 | $20.8 million | | Q1 2025 | $20.6 million | | Q2 2024 | $19.1 million | - Expense increases were driven by: - Branch remodels and the opening of a new branch in Sturgeon Bay, WI - Elevated expenditures related to the upgrade of the Bank's digital banking platform[8](index=8&type=chunk) [Financial Condition](index=3&type=section&id=Financial%20Condition) The bank maintained a strong financial position as of June 30, 2025, with healthy asset, loan, and deposit growth, strong asset quality, and robust capital [Balance Sheet Analysis](index=3&type=section&id=Balance%20Sheet%20Analysis) Total assets reached **$4.37 billion** at Q2 2025, with loans at **$3.58 billion** and deposits at **$3.60 billion**, all showing healthy year-over-year growth Key Balance Sheet Items (as of June 30, 2025) | Item | Amount | Change from June 30, 2024 | | :--- | :--- | :--- | | Total Assets | $4.37 billion | +$219.3 million | | Total Loans | $3.58 billion | +$151.7 million | | Total Deposits | $3.60 billion | +$195.5 million | [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality remained excellent in Q2 2025, with nonperforming assets at a negligible **$13.6 million**, representing **0.31%** of total assets Nonperforming Assets (NPA) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total NPAs | $13.6 million | $11.0 million | | NPAs to Total Assets | 0.31% | 0.27% | [Capital Position and Dividends](index=4&type=section&id=Capital%20Position%20and%20Dividends) Stockholders' equity was **$612.3 million** at Q2 2025, impacted by a special dividend and share repurchases, while a **$0.45** per share quarterly dividend was declared - The decline in stockholders' equity in H1 2025 was caused by dividends (**$43.6M**, including a special dividend) and share repurchases (**$22.0M**) outpacing net income (**$35.1M**)[12](index=12&type=chunk) - A quarterly cash dividend of **$0.45 per share** was declared, payable on October 8, 2025, to shareholders of record as of September 24, 2025[13](index=13&type=chunk) Book Value Per Common Share | Metric | June 30, 2025 ($) | June 30, 2024 ($) | | :--- | :--- | :--- | | Book Value | $62.27 | $61.27 | | Tangible Book Value (non-GAAP) | $42.57 | $41.42 | [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents detailed unaudited consolidated financial data, including operational summaries, balance sheet items, key ratios, and average balance sheets with interest rates [Consolidated Financial Summary](index=6&type=section&id=Consolidated%20Financial%20Summary) The consolidated financial summary provides key income statement and balance sheet figures, detailed noninterest breakdowns, loan portfolio composition, and non-GAAP reconciliations Selected Income Statement Data (Q2 2025 vs Q2 2024) | (In thousands) | Q2 2025 (Thousands) | Q2 2024 (Thousands) | | :--- | :--- | :--- | | Net Interest Income | $36,702 | $33,007 | | Noninterest Income | $4,921 | $5,877 | | Noninterest Expense | $20,756 | $19,057 | | Net Income | $16,875 | $16,059 | Selected Balance Sheet Data (June 30, 2025 vs June 30, 2024) | (In thousands) | June 30, 2025 (Thousands) | June 30, 2024 (Thousands) | | :--- | :--- | :--- | | Total Assets | $4,365,082 | $4,145,820 | | Loans | $3,580,357 | $3,428,635 | | Deposits | $3,595,424 | $3,399,941 | | Stockholders' Equity | $612,333 | $614,579 | [Average Balances and Rates](index=10&type=section&id=Average%20Balances%20and%20Rates) This section details average asset and liability balances, interest income and expense breakdowns, and calculated average rates for net interest spread and margin Net Interest Margin Analysis (For Three Months Ended) | Metric | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | | Rate on Interest-Earning Assets | 5.50% | 5.40% | | Rate on Interest-Bearing Liabilities | 2.59% | 2.66% | | Net Interest Spread | 2.91% | 2.74% | | Net Interest Margin | 3.72% | 3.63% | Net Interest Margin Analysis (For Six Months Ended) | Metric | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | | Rate on Interest-Earning Assets | 5.50% | 5.37% | | Rate on Interest-Bearing Liabilities | 2.62% | 2.61% | | Net Interest Spread | 2.87% | 2.76% | | Net Interest Margin | 3.69% | 3.62% | [Other Information](index=4&type=section&id=Other%20Information) This section provides Bank First's corporate profile and includes legal disclaimers regarding forward-looking statements and non-GAAP financial measures [About Bank First Corporation](index=4&type=section&id=About%20Bank%20First%20Corporation) Bank First Corporation, with approximately **$4.4 billion** in assets, operates 27 banking locations in Wisconsin, offering diverse financial services - Bank First has approximately **$4.4 billion** in assets, **27 banking locations** in Wisconsin, and **368 full-time equivalent staff**[14](index=14&type=chunk) [Forward-Looking Statements & Non-GAAP Measures](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Non-GAAP%20Measures) The report includes forward-looking statements subject to risks and uncertainties, and utilizes non-GAAP financial measures with provided GAAP reconciliations - The report includes forward-looking statements concerning projected growth and financial performance, which are subject to various risks and uncertainties[15](index=15&type=chunk)[16](index=16&type=chunk) - Non-GAAP measures such as **tangible book value per common share** are used, and reconciliations to GAAP are provided to aid investor understanding[17](index=17&type=chunk)

Core Viewpoint - Bank First Corporation has announced a merger agreement with Centre 1 Bancorp, Inc., aiming to enhance service capabilities and expand its market presence in Wisconsin and northern Illinois through an all-stock transaction valued at approximately $174.3 million [2][3]. Group 1: Transaction Details - Bank First will acquire 100% of Centre's common stock, with each Centre shareholder receiving 0.9200 of a share of Bank First's common stock for each share of Centre common stock [3]. - The transaction is expected to close in the first quarter of 2026, pending regulatory approval and shareholder consent [6]. Group 2: Financial Impact - As of June 30, 2025, First National Bank and Trust Company had approximately $1.55 billion in consolidated assets, $994.9 million in gross loans, and $1.29 billion in deposits [7]. - Post-merger, the combined entity will have total assets of approximately $5.91 billion, loans of approximately $4.58 billion, and deposits of approximately $4.89 billion [7]. Group 3: Strategic Benefits - The merger combines two community-focused banks, enhancing their ability to serve customers with greater resources and capabilities [5][8]. - The strategic geographic alignment allows Bank First to expand into new markets without overlap, supporting long-term value creation [8]. - The merger is expected to enhance shareholder value through combined financial strength and a focus on disciplined growth [8]. Group 4: Leadership and Advisory - Following the merger, Steve Eldred, CEO of Centre, will join the Board of Directors of Bank First [5]. - Piper Sandler & Co. and Hovde Group, LLC served as financial advisors for Bank First and Centre, respectively [9].

Core Insights - Bank First Corporation reported a net income of $16.9 million, or $1.71 per share, for Q2 2025, an increase from $16.1 million, or $1.59 per share, in Q2 2024 [1] - For the first half of 2025, net income was $35.1 million, or $3.53 per share, compared to $31.5 million, or $3.10 per share, in the same period of 2024 [1] Operating Results - Net interest income (NII) for Q2 2025 was $36.7 million, up $0.2 million from the previous quarter and $3.7 million from Q2 2024 [3] - Net interest margin (NIM) improved to 3.72% in Q2 2025, compared to 3.65% in Q1 2025 and 3.63% in Q2 2024 [4] - The increase in NIM was supported by higher yields on new and renewed loans while deposit rates decreased [4] Credit Losses - The provision for credit losses was $0.2 million in Q2 2025, down from $0.4 million in Q1 2025, and no provision was recorded in Q2 2024 [5] Noninterest Income and Expenses - Noninterest income for Q2 2025 was $4.9 million, down from $6.6 million in Q1 2025 and $5.9 million in Q2 2024 [6] - Noninterest expense totaled $20.8 million in Q2 2025, slightly up from $20.6 million in Q1 2025 and $19.1 million in Q2 2024 [7] Balance Sheet - Total assets were $4.37 billion as of June 30, 2025, a decrease of $130 million from December 31, 2024, but an increase of $219.3 million from June 30, 2024 [9] - Total loans reached $3.58 billion, up $63.2 million from December 31, 2024, and up $151.7 million from June 30, 2024 [9] Deposits - Total deposits were $3.60 billion as of June 30, 2025, down $65.6 million from December 31, 2024, but up $195.5 million from June 30, 2024 [10] Asset Quality - Nonperforming assets were $13.6 million at June 30, 2025, with a nonperforming assets to total assets ratio of 0.31% [11] Capital Position - Stockholders' equity was $612.3 million at June 30, 2025, a decrease of $27.4 million from the end of 2024 [12] - The book value per common share was $62.27 at June 30, 2025, compared to $63.89 at December 31, 2024 [12] Dividend Declaration - A quarterly cash dividend of $0.45 per common share was approved, payable on October 8, 2025 [13]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2025 show stable financial position, increased net income, and strong capital levels [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets reached $4.51 billion as of March 31, 2025, driven by growth in net loans and stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash and cash equivalents | $300,865 | $261,332 | | Loans, net | $3,504,321 | $3,473,017 | | **Total Assets** | **$4,505,065** | **$4,495,060** | | Total deposits | $3,674,218 | $3,661,073 | | **Total Liabilities** | **$3,856,651** | **$3,855,377** | | **Total Stockholders' Equity** | **$648,414** | **$639,683** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2025 increased 18.4% to $18.2 million, driven by higher net interest income and diluted EPS growth Q1 2025 vs Q1 2024 Income Statement (in thousands, except per share data) | Metric | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Net interest income | $36,537 | $33,349 | | Provision for credit losses | $400 | $200 | | Total noninterest income | $6,588 | $4,397 | | Total noninterest expense | $20,604 | $20,324 | | **Net Income** | **$18,241** | **$15,412** | | **Earnings per share - diluted** | **$1.82** | **$1.51** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $39.5 million in Q1 2025, primarily from investing activities and operating cash flow Cash Flow Summary for Three Months Ended March 31 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,166 | $1,329 | | Net cash provided by (used in) investing activities | $31,543 | $(42,929) | | Net cash provided by (used in) financing activities | $1,824 | $(122,494) | | **Net increase (decrease) in cash** | **$39,533** | **$(164,094)** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, financial instruments, and regulatory standing, including a $3.50 per share special dividend - On April 25, 2025, the Board of Directors declared a special cash dividend of **$3.50 per share**, totaling approximately **$35.0 million**, payable on May 16, 2025[81](index=81&type=chunk) - The Allowance for Credit Losses on Loans (ACL-Loans) was **$43.7 million** as of March 31, 2025, down from **$44.2 million** at year-end 2024. The company recorded a **$400 thousand** provision for credit losses in Q1 2025[44](index=44&type=chunk) - As of March 31, 2025, the company and its bank subsidiary met all capital adequacy requirements, with the bank's Total capital to risk-weighted assets ratio at **12.14%**, well above the **10.00%** required to be considered well-capitalized[64](index=64&type=chunk)[65](index=65&type=chunk) - In Q1 2025, the company repurchased **62,564 shares** at an average price of **$100.22 per share** under its renewed **$50 million** share repurchase program[220](index=220&type=chunk)[221](index=221&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q1 2025 performance to increased net interest income, loan growth, improved credit quality, and robust capital [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Net income increased by $2.8 million in Q1 2025, driven by higher net interest income and noninterest income gains - Net income increased by **$2.8 million** YoY, primarily due to repricing of new and renewed loans in a higher rate environment and steady growth in interest-bearing assets[98](index=98&type=chunk) - Noninterest income was significantly boosted by a **$2.3 million** death benefit from bank-owned life insurance, resulting in a **$1.0 million** gain[107](index=107&type=chunk) - The effective tax rate was **17.5%** in Q1 2025, compared to **10.5%** in Q1 2024. The lower rate in 2024 was due to a one-time **$1.3 million** tax liability reduction based on new state tax legislation rules[110](index=110&type=chunk) [Changes in Financial Condition](index=35&type=section&id=Changes%20in%20Financial%20Condition) Total assets increased to $4.51 billion in Q1 2025, driven by net loan growth despite a decrease in investment securities Key Balance Sheet Changes (Q1 2025 vs Q4 2024) | Account | Change ($M) | % Change | | :--- | :--- | :--- | | Total Assets | +$11.4 | +0.3% | | Net Loans | +$31.3 | +0.9% | | Investment Securities | -$59.8 | -17.9% | | Deposits | +$13.1 | +0.4% | | Stockholders' Equity | +$8.7 | +1.4% | [Loans and Credit Quality](index=36&type=section&id=Loans%20and%20Credit%20Quality) Loan portfolio grew to $3.55 billion with improved asset quality, as nonperforming assets declined to 0.17% of total assets Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2025 | % of Total | | :--- | :--- | :--- | | Commercial & industrial | $507,850 | 14% | | Commercial real estate | $1,788,658 | 50% | | Construction & development | $278,475 | 8% | | Residential 1-4 family | $903,280 | 26% | | Consumer & other | $69,807 | 2% | | **Total Loans** | **$3,548,070** | **100%** | Nonperforming Assets (NPAs) Trend (in thousands) | Metric | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Total nonperforming loans | $6,814 | $8,496 | $9,877 | | Total OREO | $741 | $741 | $2,674 | | **Total NPAs** | **$7,555** | **$9,237** | **$12,551** | | **NPAs to total assets** | **0.17%** | **0.21%** | **0.31%** | [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $1.54 billion in available funding and robust capital ratios exceeding 'well-capitalized' standards - The company has access to **$1.54 billion** in available funding between borrowings and brokered deposits to meet future liquidity needs[179](index=179&type=chunk) Bank First, N.A. Capital Ratios (as of March 31, 2025) | Ratio | Actual | Minimum to be Well-Capitalized | | :--- | :--- | :--- | | Common equity Tier 1 capital ratio | 11.0% | 6.5% | | Tier 1 capital ratio | 11.0% | 8.0% | | Total capital ratio | 12.1% | 10.0% | | Tier 1 leverage ratio | 9.3% | 5.0% | [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with simulations showing short-term liability sensitivity and long-term asset sensitivity Net Interest Income Sensitivity (as of March 31, 2025) | Change in Interest Rates (Basis Points) | Percentage Change in Net Interest Income | | :--- | :--- | | +300 | (4.9)% | | +200 | (3.3)% | | +100 | (1.6)% | | -100 | (0.8)% | - The economic value of equity analysis estimated that an instantaneous **200 basis point** increase in interest rates would result in a **3.14%** increase in the economic value of equity[212](index=212&type=chunk) [ITEM 4. Controls and Procedures](index=54&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed effective, with no material changes to internal control over financial reporting in Q1 2025 - Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of the end of the reporting period[214](index=214&type=chunk) - No material changes were made to internal control over financial reporting during the quarter ended March 31, 2025[215](index=215&type=chunk) [Part II. Other Information](index=54&type=section&id=Part%20II.%20Other%20Information) [ITEM 1. Legal Proceedings](index=54&type=section&id=ITEM%201.%20Legal%20Proceedings) Management believes ongoing litigation will not materially affect the company's financial position, results of operations, or liquidity - Management believes that any liability resulting from ongoing litigation will not have a material effect on the company's financial condition or operations[217](index=217&type=chunk) [ITEM 1A. Risk Factors](index=54&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported for the quarter ended March 31, 2025 - No material changes to the risk factors disclosed in the company's 2024 Annual Report on Form 10-K were reported for the first quarter of 2025[218](index=218&type=chunk) [Issuer Purchases of Equity Securities](index=55&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company renewed its $50 million share repurchase program and repurchased 62,564 shares in Q1 2025 Share Repurchases in Q1 2025 | Month (2025) | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | January | 7,001 | $94.47 | | February | 11,083 | $103.37 | | March | 44,480 | $102.82 | | **Total** | **62,564** | **$100.22** | - The company renewed its share repurchase program on February 18, 2025, for up to **$50 million** of its common stock, ending February 17, 2026[220](index=220&type=chunk) [Other Items and Exhibits](index=55&type=section&id=ITEM%203%2C%204%2C%205%2C%206) The company reported no defaults on senior securities, no mine safety disclosures, and no new Rule 10b5-1 trading plans in Q1 2025 - The company reported no defaults on senior securities, no mine safety disclosures, and no new or modified Rule 10b5-1 trading plans for its directors and officers in Q1 2025[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)

Group 1: InterDigital, Inc. (IDCC) - InterDigital is a global research and development company with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings increased by 14.7% over the last 60 days [1] - InterDigital's shares gained 10.6% over the last three months, while the S&P 500 declined by 12.7% [1] - The company has a Momentum Score of B [1] Group 2: Bank First Corporation (BFC) - Bank First Corporation is a holding company for Bank with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings increased by 6.5% over the last 60 days [2] - Bank First Corporation's shares gained 6.7% over the last three months, compared to the S&P 500's decline of 12.7% [2] - The company possesses a Momentum Score of B [2] Group 3: Celsius Holdings, Inc. (CELH) - Celsius Holdings is a functional beverage company with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings increased by 20.7% over the last 60 days [3] - Celsius Holdings' shares gained 38.9% over the last three months, while the S&P 500 declined by 12.7% [3] - The company has a Momentum Score of A [3]

Core Viewpoint - Bank First Corporation (BFC) reported quarterly earnings of $1.82 per share, exceeding the Zacks Consensus Estimate of $1.62 per share, and showing an increase from $1.51 per share a year ago, representing an earnings surprise of 12.35% [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates for four consecutive quarters [2] - BFC's revenues for the quarter ended March 2025 were $43.13 million, exceeding the Zacks Consensus Estimate by 3.17%, compared to $37.75 million in the same quarter last year [2] - The company has also topped consensus revenue estimates for four consecutive quarters [2] Group 2: Stock Performance and Outlook - BFC shares have increased approximately 0.8% since the beginning of the year, contrasting with the S&P 500's decline of -8.1% [3] - The future performance of the stock will depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.74 on revenues of $43.8 million, and for the current fiscal year, it is $6.90 on revenues of $175.1 million [7] Group 3: Industry Context - The Banks - Northeast industry, to which BFC belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact BFC's stock performance [5]

[Q1 2025 Earnings Announcement](index=1&type=section&id=Bank%20First%20Announces%20Net%20Income%20for%20the%20First%20Quarter%20of%202025) Bank First reported strong Q1 2025 net income of $18.2 million, with EPS up 20.53% and a dividend increase [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Bank First Corporation reported strong financial results for the first quarter of 2025, with net income reaching $18.2 million, or $1.82 per share, a 20.53% increase in EPS compared to the prior-year quarter Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Change vs. Q1 2024 | | :--- | :--- | :--- | | Net Income | $18.2 million | +$2.8 million | | Earnings Per Share (EPS) | $1.82 | +20.53% | | Annualized Return on Average Assets (ROA) | 1.64% | N/A | | Quarterly Cash Dividend | $0.45 per share | +28.6% | - CEO Mike Molepske attributed the strong financial returns to an increase in **core loan and deposit growth** that began in late 2024 and continued into early 2025[2](index=2&type=chunk) [Operating Results](index=1&type=section&id=Operating%20Results) Analysis of Q1 2025 operating performance, including net interest income, credit loss provisions, and noninterest items [Net Interest Income and Margin (NII & NIM)](index=1&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income (NII) for Q1 2025 was $36.5 million, an increase of $3.2 million year-over-year and $1.0 million quarter-over-quarter Net Interest Income (NII) Comparison | Period | Net Interest Income | Impact from Purchase Accounting | | :--- | :--- | :--- | | Q1 2025 | $36.5 million | +$1.0 million | | Q4 2024 | $35.5 million | +$0.8 million | | Q1 2024 | $33.3 million | +$1.2 million | Net Interest Margin (NIM) Comparison | Period | Net Interest Margin (NIM) | Impact from Purchase Accounting | | :--- | :--- | :--- | | Q1 2025 | 3.65% | +0.10% | | Q4 2024 | 3.61% | +0.08% | | Q1 2024 | 3.62% | +0.13% | - The bank's cost of funds decreased by **0.08%** quarter-over-quarter, and the average rate paid on non-brokered certificates of deposit fell by **0.18%** compared to the prior quarter[4](index=4&type=chunk) [Provision for Credit Losses](index=2&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses was $0.4 million in Q1 2025, up from $0.2 million in Q1 2024, with net loan charge-offs primarily from a 2023 acquisition - The provision for credit losses was **$0.4 million** for Q1 2025, compared to **$0.2 million** for Q1 2024[5](index=5&type=chunk) - Net loan charge-offs totaled **$0.8 million** in Q1 2025, a significant shift from net recoveries of **$0.6 million** in Q1 2024. The charge-off was related to a single customer from a 2023 acquisition[5](index=5&type=chunk) [Noninterest Income](index=2&type=section&id=Noninterest%20Income) Noninterest income increased significantly to $6.6 million in Q1 2025, driven by higher service charges, partnership income, and a BOLI death benefit - Total noninterest income was **$6.6 million** for Q1 2025, a substantial increase from **$4.4 million** in Q1 2024[6](index=6&type=chunk) - Key drivers of noninterest income growth include: - Service charges increased by **$0.4 million (23.1%)** YoY - Income from the **40% interest in Ansay & Associates, LLC** grew by **$0.2 million (20.6%)** YoY - A **$0.2 million positive valuation adjustment** on mortgage servicing rights, compared to a **$0.3 million negative adjustment** in the prior year - A **$1.0 million gain** from a BOLI death benefit[6](index=6&type=chunk) [Noninterest Expense](index=2&type=section&id=Noninterest%20Expense) Noninterest expense remained relatively stable at $20.6 million in Q1 2025, as efficiency improvements offset wage pressures and special projects concluded - Personnel expense was **consistent year-over-year**, as **efficiency gains** offset wage inflation[7](index=7&type=chunk) - Data processing and outside service fees **declined** from recent quarters due to the completion of special projects[7](index=7&type=chunk) - Amortization of core deposit intangible assets is **decreasing over time** due to the accelerated amortization method used[7](index=7&type=chunk) [Income Tax Expense](index=3&type=section&id=Income%20Tax%20Expense) The effective tax rate for Q1 2025 was 17.5%, favorably impacted by a tax-exempt BOLI death benefit, higher than the prior year's rate due to a one-time benefit - The effective tax rate in Q1 2025 was **17.5%**, benefiting from a **tax-exempt BOLI death benefit**[8](index=8&type=chunk) - The Q1 2024 effective tax rate was an unusually low **10.5%** due to a **$1.3 million benefit** recorded from a new Wisconsin state tax exclusion, which was finalized in Q1 2024 but related to 2023[8](index=8&type=chunk) [Balance Sheet and Asset Quality](index=3&type=section&id=Balance%20Sheet%20and%20Asset%20Quality) Overview of the bank's balance sheet growth and significant improvements in asset quality during Q1 2025 [Balance Sheet](index=3&type=section&id=Balance%20Sheet) As of March 31, 2025, total assets grew to $4.51 billion, with increases in loans and deposits, alongside a shift in deposit mix Balance Sheet Highlights (as of March 31, 2025) | Metric | Balance | Change vs. Dec 31, 2024 | Change vs. Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Total Assets | $4.51 billion | +$11.4 million | +$406.6 million | | Total Loans | $3.55 billion | +$30.9 million | +$164.7 million | | Total Deposits | $3.67 billion | +$13.1 million | +$258.2 million | - Noninterest-bearing demand deposits constituted **27.4% of total deposits**, down from **29.0%** a year ago, indicating a shift in the deposit portfolio towards pre-2020 levels[10](index=10&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality showed significant improvement in Q1 2025, with nonperforming assets decreasing to $7.6 million, reducing the ratio to total assets Nonperforming Assets Trend | Period | Nonperforming Assets | Nonperforming Assets to Total Assets | | :--- | :--- | :--- | | Q1 2025 | $7.6 million | 0.17% | | Q4 2024 | $9.2 million | 0.21% | | Q1 2024 | $12.5 million | 0.31% | - A significant portion of the quarterly decline in nonperforming assets was related to the **charge-off of a $0.8 million loan**[11](index=11&type=chunk) [Capital Position and Dividend](index=4&type=section&id=Capital%20Position%20and%20Dividend) Details on the bank's robust capital growth and the declaration of its quarterly cash dividend [Capital Position](index=4&type=section&id=Capital%20Position) Stockholders' equity grew to $648.4 million at the end of Q1 2025, driven by earnings that offset dividends and share repurchases, leading to healthy increases in book value per share - During Q1 2025, earnings of **$18.2 million** offset **$4.5 million in dividends** and **$6.4 million in common stock repurchases**, leading to an **$8.7 million increase** in stockholders' equity from the prior quarter[12](index=12&type=chunk) Book Value Per Share Growth | Metric | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Book Value per Share | $65.02 | $63.89 | $60.16 | | Tangible Book Value per Share (non-GAAP) | $45.46 | $44.28 | $40.35 | [Dividend Declaration](index=4&type=section&id=Dividend%20Declaration) The Board of Directors declared a quarterly cash dividend of $0.45 per common share, payable on July 9, 2025, representing a 28.6% increase year-over-year - A quarterly cash dividend of **$0.45 per common share** was approved, payable on July 9, 2025, to shareholders of record as of June 25, 2025[13](index=13&type=chunk) [Financial Tables and Reconciliations](index=6&type=section&id=Financial%20Tables%20and%20Reconciliations) Comprehensive financial data, including unaudited summaries, non-GAAP reconciliations, and average balance analyses [Consolidated Financial Summary (Unaudited)](index=6&type=section&id=Consolidated%20Financial%20Summary%20%28Unaudited%29) This section presents detailed unaudited consolidated financial data for the five quarters ending March 31, 2025, covering income statements, balance sheets, and key ratios Selected Consolidated Financial Data (Millions) | Metric | 3/31/2025 (Millions) | 12/31/2024 (Millions) | 3/31/2024 (Millions) | | :--- | :--- | :--- | :--- | | **Operations** | | | | | Net interest income | $36.5 | $35.6 | $33.3 | | Net income | $18.2 | $17.5 | $15.4 | | **Balance Sheet** | | | | | Total assets | $4,506.5 | $4,495.1 | $4,099.9 | | Total loans | $3,548.1 | $3,517.2 | $3,383.4 | | Total deposits | $3,674.2 | $3,661.1 | $3,416.0 | | Stockholders' equity | $648.4 | $639.7 | $609.3 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, including tangible assets and equity - The report provides reconciliations for non-GAAP measures, including **tangible assets** and **tangible common equity**, to their GAAP equivalents (**Total Assets** and **Total Stockholders' Equity**)[21](index=21&type=chunk) [Average Balances and Rates](index=9&type=section&id=Average%20Balances%20and%20Rates) This table presents a detailed analysis of average asset and liability balances for the three months ended March 31, 2025, compared to the same period in 2024 Net Interest Margin and Spread Comparison | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Avg. Rate Earned (Assets) | 5.49% | 5.33% | | Avg. Rate Paid (Liabilities) | 2.65% | 2.55% | | Net Interest Spread | 2.84% | 2.78% | | Net Interest Margin | 3.65% | 3.62% |

Group 1 - Bank First Corporation (BFC) shares increased by 3.4% to close at $101.56, with notable trading volume compared to typical sessions, following a 1.4% loss over the past four weeks [1] - The stock price surge was influenced by Trump's announcement of a 90-day pause on reciprocal tariffs for most trading partners, excluding China, which alleviated trade war fears and improved the economic outlook, boosting investor confidence in banking stocks like BFC [2] - BFC is expected to report quarterly earnings of $1.62 per share, reflecting a year-over-year increase of 7.3%, with revenues projected at $41.8 million, up 10.7% from the previous year [3] Group 2 - The consensus EPS estimate for BFC has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - BFC currently holds a Zacks Rank of 3 (Hold), while another stock in the same industry, Independent Bank Corp. (INDB), saw a 7.3% increase to $58.62, despite a -10.5% return over the past month [4] - Independent Bank Corp.'s consensus EPS estimate has decreased by 0.3% to $1.18, representing a year-over-year change of 5.4%, and it currently has a Zacks Rank of 4 (Sell) [5]