Bank First(US:BFC)2026-01-22 21:02Financial Performance - Net income for Q4 2025 was $18.4 million, or $1.87 per share, up from $17.5 million, or $1.75 per share in Q4 2024, representing a 5.1% increase [3]. - For the full year 2025, net income totaled $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share in 2024, marking a 9.0% increase [3]. - Adjusted net income (non-GAAP) for Q4 2025 was $19.6 million, or $2.00 per share, compared to $17.4 million, or $1.74 per share in Q4 2024, reflecting a 12.7% increase [3]. - Earnings per common share for Q4 2025 was $1.87, compared to $1.75 in Q4 2024, reflecting a year-over-year increase of 6.9% [23]. - Adjusted earnings per share (non-GAAP) increased to $2.00, compared to $1.91 in the prior period, reflecting a rise of 4.7% [25]. Assets and Liabilities - Total assets reached $4.51 billion at December 31, 2025, an increase of $85.7 million during Q4 2025, representing 7.8% annualized growth [11]. - Total liabilities increased to $3,787,721 thousand as of December 31, 2025, from $3,588,452 thousand in 2024 [29]. - Total loans were $3.60 billion at December 31, 2025, with a contraction of $25.0 million during Q4 2025 due to exiting substandard relationships [12]. - Total assets increased to $4,506,095 million from $4,420,411 million, reflecting a growth of 1.94% [24]. - Total loans amounted to $3,604,651 million, a slight decrease from $3,629,663 million [24]. Equity and Dividends - Stockholders' equity totaled $643.8 million at December 31, 2025, reflecting an increase of $4.2 million from the end of 2024 [15]. - The quarterly cash dividend was declared at $0.50 per share, an increase of 11.1% over the prior quarter and prior-year fourth quarter [5][16]. - Stockholders' equity reached $643,836 million, compared to $628,125 million, marking a growth of 2.83% [24]. - Shareholders' equity rose to $631,478 thousand in 2025, compared to $619,784 thousand in 2024 [29]. Income and Expenses - Noninterest income for Q4 2025 was $4.8 million, down from $6.0 million in the prior quarter but up from $4.5 million in Q4 2024 [9]. - Noninterest expense totaled $22.0 million in Q4 2025, compared to $21.1 million in the prior quarter, with $0.7 million related to the acquisition of Centre [10]. - Total noninterest expense for Q4 2025 was $22,012,000, an increase from $20,604,000 in Q4 2024, representing an increase of 6.8% [23]. - The company reported an income tax expense of $4,522,000 for Q4 2025, compared to $4,248,000 in Q4 2024, indicating a rise of 6.4% [23]. Interest Income and Margin - Interest income for Q4 2025 was $56,636,000, an increase from $53,754,000 in Q4 2024, representing a year-over-year growth of 5.5% [23]. - Net interest income after provision for credit losses for Q4 2025 was $40,166,000, compared to $36,561,000 in Q4 2024, reflecting a 10.5% increase [23]. - The net interest margin increased to 4.01%, compared to 3.88% in the previous period [24]. - The net interest margin improved to 4.01% for the three months ended December 31, 2025, compared to 3.61% for the same period in 2024 [27]. - The net interest margin for the year ended December 31, 2025, was 3.82%, compared to 3.65% in 2024 [29]. Efficiency Ratios - Return on average assets improved to 1.65%, up from 1.64% [24]. - Return on average common equity was 11.46%, slightly down from 11.51% [24]. - The average equity to average assets ratio was 14.39%, up from 14.29% [24]. - The annualized return of adjusted earnings on average assets (non-GAAP) was 1.76%, an increase from 1.71% in the previous period [25]. - Tangible equity to tangible assets (non-GAAP) ratio was 10.49%, up from 10.30% in the prior period, indicating improved efficiency [26].