Market Overview - The S&P 500 is reaching record highs, currently above 6,600, which is seen as reasonable given the economic backdrop despite extended valuations [1][2] - Retail sales have exceeded expectations, indicating that consumer spending remains strong even as the job market shows signs of cooling [2][3] Employment and Wages - The demand for workers is decreasing, but the supply is also slowing due to retirements and reduced immigration, leading to a balanced job market [3] - The unemployment rate remains low, and real wages are experiencing positive growth, which supports consumer spending [3] Market Drivers - The current market rally is not solely driven by technology; financials and industrials are also participating, indicating a broader market strength [4][5] - A potential US-China trade deal could provide additional positive sentiment, although the market has largely moved past trade concerns [6][7] Federal Reserve and Interest Rates - The Federal Reserve is expected to cut rates by at least 25 basis points, which is already priced into the market [8][9] - The rate cut is seen as a move towards normalizing the yield curve and could help smaller businesses participate more in the market rally [12][13] Investment Strategies - Investors are encouraged to diversify beyond big tech, considering small and mid-cap stocks as well as European equities to benefit from a potential economic reacceleration [14][15] - Corporate and municipal bonds are recommended for income generation, as yields are expected to decline [15][16] Commodities and Gold - Despite gold reaching all-time highs, the sentiment is more optimistic towards equities and credit rather than investing heavily in gold [17][18] - The central bank's actions and political uncertainties have driven gold prices, but equities are still favored for long-term investment [18][19] Future Market Outlook - The market is expected to continue its upward trajectory, with projections suggesting the S&P could approach 7,000 by year-end [19]

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]