Bank First Announces Net Income for the Second Quarter of 2026

Rhea-AI Summary

Bank First (NASDAQ: BFC) reported second-quarter 2026 net income of $24.7 million, or $2.21 per share, up from $16.9 million, or $1.71, a year earlier. For the first half of 2026, net income was $44.7 million, or $3.99 per share. Adjusted non-GAAP net income was $27.3 million ($2.45 per share) for Q2 2026.

Net interest income rose to $55.0 million with a net interest margin of 4.13%, supported by the Centre acquisition and purchase accounting accretion. Total assets reached $5.95 billion, loans $4.52 billion, and deposits $4.99 billion. The board declared a quarterly dividend of $0.60 per share, 9.1% above the prior quarter and 33.3% above the prior-year Q2.

Positive

• Q2 2026 net income $24.7M vs. $16.9M prior-year quarter
• Q2 2026 EPS $2.21 vs. $1.71 prior-year quarter
• Net interest income $55.0M, up $18.3M year-over-year
• Net interest margin improved to 4.13% from 3.72% year-over-year
• Total assets grew to $5.95B, up $1.44B since year-end 2025
• Dividend per share raised to $0.60, up 9.1% QoQ and 33.3% YoY

Negative

• Nonperforming assets 0.47% of total assets vs. 0.31% a year earlier
• Nonaccrual loans $22.3M, concentrated in three customer relationships
• Acquisition-related expenses $3.3M in Q2 2026
• Loan portfolio showed slight contraction excluding Centre-acquired loans
• Ansay investment income $0.9M vs. $1.2M prior-year quarter

News Explained

The main structural change remains conditional: a December 2026 Peoples closing would lift reported assets to approximately $7.5 billion.

The release reports second-quarter 2026 results, while the Peoples acquisition is described as anticipated to close in December 2026; if it closes, management expects total assets of approximately $7.5 billion.

That $7.5 billion is a projected post-closing asset level, so it describes possible future scale rather than an asset increase already completed.

Separately, at June 30, 2026, stockholders’ equity was $819.3 million; year-to-date earnings of $44.7 million and a $168.5 million positive Centre-acquisition impact were offset in part by $11.7 million of dividends and $22.7 million of share repurchases.

News Market Reaction – BFC

+2.30%

+2.30% Session close to close

In the Jul 24 session, BFC gained 2.30%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

BFC's prior first-quarter earnings event was followed by -1.28%, showing that reported earnings impr...

Analysis

BFC's prior first-quarter earnings event was followed by -1.28%, showing that reported earnings improvement did not ensure positive near-term trading. This release adds dividend growth; asset quality and acquisition effects remain important watchpoints.

Key Figures

Q2 net income: $24.7 million Q2 EPS: $2.21 per share Adjusted Q2 net income: $27.3 million +5 more

8 metrics

Q2 net income $24.7 million Second quarter ended June 30, 2026

Q2 EPS $2.21 per share Compared with $1.71 in Q2 2025

Adjusted Q2 net income $27.3 million Non-GAAP, after acquisition and asset-sale adjustments

Adjusted Q2 EPS $2.45 per share Non-GAAP, after acquisition and asset-sale adjustments

Net interest income $55.0 million Second quarter of 2026

Net interest margin 4.13% Second quarter of 2026

Total assets $5.95 billion June 30, 2026

Quarterly cash dividend $0.60 per share Declared July 24, 2026

Historical Context

2 past events · Latest: Apr 16 (Positive)

Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 16	First-quarter earnings	Positive	-1.3%	Reported higher net income, expanded assets, and increased dividend after Centre acquisition.
May 19	Acquisition agreement	Positive	-1.4%	Agreed to acquire PSB Holdings in an all-stock merger valued at $202.9 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

BFC's two recent earnings-related announcements were followed by negative 24-hour price reactions despite reported earnings growth.

Key Terms

non-gaap, net interest margin, purchase accounting, nonperforming assets, +1 more

5 terms

non-gaap financial

"Adjusted net income (non-GAAP) of $27.3 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

net interest margin financial

"Net interest margin ("NIM") was 4.13%"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

purchase accounting financial

"related to interest-bearing assets and liabilities from Centre and past acquisitions"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

nonperforming assets financial

"Nonperforming assets on June 30, 2026, totaled $27.8 million"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

tangible book value financial

"Tangible book value per common share (non-GAAP) totaled $47.92"

Tangible book value is the accounting measure of a company’s net worth after removing intangible items like goodwill, patents and trademarks, leaving only physical and financial assets minus liabilities. For investors it offers a clearer view of the company’s hard-asset backing per share—like estimating the cash you could get by selling the furniture, machinery and cash in a house—helping gauge downside risk and whether a stock may be cheaply valued.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Net income of $24.7 million and $44.7 million for the three and six months ended June 30, 2026, respectively
• Earnings per common share of $2.21 and $3.99 for the three and six months ended June 30, 2026, respectively
• Adjusted net income (non-GAAP) of $27.3 million and $52.4 million and adjusted earnings per common share (non-GAAP) of $2.45 and $4.69 for the three and six months ended June 30, 2026, respectively, after removing the impact of acquisition expenses and certain asset sales
• Quarterly cash dividend of $0.60 per share declared, an increase of 9.1% and 33.3% over the prior quarter and prior-year second quarter, respectively

MANITOWOC, Wis., July 24, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $24.7 million, or $2.21 per share, for the second quarter of 2026, compared with net income of $16.9 million, or $1.71 per share, for the prior-year second quarter. For the six months ending June 30, 2026, Bank First earned $44.7 million, or $3.99 per share, compared to $35.1 million, or $3.53 per share for the same period in 2025. After removing the impact of expenses related to the acquisitions of Centre 1 Bancorp, Inc. ("Centre"), and PSB Holdings, Inc. ("Peoples"), as well as one-time net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $27.3 million, or $2.45 per share, and $52.4 million, or $4.69 per share, for the three and six months ended June 30, 2026. Adjusted net income was $16.7 million, or $1.69 per share, and $35.0 million, or $3.52 per share, for the three and six months ended June 30, 2025.

"Following the anticipated closing of our Peoples acquisition in December 2026, Bank First will have approximately $7.5 billion in total assets," stated Mike Molepske, Chairman and CEO of Bank First. "We are often asked about our plans to surpass $10 billion in assets. Our answer is simple: we will continue to grow with discipline. We will not compromise our acquisition standards simply to reach a regulatory threshold. Our focus remains on creating long-term shareholder value."

Operating Results

The acquisition of Centre, an institution with $1.48 billion in assets at closing on January 1, 2026, increased total assets of Bank First by 33%. The added operating scale from this transaction significantly impacted nearly every aspect of Bank First's results for the first half of 2026, as well as comparability to prior period results.

Net interest income ("NII") during the second quarter of 2026 was $55.0 million, up $1.8 million from the previous quarter and up $18.3 million from the second quarter of 2025. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from Centre and past acquisitions ("purchase accounting") increased NII by $3.5 million, or $0.25 per share after tax, during the second quarter of 2026, compared to $2.7 million, or $0.19 per share after tax, during the previous quarter and $0.6 million, or $0.05 per share after tax, during the second quarter of 2025.

Net interest margin ("NIM") was 4.13% for the second quarter of 2026, compared to 3.96% for the previous quarter and 3.72% for the second quarter of 2025. NII from purchase accounting increased NIM by 0.27%, 0.20% and 0.07% for each of these periods, respectively. After removing the impact of purchase accounting, rates earned on average earning assets increased by four basis points and rates paid on average interest-bearing liabilities decreased by nine basis points from the first to the second quarter of 2026. These improvements caused NIM, adjusted to remove the impact of purchase accounting, to increase by 10 basis points quarter-over-quarter.

Bank First did not record a provision for credit losses in the second quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded during the second quarter of 2025. Accounting entries related to the Centre acquisition added $12.8 million to the allowance for credit losses on January 1, 2026. The lack of provision expense during the first half of 2026 was due to a slight contraction in the Bank's loan portfolio (after removing the impact of the loans acquired from Centre on January 1), primarily in the Bank's new Stateline region (formerly Centre), as the Bank transitioned out of certain loans that were not consistent with Bank First's lending philosophy.

Noninterest income was $10.0 million for the second quarter of 2026, compared to $10.5 million for the prior quarter and $4.9 million for the second quarter of 2025. Trust and Wealth Management income, a new business line resulting from the Centre acquisition, produced $1.6 million in noninterest income during the second quarter of 2026, equal to the $1.6 million produced in the first quarter of 2026. This revenue is nearly a 100% increase from prior periods as these periods include only minimal wealth management income through referral agreements with partner firms. Service charge income totaled $4.1 million for the second quarter of 2026, compared to $4.7 million and $2.1 million for the prior quarter and second quarter of 2025, respectively. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") totaled $0.9 million, compared to $1.0 million and $1.2 million for the prior quarter and second quarter of 2025, respectively. Ansay is experiencing reduced profitability in 2026, the result of investments they are making in automation and operational efficiency to improve future profitability, coupled with insurance pricing in several sectors entering an industry-wide softening. Gains on sales of mortgage loans totaled $0.7 million during the second quarter of 2026, down from $1.1 million in the prior quarter but up from $0.3 million in the prior-year second quarter. Gains on sales of mortgage loans totaled $1.7 million through the first half of 2026 compared to $0.7 million during the same period of 2025 as the Bank has produced strong results in retail lending in a challenging higher rate environment. The increasing interest rate environment through the first half of 2026 led to a $0.5 million positive valuation adjustment to the Bank's mortgage servicing rights in the current-year second quarter, compared to a $0.1 million negative valuation adjustment during the prior-year second quarter. Increasing prevailing mortgage rates cause the assumption for prepayments of mortgages to decline, increasing the underlying value of mortgage servicing rights assets.

Noninterest expense totaled $34.4 million in the second quarter of 2026, compared to $39.1 million during the prior quarter and $20.8 million during the second quarter of 2025. Expenses related to the Bank's acquisitions of Centre and Peoples totaled $3.3 million during the second quarter of 2026 ("Q2") compared to $6.5 million during the previous quarter ("Q1"). These expenses are primarily included in the areas of personnel expense ($1.3 million for Q2 and $4.9 million for Q1), outside service fees ($0.5 million for Q2 and $1.2 million for Q1) and data processing expenses ($0.5 million for Q2 and $0.2 million for Q1). Conversion of Centre's core data processing system onto Bank First's platform occurred during the second quarter of 2026. Prior to this conversion, some operational areas of the Bank had redundancies (personnel expense, occupancy expense, data processing) which are in addition to the previously listed expenses related directly to acquisitions. Full realization of expected cost savings from operational synergies are anticipated during future quarters. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible asset, which will be amortized over the next 10 years, led to the elevated amortization expense during the first and second quarters of 2026.

Balance Sheet

Total assets were $5.95 billion on June 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.58 billion from June 30, 2025. As mentioned earlier, the acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026.

The carrying value of investments on June 30, 2026, totaled $608.6 million, up $340.5 million from December 31,2025, and $331.6 million from June 30, 2025. The acquisition of Centre included $333.1 million in investments, causing the investment portfolio's composition of total assets to go from 6.0% at the end of 2025 to 10.2% at the end of the second quarter of 2026.

Total loans were $4.52 billion on June 30, 2026, up $917.0 million from December 31, 2025, and $941.3 million from June 30, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. Some attrition in these acquired balances has created a headwind to overall loan growth for the organization through the first half of 2026.

Total deposits, nearly all of which remain core deposits, were $4.99 billion on June 30, 2026, up $1.29 billion from December 31, 2025, and $1.39 billion from June 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 30.0% of the Bank's total deposits on June 30, 2026, after finishing 2025 at 27.1%.

Asset Quality

Nonperforming assets on June 30, 2026, totaled $27.8 million, down $2.2 million from the end of the previous quarter but up $14.2 million from June 30, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $2.4 million on June 30, 2026. Seventy-five percent of the $22.3 million balance in nonaccrual loans related to three customer relationships. The circumstances which led these loans to nonaccrual status are unique and not prevalent throughout the Bank's loan portfolio. Nonperforming assets to total assets remained manageable at 0.47% as of June 30, 2026, down from 0.50% at the end of the prior quarter but up from 0.31% on June 30, 2025.

Capital Position

Stockholders' equity totaled $819.3 million on June 30, 2026, an increase of $175.4 million from the end of 2025. Earnings of $44.7 million were supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $11.7 million and share repurchases totaling $22.7 million. The Bank's book value per common share totaled $73.95 on June 30, 2026, compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.92 on June 30, 2026, compared to $46.01 on December 31, 2025.

Dividend Declaration

Bank First's Board of Directors approved a quarterly cash dividend of $0.60 per common share, payable on October 7, 2026, to shareholders of record as of September 23, 2026. This dividend represents an increase of $0.05 and $0.15 per share, or 9.1% and 33.3%, from the dividend declared during the prior quarter and prior-year second quarter, respectively.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 554 full-time equivalent staff and has assets of approximately $6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3100 / klemahieu@bankfirst.com

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SOURCE Bank First Corporation

FAQ

What were Bank First (BFC) earnings for the second quarter of 2026?

Bank First reported Q2 2026 net income of $24.7 million, or $2.21 per share. According to Bank First, adjusted non-GAAP net income was $27.3 million, or $2.45 per share, after excluding acquisition expenses and certain asset sale gains.

How did Bank First (BFC) perform in the first half of 2026?

For the six months ended June 30, 2026, Bank First earned $44.7 million, or $3.99 per share. According to Bank First, adjusted non-GAAP net income was $52.4 million, or $4.69 per share, reflecting the impact of recent acquisitions and related adjustments.

How did Bank First’s net interest margin change in Q2 2026?

Bank First’s net interest margin reached 4.13% in Q2 2026, up from 3.96% in Q1 2026 and 3.72% in Q2 2025. According to Bank First, purchase accounting added 0.27 percentage points to Q2 2026 margin, with core rates also improving.

What impact did the Centre acquisition have on Bank First (BFC) in 2026?

The Centre acquisition added about $1.48 billion in assets on January 1, 2026, increasing total assets by 33%. According to Bank First, Centre contributed roughly $981.5 million in loans, $1.38 billion in deposits, and a $31.9 million core deposit intangible asset.

What is Bank First’s dividend after the Q2 2026 earnings announcement?

Bank First’s board declared a quarterly cash dividend of $0.60 per share, payable October 7, 2026. According to Bank First, this represents increases of 9.1% over the prior quarter and 33.3% over the prior-year second quarter dividend.

How strong is Bank First’s balance sheet after Q2 2026 results?

As of June 30, 2026, Bank First reported $5.95 billion in assets, $4.52 billion in loans, and $4.99 billion in deposits. According to Bank First, stockholders’ equity was $819.3 million, with book value per share at $73.95 and tangible book value at $47.92.

What are Bank First’s asset quality metrics as of June 30, 2026?

Nonperforming assets totaled $27.8 million, or 0.47% of total assets, at June 30, 2026. According to Bank First, nonaccrual loans were $22.3 million, 75% tied to three customer relationships, and other real estate owned was $2.4 million.