Bank First Corporation filings document its bank holding company operations, Nasdaq-listed common stock and disclosures for Bank First, N.A. Form 8-K reports furnish quarterly earnings, financial condition updates, share repurchase authorization, board appointments and completed bank merger disclosures.
Proxy materials cover annual meeting voting, director elections, executive compensation, auditor matters and corporate governance. The filing record also reflects capital-structure information for BFC common stock and material-event reporting related to acquisitions, governance changes and shareholder matters.
Bank First Corporation plans to acquire PSB Holdings, Inc. in a stock-for-stock merger where each PSB common share will be converted into 0.3470 of a Bank First common share, with cash paid for fractional shares. The exchange ratio is fixed, so the number of Bank First shares issuable is set, but the dollar value to PSB holders will fluctuate with Bank First’s market price.
Based on Bank First’s May 18, 2026 price of $143.66, the merger terms implied about $49.85 per PSB share versus PSB’s $27.60 price, an 80.6% premium; using the July 29, 2026 Bank First price of $151.78, the implied value was $52.67 versus PSB’s $50.67. The merger consideration can be adjusted downward if PSB’s tangible book value at closing is below $122,837,000.
PSB’s 7,200 preferred shares will be redeemed immediately before closing in exchange for Bank First promissory notes at $1,000 per preferred share, bearing 8.83% fixed interest and maturing October 1, 2027. The merger is subject to approval by at least two-thirds of PSB common and preferred shares (voting separately), regulatory approvals, tax opinions that the transaction qualifies as a Section 368(a) reorganization, and a cap on dissenting common shares of 5%.
Bank First Corporation is proposing a stock-for-stock acquisition of PSB Holdings, Inc. under a May 19, 2026 merger agreement. Each PSB common share will be converted into 0.3470 of a share of Bank First common stock, with cash paid instead of fractional shares and a possible downward adjustment if PSB’s tangible book value is below $122,837,000 at closing.
The deal is structured to qualify as a tax-free reorganization for PSB common shareholders, while PSB preferred holders will have their shares redeemed for Bank First promissory notes bearing 8.83% interest and maturing October 1, 2027. Completion requires regulatory approvals and approval by at least two-thirds of PSB common and preferred shares, with dissenters’ rights available to PSB common holders and the merger terminable if more than 5% of those shares exercise such rights.
Bank First Corporation filed an amended report to correct the anticipated closing date of its Peoples acquisition in a previously issued earnings release; financial results remain unchanged. For the quarter ended June 30, 2026, net income was $24.7 million, or $2.21 per share, compared with $16.9 million, or $1.71 per share, in the prior-year second quarter. For the first six months of 2026, net income was $44.7 million, or $3.99 per share, versus $35.1 million, or $3.53 per share, for the same period in 2025. Adjusted non-GAAP net income for the second quarter was $27.3 million, or $2.45 per share, up from $16.7 million, or $1.69 per share, a year earlier.
The acquisition of Centre, which added $1.48 billion in assets on January 1, 2026 and increased total assets by 33%, helped lift net interest income to $55.0 million and expand net interest margin to 4.13%, from 3.72% in the prior-year quarter. No provision for credit losses was recorded in the second quarter, supported by a $12.8 million addition to the allowance at closing and modest loan contraction excluding Centre. At June 30, 2026, total assets were $5.95 billion, loans were $4.52 billion, and deposits were $4.99 billion. Nonperforming assets were $27.8 million, or 0.47% of total assets, while stockholders’ equity was $819.3 million, supporting book value per share of $73.95 and tangible book value per share of $47.92. The board declared a quarterly dividend of $0.60 per share, up $0.05 from the prior quarter and $0.15 from the prior-year second quarter.
Bank First Corporation reported higher earnings for the quarter ended June 30, 2026. Net income was $24.7 million, or $2.21 per share, compared with $16.9 million, or $1.71 per share, in the prior-year quarter. For the first six months of 2026, net income was $44.7 million, or $3.99 per share, up from $35.1 million, or $3.53 per share, a year earlier.
Results were significantly influenced by the January 1, 2026 acquisition of Centre 1 Bancorp, Inc., which added $1.48 billion in assets and new trust and wealth management revenue. Net interest income rose to $55.0 million in Q2, with net interest margin expanding to 4.13% from 3.72% a year ago, aided by purchase accounting accretion and improved spreads on earning assets and funding costs.
Total assets reached $5.95 billion, loans $4.52 billion, and deposits $4.99 billion at June 30, 2026, with nearly all deposits characterized as core. Asset quality metrics remained moderate: nonperforming assets were $27.8 million, or 0.47% of assets. Stockholders’ equity increased to $819.3 million, book value per share to $73.95, and tangible book value per share to $47.92. The board declared a quarterly dividend of $0.60 per share, up 9.1% from the prior quarter and 33.3% from the prior-year quarter.
Bank First Corporation is registering shares of its common stock on Form S-4 to acquire PSB Holdings, Inc. in an all‑stock merger. Each share of PSB common stock will be converted into 0.3470 of a share of Bank First common stock, with cash paid in lieu of fractional shares and a potential downward adjustment if PSB’s tangible book value is below $122,837,000 at closing.
PSB preferred stock will be redeemed immediately prior to closing in exchange for Bank First promissory notes bearing 8.83% interest and maturing on October 1, 2027. The PSB board unanimously recommends shareholders vote for the merger; completion requires approval by PSB common and preferred shareholders, regulatory approvals, and that dissenters’ rights are not validly exercised for more than 5% of PSB common shares.
Bank First Corp director Steven M. Eldred reported a bona fide gift of 1,003 shares of Common Stock held indirectly through a trust. The gift was recorded at a reference price of $148.55 per share. After this transfer, one trust account reported holding 10,284 shares, while Eldred also reported 125,680 shares held directly and 78,510 shares held indirectly through a trust.
Bank First Corporation reported that on June 16, 2026 it elected three new directors to its Board of Directors: SriRaj Kantamneni, Tracy C. Pearson and William J. Ring. Each was chosen for a three-year term and also joined the board of Bank First, N.A., the Company’s wholly owned banking subsidiary.
Bank First Corporation reported results of its 2026 Annual Meeting of Shareholders and announced changes to its Board. Director Stephen E. Johnson retired effective June 15, 2026, and shareholders elected Steven M. Eldred, Timothy J. McFarlane, and Todd A. Sprang as directors to serve until the 2029 annual meeting. The auditor ratification proposal received 7,946,631 votes for, and shareholders approved an advisory vote on executive compensation and an amendment to the Company’s Articles of Incorporation. A press release and shareholder presentation describing the board transition and meeting highlights were furnished as exhibits.
Bank First Corp executive Meghann O. Kasper, listed as Chief Credit Officer, reported her equity position in the company. The filing shows direct ownership of 6,165 shares of Bank First Corp common stock. This entry reflects her holdings rather than a new purchase or sale.
Bank First Corporation (BFC) agreed to acquire PSB Holdings, Inc. (PSB) via merger. Under the Merger Agreement dated May 19, 2026, each outstanding PSB common share will convert into 0.3470 shares of BFC common stock. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
The aggregate merger consideration may be reduced if PSB's tangible book value at closing is less than $122,837,000. PSB preferred shares will be addressed by a prior preferred-stock transaction or converted into a new BFC preferred series if necessary. The agreement includes customary covenants, a $8,117,163 termination fee in specified circumstances, a Side Letter setting December 4, 2026 as the Default Closing Date, and a potential one-time $1.00 per-share special dividend for PSB shareholders if closing is delayed under the Side Letter.