Key Highlights

  • Adjusted EPS of USD 2.35 missed the USD 2.60 consensus estimate.
  • Revenue of USD 65.3 million fell short of the USD 65.8 million estimate.
  • Net interest margin eased to 4.07% from 4.13% in the second quarter.
  • Quarterly dividend rose 8.3% from the prior quarter to USD 0.65 per share.

Bank First (NASDAQ:BFC) reported third-quarter results on Oct. 20, with adjusted earnings per share of USD 2.35, below a consensus estimate of USD 2.60. Revenue of USD 65.3 million also trailed the USD 65.8 million estimate by 0.76%. GAAP earnings were USD 2.15 per share, up from USD 1.83 a year earlier.

Bank First is the Manitowoc, Wisconsin based holding company for Bank First, N.A., a community bank founded in 1894 with 38 banking locations in Wisconsin and Illinois. It offers lending, deposit, treasury management, trust and wealth management services.

Earnings Rise Year Over Year, Miss Estimates

Net income was USD 23.8 million, versus USD 18.0 million in the third quarter of 2025. Adjusted net income, which removes acquisition expenses and certain asset sale gains, was USD 26.1 million, or USD 2.35 per share, compared with USD 18.8 million, or USD 1.91 per share, a year earlier.

Results are not directly comparable with last year because the Centre acquisition, completed on Jan. 1, added about USD 1.48 billion in assets and lifted total assets by 33%.

Margin, Income and Expenses

Net interest income was USD 55.2 million, up USD 0.2 million from the second quarter and USD 17.0 million from a year earlier. The net interest margin was 4.07%, compared with 4.13% in the second quarter and 3.88% a year earlier. Purchase accounting added 0.16% to the margin, down from 0.27% in the prior quarter. Excluding it, the margin improved to 3.91% from 3.86%.

Noninterest income was USD 10.1 million, versus USD 6.0 million a year ago, and noninterest expense was USD 34.7 million, including USD 2.7 million of acquisition costs. The bank booked a USD 0.8 million provision for credit losses after recording none in the second quarter, citing growth in its loan portfolio.

Balance Sheet and Asset Quality

Total assets were USD 5.95 billion. Loans reached USD 4.60 billion, growing at a 6.6% annualized pace in the quarter, and deposits were USD 5.00 billion, with noninterest-bearing demand deposits at 29.7% of the total.

Nonperforming assets were USD 29.6 million, or 0.50% of total assets, up from 0.47% at the end of June and 0.31% a year earlier. Tangible book value per share was USD 48.83, versus USD 46.01 at the end of 2025. The USD 0.65 dividend is payable Jan. 6, 2027, and is 44.4% above the prior-year third-quarter payout.

Peoples Deal and Credit Markers

Bank First has scheduled the acquisition of Peoples, a Wisconsin bank holding company, for Dec. 4. CEO Mike Molepske said the bank hired a regional president and a chief retail officer in preparation for the larger footprint.

Items to follow include the close of that deal, the margin excluding purchase accounting, the realization of cost savings from the Centre integration and the path of nonperforming assets. Loan growth against the 6.6% annualized pace is another marker.