Highlights

  • Third quarter 2026 net income was $23.8 million, or $2.15 per share, against $18.0 million, or $1.83 per share, a year earlier.
  • Net interest income was $55.2 million and net interest margin was 4.07%, compared with 4.13% in the prior quarter.
  • Nonperforming assets were $29.6 million at September 30, 2026, up $1.8 million from the end of the previous quarter.
  • The board declared a quarterly cash dividend of $0.65 per share, payable on January 6, 2027.

Bank First Corporation (NASDAQ: BFC) shares were trading at USD 149.69 on October 27, 2026, up 0.64%, with a relative volume at time of 3.66. The Wisconsin bank holding company closed its Centre 1 Bancorp acquisition on January 1, 2026, reported third quarter 2026 results and declared a dividend on October 20, 2026, and plans to complete its Peoples acquisition on December 4, 2026.

Bank First Corporation is a Wisconsin corporation with principal executive offices at 402 North 8th Street in Manitowoc, Wisconsin. It is the holding company for Bank First, N.A., which was incorporated in 1894. The bank offers loan, deposit, treasury management, trust and wealth management services at 38 banking locations in Wisconsin and Illinois. Insurance services are available through its investment in Ansay & Associates, LLC. It employs approximately 509 full-time equivalent staff, and its fiscal year ends December 31.

Third Quarter Earnings

Net income for the third quarter of 2026 was $23.8 million, or $2.15 per share, compared with $18.0 million, or $1.83 per share, in the third quarter of 2025. For the nine months ended September 30, 2026, net income was $68.5 million, or $6.14 per share. Adjusted net income, a non-GAAP measure that removes acquisition expenses and certain asset sales, was $26.1 million, or $2.35 per share, for the quarter and $78.5 million, or $7.04 per share, for the nine months.

Net interest income was $55.2 million, up $0.2 million from the second quarter and up $17.0 million from the third quarter of 2025. Net interest margin was 4.07%, compared with 4.13% in the second quarter and 3.88% a year earlier.

Noninterest income was $10.1 million, compared with $6.0 million a year earlier. Noninterest expense was $34.7 million, compared with $21.1 million, and included $2.7 million of expenses tied to the Centre and Peoples acquisitions. Income from the Ansay investment was $0.8 million, compared with $1.3 million, and the company said Ansay is experiencing reduced profitability in 2026 from automation investments and softening insurance pricing in several sectors.

Balance Sheet, Credit and Capital

Total assets were $5.95 billion at September 30, 2026, an increase of $1.44 billion from December 31, 2025. Total loans were $4.60 billion, and total deposits were $5.00 billion. The company said total loans grew at a 6.6% annualized pace in the quarter, and that attrition in loans acquired from Centre has been a headwind to loan growth during 2026. Borrowings were $79.8 million, down from $206.9 million on January 1, 2026.

The company recorded a provision for credit losses of $0.8 million in the third quarter, compared with $0.7 million a year earlier and none in the second quarter. Nonperforming assets were $29.6 million, up $15.8 million from September 30, 2025. Nonperforming assets were 0.50% of total assets, compared with 0.47% at the end of the prior quarter and 0.31% a year earlier. The company said loans in nonaccrual status are concentrated in a few customer relationships.

Stockholders' equity was $826.4 million. Book value per common share was $74.57, compared with $65.47 at December 31, 2025, and tangible book value per common share, a non-GAAP measure, was $48.83.

Acquisitions and Dividend

The Centre acquisition added approximately $1.48 billion in assets on January 1, 2026, and the company said it created a core deposit intangible asset of $31.9 million that will be amortized over 10 years. The company is planning to acquire Peoples on December 4, 2026, which would create a Northcentral Region.

The board approved a quarterly cash dividend of $0.65 per common share, payable on January 6, 2027, to shareholders as of December 23, 2026. The company said this is an increase of $0.05 and $0.20 per share from the dividend declared in the prior quarter and the prior-year third quarter.