Highlights

  • Bank First reported third quarter 2026 net income of $23.8 million, or $2.15 per share, compared with $18.0 million.
  • Net interest margin was 4.07% for the third quarter of 2026, compared with 4.13% for the prior quarter.
  • Total assets were $5.95 billion at September 30, 2026, an increase of $1.44 billion from December 31, 2025.
  • The board approved a $0.65 quarterly dividend, and the Peoples acquisition is planned for December 4, 2026.

Bank First Corporation (NASDAQ:BFC) shares were trading at USD 147.06 on October 28, 2026, down 1.12%, with a relative volume at time of 4.19. The Wisconsin bank holding company completed its Centre acquisition on January 1, 2026 and reported third quarter 2026 results on October 20, including a quarterly dividend and its planned December 4, 2026 acquisition of Peoples.

Bank First Corporation is the holding company for Bank First, N.A., which was incorporated in 1894. The company is incorporated in Wisconsin and is headquartered in Manitowoc, Wisconsin. The bank offers loan, deposit, treasury management, trust and wealth management services at 38 banking locations in Wisconsin and Illinois. It has grown through acquisitions and de novo branch expansion. Bank First employs approximately 509 full-time equivalent staff.

Third Quarter 2026 Results

Bank First reported net income of $23.8 million, or $2.15 per share, for the third quarter of 2026, compared with $18.0 million, or $1.83 per share, in the prior-year third quarter. For the nine months ended September 30, 2026, net income was $68.5 million, or $6.14 per share, compared with $53.1 million, or $5.36 per share.

On a non-GAAP basis, adjusted net income 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. The adjustments remove acquisition expenses and one-time net gains on the sale of certain assets.

Net interest income was $55.2 million, up $0.2 million from the previous 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 of 2026 and 3.88% in the third quarter of 2025.

The bank recorded a provision for credit losses of $0.8 million, compared with $0.7 million a year earlier. Noninterest expense was $34.7 million, compared with $21.1 million, and included $2.7 million of acquisition expenses.

Balance Sheet, Asset Quality 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. Outstanding borrowings were $79.8 million.

Nonperforming assets totaled $29.6 million, up $1.8 million from the end of the previous quarter and up $15.8 million from September 30, 2025. Nonperforming assets to total assets were 0.50%, compared with 0.47% at the end of the prior quarter and 0.31% a year earlier. The bank said loans in nonaccrual status are concentrated in a few customer relationships.

Stockholders' equity totaled $826.4 million, an increase of $182.6 million from the end of 2025. Nine-month dividends totaled $18.4 million and share repurchases totaled $23.9 million. Book value per common share was $74.57, compared with $65.47 at December 31, 2025. Tangible book value per common share, a non-GAAP measure, was $48.83, compared with $46.01.

Acquisitions and Dividend

Centre, which had $1.48 billion in assets at closing, increased the total assets of Bank First by 33%. The acquisition created a core deposit intangible asset of $31.9 million, to be amortized over the next 10 years.

Chairman and CEO Mike Molepske said the bank made progress toward its planned December 4, 2026 acquisition of Peoples. He said the bank hired a Regional President for the Northcentral Region and a Chief Retail Officer.

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. This is an increase of $0.05 from the prior quarter.

Outlook

The press release does not provide numerical financial guidance. The bank said full realization of expected cost savings from operational synergies began during the third quarter and is anticipated to be fully realized during future quarters.