Bank First Corporation Reports 9.1% Net Income Growth Driven by Centre 1 Bancorp Acquisition

Bank First Corporation reported significant financial growth in its latest quarterly filing, driven primarily by its recent acquisition of Centre 1 Bancorp, Inc. For the three months ending March 31, 2026, the company recorded a net income of $19.99 million, an increase of 9.1% from $18.24 million in the same period last year. This growth was supported by a 33.7% rise in total interest income, which reached $73.61 million, compared to $55.05 million in the prior year. The increase in interest income was largely attributed to a substantial growth in interest-earning assets, which rose to $5.49 billion from $4.10 billion year-over-year.

The acquisition of Centre, completed on January 1, 2026, significantly impacted Bank First's financial metrics. Total assets surged by 34.7% to $6.07 billion, up from $4.51 billion at the end of 2025. Loans also saw a notable increase, climbing to $4.52 billion, a 25.3% rise from $3.60 billion at the end of the previous year. This growth included a fair value of loans acquired from Centre amounting to approximately $968.7 million. Deposits increased by 37.6% to $5.09 billion, reflecting the addition of Centre's deposit base.

Operationally, the company experienced a rise in noninterest income, which increased to $10.53 million from $6.59 million, primarily due to higher service charges and the introduction of a new Trust and Wealth Management business line following the acquisition. However, noninterest expenses also rose significantly, totaling $39.06 million, up from $20.60 million, largely due to costs associated with the Centre acquisition, including personnel expenses and occupancy costs related to the new branches.

Looking ahead, Bank First Corporation remains optimistic about its growth trajectory, bolstered by the expanded scale of operations and the integration of Centre's assets and customer base. The company anticipates continued revenue growth driven by its diversified loan portfolio and enhanced service offerings. The management has indicated that they will focus on maintaining strong asset quality and managing credit risk effectively, particularly in light of the economic conditions that may affect borrowers' repayment capabilities.