Bank First Corporation Reports 46.5% Increase in Net Income for Q2 2026

Bank First Corporation reported significant financial growth in its latest quarterly filing, with net income for the second quarter of 2026 reaching $24.7 million, a 46.5% increase from $16.9 million in the same period last year. This growth is attributed primarily to the acquisition of Centre 1 Bancorp, which was finalized on January 1, 2026. The merger expanded Bank First's asset base to approximately $5.95 billion, a 32% increase from $4.51 billion at the end of 2025. The company also reported earnings per share of $2.21 for the quarter, up from $1.71 a year earlier.

Total interest income surged by 38.7% to $75.7 million, driven by an increase in interest-earning assets, which rose to $5.39 billion from $4.01 billion year-over-year. The average yield on these assets improved to 5.67%, up from 5.50%. However, interest expense also increased by 15.7% to $20.7 million, reflecting higher interest-bearing liabilities resulting from the Centre acquisition. The net interest margin for the quarter was reported at 4.13%, compared to 3.72% in the prior year.

In terms of operational metrics, Bank First's loan portfolio grew to $4.52 billion, a 25.4% increase from $3.60 billion at the end of 2025. This growth included substantial increases in various loan categories, such as commercial and industrial loans, which rose by 31.1%, and residential loans, which increased by 22.9%. The company’s allowance for credit losses on loans stood at $56.0 million, representing 1.24% of total loans, consistent with the previous year.

The acquisition of Centre also contributed to a significant rise in deposits, which increased by 34.9% to $4.99 billion. Noninterest-bearing deposits accounted for $1.50 billion of this total, up from $1.00 billion at the end of 2025. The company’s total stockholders' equity increased to $819.3 million, a 27.3% rise, bolstered by the acquisition and strong earnings, despite share repurchases and dividends totaling $11.7 million.

Looking ahead, Bank First is preparing for another merger with PSB Holdings, expected to close in December 2026, which will further enhance its market presence and financial capacity. The company anticipates that this merger will create a combined entity with total assets of approximately $7.5 billion and loans of about $5.6 billion. Bank First remains focused on maintaining its growth trajectory while managing interest rate risks and ensuring compliance with regulatory capital requirements.