Bank First Reports Strong Third Quarter Financial Results
News related to:Bank First Corporation · 3 min read
MANITOWOC, Wis., Oct. 20, 2026 /CourierPR/ -- Bank First Corporation, the holding company for Bank First, N.A., reported strong financial results for the third quarter of 2026, with a net income of $23.8 million and earnings per common share of $2.15, compared to $18.0 million and $1.83 per share in the prior-year third quarter. For the nine months ended September 30, 2026, the bank earned $68.5 million, or $6.14 per share, compared to $53.1 million, or $5.36 per share for the same period in 2025.
After adjusting for acquisition expenses and certain asset sales, Bank First reported an adjusted net income of $26.1 million and $78.5 million for the third quarter and the first nine months of 2026, respectively. This translates to adjusted earnings per common share of $2.35 and $7.04 for the respective periods, compared to $18.8 million, or $1.91 per share, and $53.8 million, or $5.42 per share, for the same periods in 2025.
The bank declared a quarterly cash dividend of $0.65 per share, marking an 8.3% increase from the previous quarter and a 44.4% increase from the prior-year third quarter. This dividend reflects the bank's continued commitment to returning value to its shareholders.
Bank First's acquisition of Centre 1 Bancorp, Inc., an institution with $1.48 billion in assets at closing on January 1, 2026, significantly impacted the bank's financial results. The acquisition increased Bank First's total assets by 33%, contributing to the growth in net interest income (NII) during the third quarter of 2026. NII was reported at $55.2 million, up $0.2 million from the previous quarter and up $17.0 million from the third quarter of 2025. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from Centre and past acquisitions increased NII by $2.2 million, or $0.16 per share after tax, during the third quarter of 2026.
The net interest margin (NIM) for the third quarter of 2026 was 4.07%, compared to 4.13% in the previous quarter and 3.88% in the third quarter of 2025. The NIM increase was driven by higher yields on interest-earning assets and lower crediting rates on interest-bearing liabilities. The bank recorded a provision for credit losses of $0.8 million in the third quarter of 2026, slightly higher than the $0.7 million provision recorded in the third quarter of 2025.
Noninterest income for the third quarter of 2026 was $10.1 million, up from $10.0 million in the previous quarter and $6.0 million in the third quarter of 2025. Trust and wealth management income, a new business line resulting from the Centre acquisition, contributed $1.6 million in noninterest income during each quarter of 2026. Service charge income totaled $4.1 million for the third quarter of 2026, compared to $4.1 million in the previous quarter and $2.1 million in the third quarter of 2025. Income from the bank's investment in Ansay & Associates, LLC, was $0.8 million for the third quarter of 2026, down from $0.9 million and $1.3 million in the previous two quarters.
Noninterest expense for the third quarter of 2026 was $34.7 million, compared to $34.4 million in the previous quarter and $21.1 million in the third quarter of 2025. Expenses related to the Centre and Peoples acquisitions totaled $2.7 million in the third quarter of 2026, down from $3.3 million in the previous quarter and $0.9 million in the third quarter of 2025. The bank's total assets were $5.95 billion as of September 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.53 billion from September 30, 2025.