Bank First Announces Net Income for the First Quarter of 2026

• Net income of $20.0 million and earnings per common share of $1.78 for the three months ended March 31, 2026
• Adjusted net income (non-GAAP) of $25.1 million and adjusted earnings per common share (non-GAAP) of $2.24 for the three months ended March 31, 2026, after removing the impact of one-time acquisition expenses and asset sales
• Annualized growth in tangible book value (non-GAAP) of 9.1% during the first quarter of 2026
• Quarterly cash dividend of $0.55 per share declared, an increase of 10.0% and 22.2% over the prior quarter and prior-year first quarter, respectively

MANITOWOC, Wis., April 16, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $20.0 million, or $1.78 per share, for the first quarter of 2026, compared with net income of $18.2 million, or $1.82 per share, for the prior-year first quarter. After removing the impact of $6.5 million of expenses related to the acquisition of Centre 1 Bancorp, Inc. ("Centre"), as well as $0.2 million of net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $25.1 million, or $2.24 per share, for the first quarter of 2026. There were no similar acquisition expenses or gains on sale of assets during the first quarter of 2025.

"On January 1, 2026, we successfully completed our acquisition of Centre 1 Bancorp, Inc., the holding company for First National Bank and Trust, headquartered in Beloit, Wisconsin. This acquisition marked another milestone in Bank First's long-term growth strategy and established our new Stateline Region. We are pleased to welcome their customers, employees, and shareholders into the Bank First family, and we are excited to expand our capabilities by adding experienced Trust and Wealth Management, Fraud, and Treasury Management teams. The integration of these specialized services is already enhancing our ability to deliver comprehensive financial solutions across our legacy markets, and we are actively investing in the continued build-out of our Wealth Management platform throughout our footprint. As part of our disciplined integration strategy, six overlapping First National Bank and Trust branches were permanently closed upon completion of the acquisition. In addition, we are planning to build new, modern offices in Walworth, Delavan, and Monroe. These new locations will strengthen our long-term presence in high-potential relationship markets while allowing us to consolidate and close two additional First National Bank and Trust branches," said Mike Molepske, Chairman and CEO of Bank First Corporation.

Operating Results
The acquisition of Centre, an institution with $1.48 billion in assets at closing, increased total assets of Bank First by 33%. The added operating scale from this transaction significantly impacted nearly every aspect of Bank First's results for the first quarter of 2026.

Net interest income ("NII") during the first quarter of 2026 was $53.2 million, up $13.1 million from the previous quarter and up $16.7 million from the first 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 ("purchase accounting") increased NII by $2.7 million, or $0.19 per share after tax, during the first quarter of 2026, compared to $0.5 million, or $0.04 per share after tax, during the previous quarter and $1.0 million, or $0.08 per share after tax, during the first quarter of 2025. Bank First repaid $65.0 million in borrowings from the Federal Home Loan Bank ("FHLB") that were included in liabilities assumed from Centre during the first quarter of 2026. As a result of this repayment prior to contractual maturity dates, $1.3 million of purchase accounting fair value adjustment related to these borrowings was recognized, reducing interest expense (this is included in the previously mentioned $2.7 million impact of purchase accounting), and a $1.1 million prepayment penalty was paid to the FHLB (included in other noninterest expense).

Net interest margin ("NIM") was 3.96% for the first quarter of 2026, compared to 4.01% for the previous quarter and 3.65% for the first quarter of 2025. NII from purchase accounting increased NIM by 0.20%, 0.05% and 0.10% for each of these periods, respectively.

Bank First did not record a provision for credit losses in the first quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded during the first quarter of 2025. Accounting entries related to the Centre acquisition added $12.8 million to the allowance for credit losses on January 1, 2026. The lack of provision expense during the first quarter of 2026 was due to a slight contraction in the Bank's loan portfolio during the quarter, primarily in the Bank's new Stateline region (formerly Centre), as the Bank transitioned out of certain balances that were not consistent with Bank First's lending philosophy.

Noninterest income was $10.5 million for the first quarter of 2026, compared to $4.8 million for the prior quarter and $6.6 million for the first quarter of 2025. Trust and Wealth Management income, a new business line resulting from the Centre acquisition, produced $1.6 million in noninterest income during the first quarter of 2026. Service charge income totaled $4.7 million for the first quarter of 2026, compared to $2.3 million and $2.0 million for the prior quarter and first quarter of 2025, respectively. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") totaled $1.0 million, increasing from a typical seasonal fourth-quarter low of $0.3 million in the prior quarter, but down from $1.2 million in the prior-year first quarter. Gains on sales of mortgage loans totaled $1.1 million during the first quarter of 2026, up from $0.6 million in the prior quarter and $0.3 million in the prior-year first quarter.

Noninterest expense totaled $39.1 million in the first quarter of 2026, compared to $22.0 million during the prior quarter and $20.6 million during the first quarter of 2025. Expenses related to the Bank's acquisition of Centre totaled $6.5 million during the first quarter of 2026 compared to $0.7 million during the fourth quarter of 2025. These expenses were primarily incurred in the areas of personnel expense, outside service fees and data processing expenses. Occupancy, equipment and office expense included a modest level of one-time items related to the Centre acquisition but was also elevated due to new operating locations added to the Bank's footprint as part of that acquisition. Occupancy, equipment and office expense was elevated during the fourth quarter of 2025 due to the cost of razing and rebuilding the Bank's location in Denmark, Wisconsin. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible asset, which will be amortized over the next 10 years, led to the elevated amortization expense during the first quarter of 2026. Conversion of Centre's core data processing system onto Bank First's platform is scheduled to be completed during the second quarter of 2026. Prior to this conversion, some operational areas of the Bank have redundancies, and full realization of expected cost savings from operational synergies will not be realized until future quarters.

Balance Sheet
Total assets were $6.07 billion at March 31, 2026, an increase of $1.56 billion during the first quarter of 2026. As mentioned earlier, the acquisition of Centre added approximately $1.48 billion in assets.

The carrying value of investments at March 31, 2026 totaled $601.2 million, up from $268.1 million at December 31, 2025. The acquisition of Centre included $333.1 million of investments, causing the investment portfolio's composition of total assets to go from 6.0% at the end of 2025 to 9.9% at the end of the first quarter of 2026.  

Total loans were $4.52 billion at March 31, 2026, up $911.0 million from December 31, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. As of the end of the first quarter of 2026 these balances were reduced to $936.7 million.

Total deposits, nearly all of which remain core deposits, were $5.09 billion at March 31, 2026, up $1.39 billion from December 31, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 29.4% of the Bank's total deposits at March 31, 2026, after finishing 2025 at 27.1%.

Asset Quality
Nonperforming assets at March 31, 2026, totaled $30.0 million, up from $9.0 million at December 31, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $3.2 million at March 31, 2026. Additionally, $3.5 million in nonaccrual loans were included in the portfolio acquired from Centre. The largest contribution to the increase in nonperforming assets was a single relationship, totaling $12.9 million, which was moved to nonaccrual status during the first quarter of 2026. While elevated, nonperforming assets to total assets remained manageable at 0.50% as of March 31, 2026, up from 0.20% at the end of the prior quarter.

Capital Position
Stockholders' equity totaled $819.9 million at March 31, 2026, an increase of $176.0 million from the end of 2025. Earnings of $20.0 million were supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $5.6 million and share repurchases totaling $2.4 million.  Tangible common equity (non-GAAP) increased by $75.4 million during the first quarter of 2026. The Bank's book value per common share totaled $73.05 at March 31, 2026, compared to $65.47 at December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.04 at March 31, 2026, compared to $46.01 at December 31, 2025. The Centre acquisition was slightly accretive to tangible book value at closing.

Dividend Declaration
Bank First's Board of Directors approved a quarterly cash dividend of $0.55 per common share, payable on July 8, 2026, to shareholders of record as of June 24, 2026. This dividend represents an increase of $0.05 and $0.10 per share, or 10.0% and 22.2%, from the dividend declared during the prior quarter and prior-year first quarter, respectively.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 546 full-time equivalent staff and has assets of approximately $6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 / [email protected]

SOURCE Bank First Corporation