 |
PO Box 10, Manitowoc, WI 54221-0010 For further information, contact: Kevin M LeMahieu, Chief Financial Officer Phone: (920) 652-3100 / klemahieu@bankfirst.com |
[For Immediate Release]
- Net income of $24.7 million and $44.7 million for the three and six months ended June 30, 2026, respectively
- Earnings per common share of $2.21 and $3.99 for the three and six months ended June 30, 2026, respectively
- Adjusted net income (non-GAAP) of $27.3 million and $52.4 million and adjusted earnings per common share (non-GAAP) of $2.45 and $4.69 for the three and six months ended June 30, 2026, respectively, after removing the impact of acquisition expenses and certain asset sales
- Quarterly cash dividend of $0.60 per share declared, an increase of 9.1% and 33.3% over the prior quarter and prior-year second quarter, respectively
MANITOWOC, Wis., July 21, 2026 -- Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $24.7 million, or $2.21 per share, for the second quarter of 2026, compared with net income of $16.9 million, or $1.71 per share, for the prior-year second quarter. For the six months ending June 30, 2026, Bank First earned $44.7 million, or $3.99 per share, compared to $35.1 million, or $3.53 per share for the same period in 2025. After removing the impact of expenses related to the acquisitions of Centre 1 Bancorp, Inc. (“Centre”), and PSB Holdings, Inc. (“Peoples”), as well as one-time net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $27.3 million, or $2.45 per share, and $52.4 million, or $4.69 per share, for the three and six months ended June 30, 2026. Adjusted net income was $16.7 million, or $1.69 per share, and $35.0 million, or $3.52 per share, for the three and six months ended June 30, 2025.
“Following the anticipated closing of our Peoples acquisition in December 2026, Bank First will have approximately $7.5 billion in total assets,” stated Mike Molepske, Chairman and CEO of Bank First. “We are often asked about our plans to surpass $10 billion in assets. Our answer is simple: we will continue to grow with discipline. We will not compromise our acquisition standards simply to reach a regulatory threshold. Our focus remains on creating long-term shareholder value.”
Operating Results
The acquisition of Centre, an institution with $1.48 billion in assets at closing on January 1, 2026, 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 half of 2026, as well as comparability to prior period results.
Net interest income (“NII”) during the second quarter of 2026 was $55.0 million, up $1.8 million from the previous quarter and up $18.3 million from the second 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 $3.5 million, or $0.25 per share after tax, during the second quarter of 2026, compared to $2.7 million, or $0.19 per share after tax, during the previous quarter and $0.6 million, or $0.05 per share after tax, during the second quarter of 2025.
Net interest margin (“NIM”) was 4.13% for the second quarter of 2026, compared to 3.96% for the previous quarter and 3.72% for the second quarter of 2025. NII from purchase accounting increased NIM by 0.27%, 0.20% and 0.07% for each of these periods, respectively. After removing the impact of purchase accounting, rates earned on average earning assets increased by four basis points and rates paid on average interest-bearing liabilities decreased by nine basis points from the first to the second quarter of 2026. These improvements caused NIM, adjusted to remove the impact of purchase accounting, to increase by 10 basis points quarter-over-quarter.
Bank First did not record a provision for credit losses in the second quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded during the second 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 half of 2026 was due to a slight contraction in the Bank’s loan portfolio (after removing the impact of the loans acquired from Centre on January 1), primarily in the Bank’s new Stateline region (formerly Centre), as the Bank transitioned out of certain loans that were not consistent with Bank First’s lending philosophy.
Noninterest income was $10.0 million for the second quarter of 2026, compared to $10.5 million for the prior quarter and $4.9 million for the second 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 second quarter of 2026, equal to the $1.6 million produced in the first quarter of 2026. This revenue is nearly a 100% increase from prior periods as these periods include only minimal wealth management income through referral agreements with partner firms. Service charge income totaled $4.1 million for the second quarter of 2026, compared to $4.7 million and $2.1 million for the prior quarter and second quarter of 2025, respectively. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) totaled $0.9 million, compared to $1.0 million and $1.2 million for the prior quarter and second quarter of 2025, respectively. Ansay is experiencing reduced profitability in 2026, the result of investments they are making in automation and operational efficiency to improve future profitability, coupled with insurance pricing in several sectors entering an industry-wide softening. Gains on sales of mortgage loans totaled $0.7 million during the second quarter of 2026, down from $1.1 million in the prior quarter but up from $0.3 million in the prior-year second quarter. Gains on sales of mortgage loans totaled $1.7 million through the first half of 2026 compared to $0.7 million during the same period of 2025 as the Bank has produced strong results in retail lending in a challenging higher rate environment. The increasing interest rate environment through the first half of 2026 led to a $0.5 million positive valuation adjustment to the Bank’s mortgage servicing rights in the current-year second quarter, compared to a $0.1 million negative valuation adjustment during the prior-year second quarter. Increasing prevailing mortgage rates cause the assumption for prepayments of mortgages to decline, increasing the underlying value of mortgage servicing rights assets.
Noninterest expense totaled $34.4 million in the second quarter of 2026, compared to $39.1 million during the prior quarter and $20.8 million during the second quarter of 2025. Expenses related to the Bank’s acquisitions of Centre and Peoples totaled $3.3 million during the second quarter of 2026 (“Q2”) compared to $6.5 million during the previous quarter (“Q1”). These expenses are primarily included in the areas of personnel expense ($1.3 million for Q2 and $4.9 million for Q1), outside service fees ($0.5 million for Q2 and $1.2 million for Q1) and data processing expenses ($0.5 million for Q2 and $0.2 million for Q1). Conversion of Centre’s core data processing system onto Bank First’s platform occurred during the second quarter of 2026. Prior to this conversion, some operational areas of the Bank had redundancies (personnel expense, occupancy expense, data processing) which are in addition to the previously listed expenses related directly to acquisitions. Full realization of expected cost savings from operational synergies are anticipated during future quarters. 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 and second quarters of 2026.
Balance Sheet
Total assets were $5.95 billion on June 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.58 billion from June 30, 2025. As mentioned earlier, the acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026.
The carrying value of investments on June 30, 2026, totaled $608.6 million, up $340.5 million from December 31,2025, and $331.6 million from June 30, 2025. The acquisition of Centre included $333.1 million in investments, causing the investment portfolio’s composition of total assets to go from 6.0% at the end of 2025 to 10.2% at the end of the second quarter of 2026.
Total loans were $4.52 billion on June 30, 2026, up $917.0 million from December 31, 2025, and $941.3 million from June 30, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. Some attrition in these acquired balances has created a headwind to overall loan growth for the organization through the first half of 2026.
Total deposits, nearly all of which remain core deposits, were $4.99 billion on June 30, 2026, up $1.29 billion from December 31, 2025, and $1.39 billion from June 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 30.0% of the Bank’s total deposits on June 30, 2026, after finishing 2025 at 27.1%.
Asset Quality
Nonperforming assets on June 30, 2026, totaled $27.8 million, down $2.2 million from the end of the previous quarter but up $14.2 million from June 30, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $2.4 million on June 30, 2026. Seventy-five percent of the $22.3 million balance in nonaccrual loans related to three customer relationships. The circumstances which led these loans to nonaccrual status are unique and not prevalent throughout the Bank’s loan portfolio. Nonperforming assets to total assets remained manageable at 0.47% as of June 30, 2026, down from 0.50% at the end of the prior quarter but up from 0.31% on June 30, 2025.
Capital Position
Stockholders’ equity totaled $819.3 million on June 30, 2026, an increase of $175.4 million from the end of 2025. Earnings of $44.7 million were supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $11.7 million and share repurchases totaling $22.7 million. The Bank’s book value per common share totaled $73.95 on June 30, 2026, compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.92 on June 30, 2026, compared to $46.01 on December 31, 2025.
Dividend Declaration
Bank First’s Board of Directors approved a quarterly cash dividend of $0.60 per common share, payable on October 7, 2026, to shareholders of record as of September 23, 2026. This dividend represents an increase of $0.05 and $0.15 per share, or 9.1% and 33.3%, from the dividend declared during the prior quarter and prior-year second 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 554 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.
# # #
Forward-Looking Statements: Certain statements contained in this press release and in other recent filings may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the timing, benefits, costs, and synergies of the merger with Centre, statements relating to our projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, and statements relating to the anticipated effects on our business, financial condition and results of operations from expected developments or events, our business, growth and strategies. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions.
These forward-looking statements are not historical facts and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond Bank First’s control. The inclusion of these forward-looking statements should not be regarded as a representation by Bank First or any other person that such expectations, estimates, and projections will be achieved. Accordingly, Bank First cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) business and economic conditions nationally, regionally and in our target markets, particularly in Wisconsin and the geographic areas in which we operate, (2) changes in government interest rate policies, (3) our ability to effectively manage problem credits, (4) the risks associated with Bank First’s pursuit of future acquisitions, (5) Bank First’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (6) general competitive, economic, political, and market conditions.
This communication contains non-GAAP financial measures, such as adjusted net income, adjusted earnings per share, return of adjusted earnings on average assets, tangible book value per common share, return on average tangible common equity, and tangible common equity to tangible assets. Management believes such measures to be helpful to management, investors, and others in understanding Bank First's results of operations or financial position. When non-GAAP financial measures are used, the comparable GAAP financial measures, as well as the reconciliation of the non-GAAP measures to the GAAP financial measures, are provided. See " Non-GAAP Financial Measures" below. Management considers non-GAAP financial ratios to be critical metrics with which to analyze and evaluate financial condition and capital strengths. While non-GAAP financial measures are frequently used by stakeholders in the evaluation of a corporation, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of results as reported under GAAP.
Further information regarding Bank First and factors which could affect the forward-looking statements contained herein can be found in Bank First's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond Bank First’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this press release, and Bank First undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Bank First to predict their occurrence or how they will affect the company.
Bank First Corporation
Consolidated Financial Summary (Unaudited)
| (In thousands, except share and per share data) | At or for the Three Months Ended | At or for the Six Months Ended | ||||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 6/30/2026 | 6/30/2025 | ||||||||||||||||||
| Results of Operations: | ||||||||||||||||||||||||
| Interest income | $ | 75,719 | $ | 73,605 | $ | 56,636 | $ | 55,456 | $ | 54,575 | $ | 149,324 | $ | 109,623 | ||||||||||
| Interest expense | 20,686 | 20,389 | 16,470 | 17,203 | 17,873 | 41,075 | 36,384 | |||||||||||||||||
| Net interest income | 55,033 | 53,216 | 40,166 | 38,253 | 36,702 | 108,249 | 73,239 | |||||||||||||||||
| Provision for credit losses | - | - | - | 650 | 200 | - | 600 | |||||||||||||||||
| Net interest income after provision for credit losses | 55,033 | 53,216 | 40,166 | 37,603 | 36,502 | 108,249 | 72,639 | |||||||||||||||||
| Noninterest income | 10,002 | 10,532 | 4,758 | 5,953 | 4,921 | 20,534 | 11,509 | |||||||||||||||||
| Noninterest expense | 34,400 | 39,056 | 22,012 | 21,086 | 20,756 | 73,456 | 41,360 | |||||||||||||||||
| Income before income tax expense | 30,635 | 24,692 | 22,912 | 22,470 | 20,667 | 55,327 | 42,788 | |||||||||||||||||
| Income tax expense | 5,944 | 4,704 | 4,522 | 4,480 | 3,792 | 10,648 | 7,672 | |||||||||||||||||
| Net income | $ | 24,691 | $ | 19,988 | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 44,679 | $ | 35,116 | ||||||||||
| Earnings per Common Share (Basic and Diluted) | $ | 2.21 | $ | 1.78 | $ | 1.87 | $ | 1.83 | $ | 1.71 | $ | 3.99 | $ | 3.53 | ||||||||||
| Common Shares: | ||||||||||||||||||||||||
| Outstanding | 11,079,310 | 11,222,442 | 9,834,623 | 9,834,083 | 9,833,476 | 11,079,310 | 9,833,476 | |||||||||||||||||
| Weighted average outstanding for the period | 11,149,885 | 11,215,545 | 9,834,567 | 9,834,002 | 9,901,391 | 11,183,664 | 9,950,925 | |||||||||||||||||
| Noninterest Income / Noninterest Expense: | ||||||||||||||||||||||||
| Trust and wealth management | $ | 1,620 | $ | 1,575 | $ | 26 | $ | 14 | $ | 16 | $ | 3,195 | $ | 33 | ||||||||||
| Service charges | 4,102 | 4,690 | 2,255 | 2,106 | 2,053 | 8,792 | 4,064 | |||||||||||||||||
| Income from Ansay | 866 | 975 | 267 | 1,314 | 1,153 | 1,841 | 2,334 | |||||||||||||||||
| Loan servicing income | 954 | 955 | 747 | 736 | 733 | 1,909 | 1,465 | |||||||||||||||||
| Valuation adjustment on mortgage servicing rights | 534 | 81 | (45 | ) | 250 | (99 | ) | 615 | 76 | |||||||||||||||
| Net gain on sales of mortgage loans | 661 | 1,076 | 649 | 482 | 338 | 1,737 | 672 | |||||||||||||||||
| Other noninterest income | 1,265 | 1,180 | 859 | 1,051 | 727 | 2,445 | 2,865 | |||||||||||||||||
| Total noninterest income | $ | 10,002 | $ | 10,532 | $ | 4,758 | $ | 5,953 | $ | 4,921 | $ | 20,534 | $ | 11,509 | ||||||||||
| Personnel expense | $ | 16,822 | $ | 21,789 | $ | 10,565 | $ | 10,498 | $ | 10,427 | $ | 38,611 | $ | 21,412 | ||||||||||
| Occupancy, equipment and office | 2,639 | 2,556 | 2,769 | 1,567 | 1,922 | 5,195 | 3,513 | |||||||||||||||||
| Data processing | 4,045 | 3,410 | 2,685 | 2,506 | 2,620 | 7,455 | 5,064 | |||||||||||||||||
| Postage, stationery and supplies | 843 | 439 | 309 | 165 | 259 | 1,282 | 510 | |||||||||||||||||
| Advertising | 147 | 83 | (28 | ) | 78 | 61 | 230 | 126 | ||||||||||||||||
| Charitable contributions | 317 | 240 | 79 | 143 | 274 | 557 | 750 | |||||||||||||||||
| Outside service fees | 1,990 | 2,400 | 1,490 | 1,818 | 1,135 | 4,390 | 1,923 | |||||||||||||||||
| Federal deposit insurance | 849 | 716 | 510 | 540 | 630 | 1,565 | 1,260 | |||||||||||||||||
| Net gain on other real estate owned | (28 | ) | (191 | ) | - | - | (159 | ) | (219 | ) | (159 | ) | ||||||||||||
| Net loss on sales of securities | - | 31 | - | - | - | 31 | - | |||||||||||||||||
| Amortization of intangibles | 2,547 | 2,572 | 1,204 | 1,228 | 1,273 | 5,119 | 2,571 | |||||||||||||||||
| Other noninterest expense | 4,229 | 5,011 | 2,429 | 2,543 | 2,314 | 9,240 | 4,390 | |||||||||||||||||
| Total noninterest expense | $ | 34,400 | $ | 39,056 | $ | 22,012 | $ | 21,086 | $ | 20,756 | $ | 73,456 | $ | 41,360 | ||||||||||
| Period-end Balances: | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 266,523 | $ | 398,638 | $ | 243,207 | $ | 126,184 | $ | 120,328 | $ | 266,523 | $ | 120,328 | ||||||||||
| Securities available-for-sale, at fair value | 494,571 | 483,235 | 164,422 | 167,125 | 167,209 | 494,571 | 167,209 | |||||||||||||||||
| Securities held-to-maturity, at cost | 114,061 | 117,929 | 103,726 | 106,823 | 109,854 | 114,061 | 109,854 | |||||||||||||||||
| Loans | 4,521,687 | 4,515,626 | 3,604,651 | 3,629,663 | 3,580,357 | 4,521,687 | 3,580,357 | |||||||||||||||||
| Allowance for credit losses - loans | (56,029 | ) | (57,067 | ) | (44,374 | ) | (44,501 | ) | (44,292 | ) | (56,029 | ) | (44,292 | ) | ||||||||||
| Premises and equipment, net | 96,066 | 93,140 | 79,217 | 78,027 | 75,667 | 96,066 | 75,667 | |||||||||||||||||
| Goodwill and core deposit intangible, net | 288,342 | 291,908 | 191,306 | 192,510 | 193,738 | 288,342 | 193,738 | |||||||||||||||||
| Mortgage servicing rights | 18,019 | 17,484 | 13,650 | 13,696 | 13,445 | 18,019 | 13,445 | |||||||||||||||||
| Other assets | 204,272 | 208,120 | 150,290 | 150,884 | 148,776 | 204,272 | 148,776 | |||||||||||||||||
| Total assets | 5,947,512 | 6,069,013 | 4,506,095 | 4,420,411 | 4,365,082 | 5,947,512 | 4,365,082 | |||||||||||||||||
| Deposits | ||||||||||||||||||||||||
| Interest-bearing | 3,489,250 | 3,589,919 | 2,692,711 | 2,539,476 | 2,605,397 | 3,489,250 | 2,605,397 | |||||||||||||||||
| Noninterest-bearing | 1,498,332 | 1,496,897 | 1,003,076 | 999,285 | 990,027 | 1,498,332 | 990,027 | |||||||||||||||||
| Borrowings | 104,846 | 124,845 | 121,966 | 221,941 | 121,915 | 104,846 | 121,915 | |||||||||||||||||
| Other liabilities | 35,774 | 37,499 | 44,506 | 31,584 | 35,410 | 35,774 | 35,410 | |||||||||||||||||
| Total liabilities | 5,128,202 | 5,249,160 | 3,862,259 | 3,792,286 | 3,752,749 | 5,128,202 | 3,752,749 | |||||||||||||||||
| Stockholders' equity | 819,310 | 819,853 | 643,836 | 628,125 | 612,333 | 819,310 | 612,333 | |||||||||||||||||
| Book value per common share | $ | 73.95 | $ | 73.05 | $ | 65.47 | $ | 63.87 | $ | 62.27 | $ | 73.95 | $ | 62.27 | ||||||||||
| Tangible book value per common share (non-GAAP) | $ | 47.92 | $ | 47.04 | $ | 46.01 | $ | 44.30 | $ | 42.57 | $ | 47.92 | $ | 42.57 | ||||||||||
| Average Balances: | ||||||||||||||||||||||||
| Loans | $ | 4,514,298 | $ | 4,560,355 | $ | 3,615,930 | $ | 3,600,259 | $ | 3,560,945 | $ | 4,537,199 | $ | 3,551,522 | ||||||||||
| Interest-earning assets | 5,388,799 | 5,489,866 | 4,019,999 | 3,948,304 | 4,006,981 | 5,439,052 | 4,053,653 | |||||||||||||||||
| Goodwill and other intangibles, net | 290,473 | 292,757 | 192,061 | 193,250 | 194,503 | 291,609 | 195,124 | |||||||||||||||||
| Total assets | 5,966,393 | 6,052,695 | 4,421,837 | 4,350,555 | 4,407,112 | 6,010,116 | 4,452,748 | |||||||||||||||||
| Deposits | 4,983,283 | 5,043,273 | 3,602,826 | 3,573,341 | 3,596,755 | 5,013,111 | 3,634,190 | |||||||||||||||||
| Interest-bearing liabilities | 3,608,897 | 3,750,264 | 2,732,417 | 2,709,808 | 2,762,544 | 3,637,987 | 2,799,658 | |||||||||||||||||
| Stockholders' equity | 819,933 | 801,987 | 636,418 | 620,153 | 623,861 | 811,009 | 634,724 | |||||||||||||||||
Bank First Corporation
Consolidated Financial Summary (Unaudited)
| (In thousands, except share and per share data) | At or for the Three Months Ended | At or for the Six Months Ended | ||||||||||||||||||||||
| 6/30/2026 | 3/31/2026 | 12/31/2025 | 9/30/2025 | 6/30/2025 | 6/30/2026 | 6/30/2025 | ||||||||||||||||||
| Financial Ratios: | ||||||||||||||||||||||||
| Return on average assets * | 1.66 | % | 1.34 | % | 1.65 | % | 1.64 | % | 1.54 | % | 1.50 | % | 1.59 | % | ||||||||||
| Return on average common equity * | 12.08 | % | 10.11 | % | 11.46 | % | 11.51 | % | 10.85 | % | 11.11 | % | 11.16 | % | ||||||||||
| Return on average tangible common equity (non-GAAP)* | 18.70 | % | 15.57 | % | 16.42 | % | 16.72 | % | 15.76 | % | 17.35 | % | 16.11 | % | ||||||||||
| Average equity to average assets | 13.74 | % | 13.25 | % | 14.39 | % | 14.25 | % | 14.16 | % | 13.49 | % | 14.25 | % | ||||||||||
| Stockholders' equity to assets | 13.78 | % | 13.51 | % | 14.29 | % | 14.21 | % | 14.03 | % | 13.78 | % | 14.03 | % | ||||||||||
| Tangible equity to tangible assets (non-GAAP) | 9.38 | % | 9.14 | % | 10.49 | % | 10.30 | % | 10.04 | % | 9.38 | % | 10.04 | % | ||||||||||
| Net interest margin, taxable equivalent * | 4.13 | % | 3.96 | % | 4.01 | % | 3.88 | % | 3.72 | % | 4.04 | % | 3.69 | % | ||||||||||
| Net loan charge-offs (recoveries) to average loans * | 0.09 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.05 | % | 0.05 | % | ||||||||||
| Nonperforming loans to total loans | 0.56 | % | 0.60 | % | 0.25 | % | 0.38 | % | 0.38 | % | 0.56 | % | 0.38 | % | ||||||||||
| Nonperforming assets to total assets | 0.47 | % | 0.50 | % | 0.20 | % | 0.31 | % | 0.31 | % | 0.47 | % | 0.31 | % | ||||||||||
| Allowance for credit losses - loans to total loans | 1.24 | % | 1.26 | % | 1.23 | % | 1.23 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||
| Loan Portfolio Composition: | ||||||||||||||||||||||||
| Commercial/industrial | $ | 848,605 | $ | 823,824 | $ | 647,086 | $ | 654,452 | $ | 628,527 | $ | 848,605 | $ | 628,527 | ||||||||||
| Commercial real estate - owner occupied | 1,094,282 | 1,133,042 | 880,723 | 861,650 | 841,749 | 1,094,282 | 841,749 | |||||||||||||||||
| Commercial real estate - non-owner occupied | 705,370 | 660,359 | 492,525 | 510,535 | 518,636 | 705,370 | 518,636 | |||||||||||||||||
| Multi-family | 451,853 | 456,366 | 402,053 | 372,031 | 377,218 | 451,853 | 377,218 | |||||||||||||||||
| Construction and development | 241,933 | 259,365 | 215,518 | 262,439 | 249,857 | 241,933 | 249,857 | |||||||||||||||||
| Residential 1-4 family | 1,099,348 | 1,101,515 | 894,979 | 897,518 | 891,685 | 1,099,348 | 891,685 | |||||||||||||||||
| Consumer and other | 80,296 | 81,155 | 71,767 | 71,038 | 72,685 | 80,296 | 72,685 | |||||||||||||||||
| Total | $ | 4,521,687 | $ | 4,515,626 | $ | 3,604,651 | $ | 3,629,663 | $ | 3,580,357 | $ | 4,521,687 | $ | 3,580,357 | ||||||||||
| Share Repurchases: | ||||||||||||||||||||||||
| Total number of shares repurchased | 144,000 | 16,000 | - | - | 143,720 | 160,000 | 205,602 | |||||||||||||||||
| Total dollar of shares repurchased | $ | 20,364 | $ | 2,376 | $ | - | $ | - | $ | 15,622 | $ | 22,740 | $ | 22,042 | ||||||||||
| Non-GAAP Financial Measures: | ||||||||||||||||||||||||
| Adjusted net income reconciliation | ||||||||||||||||||||||||
| Net income (GAAP) | $ | 24,691 | $ | 19,988 | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 44,679 | $ | 35,116 | ||||||||||
| Acquisition related expenses | 3,311 | 6,528 | 663 | 862 | - | 9,839 | - | |||||||||||||||||
| Loss on razing of branch building | - | - | 879 | - | - | - | - | |||||||||||||||||
| Gains on sales of securities and OREO valuations | (28 | ) | (160 | ) | - | - | (159 | ) | (188 | ) | (159 | ) | ||||||||||||
| Adjusted net income before income tax impact | 27,974 | 26,356 | 19,932 | 18,852 | 16,716 | 54,330 | 34,957 | |||||||||||||||||
| Income tax impact of adjustments | (656 | ) | (1,274 | ) | (307 | ) | (74 | ) | 33 | (1,930 | ) | 33 | ||||||||||||
| Adjusted net income (non-GAAP) | $ | 27,318 | $ | 25,082 | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 52,400 | $ | 34,990 | ||||||||||
| Adjusted earnings per share calculation | ||||||||||||||||||||||||
| Adjusted net income (non-GAAP) | $ | 27,318 | $ | 25,082 | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 52,400 | $ | 34,990 | ||||||||||
| Weighted average common shares outstanding for the period | 11,149,885 | 11,215,545 | 9,834,567 | 9,834,002 | 9,901,391 | 11,183,664 | 9,950,925 | |||||||||||||||||
| Adjusted earnings per share (non-GAAP) | $ | 2.45 | $ | 2.24 | $ | 2.00 | $ | 1.91 | $ | 1.69 | $ | 4.69 | $ | 3.52 | ||||||||||
| Annualized return of adjusted earnings on average assets calculation | ||||||||||||||||||||||||
| Adjusted net income (non-GAAP) | $ | 27,318 | $ | 25,082 | $ | 19,625 | $ | 18,778 | $ | 16,749 | $ | 52,400 | $ | 34,990 | ||||||||||
| Average total assets | $ | 5,966,393 | $ | 6,052,695 | $ | 4,421,837 | $ | 4,350,555 | $ | 4,407,112 | $ | 6,010,116 | $ | 4,452,748 | ||||||||||
| Annualized return of adjusted earnings on average assets (non-GAAP) | 1.84 | % | 1.64 | % | 1.76 | % | 1.71 | % | 1.52 | % | 1.76 | % | 1.58 | % | ||||||||||
| Average tangible common equity reconciliation | ||||||||||||||||||||||||
| Total average stockholders’ equity (GAAP) | $ | 819,933 | $ | 801,987 | $ | 636,418 | $ | 620,153 | $ | 623,861 | $ | 811,009 | $ | 623,861 | ||||||||||
| Average goodwill | (245,989 | ) | (246,370 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (246,179 | ) | (175,106 | ) | ||||||||||
| Average core deposit intangible, net of amortization | (44,484 | ) | (46,387 | ) | (16,955 | ) | (18,144 | ) | (19,397 | ) | (45,430 | ) | (19,397 | ) | ||||||||||
| Average tangible common equity (non-GAAP) | $ | 529,460 | $ | 509,230 | $ | 444,357 | $ | 426,903 | $ | 429,358 | $ | 519,400 | $ | 429,358 | ||||||||||
| Return on average tangible common equity calculation* | ||||||||||||||||||||||||
| Average tangible common equity (non-GAAP) | $ | 529,460 | $ | 509,230 | $ | 444,357 | $ | 426,903 | $ | 429,358 | $ | 519,400 | $ | 429,358 | ||||||||||
| Net income | $ | 24,691 | $ | 19,988 | $ | 18,390 | $ | 17,990 | $ | 16,875 | $ | 44,679 | $ | 16,875 | ||||||||||
| Return on average tangible common equity* | 18.70 | % | 15.92 | % | 16.42 | % | 16.72 | % | 15.76 | % | 17.35 | % | 15.76 | % | ||||||||||
| Tangible assets reconciliation | ||||||||||||||||||||||||
| Total assets (GAAP) | $ | 5,947,512 | $ | 6,069,014 | $ | 4,506,095 | $ | 4,420,411 | $ | 4,365,082 | $ | 5,947,512 | $ | 4,365,082 | ||||||||||
| Goodwill | (245,351 | ) | (246,370 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (245,351 | ) | (175,106 | ) | ||||||||||
| Core deposit intangible, net of amortization | (42,991 | ) | (45,538 | ) | (16,200 | ) | (17,404 | ) | (18,632 | ) | (42,991 | ) | (18,632 | ) | ||||||||||
| Tangible assets (non-GAAP) | $ | 5,659,170 | $ | 5,777,106 | $ | 4,314,789 | $ | 4,227,901 | $ | 4,171,344 | $ | 5,659,170 | $ | 4,171,344 | ||||||||||
| Tangible common equity reconciliation | ||||||||||||||||||||||||
| Total stockholders’ equity (GAAP) | $ | 819,310 | $ | 819,853 | $ | 643,836 | $ | 628,125 | $ | 612,333 | $ | 819,310 | $ | 612,333 | ||||||||||
| Goodwill | (245,351 | ) | (246,370 | ) | (175,106 | ) | (175,106 | ) | (175,106 | ) | (245,351 | ) | (175,106 | ) | ||||||||||
| Core deposit intangible, net of amortization | (42,991 | ) | (45,538 | ) | (16,200 | ) | (17,404 | ) | (18,632 | ) | (42,991 | ) | (18,632 | ) | ||||||||||
| Tangible common equity (non-GAAP) | $ | 530,968 | $ | 527,945 | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 530,968 | $ | 418,595 | ||||||||||
| Tangible book value per common share calculation | ||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 530,968 | $ | 527,945 | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 530,968 | $ | 418,595 | ||||||||||
| Common shares outstanding at the end of the period | 11,079,310 | 11,222,442 | 9,834,623 | 9,834,083 | 9,833,476 | 11,079,310 | 9,833,476 | |||||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 47.92 | $ | 47.04 | $ | 46.01 | $ | 44.30 | $ | 42.57 | $ | 47.92 | $ | 42.57 | ||||||||||
| Tangible equity to tangible assets calculation | ||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 530,968 | $ | 527,945 | $ | 452,530 | $ | 435,615 | $ | 418,595 | $ | 530,968 | $ | 418,595 | ||||||||||
| Tangible assets (non-GAAP) | $ | 5,659,170 | $ | 5,777,106 | $ | 4,314,789 | $ | 4,227,901 | $ | 4,171,344 | $ | 5,659,170 | $ | 4,171,344 | ||||||||||
| Tangible equity to tangible assets (non-GAAP) | 9.38 | % | 9.14 | % | 10.49 | % | 10.30 | % | 10.04 | % | 9.38 | % | 10.04 | % | ||||||||||
* Components of the quarterly ratios were annualized.
Bank First Corporation
Average assets, liabilities and stockholders' equity, and average rates earned or paid
| Three Months Ended | |||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Average
Balance |
Interest
Income/ Expenses (1) |
Rate
Earned/ Paid (1) |
Average
Balance |
Interest
Income/ Expenses (1) |
Rate
Earned/ Paid (1) | ||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||
| Loans (2) | |||||||||||||||||||||
| Taxable | $ | 4,380,986 | 263,197 | 6.01 | % | $ | 3,432,506 | 194,859 | 5.68 | % | |||||||||||
| Tax-exempt | 133,312 | 6,913 | 5.19 | % | 128,439 | 6,818 | 5.31 | % | |||||||||||||
| Securities | |||||||||||||||||||||
| Taxable (available for sale) | 485,347 | 20,541 | 4.23 | % | 159,275 | 6,913 | 4.34 | % | |||||||||||||
| Tax-exempt (available for sale) | 33,637 | 1,259 | 3.74 | % | 30,855 | 1,115 | 3.61 | % | |||||||||||||
| Taxable (held to maturity) | 114,143 | 4,648 | 4.07 | % | 106,783 | 4,282 | 4.01 | % | |||||||||||||
| Tax-exempt (held to maturity) | 3,814 | 99 | 2.60 | % | 2,404 | 66 | 2.75 | % | |||||||||||||
| Cash and due from banks | 237,560 | 8,792 | 3.70 | % | 146,719 | 6,526 | 4.45 | % | |||||||||||||
| Total interest-earning assets | 5,388,799 | 305,449 | 5.67 | % | 4,006,981 | 220,579 | 5.50 | % | |||||||||||||
| Noninterest-earning assets | 634,139 | 444,194 | |||||||||||||||||||
| Allowance for credit losses - loans | (56,545 | ) | (44,063 | ) | |||||||||||||||||
| Total assets | $ | 5,966,393 | $ | 4,407,112 | |||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||
| Checking accounts | $ | 607,829 | $ | 14,698 | 2.42 | % | $ | 453,918 | $ | 11,443 | 2.52 | % | |||||||||
| Savings accounts | 1,132,387 | 14,491 | 1.28 | % | 838,709 | 12,211 | 1.46 | % | |||||||||||||
| Money market accounts | 923,098 | 19,674 | 2.13 | % | 667,685 | 16,142 | 2.42 | % | |||||||||||||
| Certificates of deposit | 808,406 | 27,498 | 3.40 | % | 635,509 | 24,362 | 3.83 | % | |||||||||||||
| Brokered Deposits | 15,118 | 597 | 3.95 | % | 20,097 | 814 | 4.05 | % | |||||||||||||
| Total interest-bearing deposits | 3,486,838 | 76,958 | 2.21 | % | 2,615,918 | 64,972 | 2.48 | % | |||||||||||||
| Other borrowed funds | 122,059 | 6,013 | 4.93 | % | 146,626 | 6,713 | 4.58 | % | |||||||||||||
| Total interest-bearing liabilities | 3,608,897 | 82,971 | 2.30 | % | 2,762,544 | 71,685 | 2.59 | % | |||||||||||||
| Noninterest-bearing liabilities | |||||||||||||||||||||
| Demand Deposits | 1,496,445 | 980,837 | |||||||||||||||||||
| Other liabilities | 41,118 | 39,870 | |||||||||||||||||||
| Total Liabilities | 5,146,460 | 3,783,251 | |||||||||||||||||||
| Shareholders' equity | 819,933 | 623,861 | |||||||||||||||||||
| Total liabilities & shareholders' equity | $ | 5,966,393 | $ | 4,407,112 | |||||||||||||||||
| Net interest income on a fully taxable | |||||||||||||||||||||
| equivalent basis | 222,478 | 148,894 | |||||||||||||||||||
| Less taxable equivalent adjustment | (1,737 | ) | (1,680 | ) | |||||||||||||||||
| Net interest income | $ | 220,741 | $ | 147,214 | |||||||||||||||||
| Net interest spread (3) | 3.37 | % | 2.91 | % | |||||||||||||||||
| Net interest margin (4) | 4.13 | % | 3.72 | % | |||||||||||||||||
- Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.
- Nonaccrual loans are included in average amounts outstanding.
- Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
- Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.
Bank First Corporation
Average assets, liabilities and stockholders' equity, and average rates earned or paid
| Six Months Ended | |||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | ||||||||||||||||||||
| Average
Balance |
Interest
Income/ Expenses (1) |
Rate
Earned/ Paid (1) |
Average
Balance |
Interest
Income/ Expenses (1) |
Rate
Earned/ Paid (1) | ||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Interest-earning assets | |||||||||||||||||||||
| Loans (2) | |||||||||||||||||||||
| Taxable | $ | 4,404,330 | $ | 260,036 | 5.90 | % | $ | 3,421,445 | $ | 194,542 | 5.69 | % | |||||||||
| Tax-exempt | 132,869 | 6,647 | 5.00 | % | 130,077 | 6,852 | 5.27 | % | |||||||||||||
| Securities | |||||||||||||||||||||
| Taxable (available for sale) | 493,785 | 20,701 | 4.19 | % | 169,740 | 7,435 | 4.38 | % | |||||||||||||
| Tax-exempt (available for sale) | 34,909 | 1,281 | 3.67 | % | 31,771 | 1,132 | 3.56 | % | |||||||||||||
| Taxable (held to maturity) | 108,357 | 4,423 | 4.08 | % | 107,210 | 4,274 | 3.99 | % | |||||||||||||
| Tax-exempt (held to maturity) | 4,158 | 109 | 2.62 | % | 2,797 | 75 | 2.68 | % | |||||||||||||
| Cash, due from banks and other | 260,644 | 9,615 | 3.69 | % | 190,613 | 8,445 | 4.43 | % | |||||||||||||
| Total interest-earning assets | 5,439,052 | 302,812 | 5.57 | % | 4,053,653 | 222,755 | 5.50 | % | |||||||||||||
| Noninterest-earning assets | 627,017 | 443,235 | |||||||||||||||||||
| Allowance for loan losses | (55,953 | ) | (44,140 | ) | |||||||||||||||||
| Total assets | $ | 6,010,116 | $ | 4,452,748 | |||||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||
| Interest-bearing deposits | |||||||||||||||||||||
| Checking accounts | $ | 624,501 | $ | 16,257 | 2.60 | % | $ | 485,115 | $ | 12,098 | 2.49 | % | |||||||||
| Savings accounts | 1,123,409 | 14,313 | 1.27 | % | 834,917 | 12,139 | 1.45 | % | |||||||||||||
| Money market accounts | 930,850 | 19,740 | 2.12 | % | 675,522 | 16,412 | 2.43 | % | |||||||||||||
| Certificates of deposit | 810,830 | 28,217 | 3.48 | % | 637,214 | 25,186 | 3.95 | % | |||||||||||||
| Brokered Deposits | 15,116 | 597 | 3.95 | % | 20,095 | 815 | 4.06 | % | |||||||||||||
| Total interest-bearing deposits | 3,504,706 | 79,124 | 2.26 | % | 2,652,863 | 66,650 | 2.51 | % | |||||||||||||
| Other borrowed funds | 133,281 | 3,709 | 2.78 | % | 146,795 | 6,721 | 4.58 | % | |||||||||||||
| Total interest-bearing liabilities | 3,637,987 | 82,833 | 2.28 | % | 2,799,658 | 73,371 | 2.62 | % | |||||||||||||
| Noninterest-bearing liabilities | |||||||||||||||||||||
| Demand Deposits | 1,508,405 | 981,327 | |||||||||||||||||||
| Other liabilities | 52,715 | 37,039 | |||||||||||||||||||
| Total Liabilities | 5,199,107 | 3,818,024 | |||||||||||||||||||
| Stockholders' equity | 811,009 | 634,724 | |||||||||||||||||||
| Total liabilities & stockholders' equity | $ | 6,010,116 | $ | 4,452,748 | |||||||||||||||||
| Net interest income on a fully taxable equivalent basis | 219,979 | 149,384 | |||||||||||||||||||
| Less taxable equivalent adjustment | (1,688 | ) | (1,693 | ) | |||||||||||||||||
| Net interest income | $ | 218,291 | $ | 147,691 | |||||||||||||||||
| Net interest spread (3) | 3.29 | % | 2.87 | % | |||||||||||||||||
| Net interest margin (4) | 4.04 | % | 3.69 | % | |||||||||||||||||
- Annualized on a fully taxable equivalent basis calculated using a federal tax rate of 21%.
- Nonaccrual loans are included in average amounts outstanding.
- Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
- Represents net interest income on a fully tax equivalent basis as a percentage of average interest-earning assets.