BFC · Bank First Corporation

Bank First Corporation's Q1 2026 results reflect the transformative impact of its January 1 acquisition of Centre 1 Bancorp, Inc., which added $1.48 billion in assets and drove 33% growth in total assets to $6.07 billion. GAAP net income of $20.0 million ($1.78 per share) was pressured by $6.5 million in one-time acquisition expenses and offset by $0.2 million in asset sale gains, yielding adjusted figures of $25.1 million ($2.24 per share). Net interest income surged 36% quarter-over-quarter to $53.2 million, supported by $2.7 million in purchase accounting accretion, though NIM compressed slightly to 3.96% amid higher deposit balances and FHLB borrowing repayments. Noninterest income doubled year-over-year to $10.5 million, fueled by new Trust and Wealth Management revenue ($1.6 million) from Centre and elevated service charges ($4.7 million). Expenses rose sharply to $39.1 million due to integration costs, but management anticipates synergies post-core system conversion in Q2. No credit provision was recorded amid loan portfolio contraction in the new Stateline region. Asset quality metrics ticked up with nonperformers at 0.50% of assets, driven by a $12.9 million relationship. Balance sheet expansion included $1.39 billion in core deposits (29.4% noninterest-bearing) and tangible book value growth to $47.04 per share. The board's 10% dividend hike to $0.55 per share signals confidence in sustained earnings power from the deal's scale and cross-sell opportunities in trust, treasury, and wealth services.