Bank First (BFC) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $20.0 million, or $1.78 per share, compared to $18.2 million, or $1.82 per share, in Q1 2025.

• Adjusted net income (non-GAAP) was $25.1 million, or $2.24 per share, after excluding $6.5 million in acquisition expenses and $0.2 million in asset sale gains.

• Acquisition of Centre 1 Bancorp, Inc. added $1.48 billion in assets, increasing total assets by 33% and expanding the bank's footprint.

• Six overlapping branches were closed post-acquisition, with plans for new offices in key markets.

Financial highlights

• Net interest income for Q1 2026 was $53.2 million, up $16.7 million year-over-year and $13.1 million sequentially.

• Net interest margin was 3.96%, up from 3.65% in Q1 2025 but down from 4.01% in Q4 2025.

• Noninterest income rose to $10.5 million, up from $6.6 million in Q1 2025, driven by new trust and wealth management income and higher service charges.

• Noninterest expense increased to $39.1 million, reflecting acquisition-related costs and expanded operations.

• Total assets reached $6.07 billion, up $1.56 billion from year-end 2025.

• Total loans were $4.52 billion, up $911 million from December 2025.

• Total deposits were $5.09 billion, up $1.39 billion from December 2025.

Outlook and guidance

• Integration of Centre's core data processing system is scheduled for Q2 2026, with full cost synergies expected in future quarters.

• Continued investment in wealth management and expansion in high-potential markets.