Bank First (BFC) Q2 2026 earnings summary

Executive summary

• Net income for Q2 2026 was $24.7 million ($2.21 per share), up $7.8 million year-over-year, driven by the Centre acquisition and increased scale of operations.

• For the six months ended June 30, 2026, net income was $44.7 million ($3.99 per share), up $9.6 million from the prior year period.

• Adjusted net income (non-GAAP) for Q2 2026 was $27.3 million ($2.45 per share), up from $16.7 million ($1.69 per share) in Q2 2025, excluding acquisition expenses and asset sales.

• The acquisition of Centre Bancorp on Jan 1, 2026, added $1.48 billion in assets, $981.5 million in loans, and $1.38 billion in deposits, significantly expanding the balance sheet.

• A pending merger with PSB Holdings, Inc. (Peoples) is expected to close in Q4 2026, potentially increasing total assets to $7.5 billion.

Financial highlights

• Net interest income for Q2 2026 was $55.0 million, up $18.3 million year-over-year; net interest margin improved to 4.13%.

• Noninterest income doubled to $10.0 million in Q2 2026, led by service charges, trust/wealth management, and loan servicing.

• Noninterest expense rose to $34.4 million in Q2 2026, reflecting transaction and integration costs from the Centre acquisition.

• Total assets reached $5.95 billion at June 30, 2026, up $1.44 billion from year-end 2025.

• Earnings per share (diluted) for Q2 2026 were $2.21, up from $1.71 in Q2 2025.

Outlook and guidance

• Management expects continued strong capital and liquidity positions, with the pending Peoples merger projected to further expand assets, loans, and deposits.

• The company anticipates maintaining well-capitalized regulatory status and exceeding all capital requirements in 2026.

• Interest rate risk is actively managed; a 200 basis point rate increase is projected to increase economic value of equity by 3.01%.

• Management remains focused on disciplined growth and long-term shareholder value, not targeting asset thresholds at the expense of acquisition standards.

• Full realization of cost synergies from the Centre acquisition is expected in future quarters.