Bank First Corporation

What they do

Bank First operates through Bank First, N.A., which offers loan, deposit and treasury management products at each of its 38 banking locations. Its loan book spans commercial and industrial, commercial real estate, construction and development, residential mortgages and consumer loans, funded primarily by interest-bearing and noninterest-bearing deposits. Through subsidiaries, it holds a 40% interest in Ansay & Associates, a 5.88% interest in Generations Title, and investment/safekeeping operations. It reported $4.51 billion in assets, $3.60 billion in loans and $3.70 billion in deposits at December 31, 2025, with approximately 380 full-time equivalent employees.

Revenue drivers

• Net interest income — Interest on loans and investments less interest paid on deposits is the primary income source; NII was $55.0 million in Q2 2026, up $18.3 million year over year, with net interest margin of 4.13%.
• Commercial and commercial real estate lending — Commercial and industrial, commercial real estate, and construction and development loans make up the loan portfolio, which totaled $3.60 billion at December 31, 2025.
• Noninterest income — Includes gain on sale of loans held for sale, servicing income, and earnings from the 40% equity interest in Ansay & Associates; noninterest income was $10.0 million in Q2 2026 versus $10.5 million in Q1 2026.
• Residential mortgage and consumer lending — The bank originates residential mortgages and consumer loans including credit cards, generating interest income and loan sale gains.

Recent performance

Q2 2026 net income was $24.7 million, or $2.21 per share, up from $16.9 million, or $1.71 per share, in Q2 2025. First-half 2026 net income was $44.7 million, or $3.99 per share, versus $35.1 million, or $3.53 per share, a year earlier. Adjusted net income (non-GAAP) was $27.3 million, or $2.45 per share, in Q2 2026 after excluding acquisition expenses and one-time asset sale gains. Net interest income of $55.0 million rose $1.8 million quarter over quarter and $18.3 million year over year, with purchase accounting adding $3.5 million to NII. The bank recorded no provision for credit losses in Q2 2026, matching Q1 2026 and below the $0.2 million provision in Q2 2025.

Strategy

Management organizes strategy around CAMELS categories plus information technology, with priorities in capital deployment and strong credit administration. Growth is pursued through deepening existing customer relationships and selective acquisitions, evidenced by the Centre 1 Bancorp merger completed January 1, 2026 for approximately $168.8 million. Centre added 17 branches in Wisconsin and Illinois and trust and wealth management capabilities, increasing total assets 33%. Integration and system conversion for Centre were expected to be completed in the second quarter of 2026. A proposed merger with PSB Holdings, Inc. (Peoples) is also pending.

Risks

• Acquisition integration risk — The Centre 1 Bancorp merger closed January 1, 2026 and the proposed Peoples merger is pending, creating execution, retention and cost-synergy risk for this serial acquirer.
• Geographic concentration — Lending is concentrated in Wisconsin and Illinois, making results vulnerable to deterioration in those local economies.
• Credit quality and loan transition — The bank is transitioning out of certain acquired Centre loans inconsistent with its lending philosophy, primarily in the new Stateline region, which could affect loan balances and credit metrics.
• Net interest margin sensitivity — A meaningful portion of NII comes from purchase accounting accretion, which added 0.27% to Q2 2026 NIM and will decline over time, and margins remain exposed to rate changes.

Outlook

Chairman and CEO Mike Molepske stated that following the anticipated closing of the Peoples acquisition in December 2026, Bank First will have approximately $7.5 billion in total assets. Management said it will continue to grow with discipline and will not compromise acquisition standards simply to reach a regulatory threshold. Full integration and system conversion of Centre were expected to be completed in the second quarter of 2026.