BFC

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 24, 2026 /PRNewswire/ -- 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. For further information, contact:Kevin M LeMahieu, Chief Financial OfficerPhone: (920) 652-3100 / [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-first-announces-net-income-for-the-second-quarter-of-2026-302834188.html

Bank First Corporation (BFC) came out with quarterly earnings of $2.45 per share, beating the Zacks Consensus Estimate of $2.28 per share. This compares to earnings of $1.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +7.46%. A quarter ago, it was expected that this company would post earnings of $2.4 per share when it actually produced earnings of $2.24, delivering a surprise of -6.67%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Bank First Corporation, which belongs to the Zacks Banks - Northeast industry, posted revenues of $65.04 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.35%. This compares to year-ago revenues of $41.62 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Bank First Corporation shares have added about 19.7% since the beginning of the year versus the S&P 500's gain of 8.7%. While Bank First Corporation has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Bank First Corporation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.43 on $64.37 million in revenues for the coming quarter and $9.69 on $256.11 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Univest (UVSP), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 22. This holding company for Univest Bank and Trust Co. is expected to post quarterly earnings of $0.86 per share in its upcoming report, which represents a year-over-year change of +24.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Univest's revenues are expected to be $86.79 million, up 7.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank First National Corporation (BFC) : Free Stock Analysis Report Univest Corporation of Pennsylvania (UVSP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Bridgewater (BWB) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 21. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of +24.3%. Revenues are expected to be $40.2 million, up 11.4% from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Bridgewater, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.17%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Bridgewater will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Bridgewater would post earnings of $0.42 per share when it actually produced earnings of $0.41, delivering a surprise of -2.38%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Bridgewater doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Banks - Northeast industry, Bank First Corporation (BFC), is soon expected to post earnings of $2.28 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +33.3%. This quarter's revenue is expected to be $63.54 million, up 52.7% from the year-ago quarter. The consensus EPS estimate for Bank First Corporation has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -2.19%. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Bank First Corporation will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bridgewater Bancshares, Inc. (BWB) : Free Stock Analysis Report Bank First National Corporation (BFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

WAUSAU, Wis., June 17, 2026 (GLOBE NEWSWIRE) -- PSB Holdings, Inc. (OTCQX: PSBQ), parent company of Peoples State Bank, is pleased to announce that on June 16, 2026, its Board of Directors declared a regular quarterly cash dividend of $0.18 per share of the Company’s common stock. The dividend is payable July 31, 2026 to shareholders of record as of July 10, 2026. The current dividend continues a 61-year tradition of cash dividends to PSB shareholders including 33 consecutive years of increased cash dividends declared per share. PSB Holdings President and CEO Scott M. Cattanach said, “We intend to continue the payment of dividends to our shareholders throughout the approval process of our announced merger with Bank First Corporation. We recognize the importance of dividend payments to our shareholders over the past 61 years and anticipate at least one more payment prior to the anticipated closing of the merger in December 2026.” About PSB Holdings, Inc. PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB and Peoples, and their customers, and other risks. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Investor Relations ContactPSB Holdings, Inc.1905 Stewart AvenueWausau, WI [email protected]

Bank First Corporation (NASDAQ:BFC) missed earnings with its latest quarterly results, disappointing overly-optimistic forecasters. It wasn't a great result overall - while revenue fell marginally short of analyst estimates at US$64m, statutory earnings missed forecasts by 19%, coming in at just US$1.78 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Taking into account the latest results, the current consensus from Bank First's dual analysts is for revenues of US$260.7m in 2026. This would reflect a major 35% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to soar 40% to US$9.09. In the lead-up to this report, the analysts had been modelling revenues of US$269.9m and earnings per share (EPS) of US$10.08 in 2026. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the small dip in earnings per share expectations. View our latest analysis for Bank First The analysts made no major changes to their price target of US$159, suggesting the downgrades are not expected to have a long-term impact on Bank First's valuation. Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. The analysts are definitely expecting Bank First's growth to accelerate, with the forecast 49% annualised growth to the end of 2026 ranking favourably alongside historical growth of 12% per annum over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 8.8% per year. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Bank First to grow faster than the wider industry. The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Bank First. They also downgraded Bank First's revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At least one analyst has provided forecasts out to 2027, which can be seen for free on our platform here. It is also worth noting that we have found 1 warning sign for Bank First that you need to take into consideration. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Net income of $20.0 million and earnings per common share of $1.78 for the three months ended March 31, 2026 Adjusted net income (non-GAAP) of $25.1 million and adjusted earnings per common share (non-GAAP) of $2.24 for the three months ended March 31, 2026, after removing the impact of one-time acquisition expenses and asset sales Annualized growth in tangible book value (non-GAAP) of 9.1% during the first quarter of 2026 Quarterly cash dividend of $0.55 per share declared, an increase of 10.0% and 22.2% over the prior quarter and prior-year first quarter, respectively MANITOWOC, Wis., April 16, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $20.0 million, or $1.78 per share, for the first quarter of 2026, compared with net income of $18.2 million, or $1.82 per share, for the prior-year first quarter. After removing the impact of $6.5 million of expenses related to the acquisition of Centre 1 Bancorp, Inc. ("Centre"), as well as $0.2 million of net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $25.1 million, or $2.24 per share, for the first quarter of 2026. There were no similar acquisition expenses or gains on sale of assets during the first quarter of 2025. "On January 1, 2026, we successfully completed our acquisition of Centre 1 Bancorp, Inc., the holding company for First National Bank and Trust, headquartered in Beloit, Wisconsin. This acquisition marked another milestone in Bank First's long-term growth strategy and established our new Stateline Region. We are pleased to welcome their customers, employees, and shareholders into the Bank First family, and we are excited to expand our capabilities by adding experienced Trust and Wealth Management, Fraud, and Treasury Management teams. The integration of these specialized services is already enhancing our ability to deliver comprehensive financial solutions across our legacy markets, and we are actively investing in the continued build-out of our Wealth Management platform throughout our footprint. As part of our disciplined integration strategy, six overlapping First National Bank and Trust branches were permanently closed upon completion of the acquisition. In addition, we are planning to build new, modern offices in Walworth, Delavan, and Monroe. These new locations will strengthen our long-term presence in high-potential relationship markets while allowing us to consolidate and close two additional First National Bank and Trust branches," said Mike Molepske, Chairman and CEO of Bank First Corporation. Operating Results The acquisition of Centre, an institution with $1.48 billion in assets at closing, 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 quarter of 2026. Net interest income ("NII") during the first quarter of 2026 was $53.2 million, up $13.1 million from the previous quarter and up $16.7 million from the first 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 $2.7 million, or $0.19 per share after tax, during the first quarter of 2026, compared to $0.5 million, or $0.04 per share after tax, during the previous quarter and $1.0 million, or $0.08 per share after tax, during the first quarter of 2025. Bank First repaid $65.0 million in borrowings from the Federal Home Loan Bank ("FHLB") that were included in liabilities assumed from Centre during the first quarter of 2026. As a result of this repayment prior to contractual maturity dates, $1.3 million of purchase accounting fair value adjustment related to these borrowings was recognized, reducing interest expense (this is included in the previously mentioned $2.7 million impact of purchase accounting), and a $1.1 million prepayment penalty was paid to the FHLB (included in other noninterest expense). Net interest margin ("NIM") was 3.96% for the first quarter of 2026, compared to 4.01% for the previous quarter and 3.65% for the first quarter of 2025. NII from purchase accounting increased NIM by 0.20%, 0.05% and 0.10% for each of these periods, respectively. Bank First did not record a provision for credit losses in the first quarter of 2026, matching the previous quarter and less than the $0.2 million provision recorded during the first 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 quarter of 2026 was due to a slight contraction in the Bank's loan portfolio during the quarter, primarily in the Bank's new Stateline region (formerly Centre), as the Bank transitioned out of certain balances that were not consistent with Bank First's lending philosophy. Noninterest income was $10.5 million for the first quarter of 2026, compared to $4.8 million for the prior quarter and $6.6 million for the first 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 first quarter of 2026. Service charge income totaled $4.7 million for the first quarter of 2026, compared to $2.3 million and $2.0 million for the prior quarter and first quarter of 2025, respectively. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") totaled $1.0 million, increasing from a typical seasonal fourth-quarter low of $0.3 million in the prior quarter, but down from $1.2 million in the prior-year first quarter. Gains on sales of mortgage loans totaled $1.1 million during the first quarter of 2026, up from $0.6 million in the prior quarter and $0.3 million in the prior-year first quarter. Noninterest expense totaled $39.1 million in the first quarter of 2026, compared to $22.0 million during the prior quarter and $20.6 million during the first quarter of 2025. Expenses related to the Bank's acquisition of Centre totaled $6.5 million during the first quarter of 2026 compared to $0.7 million during the fourth quarter of 2025. These expenses were primarily incurred in the areas of personnel expense, outside service fees and data processing expenses. Occupancy, equipment and office expense included a modest level of one-time items related to the Centre acquisition but was also elevated due to new operating locations added to the Bank's footprint as part of that acquisition. Occupancy, equipment and office expense was elevated during the fourth quarter of 2025 due to the cost of razing and rebuilding the Bank's location in Denmark, Wisconsin. 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 quarter of 2026. Conversion of Centre's core data processing system onto Bank First's platform is scheduled to be completed during the second quarter of 2026. Prior to this conversion, some operational areas of the Bank have redundancies, and full realization of expected cost savings from operational synergies will not be realized until future quarters. Balance Sheet Total assets were $6.07 billion at March 31, 2026, an increase of $1.56 billion during the first quarter of 2026. As mentioned earlier, the acquisition of Centre added approximately $1.48 billion in assets. The carrying value of investments at March 31, 2026 totaled $601.2 million, up from $268.1 million at December 31, 2025. The acquisition of Centre included $333.1 million of investments, causing the investment portfolio's composition of total assets to go from 6.0% at the end of 2025 to 9.9% at the end of the first quarter of 2026. Total loans were $4.52 billion at March 31, 2026, up $911.0 million from December 31, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. As of the end of the first quarter of 2026 these balances were reduced to $936.7 million. Total deposits, nearly all of which remain core deposits, were $5.09 billion at March 31, 2026, up $1.39 billion from December 31, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 29.4% of the Bank's total deposits at March 31, 2026, after finishing 2025 at 27.1%. Asset Quality Nonperforming assets at March 31, 2026, totaled $30.0 million, up from $9.0 million at December 31, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $3.2 million at March 31, 2026. Additionally, $3.5 million in nonaccrual loans were included in the portfolio acquired from Centre. The largest contribution to the increase in nonperforming assets was a single relationship, totaling $12.9 million, which was moved to nonaccrual status during the first quarter of 2026. While elevated, nonperforming assets to total assets remained manageable at 0.50% as of March 31, 2026, up from 0.20% at the end of the prior quarter. Capital Position Stockholders' equity totaled $819.9 million at March 31, 2026, an increase of $176.0 million from the end of 2025. Earnings of $20.0 million were supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $5.6 million and share repurchases totaling $2.4 million. Tangible common equity (non-GAAP) increased by $75.4 million during the first quarter of 2026. The Bank's book value per common share totaled $73.05 at March 31, 2026, compared to $65.47 at December 31, 2025. Tangible book value per common share (non-GAAP) totaled $47.04 at March 31, 2026, compared to $46.01 at December 31, 2025. The Centre acquisition was slightly accretive to tangible book value at closing. Dividend Declaration Bank First's Board of Directors approved a quarterly cash dividend of $0.55 per common share, payable on July 8, 2026, to shareholders of record as of June 24, 2026. This dividend represents an increase of $0.05 and $0.10 per share, or 10.0% and 22.2%, from the dividend declared during the prior quarter and prior-year first 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 546 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. For further information, contact: Kevin M LeMahieu, Chief Financial Officer Phone: (920) 652-3200 / [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-first-announces-net-income-for-the-first-quarter-of-2026-302743648.html

Bank First Corporation (BFC) came out with quarterly earnings of $2.24 per share, missing the Zacks Consensus Estimate of $2.4 per share. This compares to earnings of $1.82 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -6.67%. A quarter ago, it was expected that this company would post earnings of $1.75 per share when it actually produced earnings of $2, delivering a surprise of +14.29%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Bank First Corporation, which belongs to the Zacks Banks - Northeast industry, posted revenues of $63.75 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.82%. This compares to year-ago revenues of $43.13 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Bank First Corporation shares have added about 17.1% since the beginning of the year versus the S&P 500's gain of 2.6%. While Bank First Corporation has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Bank First Corporation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.55 on $66.7 million in revenues for the coming quarter and $10.35 on $266.6 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Bank OZK (OZK), has yet to report results for the quarter ended March 2026. The results are expected to be released on April 21. This bank is expected to post quarterly earnings of $1.46 per share in its upcoming report, which represents a year-over-year change of -0.7%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level. Bank OZK's revenues are expected to be $421.86 million, up 3.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank First National Corporation (BFC) : Free Stock Analysis Report Bank OZK (OZK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Bank First Corporation (BFC) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. For Bank First Corporation, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year. The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate: For the current quarter, the company is expected to earn $2.40 per share, which is a change of +31.9% from the year-ago reported number. Over the last 30 days, the Zacks Consensus Estimate for Bank First Corporation has increased 33.33% because one estimate has moved higher compared to no negative revisions. The company is expected to earn $10.35 per share for the full year, which represents a change of +39.5% from the prior-year number. There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, one estimate has moved up for Bank First Corporation versus no negative revisions. This has pushed the consensus estimate 35.29% higher. Thanks to promising estimate revisions, Bank First Corporation currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. While strong estimate revisions for Bank First Corporation have attracted decent investments and pushed the stock 12.4% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank First National Corporation (BFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Net income of $18.4 million and $71.5 million for the three months and year ended December 31, 2025, respectively Earnings per common share of $1.87 and $7.23 for the three months and year ended December 31, 2025, respectively Annualized return on average assets of 1.65% and 1.62% for the three months and year ended December 31, 2025, respectively Quarterly cash dividend of $0.50 per share declared, an increase of 11.1% over the prior quarter and prior-year fourth quarter. MANITOWOC, Wis., Jan. 22, 2026 /PRNewswire/ -- Bank First Corporation (NASDAQ: BFC) ("Bank First" or the "Bank"), the holding company for Bank First, N.A., reported net income of $18.4 million, or $1.87 per share, for the fourth quarter of 2025, compared with net income of $17.5 million, or $1.75 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, Bank First earned $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share for the full year of 2024. After removing the impact of one-time expenses related to the acquisition of Centre 1 Bancorp, Inc. ("Centre"), as well as net gains on the sales of certain assets and a loss on the razing of the headquarters of a previously acquired institution, the Bank reported adjusted net income (non-GAAP) of $19.6 million, or $2.00 per share, for the fourth quarter of 2025, compared with $17.4 million, or $1.74 per share, for the prior-year fourth quarter. For the year ended December 31, 2025, adjusted net income (non-GAAP) totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share for the full year of 2024. "We are pleased to announce that the Company's annual earnings per share increased by more than 15% despite incurring $1.5 million in expenses related to the merger with Centre, the parent company of First National Bank and Trust Company ("FNBT"), headquartered in Beloit, Wisconsin," stated Mike Molepske, Chairman and CEO of Bank First. "The acquisition of FNBT is the most transformational event in Bank First's 131-year history, bringing together two relationship-based, community-focused organizations. This acquisition is more than twice the size of our largest previous merger, expands us into Walworth, Rock, and Green Counties in Wisconsin, and into Winnebago County in Illinois, and brings Trust and Wealth Management to Bank First." Operating Results Net interest income ("NII") during the fourth quarter of 2025 was $40.2 million, up $1.9 million from the previous quarter and up $4.6 million from the fourth quarter of 2024. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from past acquisitions ("purchase accounting") increased NII by $0.5 million, or $0.04 per share after tax, during the fourth quarter of 2025, compared to $0.7 million, or $0.06 per share after tax, during the previous quarter and $0.8 million, or $0.06 per share after tax, during the fourth quarter of 2024. Net interest margin ("NIM") was 4.01% for the fourth quarter of 2025, compared to 3.88% for the previous quarter and 3.61% for the fourth quarter of 2024. NII from purchase accounting increased NIM by 0.05%, 0.07% and 0.08% for each of these periods, respectively. The strong improvement in NIM was partially driven by higher yields on loans newly originated and renewed during the most recent quarter, which offset a decline in yield earned on the Bank's excess cash reserves as a result of recent interest rate cuts by the Federal Reserve Bank. A thirteen basis point reduction in the average rate paid on the Bank's interest-bearing liabilities also supported the expansion in the current quarter NIM. Bank First did not record a provision for credit losses during the fourth quarter of 2025, compared to recording a provision of $0.7 million during the previous quarter. Due to improvements in the financial trends of two relationships and corresponding reductions in the specific reserves related to them, the Bank recorded a negative provision for credit losses totaling $1.0 million during the prior-year fourth quarter. Provision expense was $1.3 million for the year ended December 31, 2025, compared to a negative provision of $0.8 million for the full year of 2024. The lack of provision expense during the fourth quarter of 2025 was the result of continued strong asset quality metrics, as well as a slight contraction in the Bank's loan portfolio during the quarter. Noninterest income was $4.8 million for the fourth quarter of 2025, compared to $6.0 million for the prior quarter and $4.5 million for the fourth quarter of 2024. Income provided by the Bank's investment in Ansay & Associates, LLC ("Ansay") experienced a typical seasonal fourth-quarter decline, down $1.1 million from the prior quarter but up $0.2 million from the prior-year fourth quarter. Income from Ansay increased by $0.4 million, or 11.8%, for the full year of 2025 compared to 2024. The Bank experienced a minimal negative adjustment to its mortgage servicing rights asset during the fourth quarter of 2025, compared to a positive valuation adjustment of $0.3 million in the previous quarter. Gains on sales of mortgage loans totaled $0.6 million during the fourth quarter of 2025, up from $0.5 million in the prior quarter and $0.4 million in the prior-year fourth quarter. For the full year of 2025 gains on sales of mortgage loans totaled $1.8 million, up $0.5 million, or 39.0%, from the prior year. All other areas of noninterest income remained consistent with recent quarterly results. Noninterest expense totaled $22.0 million in the fourth quarter of 2025, compared to $21.1 million during the prior quarter and $19.3 million during the fourth quarter of 2024. Expenses related to the Bank's acquisition of Centre, which successfully closed on January 1, 2026, totaled $0.7 million and $0.9 million during the fourth and third quarters of 2025, respectively. These expenses were primarily incurred in the areas of outside service fees and data processing. Occupancy, equipment and office expense was negatively impacted by the razing and rebuilding of the Bank's location in Denmark, Wisconsin, which created a loss of $0.9 million. The razed building, formerly the headquarters of Denmark Bancshares, Inc., which was acquired by Bank First in 2022, was replaced as it did not function efficiently as a branch location. All other components of noninterest expense remained well-contained and consistent with prior periods. Balance Sheet Total assets were $4.51 billion at December 31, 2025, an increase of $85.7 million during the fourth quarter of 2025, representing 7.8% annualized growth for the quarter. Total loans were $3.60 billion at December 31, 2025, up $87.5 million from December 31, 2024. Total loan balances contracted by $25.0 million during the fourth quarter of 2025, historically a slow seasonal period for loan growth, as the Bank successfully exited several substandard relationships with related loan balances of over $21.2 million. Total deposits, nearly all of which remain core deposits, were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024, but up $54.0 million from September 30, 2024. Total deposits grew by an annualized rate of 17.7% during the fourth quarter of 2025. Noninterest-bearing demand deposits comprised 27.1% of the Bank's total deposits at December 31, 2025. Asset Quality Nonperforming assets at December 31, 2025 remained negligible, totaling $9.0 million compared to $13.9 million and $9.2 million at the end of the prior quarter and prior-year fourth quarter, respectively. Nonperforming assets to total assets ended the fourth quarter of 2025 at 0.20%, compared to 0.31% and 0.21% at the end of the prior quarter and prior-year fourth quarter, respectively. Capital Position Stockholders' equity totaled $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024. This increase in stockholders' equity nearly equaled the impact of fair value movements on the Bank's available-for-sale investment portfolio, which positively impacted equity by $4.3 million over the course of 2025. Dividends totaling $52.5 million, including a $3.50 per common share special dividend declared in the second quarter of 2025, and repurchases of BFC common stock totaling $22.0 million negated the positive impact of earnings of $71.5 million during the year ended December 31, 2025. The Bank's book value per common share totaled $65.47 at December 31, 2025 compared to $63.89 at December 31, 2024. Tangible book value per common share (non-GAAP) totaled $46.01 at December 31, 2025 compared to $44.28 at December 31, 2024. Dividend Declaration Bank First's Board of Directors approved a quarterly cash dividend of $0.50 per common share, payable on April 8, 2026, to shareholders of record as of March 25, 2026. This dividend represents an increase of $0.05 per share, or 11.1%, from the dividend declared during the prior quarter and prior-year fourth quarter. 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 following its merger with FNBT on January 1, 2026. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 499 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. For further information, contact: Kevin M LeMahieu, Chief Financial Officer Phone: (920) 652-3200 / [email protected] View original content:https://www.prnewswire.com/news-releases/bank-first-announces-net-income-for-the-fourth-quarter-of-2025-302668452.html