Bank First Corporation (BFC) SEC Filings & Earnings Calls
EquiReason read 15 Bank First Corporation SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Bank First reported Q3 2026 net income of $23.8M ($2.15 EPS), up from $18.0M ($1.83 EPS) in Q3 2025; NIM improved to 4.07% from 3.88%; dividend increased 8.3% QoQ and 44.4% YoY to .
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 1.6B
- P/E TTM
- 19.2
- Dividend yield
- 1.3%
- 52-week
- —
- Next earnings
- 20 Jan, in 88 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
20 Oct 20268-K · 2.02Bank First reported Q3 2026 net income of $23.8M ($2.15 EPS), up from $18.0M ($1.83 EPS) in Q3 2025; NIM improved to 4.07% from 3.88%; dividend increased 8.3% QoQ and 44.4% YoY to $0.65/share.earningsopen
Figures in the filing · each found in the filing text
| Net income · Q3-2026 | $24M | +32% y/y |
| Earnings per common share · Q3-2026 | $2.15 | +18% y/y |
| Net interest income · Q3-2026 | $55M | +45% y/y |
| Net interest margin · Q3-2026 | 4.1% | |
| Dividend per share · Q3-2026 | $0.65 | +44% y/y |
| Total assets · Q3-2026 | $5.96B | |
| Noninterest income · Q3-2026 | $10M | +68% y/y |
| Noninterest expense · Q3-2026 | $35M | +64% y/y |
Risks flagged
Acquisition integration risk: Centre and Peoples acquisitions increase operational complexity and expenses.
“Acquisition expenses of $2.7M in Q3; Centre added $12.8M to ACL; transition of acquired loans.”
Insurance profitability decline at Ansay & Associates due to industry softening and automation investments.
“Ansay income $0.8M vs $1.3M in prior year; 'reduced profitability' due to automation and insurance pricing softening.”
7 Aug 202610-QNet interest income $55M (+50% y/y); Net income $25M (+46% y/y); Loans $4.52B (+26% y/y)open
Figures in the filing · each found in the filing text
| Net interest income · Q2-2026 | $55M | +50% y/y |
| Net income · Q2-2026 | $25M | +46% y/y |
| Loans · Q2-2026 | $4.52B | +26% y/y |
| Total deposits · Q2-2026 | $4.99B | +39% y/y |
| Net interest margin (taxable equivalent) · Q2-2026 | 4.1% | |
| Allowance for credit losses - loans to total loans · Q2-2026 | 1.2% | |
| Nonperforming loans to total loans · Q2-2026 | 0.6% | |
| Tangible book value per common share · Q2-2026 | $47.92 | +13% y/y |
Risks flagged
Nonperforming loan increase
“Nonperforming loans to total loans 0.56% at June 30, 2026 vs 0.38% at June 30, 2025.”
Integration risk from acquisitions
“Expenses directly related to the Bank's acquisition of Centre totaled $9.5 million during the first six months of 2026.” · word for word
21 Jul 20268-K · 2.02Bank First Q2 2026 net income $24.7M ($2.21 EPS) vs $16.9M ($1.71) YoY; adjusted EPS $2.45; NIM 4.13% vs 3.72% YoY; dividend raised 9.1% QoQ; Centre acquisition closed Jan 2026 adding $1.48B assets.earningsopen
Figures in the filing · each found in the filing text
| Net Income · Q2-2026 | $25M | +46% y/y |
| Earnings per Common Share · Q2-2026 | $2.21 | +29% y/y |
| Adjusted Net Income (non-GAAP) · Q2-2026 | $27M | +63% y/y |
| Adjusted Earnings per Common Share (non-GAAP) · Q2-2026 | $2.45 | +45% y/y |
| Net Interest Income · Q2-2026 | $55M | +50% y/y |
| Net Interest Margin · Q2-2026 | 4.1% | |
| Dividend per Share · Q2-2026 | $0.60 | +33% y/y |
| Noninterest Income · Q2-2026 | $10M | +104% y/y |
| Noninterest Expense · Q2-2026 | $34M | +65% y/y |
| Total Assets · Q2-2026 | $7.50B |
Risks flagged
Ansay profitability declining due to automation investments and insurance pricing softening.
“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.” · word for word
Noninterest expense increased significantly due to acquisition costs ($3.3M in Q2).
“Noninterest expense totaled $34.4 million in Q2 2026, compared to $20.8 million in Q2 2025. Expenses related to acquisitions totaled $3.3 million during Q2 2026.”
19 May 20268-K · 1.01, 8.01Bank First Corporation (BFC) entered into a definitive merger agreement to acquire PSB Holdings, Inc. (PSB) in an all-stock transaction. PSB shareholders receive 0.3470 BFC shares per PSB share. Aggregate consideration subject to downward aacquisitionopen
Risks flagged
Integration risk from recent Centre 1 acquisition and now PSB; potential for cost overruns or cultural clashes.
“Multiple acquisitions in short period; integration of Centre 1 still ongoing.”
Regulatory approval risk; transaction subject to customary conditions.
“Consummation of the Merger is subject to various customary conditions, including... receipt of certain regulatory approvals.” · word for word
11 May 202610-QNet interest income $53M (+46% y/y); Net income $20M (+10% y/y); Loans $4.52B (+27% y/y)open
Figures in the filing · each found in the filing text
| Net interest income · Q1-2026 | $53M | +46% y/y |
| Net income · Q1-2026 | $20M | +10% y/y |
| Loans · Q1-2026 | $4.52B | +27% y/y |
| Total deposits · Q1-2026 | $5.09B | +39% y/y |
| Net interest margin (taxable equivalent) · Q1-2026 | 4.0% | |
| Allowance for credit losses - loans to total loans · Q1-2026 | 1.3% | |
| Nonperforming loans to total loans · Q1-2026 | 0.6% | |
| Tangible book value per common share · Q1-2026 | $47.04 | +4% y/y |
Risks flagged
Nonperforming loan increase
“Nonperforming loans to total loans 0.60% at March 31, 2026 vs 0.19% at March 31, 2025.”
Integration risk from acquisitions
“Expenses directly related to the Bank's acquisition of Centre totaled $6.5 million during the first quarter of 2026.” · word for word
24 Apr 2026DEF 14ANet income $72M (+9% y/y); Diluted earnings per share $7.23 (+11% y/y); Total shareholder return $210.85 (+30% y/y)open
Figures in the filing · each found in the filing text
| Net income · FY2025 | $72M | +9% y/y |
| Diluted earnings per share · FY2025 | $7.23 | +11% y/y |
| Total shareholder return · FY2025 | $210.85 | +30% y/y |
| Return on assets · FY2025 | 1.6% | |
| Earnings per share · FY2025 | $7.36 | |
| Wholesale funding reliance ratio · FY2025 | 3.6% | |
| CEO total compensation · FY2025 | $2M | +6% y/y |
| CEO salary · FY2025 | $810405.00 | +4% y/y |
| CEO cash incentive · FY2025 | $463763.00 | +10% y/y |
| CEO stock awards · FY2025 | $463787.00 | +10% y/y |
16 Apr 20268-K · 2.02Net income $20M (+10% y/y); Adjusted net income $25M; Net interest income $53M (+46% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net income · Q1-2026 | $20M | +10% y/y |
| Adjusted net income · Q1-2026 | $25M | |
| Net interest income · Q1-2026 | $53M | +46% y/y |
| Dividend per share · Q1-2026 | $0.55 | +22% y/y |
| Tangible book value growth · Q1-2026 | 9.1% |
Risks flagged
Acquisition integration costs ($6.5M) impacted GAAP earnings; ongoing integration risk.
“$6.5 million of expenses related to the acquisition of Centre 1 Bancorp, Inc.” · word for word
Purchase accounting accretion ($2.7M) boosted NII; may not be sustainable.
“The impact of net accretion and amortization of purchase accounting... increased NII by $2.7 million, or $0.19 per share after tax.” · word for word
27 Feb 202610-KTotal assets $4.51B; Total loans $3.60B; Total deposits $3.70Bopen
Figures in the filing · each found in the filing text
| Total assets · FY2025 | $4.51B | |
| Total loans · FY2025 | $3.60B | |
| Total deposits · FY2025 | $3.70B | |
| Total stockholders' equity · FY2025 | $644M | |
| Nonaccrual loans · FY2025 | $6M | |
| Nonaccrual loans as % of total loans · FY2025 | 0.2% | |
| Full-time equivalent employees · FY2025 | 380 | |
| Commercial real estate loans · FY2025 | $1.78B | |
| Residential mortgage and home equity loans · FY2025 | $895M | |
| Commercial and industrial loans · FY2025 | $647M |
Risks flagged
Geographic concentration risk
“All our operating locations are within the states of Wisconsin and Illinois, and a significant majority of our loans and deposits are made to borrowers or received from depositors who live and/or primarily conduct business in Wisconsin and Illinois.” · word for word
Interest rate risk
“Changes in interest rates may have an adverse effect on our net interest income.” · word for word
Credit risk from real estate concentration
“As of December 31, 2025, approximately 74.1% of our loan portfolio was comprised of loans with real estate as a primary or secondary component of collateral.” · word for word
22 Jan 20268-K · 2.02Net income $18M (+5% y/y); Earnings per common share $1.87 (+7% y/y); Net interest margin 4.01earningsopen
Figures in the filing · each found in the filing text
| Net income · Q4-2025 | $18M | +5% y/y |
| Earnings per common share · Q4-2025 | $1.87 | +7% y/y |
| Net interest margin · Q4-2025 | 4.0% | |
| Net interest income · Q4-2025 | $40M | +13% y/y |
| Total assets · Q4-2025 | $4.51B | |
| Total loans · Q4-2025 | $3.60B | +2% y/y |
| Dividend per share · Q4-2025 | $0.50 | +11% y/y |
| Adjusted net income (non-GAAP) · Q4-2025 | $20M | +13% y/y |
| Return on average assets (annualized) · Q4-2025 | 1.6% |
Risks flagged
Loan portfolio contraction due to seasonal and credit exit; substandard relationship exits of $21.2M.
“Total loan balances contracted by $25.0 million during Q4 2025... the Bank successfully exited several substandard relationships with related loan balances of over $21.2 million.” · word for word
20 Jan 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
No material risk signals; routine board change.
2 Jan 20268-K · 2.01, 8.01Completed an acquisition or disposition of significant assets; disclosed a material event under other events (litigation, recall, contract loss, or major announcement)acquisitionopen
Risks flagged
Integration risk from merger; dilution from share issuance.
“Issued ~1.38M shares; no financial impact disclosed.”
7 Nov 202510-QBank First Corporation reported Q3 2025 results with NIM expansion and loan growth, but rising nonperforming loans and declining deposits.earningsopen
Figures in the filing · each found in the filing text
| Net interest margin (taxable equivalent) · Q3-2025 | 3.9% | |
| Net income · Q3-2025 | $18M | |
| Total deposits · Q3-2025 | $3.54B | |
| Allowance for credit losses - loans · Q3-2025 | $45M | |
| Nonperforming loans · Q3-2025 | $14M |
Risks flagged
Credit quality deterioration
“Nonperforming loans increased to $13.9 million, or 0.38% of total loans, at September 30, 2025, compared to $8.5 million, or 0.24% of total loans, at December 31, 2024.”
Liquidity pressure
“Cash and cash equivalents decreased by $135.1 million to $126.2 million at September 30, 2025, from $261.3 million at December 31, 2024.” · word for word
Deposit outflow
“Deposits decreased $122.3 million, or 3.3%, to $3.54 billion at September 30, 2025 from $3.66 billion at December 31, 2024.” · word for word
Bank First Corporation — questions
- What did Bank First Corporation file recently?
- 15 SEC filings in the last 12 months. Latest: 8-K on 2026-10-20 — Bank First reported Q3 2026 net income of $23.8M ($2.15 EPS), up from $18.0M ($1.83 EPS) in Q3 2025; NIM improved to 4.07% from 3.88%; dividend increased 8.3% QoQ and 44.4% YoY to $0.65/share.
Every figure on this page comes from Bank First Corporation's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.