Bank First (BFC) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $20.0 million, up from $18.2 million in Q1 2025, driven by the Centre acquisition and operational scale.

• 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.

• The acquisition of Centre on January 1, 2026, added $1.0 billion to $1.48 billion in loans and assets, $1.38 billion in deposits, and $168.5 million in equity, increasing total assets by 33%.

• Total assets increased 34.7% to $6.07 billion at March 31, 2026, from $4.51 billion at year-end 2025.

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

Financial highlights

• Net interest income increased 45.7% year-over-year to $53.2 million for Q1 2026.

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

• Noninterest expense nearly doubled to $39.1 million, reflecting integration and operational costs from the Centre acquisition.

• Earnings per share (diluted) was $1.78, compared to $1.82 in Q1 2025.

• Total loans were $4.52 billion, up $911 million from December 2025; total deposits were $5.09 billion, up $1.39 billion.

Outlook and guidance

• Management expects to continue exceeding all regulatory capital requirements and maintain strong liquidity.

• 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.

• The integration of Centre is expected to drive further operational efficiencies and revenue growth in 2026.