Bank First Net Income Rises to $24.7 Million
The community bank increased its quarterly cash dividend to $0.60 a share following a rise in net interest income.
Bank First (BFC), a community bank, reported net income of $24.7 million for the second quarter of 2026.
The results followed a period of expansion driven by the January 1 acquisition of Centre, which added $1.48 billion to the company's balance sheet. Total assets reached $5.95 billion as of June 30, 2026.
Net income rose from $16.9 million in the second quarter of 2025. Net interest income for the quarter was $55.0 million, an increase of $18.3 million compared to the same period last year and $1.8 million over the first quarter of 2026.
Net interest margin expanded to 4.13%, up from 3.96% in the prior quarter and 3.72% in the second quarter of 2025. Adjusted net interest margin increased 10 basis points sequentially, reflecting a 4 basis point increase in rates earned on average earning assets and a 9 basis point decrease in rates paid on average interest-bearing liabilities.
Noninterest income fell to $10.0 million from $10.5 million in the first quarter, though it remained higher than the $4.9 million reported in the second quarter of 2025. Trust and Wealth Management income, a business line added through the Centre acquisition, generated $1.6 million in the quarter.
Noninterest expense decreased to $34.4 million from $39.1 million in the first quarter. This decline was supported by a drop in acquisition-related expenses for Centre and Peoples, which fell to $3.3 million from $6.5 million in the prior quarter.
Nonperforming assets decreased to $27.8 million from $30.0 million at the end of the previous quarter, though they were higher than the $13.6 million reported on June 30, 2025. The ratio of nonperforming assets to total assets was 0.47%, down from 0.50% in the first quarter.
Noninterest-bearing demand deposits rose to 30.0% of total deposits as of June 30, compared to 27.1% at the end of 2025. The company increased its quarterly cash dividend to $0.60 a share, a 9.1% increase from the prior quarter.