Bank First Reports Q1 Earnings, Declares Reduced Dividend Amidst Asset Quality Concerns
BFC sits 39% above its 52-week low of $100.5.
Summary
Bank First reported Q1 earnings with increased net income but lower EPS, declared a $0.55 quarterly dividend which is a significant reduction from the 2025 annual rate, and saw a notable rise in nonperforming assets.
Key Events · Earnings and Guidance · BFC
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Q1 2026 Earnings Reported
Bank First Corporation announced net income of $20.0 million ($1.78 per share) for Q1 2026, compared to $18.2 million ($1.82 per share) in Q1 2025. Adjusted net income (non-GAAP) was $25.1 million, or $2.24 per share.
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Significant Dividend Reduction
The Board declared a quarterly cash dividend of $0.55 per share. While this is an increase of 10.0% over the prior quarter and 22.2% over the prior-year first quarter, it represents a substantial reduction from the $1.325 quarterly rate implied by the $5.30 annual dividend reported for 2025.
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Deterioration in Asset Quality
Nonperforming assets increased significantly to $30.0 million at March 31, 2026, up from $9.0 million at December 31, 2025. This includes a $12.9 million single relationship moved to nonaccrual status.
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Centre 1 Bancorp Acquisition Integrated
The acquisition of Centre 1 Bancorp, Inc. was successfully completed on January 1, 2026, increasing total assets by 33% to $6.07 billion. The integration added new business lines and operating scale.
Analysis · BFC · Finance
Bank First Corporation reported mixed first-quarter results, with net income increasing year-over-year but earnings per share declining due to a higher share count from its recent acquisition. While adjusted earnings per share showed growth, the company's declaration of a $0.55 quarterly dividend, despite being a sequential increase, represents a significant reduction from the $1.325 quarterly rate implied by the $5.30 annual dividend reported for 2025. This substantial dividend cut, coupled with a notable increase in nonperforming assets, including a large single nonaccrual loan, signals potential challenges despite the successful integration of the Centre 1 Bancorp acquisition. Investors will likely focus on the implications of the dividend policy change and the trend in asset quality.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 36.9% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.65%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BFC was trading at $139.95 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $100.50 to $153.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.