BFC earnings analysis
What we found in BFC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Bank First delivered second-quarter revenue of $65.035 million and GAAP diluted EPS of $2.21, with revenue and adjusted EPS exceeding consensus estimates. Revenue and EPS improved year over year, although revenue declined materially from the unusually high $84 million reported in 2026 Q1. Net interest margin was 4.13%, but the company remains exposed to interest-rate movements and acquisition execution risk; no quantitative forward guidance was provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue beat estimates, down sequentially
- Second-quarter revenue was $65.035 million, up approximately 10.2% from $59 million in 2025 Q2, but down approximately 22.6% from $84 million in 2026 Q1. Revenue exceeded the $64.228 million consensus estimate by approximately 1.3%.
- EPS growth and positive surprise
- GAAP diluted EPS was $2.21, up from $1.71 in the prior-year quarter and $1.78 in the preceding quarter. Adjusted EPS of $2.45 exceeded the $2.29 consensus estimate by approximately 7.0%.
- Net interest margin supported results
- Net interest margin was 4.13%, supporting quarterly results through higher net interest income.
- Modeled rate sensitivity improved
- Interest-rate sensitivity improved versus December 31, 2025: a 300-basis-point rate increase was modeled to reduce net interest income by 1.9% as of June 30, 2026, versus a 2.4% reduction previously.
- Continued share repurchases
- The company repurchased 144,000 shares during the quarter at an average price of $141.09, under a program permitting up to $60 million of annual repurchases through April 20, 2028.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Interest-rate sensitivity
- The company remains exposed to interest-rate risk. As of June 30, 2026, simulations indicated that parallel rate changes of +300 basis points and -300 basis points would each reduce projected net interest income by 1.9% and 1.0%, respectively.
- Economic-value-of-equity exposure
- Economic value of equity analysis estimated a 3.01% increase from an instantaneous 200-basis-point rate increase but a 3.02% decrease from a 100-basis-point rate decrease, highlighting asymmetric balance-sheet exposure.
- Acquisition execution risk
- The filing states there were no material changes to previously disclosed risk factors during the quarter. Existing risks include acquisition-related costs and integration risks associated with the Peoples transaction expected to close in December 2026.
- Capital allocation risk
- The company is authorized to repurchase up to $60 million of common stock per year, while 144,000 shares were repurchased in Q2 at an average price of $141.09; ongoing buybacks can reduce capital available for growth or acquisition funding.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.21
What they said about what is next.
No quantitative revenue or EPS guidance was provided. Management anticipates closing the Peoples acquisition in December 2026; the transaction is expected to increase total assets to approximately $7.5 billion.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 11, 2026
- Bank First Corporation (BFC) reported Q1 2026 results showing a decline in revenue and EPS compared to previous quarters. Revenue decreased to $63.7 million from $62 million in Q1 2025, while diluted EPS fell to $2.24,…
- 10-K · February 27, 2026
- Bank First reports a stable community-banking franchise with $4.51 billion in consolidated assets, a $3.60 billion loan book (80.1% of assets) and $3.70 billion of deposits as of December 31, 2025. The company…
- 10-Q · August 11, 2025
- Bank First reported Q2 net income of $16,875,000 and total revenue of $41,623,000 (3 months ended June 30, 2025). Revenue and EPS rose year-over-year (+7.0% and +7.5%, respectively) but Q2 revenue and EPS declined…
- 10-Q · August 9, 2023
- Bank First reported Q2 2023 total revenue of $38,337,000 (net interest income $34,272,000 + noninterest income $4,065,000), up $9,306,000 (+32.0%) year-over-year and essentially flat sequentially (+$254,000, +0.7%). Net…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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