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,…
Earnings analysis · 10-Q
BFC earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.21
What stood out
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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%.
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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%.
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Net interest margin supported results
Net interest margin was 4.13%, supporting quarterly results through higher net interest income.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.