Bank First Reports Second Quarter Net Income of $24.7 Million

The Manitowoc-based holding company posted earnings of $2.21 per share for the quarter ending June 30, 2026. After adjusting for one-time acquisition expenses and asset sales, the bank’s non-GAAP net income reached $27.3 million, or $2.45 per share. This performance follows the January 1 acquisition of Centre 1 Bancorp, a move that expanded the bank's total assets by 33% and introduced new revenue streams, including trust and wealth management services. Chairman and CEO Mike Molepske emphasized that the bank remains committed to organic growth and disciplined acquisition standards rather than rushing toward arbitrary asset thresholds.

Net interest income rose to $55.0 million, bolstered by a net interest margin of 4.13%. While the bank saw some loan portfolio contraction as it moved away from legacy loans that fell outside its lending philosophy, the institution maintained a stable credit quality, with nonperforming assets at 0.47% of total assets. Reflecting the bank's strong capital position, the Board of Directors declared a quarterly cash dividend of $0.60 per share, marking a 33.3% increase compared to the second quarter of 2025. With the pending acquisition of PSB Holdings expected to close in December 2026, the bank projects its total assets will reach approximately $7.5 billion.