Bank First Corporation Raises Quarterly Dividend 10% to $0.55 Per Share

Bank First Corporation (NASDAQ: BFC), a Wisconsin-based community bank holding company, declared a quarterly cash dividend of $0.55 per share, representing a 10% increase from the prior quarter's $0.50 dividend. The dividend is payable July 8, 2026, to shareholders of record as of June 24, 2026. Read more dividend announcements.

The dividend increase represents a 22.2% jump from the $0.45 per share dividend declared in the first quarter of 2025, reflecting the bank's earnings momentum following its recent acquisition of Centre 1 Bancorp.

First Quarter Performance

The dividend announcement accompanied Bank First's first quarter 2026 results, which showed net income of $20.0 million, or $1.78 per share, compared with $18.2 million, or $1.82 per share, in the year-earlier quarter. Adjusted for $6.5 million in acquisition expenses related to the Centre transaction and $0.2 million in net gains on asset sales, adjusted net income reached $25.1 million, or $2.24 per share.

The bank completed its acquisition of Centre 1 Bancorp, parent company of First National Bank and Trust in Beloit, Wisconsin, on January 1, 2026. The transaction added trust and wealth management, fraud prevention, and treasury management capabilities to Bank First's platform.

Capital and Book Value

Stockholders' equity totaled $819.9 million at March 31, 2026, up $176.0 million from year-end 2025. The increase reflected $20.0 million in earnings and a $168.5 million positive capital impact from the Centre acquisition, partially offset by $5.6 million in dividends and $2.4 million in share repurchases.

Book value per share reached $73.05 at quarter-end, compared with $65.47 at December 31, 2025. Tangible book value per share increased to $47.04 from $46.01 over the same period, with the Centre acquisition proving slightly accretive to tangible book value at closing. Tangible common equity grew at an annualized rate of 9.1% during the first quarter.

Asset Quality

Nonperforming assets rose to $30.0 million at March 31, 2026, from $9.0 million at year-end 2025. The increase included $3.2 million in other real estate owned from former Centre properties and $3.5 million in nonaccrual loans acquired in the transaction. A single relationship totaling $12.9 million moved to nonaccrual status during the quarter. Nonperforming assets to total assets stood at 0.50%, up from 0.20% at December 31, 2025.

Bank First operates 38 banking locations across Wisconsin and Illinois with approximately $6 billion in assets and 546 full-time equivalent employees. The bank, which traces its roots to 1894, provides commercial and retail banking, treasury management, trust, and wealth management services.