The EPS miss and elevated expense base from the Centre acquisition integration are the primary negatives. Monitor the December 4 closing of PSB Holdings and subsequent expense synergy realization in Q1 2027 for margin recovery.
Price Chart
Executive Summary
Bank First reported Q3 2026 GAAP EPS of $2.15 and adjusted EPS (non-GAAP) of $2.35, missing the consensus estimate of $2.64 by 11.0%. Net interest income rose 44% YoY to $55.2M on the Centre acquisition, but noninterest expenses remained elevated at $34.7M due to acquisition-related costs and ongoing redundancies. The dividend was increased 44.4% YoY to $0.65/share, and the company is progressing toward the December 4, 2026 acquisition of PSB Holdings.
Key Financial Metrics
Key Facts
- GAAP EPS of $2.15 missed consensus of $2.64 by 11.0%
- Adjusted EPS (non-GAAP) of $2.35 also missed the $2.64 consensus
- Net interest income grew 44% YoY to $55.2M, driven by the Centre acquisition
- Noninterest expense was $34.7M, up 64% YoY, with $2.7M in acquisition-related costs
- Quarterly dividend increased 44.4% YoY to $0.65 per share
- Total loans grew at a 6.6% annualized pace during Q3
- Nonperforming assets to total assets remained at 0.50%
- Planned acquisition of PSB Holdings on track for December 4, 2026
Financial Impact
EPS miss of $0.29 vs consensus (-11.0%) on adjusted basis; revenue not explicitly guided but net interest income of $55.2M vs consensus $71.1M (revenue proxy) suggests a significant miss
Risk Factors
- Integration costs from Centre and upcoming PSB acquisition may continue to pressure earnings
- Nonperforming assets remain elevated at $29.6M, concentrated in a few relationships
- Loan attrition in the acquired Stateline region creates headwinds to organic growth
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-117400 |
| Document: tm2627817d1_8k.htm | 0001104659-26-117400 |
| Document: 0001104659-26-117400-index-headers.html | 0001104659-26-117400 |
| Document: 0001104659-26-117400-index.html | 0001104659-26-117400 |
| Document: 0001104659-26-117400.txt | 0001104659-26-117400 |
| 8-K Data (Synthetic) | 0001104659-26-117400 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 6d ago | 8-K | $142.04 | awaiting T+20 | — | $148.50 (−4.55%) |
Sep 22, 2026 5w ago | Institutional Cluster | $150.83 $148.34 | ▼ −1.65% | ▼ −1.09% | $148.50 (−1.54%) |
Aug 24, 2026 9w ago | Insider Buy | $154.08 $150.83 | ▼ −2.11% | ▼ −3.42% | $148.50 (−3.62%) |
Aug 4, 2026 12w ago | EFFECT | $156.08 $150.33 | ▼ −3.68% | ▼ −2.45% | $148.50 (−4.86%) |
Jul 30, 2026 12w ago | S-4/A | $152.74 $152.81 | ▲ +0.05% | ▼ −2.94% | $148.50 (−2.78%) |
Jul 17, 2026 14w ago | S-4 | $145.82 $156.88 | ▲ +7.58% | ▲ +3.46% | $148.50 (+1.84%) |
Jun 11, 2026 19w ago | Institutional Cluster | $143.99 $146.67 | ▲ +1.86% | ▼ −0.03% | $148.50 (+3.13%) |
May 19, 2026 22w ago | 8-K | $143.05 $142.68 | ▼ −0.26% | ▼ −1.00% | $148.50 (+3.81%) |
Apr 24, 2026 26w ago | DEFA14A | $144.19 $142.37 | ▼ −1.26% | ▼ −5.29% | $148.50 (+2.99%) |
Apr 22, 2026 26w ago | 8-K | $141.83 $143.05 | ▲ +0.86% | ▼ −3.77% | $148.50 (+4.70%) |
US Market Status
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