Bank First Q1 Profit $20M, Adjusted EPS $2.24; Assets Up 33% Post-Acquisition
Bank First posted Q1 net income of $20.0 million ($1.78 per share), or $2.24 adjusted, while net revenue excluding interest of $63.7 million missed forecasts. The Centre 1 Bancorp acquisition added $1.48 billion in assets (33% increase) and supported 9.1% tangible book value growth with a 10% dividend raise to $0.55.
1. Q1 Financial Results
Bank First recorded net income of $20.0 million, or $1.78 per share, and adjusted net income of $25.1 million, or $2.24 per share, after excluding acquisition expenses and asset sale gains. Total revenue was $84.1 million, and net revenue excluding interest expense reached $63.7 million, falling short of analyst forecasts.
2. Centre 1 Bancorp Acquisition
On January 1, Bank First completed its acquisition of Centre 1 Bancorp, adding $1.48 billion of assets—a 33% increase—and establishing a new Stateline region. Integration expenses totaled $6.5 million, six overlapping branches were closed, and new offices are planned in Walworth, Delavan and Monroe to enhance market presence.
3. Dividend and Capital
The board declared a quarterly cash dividend of $0.55 per share, up 10% sequentially and 22.2% year-over-year. Tangible book value grew 9.1% annualized, the bank repaid $65 million in Federal Home Loan Bank borrowings, and net interest margin stood at 3.96% for the quarter.