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Bank First Announces Net Income for the Third Quarter of 2026

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Net income of $23.8 million and $68.5 million for the three and nine months ended September 30, 2026, respectivelyEarnings per common share of $2.15 and $6.14 for the three and nine months ended September 30, 2026, respectivelyAdjusted net income (non-GAAP) of $26.1 million and $78.5 million and adjusted earnings per common share (non-GAAP) of $2.35 and $7.04 for the three and nine months ended September 30, 2026, respectively, after removing the impact of acquisition expenses and certain asset salesQuarterly cash dividend of $0.65 per share declared, an increase of 8.3% and 44.4% over the prior quarter and prior-year third quarter, respectively

MANITOWOC, Wis., Oct. 20, 2026 /PRNewswire/ — Bank First Corporation (NASDAQ: BFC) (“Bank First” or the “Bank”), the holding company for Bank First, N.A., reported net income of $23.8 million, or $2.15 per share, for the third quarter of 2026 (“26Q3”), compared with net income of $18.0 million, or $1.83 per share, for the prior-year third quarter (“25Q3”). For the nine months ended September 30, 2026 (“26YTD”), Bank First earned $68.5 million, or $6.14 per share, compared to $53.1 million, or $5.36 per share for the same period in 2025 (“25YTD”). After removing the impact of expenses related to the acquisitions of Centre 1 Bancorp, Inc. (“Centre”), and PSB Holdings, Inc. (“Peoples”), as well as one-time net gains on the sale of certain assets, the Bank reported adjusted net income (non-GAAP) of $26.1 million, or $2.35 per share, and $78.5 million, or $7.04 per share, for 26Q3 and 26YTD, respectively. Adjusted net income (non-GAAP) was $18.8 million, or $1.91 per share, and $53.8 million, or $5.42 per share, for 25Q3 and 25YTD, respectively.

“During the most recent quarter, we made meaningful progress toward our planned December 4, 2026 acquisition of Peoples while adding experienced leaders to support our continued organic growth,” stated Mike Molepske, Chairman and CEO of Bank First. “At a recent cultural orientation meeting, we were pleased to see the enthusiasm and engagement of Peoples employees who will be joining Bank First. Their warm welcome reflects the positive response we have also received from customers and shareholders of Peoples, who recognize the opportunities this merger will create through expanded retail products, enhanced trust and wealth management services, more sophisticated treasury management tools, and greater lending capacity.”

Operating Results

The acquisition of Centre, an institution with $1.48 billion in assets at closing on January 1, 2026, increased total assets of Bank First by 33%. The added operating scale from this transaction significantly impacted Bank First’s results for 26Q3 and 26YTD, as well as comparability to 25Q3 and 25YTD.

Net interest income (“NII”) during 26Q3 was $55.2 million, up $0.2 million from the previous quarter (“26Q2”) and up $17.0 million from 25Q3. The impact of net accretion and amortization of purchase accounting related to interest-bearing assets and liabilities from Centre and past acquisitions (“purchase accounting”) increased NII by $2.2 million, or $0.16 per share after tax, during 26Q3, compared to $3.6 million, or $0.25 per share after tax, during 26Q2 and $0.7 million, or $0.06 per share after tax, during 25Q3.

Net interest margin (“NIM”) was 4.07% for 26Q3, compared to 4.13% for 26Q2 and 3.88% for 25Q3. NII from purchase accounting increased NIM by 0.16%, 0.27% and 0.07% for each of these periods, respectively. After removing the impact of purchase accounting, each sequential quarter of 2026 has exhibited higher yields on interest-earning assets (5.35% for the first quarter of 2026 (“26Q1”), 5.39% for 26Q2, 5.42% for 26Q3), lower crediting rates on interest-bearing liabilities (2.38% for 26Q1, 2.29% for 26Q2, 2.26% for 26Q3), and higher overall NIM (3.76% for 26Q1, 3.86% for 26Q2, 3.91% for 26Q3).

Bank First recorded a provision for credit losses totaling $0.8 million in 26Q3, slightly higher than the $0.7 million provision recorded during the 25Q3. The Bank did not record a provision for credit losses during 26Q2. Accounting entries related to the Centre acquisition added $12.8 million to the allowance for credit losses on January 1, 2026. The lack of provision expense during the first half of 2026 was due to a slight contraction in the Bank’s loan portfolio as loan production in legacy markets was offset by contraction in the Bank’s new Stateline region (formerly Centre), as the Bank transitioned out of certain acquired loans that were not consistent with Bank First’s lending philosophy. The provision recorded during 26Q3 was the result of growth in the Bank’s loan portfolio, as detailed later in this release.

Noninterest income was $10.1 million for 26Q3, compared to $10.0 million for 26Q2 and $6.0 million for 25Q3. Trust and Wealth Management income, a new business line for Bank First resulting from the Centre acquisition, remained a consistently strong contributor to noninterest income, producing $1.6 million in noninterest income during each quarter of 2026. Prior to the acquisition of Centre, minimal wealth management income was produced through referral agreements with partner firms. Service charge income totaled $4.1 million for 26Q3, compared to $4.1 million and $2.1 million for 26Q2 and 25Q3, respectively. Consumer behavior in the new Stateline region has driven a significant increase in service charge income during 2026, producing $12.9 million in revenue for 26YTD compared to $6.2 million for 25YTD. Income provided by the Bank’s investment in Ansay & Associates, LLC (“Ansay”) totaled $0.8 million for 26Q3, compared to $0.9 million and $1.3 million for 26Q2 and 25Q3, respectively. Ansay is experiencing reduced profitability in 2026, the result of investments they are making in automation and operational efficiency to improve future profitability, coupled with insurance pricing in several sectors entering an industry-wide softening. Gains on sales of mortgage loans totaled $2.3 million for 26YTD compared to $1.2 million for 25YTD as the Bank has produced strong results in retail lending in a challenging higher-rate environment. The increasing interest rate environment over the last twelve months has led to a $1.5 million positive valuation adjustment to the Bank’s mortgage servicing rights in 26YTD, compared to a $0.3 million positive valuation adjustment during 25YTD. Increasing prevailing mortgage rates cause the assumption for prepayments of mortgages to decline, increasing the underlying value of mortgage servicing rights assets.

Noninterest expense totaled $34.7 million in 26Q3, compared to $34.4 million during 26Q2 and $21.1 million during 25Q3. Expenses related to the Bank’s acquisitions of Centre and Peoples totaled $2.7 million during 26Q3 compared to $3.3 million during 26Q2 and $0.9 million during 25Q3. These expenses were distributed in the areas of personnel expense (primarily 26Q2), outside service fees (all three quarters) and data processing expenses (primarily 26Q3). Conversion of Centre’s core data processing system onto Bank First’s platform occurred during the second quarter of 2026. Prior to this conversion, and continuing into 26Q3, some operational areas of the Bank had redundancies (personnel expense, occupancy expense, data processing) which are in addition to the previously listed expenses related directly to acquisitions. Full realization of expected cost savings from operational synergies began during 26Q3 and are anticipated to be fully realized during future quarters. While personnel expense declined from $16.8 million in 26Q2 to $15.8 million in 26Q3, severance costs during 26Q2 totaling $1.3 million from the Centre acquisition mask a quarter-over-quarter increase in ongoing personnel costs as the Bank added several senior individuals in preparation of both the Peoples acquisition and future organic and acquisitive growth. The acquisition of Centre created a core deposit intangible asset of $31.9 million. Amortization related to this intangible asset, which the Bank will amortize over the next 10 years, led to the elevated amortization expense during 26YTD.

“We believe investing in people is essential to Bank First’s continued success. In anticipation of our Northcentral Region, which the acquisition of Peoples will create, we hired a new Regional President who brings extensive experience in the Wausau market. We also hired a Chief Retail Officer with substantial previous experience at two national banks. Together with several other key hires in recent quarters, these investments in our people deepen our expertise, strengthen our ability to serve customers, and build the leadership capacity to sustain our growth as we prepare to surpass $10 billion in assets,” stated Molepske.

Balance Sheet

Total assets were $5.95 billion on September 30, 2026, an increase of $1.44 billion from December 31, 2025, and up $1.53 billion from September 30, 2025. The acquisition of Centre added approximately $1.48 billion in assets on January 1, 2026.

The carrying value of investments on September 30, 2026, totaled $588.3 million, up $320.1 million from December 31, 2025, and $314.3 million from September 30, 2025. The acquisition of Centre included $333.1 million in investments, causing the investment portfolio’s composition of total assets to go from 6.0% at the end of 2025 to 9.9% at the end of the third quarter of 2026.

Total loans were $4.60 billion on September 30, 2026, up $991.2 million from December 31, 2025, and $966.2 million from September 30, 2025. Loans included in the acquisition of Centre totaled approximately $981.5 million. Some attrition in these acquired balances has created a headwind to overall loan growth for the organization during 2026. Total loans grew by a 6.6% annualized pace during 26Q3.

Total deposits, nearly all of which remain core deposits, were $5.00 billion on September 30, 2026, up $1.31 billion from December 31, 2025, and $1.46 billion from September 30, 2025. Deposits included in the acquisition of Centre totaled approximately $1.38 billion. Noninterest-bearing demand deposits comprised 29.7% of the Bank’s total deposits on September 30, 2026, after finishing 2025 at 27.1%.

As of January 1, 2026, after the acquisition of Centre, the Bank had outstanding borrowings totaling $206.9 million. The Bank’s strong liquidity position has allowed it to reduce this balance to $79.8 million on September 30, 2026. This reduction was accomplished through normal maturities on borrowings which were not renewed, as well as selective prepayments of borrowings that had negative carrying spreads to yields earned on the Bank’s on-balance sheet liquidity.

Asset Quality

Nonperforming assets on September 30, 2026, totaled $29.6 million, up $1.8 million from the end of the previous quarter and up $15.8 million from September 30, 2025. Other real estate owned, fully comprised of former properties of Centre that will not be utilized by Bank First, totaled $2.4 million on September 30, 2026. Loans currently in nonaccrual status remain concentrated in a few customer relationships. The circumstances which led these loans to nonaccrual status are unique and not prevalent throughout the Bank’s loan portfolio. Nonperforming assets to total assets remained manageable at 0.50% as of September 30, 2026, up slightly from 0.47% at the end of the prior quarter and 0.31% on September 30, 2025.

Capital Position

Stockholders’ equity totaled $826.4 million on September 30, 2026, an increase of $182.6 million from the end of 2025. Earnings of $68.5 million for 26YTD was supplemented by a positive impact to capital of $168.5 million from the Centre acquisition. These increases were offset by dividends totaling $18.4 million and share repurchases totaling $23.9 million during 26YTD. The Bank’s book value per common share totaled $74.57 on September 30, 2026, compared to $65.47 on December 31, 2025. Tangible book value per common share (non-GAAP) totaled $48.83 on September 30, 2026, compared to $46.01 on December 31, 2025.

Dividend Declaration

Bank First’s Board of Directors approved a quarterly cash dividend of $0.65 per common share, payable on January 6, 2027, to shareholders of record as of December 23, 2026. This dividend represents an increase of $0.05 and $0.20 per share, or 8.3% and 44.4%, from the dividend declared during the prior quarter and prior-year third quarter, respectively.

Bank First Corporation provides financial services through its subsidiary, Bank First, N.A., which was incorporated in 1894. Bank First offers loan, deposit, treasury management, trust, and wealth management services at each of its 38 banking locations in Wisconsin and Illinois. The Bank has grown through both acquisitions and de novo branch expansion. Bank First employs approximately 509 full-time equivalent staff and has assets of approximately $6 billion. Insurance services are available through its bond with Ansay. Further information about Bank First Corporation is available by clicking the Shareholder Services tab at www.bankfirst.com.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3100 / klemahieu@bankfirst.com

View original content:https://www.prnewswire.com/news-releases/bank-first-announces-net-income-for-the-third-quarter-of-2026-302914456.html

SOURCE Bank First Corporation

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CollectivIQ Introduces GigaBrain, Giving Enterprises a Shared Brain That Gets Smarter as Employees Work

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New Enterprise Intelligence Layer Turns the Collective Learnings of AI Agents Into Secure, Usable Organizational Knowledge

BOSTON, Oct. 21, 2026 /PRNewswire/ — CollectivIQ, the collective intelligence platform built to give employees more honest AI insights and digital teammates that put its intelligence to work, today announced the availability of GigaBrain, a new shared intelligence layer that enables organizations to capture, connect, and use the knowledge accumulated by employees and their Digital Direct Reports (DDRs), which are specialized AI teammates that work for people much like human direct reports do. Every company has valuable knowledge that lives outside its formal systems, across various tools, residing in employees’ heads, embedded in conversations, and lodged in disparate company applications. GigaBrain is designed to make that collective intelligence available to the organization and its employees.

As employees work with their Digital Direct Reports, those AI teammates develop context about their work, including projects, processes, responsibilities, relationships, and preferences. With GigaBrain, those individual learnings can contribute to a shared enterprise memory, allowing knowledge developed in one part of an organization to make AI more useful across the business. The result is an enterprise AI environment that gets smarter through use. Rather than requiring employees to repeatedly find, upload or explain the same information, GigaBrain gives employees and their Digital Direct Reports access to relevant organizational context when they need it.

When a sales representative’s DDR learns the intricacies of a customer’s procurement process, including approval requirements, key decision-makers, and purchasing timelines, that knowledge can automatically become available to other team members, subject to appropriate access permissions. When the customer reaches out for help, the team will already have the context needed to navigate the relationship effectively, without asking the customer to repeat information or relying on a manual handoff.

“Companies are collectively spending billions to bring intelligence to their employees, but very little of that investment makes the company itself smarter,” said John Davie, CEO of CollectivIQ. “The breakthrough isn’t just giving every employee an AI teammate, it’s making sure what those employees and AI teammates learn becomes an advantage for the entire organization. GigaBrain turns everyday work into intelligence that compounds across the enterprise.”

While enterprise AI platforms such as Microsoft Copilot and Glean help employees access organizational information, GigaBrain is designed to capture knowledge that emerges through employees’ day-to-day interactions with their DDRs, including insights that may never be formally documented. GigaBrain creates an organizational knowledge layer that can connect what employees and their Digital Direct Reports learn through everyday work, giving AI access to relevant internal context alongside the broader knowledge available from large language models.

GigaBrain was built to provide a source of enterprise knowledge that Digital Direct Reports can draw upon as they work, including the ability to trace information back to its source, giving employees greater visibility into where organizational knowledge came from, and helping AI work from relevant company context. Employees do not need to manually document every useful insight for the system to become more valuable. As they collaborate with their Digital Direct Reports, relevant knowledge can become part of the enterprise intelligence available to other authorized AI teammates.

GigaBrain is also designed for the realities of enterprise information governance, as employees can use an incognito mode when working with information that should not contribute to shared organizational memory, giving users a way to keep sensitive or confidential interactions out of GigaBrain.

GigaBrain expands CollectivIQ’s vision for Digital Direct Reports beyond individual AI productivity, allowing the knowledge developed through that work to become part of a broader organizational intelligence layer. Together, they give companies a foundation for AI that does more than answer questions. CollectivIQ’s ecosystem can learn how an organization works, retain what it learns and make that knowledge useful across the enterprise.

GigaBrain is available through the CollectivIQ platform. For more information, visit www.collectiviq.ai.

About CollectivIQ

CollectivIQ is the collective intelligence platform built to give employees more accurate AI insights and teammates that put its intelligence to work. Founded by the leadership team behind Buyers Edge Platform, CollectivIQ was built to bring accountability, action, and economic alignment to enterprise AI adoption. Learn more at www.collectiviq.ai.

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SOURCE CollectivIQ

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Pactum Launches Intake Agent, Cutting Purchase Request Cycle Time by 90%

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New AI agent replaces complicated purchase forms and repeated follow-ups by completing and checking every request before it is submitted, inside Microsoft Teams, Coupa, and SAP Ariba.

MOUNTAIN VIEW, Calif., Oct. 21, 2026 /PRNewswire/ — Pactum, the most advanced agentic AI platform for enterprise autonomous procurement execution, today announced the launch of its Intake Agent, which lets employees describe what they need to buy in plain language. The agent turns each request into a complete, correctly coded requisition and checks it against company buying policies before it is submitted.  Available now in Microsoft Teams, Coupa, and SAP Ariba, the Intake Agent connects with Pactum’s other agents to enable end-to-end autonomous indirect procurement. A purchase can draw on an existing contract or move to autonomous sourcing and negotiation, with a human buyer handling requests that require judgment.

The launch extends Pactum’s growing portfolio of AI agents to the start of indirect procurement, covering purchases such as software, office equipment, and professional services. It brings Pactum’s co-founders’ vision of procurement run with AI agents from the first request through sourcing and negotiation into operation. Procurement teams set the buying rules once, and the agent applies them to every request, whatever its value.

“Procurement teams can now run indirect procurement with full autonomy while remaining in control and managing the exceptions,” said Kaspar Korjus, Co-Founder and CEO of Pactum. “Our Intake Agent helps resolve questions earlier so requests can move forward with less back-and-forth and teams can focus on the decisions that need their expertise.”

For employees, finding an approved supplier or selecting the right accounting code can require expertise across procurement, finance, operations, and IT teams. Missing or incorrect information can lead to rejected requisitions and repeated follow-ups, leaving buyers to focus on correcting forms instead of focusing on supplier relationships and commercial decisions. Review queues can stretch from days to weeks.

With Pactum Intake, employees describe what the business needs, whether goods or services of any complexity, and can provide supporting documents such as a supplier quote. The agent uses the request and relevant documents to identify the best procurement category and complete the accounting and supplier details. It asks only the follow-up questions needed to complete the requisition. Once the request is checked, it is handed off to another Pactum digital worker to autonomously source and negotiate for better pricing and terms where required.

“Building software that assists procurement professionals is relatively easy. Building software that runs the whole process on its own, from the first request to the final purchase, is much harder,” said Kristjan Korjus, Co-Founder and Chief Scientist at Pactum. “It is the difference between driver assistance and a car with no one behind the wheel. Most procurement AI still needs a buyer at the wheel for every request. Our AI agents take the request all the way to the purchase on their own, and it is remarkable to watch them pass the work from one agent to the next.”

The launch follows Pactum’s Requisition Alignment Agent surpassing one million requisition checks, which validates purchase requests against company buying policies, existing contracts, and approved suppliers. Intake builds on this foundation in policy enforcement by connecting employee requests with agents that carry out sourcing and negotiation.

For more information about Pactum Intake, visit https://pactum.com/procurement-agents/intake.     

About Pactum:

Since 2019, Pactum has been leading the shift to autonomous procurement. Its AI agents check every purchase request against a company’s policies, contracts and approved suppliers, source and negotiate with suppliers in more than 40 languages, and work inside Coupa and SAP Ariba. Pactum agents are relied on by more than 60 of the world’s largest enterprises. To learn more, visit www.pactum.com.

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SOURCE Pactum

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Crush Security Launches Crush Dollar Exposure, Turning Cyber Risk Into Dollars and Showing Which Security Investments Reduce It Most

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New financial risk intelligence capability uses FAIR-informed modeling, Monte Carlo analysis and security data to help CISOs and CFOs quantify cyber exposure, prioritize remediation and communicate financial risk to executive leadership.

SCOTTSDALE, Ariz., Oct. 21, 2026 /PRNewswire/ — Crush Security today announced the launch of Crush Dollar Exposure, a new capability within its cybersecurity intelligence platform that translates cyber risk into financial exposure and helps organizations identify which security improvements can deliver the greatest reduction in potential financial loss.

For years, cybersecurity teams have measured their environments through vulnerabilities, risk scores, compliance percentages and control gaps. While valuable to security operations, those measurements often fail to answer the fundamental questions that executives and boards need answered:

How much could our cybersecurity weaknesses cost the business, and where should we invest to reduce that exposure?

Crush Dollar Exposure is designed to answer those questions by connecting an organization’s security posture, control coverage, threat intelligence and industry financial loss data to a quantitative view of cyber risk. The result is a financial perspective that enables security and business leaders to evaluate potential losses, compare remediation priorities and make more informed investment decisions.

From Technical Risk Scores to Financial Decisions

Traditional cybersecurity assessments often produce long lists of findings ranked by technical severity. But the most technically severe vulnerability is not necessarily the one that represents the greatest potential financial loss to the organization.

Crush Dollar Exposure changes the decision-making process by evaluating security gaps through their estimated contribution to financial risk. The capability provides four principal measurements:

Annualized Financial Exposure: An estimate of potential annual cyber losses, expressed in dollars.Financial Exposure Relative to Revenue: A view of modeled cyber exposure in relation to the organization’s annual revenue, providing business context.Value-at-Risk Analysis: Potential loss thresholds at selected probability levels, supported by loss-exceedance curves that illustrate the range of possible financial outcomes.Financially Prioritized Remediation: Security control gaps ranked by their modeled contribution to financial exposure, helping teams identify where remediation may reduce the most risk.

Rather than simply reporting that a security control is missing or a vulnerability is critical, Crush Dollar Exposure helps organizations understand the potential financial consequences and prioritize corrective action accordingly.

Connecting Every Security Gap to Business Impact

One of the capability’s key differentiators is its ability to connect security control weaknesses to modeled loss scenarios and financial consequences.

For example, a security team evaluating investments in identity protection, endpoint security and vulnerability remediation can use the model to determine which weaknesses contribute most significantly to estimated financial exposure. This allows security leaders to move beyond asking which problem is technically most severe and begin asking which investment is likely to provide the greatest financial risk reduction.

The analysis also connects control gaps to underlying loss scenarios, helping organizations understand how multiple weaknesses may contribute to the same business risk. For CFOs and executive teams, this provides a more financially grounded way to evaluate cybersecurity spending. For CISOs, it creates a defensible framework for explaining security priorities and communicating their potential business impact.

Transparent, Reproducible Risk Modeling — Not a Black-Box AI Score

Crush Dollar Exposure uses a quantitative methodology informed by the Factor Analysis of Information Risk (FAIR) framework and Monte Carlo simulation to model possible financial losses.

The methodology incorporates security control coverage, industry-relevant threat activity, recognized adversary techniques, organizational characteristics and established financial loss reference data.

Unlike opaque risk-scoring approaches, the capability is designed to make the assumptions, data inputs and modeled loss scenarios underlying its financial estimates visible and reviewable. Although Crush Security’s broader platform includes Cassandra, its AI-powered security advisor, the financial risk calculations themselves rely on defined quantitative modeling rather than generative AI.

The capability distinguishes between uncertainty in modeled financial outcomes and confidence in the quality of supporting data, helping executives understand both the estimated exposure and the limitations of the underlying analysis. This transparency is intended to support repeatable analysis, auditability and more defensible conversations with boards, regulators and financial stakeholders.

Giving CISOs and CFOs a Common Language

“Cybersecurity leaders are constantly asked to justify their budgets, but we’re still presenting information to boards that doesn’t directly answer the questions they’re asking,” said Josh Jones, CEO and Co-Founder of Crush Security. “Boards don’t just want to know how many vulnerabilities you have or how many security tools you’ve deployed. They want to understand what the risk could cost the business, where their money is going, and whether those investments are making a measurable difference.”

“With Crush Dollar Exposure, we’re connecting cybersecurity decisions to financial outcomes. Our goal is to give every CISO the ability to walk into a board meeting and explain their organization’s estimated financial exposure, identify the gaps driving it, and show which actions have the greatest potential to reduce that risk.” -Joshua Jones, CEO-

Built on the Crush Security Intelligence Platform

Crush Dollar Exposure extends Crush Security’s intelligence platform, which brings together vendor, control, compliance and threat data to support security investment decisions.

Powered by Cassandra, the platform helps organizations identify coverage gaps, compare technology and vendors, and optimize cybersecurity spending.

Risk calculations are performed within each customer’s data environment, with customer-specific information remaining within its designated security boundary. Anonymized and aggregated industry reference information supports comparative risk modeling.

Availability

Crush Dollar Exposure is available now within the Crush Security platform. Organizations interested in quantifying their financial cyber exposure, evaluating remediation priorities or scheduling a demonstration can visit www.CrushSecurity.com. Access information is available directly from Crush Security.

About Crush Security

Crush Security is a veteran-owned cybersecurity technology and advisory company headquartered in Scottsdale, Arizona.

Its proprietary intelligence platform, advisory services and cybersecurity procurement data help customers make data-driven technology purchasing decisions leveraging Crush Security’s resell capabilities.

Cassandra, its AI-powered advisor, unifies security, vendor and compliance intelligence to identify gaps, optimize investments, quantify risk and evaluate solutions to shorten the decision time and accuracy for each project.

Crush Security’s core intelligence platform is currently included at no separate subscription cost with eligible customer engagements.

Website: www.CrushSecurity.com

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SOURCE Crush Security Group Inc

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