Bank First Raises Quarterly Dividend 8.3% to $0.65

Bank First Corporation raised its quarterly dividend 8.3% to $0.65 a share from $0.60. The shares are scheduled to trade ex-dividend on December 23, 2026, with payment set for January 6, 2027.

Why the dividend changed

Bank First did not provide a detailed, dividend-specific explanation for the new rate in the sources reviewed. Its recent financial reports nevertheless show the operating and capital backdrop for the decision: higher earnings, acquisition-driven expansion and regulatory capital above required levels.

The Manitowoc, Wisconsin-based regional bank reported second-quarter net income of $24.7 million, or $2.21 a share, compared with $16.9 million, or $1.71 a share, a year earlier. Adjusted net income was $27.3 million after excluding acquisition expenses and certain asset sales. The results release paired that earnings improvement with the previous quarterly dividend declaration, showing that dividend growth has remained part of the board’s broader capital-allocation approach. Bank First’s second-quarter results

The balance sheet expanded after Bank First completed its acquisition of Centre 1 Bancorp on January 1, 2026. Total assets reached $5.95 billion at June 30, largely because of that transaction, while the company said its banking subsidiary remained well capitalized. Bank First also renewed a share-repurchase program in April, giving the company another channel for returning capital. Bank First’s second-quarter Form 10-Q

The dividend increase also comes during another expansion. Bank First agreed to acquire PSB Holdings, the parent of Peoples State Bank, in an all-stock transaction designed to extend its footprint in Wisconsin. Management described the deal as disciplined, relationship-based growth and said the combined organization would have greater lending capacity and a broader range of services. Bank First’s PSB Holdings acquisition announcement

Those results and capital levels help explain the board’s capacity to raise the payment, although the company did not explicitly attribute the increase to any single factor.

Dividend track record

The new rate continues a rapid sequence of increases. Bank First paid $0.45 on the December 24, 2025, ex-dividend date, followed by $0.50 on March 25, 2026, $0.55 on June 24 and $0.60 on September 23. The move to $0.65 extends the company’s dividend-growth streak to 12 consecutive years. Its five-year record amounts to 17.6% annual growth.

Annual cash totals have been less linear because the payment history includes an unusually large $3.50 distribution with a May 9, 2025, ex-dividend date. Total payments rose from $1.55 in 2024 to $5.30 in 2025, an increase of 241.9%. Before that, the annual total rose 40.7% to $1.14 in 2021, fell 17.5% to $0.94 in 2022, increased 22.3% to $1.15 in 2023 and rose 34.8% to $1.55 in 2024.

The quarterly sequence is therefore more useful than the annual totals for assessing the current regular dividend. It shows five consecutive step-ups from December 2025 through the newly declared rate.

Is the dividend covered?

The dividend consumes 25% of earnings. That means most reported profit is retained for lending, acquisitions, capital requirements and other corporate purposes rather than distributed to shareholders.

SmarterDividends rates the dividend A, with a safety score of 89. An A denotes a very safe dividend, corresponding to a score between 80 and 100. The low earnings payout and the bank’s well-capitalized regulatory position support that assessment, while its active acquisition program remains relevant because integrations can bring one-time expenses and additional capital demands.

Yield and valuation

At a share price of $148.73, the new annual dividend of $2.60 produces a forward yield of 1.75%. That is below the Financial Services sector median forward yield of 5.84%, making Bank First’s income return modest relative to the broader sector despite its dividend-growth record.

SmarterDividends estimates fair value at $135.81 and assigns the shares a fair valuation verdict. The current price represents 8% downside to that estimate. The stock has recorded an 18.1% gain over the past year, which has held down the yield even as the quarterly payment increased.

What to watch

The next fixed milestones are the December 23, 2026, ex-dividend date and January 6, 2027, payment date. Investors must own shares before the ex-dividend date to receive the payment under standard market settlement rules.

The PSB Holdings integration is the main operating item to monitor. Bank First scheduled the merger and systems conversion for December 4 through December 6, 2026, with former Peoples State Bank locations due to open as Bank First branches on December 7. The conversion follows the May completion of the systems integration for the earlier Centre 1 acquisition. Bank First’s Peoples merger timeline

Subsequent earnings reports will show acquisition expenses, credit quality, capital ratios and the earnings contribution from the enlarged franchise. Those disclosures will provide the next evidence on the bank’s ability to fund the higher regular dividend while absorbing another transaction.