Bank First (BFC) has just posted Q2 2026 results with total revenue of US$65.0 million and basic EPS of US$2.21, backed by net income of US$24.7 million. The company has seen revenue move from US$41.4 million in Q2 2025 to US$65.0 million in Q2 2026, while EPS shifted from US$1.70 to US$2.21 over the same period, setting up a quarter where a net interest margin of 4.13% and a larger loan book frame how investors read the latest earnings print.

See our full analysis for Bank First.

With the headline numbers on the table, the next step is to set these results against the widely followed narratives around Bank First's growth, risk profile, and profitability to see which stories hold up and which start to look overstretched.

4.13% net interest margin pairs with a much larger loan book

• Bank First reported a net interest margin of 4.13% in Q2 2026 on a loan book of US$4,521.7 million, up from US$3,581.8 million in Q2 2025.
• What stands out for the bullish view that Bank First can compound earnings is that this wider margin sits on top of higher trailing 12 month earnings of US$80.7 million and EPS of US$7.72, which heavily supports arguments that past earnings quality is high, even though net profit margin over the last year is described as 37.2% compared with 41.5% previously.
  • Supporters pointing to multi year earnings growth of about 13.4% a year and a step up to 17.2% over the most recent year can now add the 4.13% margin as another datapoint in that story.
  • At the same time, the lower net profit margin versus last year gives bulls something to watch alongside the higher loan base of roughly US$4,522 million shown in the latest quarter.

Non performing loans have climbed as the book grows

• On a trailing 12 month view, non performing loans rose from US$6.8 million at the start of 2025 to US$26.9 million by Q1 2026 while period end loans moved from US$3,549.6 million to about US$4,521.7 million.
• Critics who focus on risk to the more optimistic earnings story highlight that this rise in non performing loans sits alongside a reported net profit margin of 37.2% that is lower than the prior 41.5%, which gives the bearish side concrete credit quality and profitability figures to point to even as earnings over the past year are described as high quality.
  • Bears can argue that the shift from single digit millions of non performing loans to the mid twenties in millions, with the Q1 2026 figure at US$26.9 million, means asset quality is moving in a less favorable direction than the simple growth narrative suggests.
  • However, trailing 12 month net income of US$80.7 million and revenue of US$217.2 million provide a buffer that does not line up neatly with a view that credit issues already dominate the story.

For investors weighing these risks against the growth profile, it can help to see how other community members connect the dots between the latest credit trends, profitability, and valuation in one place, and that broader view is captured in the 📊 Read the what the Community is saying about Bank First..

Premium P/E of 20.1x and price above DCF fair value

• Bank First trades on a trailing 12 month P/E of 20.1x versus a peer average of 14.7x and a US Banks industry average of 12.2x, with the current share price of US$146.37 also sitting above a DCF fair value estimate of US$138.07 and alongside a dividend yield of 1.5%.
• What is interesting for the bullish narrative that strong growth can justify higher multiples is that forecasts calling for about 41.5% earnings growth per year and 30.8% annual revenue growth are set against that premium P/E and price level above DCF fair value. This creates a tension between the growth figures and valuation markers.
  • Supporters may lean on the combination of trailing EPS of US$7.72 and multi year earnings growth of roughly 13.4% per year, stepping up to 17.2% in the last year, as a reason the stock trades above both the sector P/E and the DCF fair value of US$138.07.
  • Others may focus on the 1.5% dividend yield and the premium to peers as signs that a lot of the 41.5% earnings growth expectation is already reflected in the current US$146.37 share price.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bank First's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Seen enough bullish and bearish angles on Bank First for one sitting? Take a moment to review the figures yourself and decide how the balance of risks and rewards feels to you, then check out the 3 key rewards.

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Bank First carries a premium P/E, rising non performing loans, and a lower net profit margin, which together leave investors weighing richer pricing against higher risk.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.