Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.56B
• Dividend Yield: 3.99%
• Average Volume (3M): 101.50K
• Price to Earnings (P/E): 16.8
• Beta (1Y): 0.84
• Revenue Growth: 14.13%
• EPS Growth: -12.75%
• Country: US
• Employees: 362
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.00
• Shares Outstanding: 11,201,677
• 10 Day Avg. Volume: 100,754
• 30 Day Avg. Volume: 101,498
• PEG Ratio: 1.49
• Price to Book (P/B): 0.72
• Price to Sales (P/S): 4.98
• P/FCF Ratio: -10.35
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 6.44
• Enterprise Value/Gross Profit: 9.16
• Enterprise Value/Ebitda: 16.52
• 1Y Price Target: $150.00
• Price Target Upside: 7.81% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 9.99
• Revenue Forecast (FY): $270.55M

• Rating: 65 Neutral
• Price Target: $145.00 ▲(4.21% Upside)
• Action: Downgraded Date: 02/28/26
• Date: Action: Downgraded 02/28/26

The score is primarily held back by the latest-year cash flow deterioration and reduced capital efficiency (ROE decline) despite strong reported profitability and conservative leverage. Valuation is supported by a strong dividend yield and a reasonable P/E, while technicals suggest near-term weakness/oversold conditions. Recent corporate events are constructive (completed merger and governance additions), but integration execution remains a key watch item.

Positive Factors

Strong Profitability & Margins

Bank First reported high net margins (~29.7% in 2025), indicating durable profitability and operating leverage in core banking activities. Sustained margins support internal capital build, dividend capacity, and the ability to absorb credit volatility, underpinning long-term earnings resilience.

Consistent Revenue and EPS Growth

Mid-single-digit revenue growth with double-digit EPS expansion reflects improving top-line traction and efficient cost conversion. This trend suggests steady loan demand and fee income growth, enabling incremental profitability and scale benefits over the medium term as the franchise expands.

Conservative Leverage / Balance-Sheet Resilience

Improving debt-to-equity and a meaningful equity increase bolster loss-absorbing capacity and regulatory headroom. A conservative leverage profile enhances resilience to credit cycles, supports continued lending activity, and provides flexibility for organic growth or disciplined acquisitions.

Negative Factors

Deteriorated Operating & Free Cash Flow

A shift to negative operating and free cash flow in 2025 is a structural concern: earnings are not translating into cash, reducing financial flexibility. Persistent cash deficits could constrain dividend coverage, capital deployment, or require external funding, elevating execution risk over months.

Declining Capital Efficiency (ROE)

A sharp ROE decline signals weaker capital efficiency and returns to shareholders. Combined with a large equity increase, this suggests earnings must scale materially to restore prior returns; failure to do so could pressure strategic choices and long-term shareholder value creation.

Merger Integration & Systems Conversion Risk

The Centre 1 Bancorp merger expands the franchise but requires a May 2026 systems conversion and integration of operations. Such transitions carry durable operational risks—customer attrition, IT outages, higher expenses—that can depress margins and credit performance if not executed cleanly.

Bank First National Business Overview & Revenue Model

Company Description

Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. The company offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. It also provides credit cards; ATM processing; insurance; data processing and other information technology; investment and safekeeping; treasury management; and online, telephone, and mobile banking services. The company's loan products include real estate loans, including commercial real estate, residential mortgage, and home equity loans; commercial and industrial loans for working capital, accounts receivable, inventory financing, and other business purposes; construction and development loans; residential 1-4 family loans; and consumer loans for personal and household purposes, including secured and unsecured installment loans, and revolving lines of credit. It operates through 21 offices in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties in Wisconsin. The company was formerly known as Bank First National Corporation and changed its name to Bank First Corporation in June 2019. Bank First Corporation was founded in 1894 and is headquartered in Manitowoc, Wisconsin.

How the Company Makes Money

Bank First National generates revenue primarily through interest income from loans and mortgages, which constitutes a significant portion of its earnings. The bank lends money to individuals and businesses at interest rates higher than the rates it pays on deposits, capturing the spread between these rates. Additionally, BFC earns non-interest income through fees associated with account services, ATM transactions, and various financial products. The bank also engages in investment activities, contributing to its revenue through interest and gains from securities. Strategic partnerships with local businesses and community organizations enhance its service offerings and customer base, further boosting its financial performance.

Bank First National Financial Statement Overview

Summary

Strong profitability and solid revenue growth support fundamentals, and leverage looks conservative. However, the latest year shows a major deterioration in cash flow (slightly negative operating and free cash flow) and a sharp drop in ROE, which materially reduces overall financial quality.

Income Statement

Profitability is a clear strength: the company posts consistently strong margins, with net profit margin near ~29.7% in 2025 (annual) and solid operating profitability. Revenue growth has also been robust over time (notably strong expansion in 2023 and 2025), supporting earnings growth. The key weakness is that profitability has moderated from peak levels in 2023 (lower margins and EBIT/EBITDA levels vs. that high-water mark), suggesting some normalization in the earnings power versus the prior year’s exceptional performance.

Balance Sheet

Leverage appears conservative, with debt-to-equity improving meaningfully in 2025 (annual) versus prior years, which supports balance-sheet resilience for a regional bank. However, return on equity declined sharply in 2025 (annual) versus 2023–2024 levels, indicating weaker capital efficiency. Stockholders’ equity also shows a very large jump in 2025 (annual) relative to prior years, which may be beneficial for safety but can dilute returns if earnings do not scale accordingly.

Cash Flow

Cash flow quality is the weakest area: 2025 (annual) shows slightly negative operating cash flow and free cash flow, a major deterioration versus consistently positive cash generation in 2020–2024. Free cash flow growth is deeply negative in 2025 (annual), and cash generation no longer supports reported profitability in that period. Strength-wise, the prior-year track record (2020–2024) was healthy, with positive operating cash flow and free cash flow, but the latest year introduces meaningful volatility and execution risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	240.45M	223.24M	186.47M	130.77M	116.78M
Gross Profit	169.14M	155.44M	132.79M	116.12M	105.38M
EBITDA	93.76M	87.56M	107.19M	63.61M	63.15M
Net Income	71.50M	65.56M	74.51M	45.21M	45.44M
Balance Sheet
Total Assets	4.42B	4.50B	4.22B	3.66B	2.94B
Cash, Cash Equivalents and Short-Term Investments	219.77M	414.29M	407.44M	424.38M	509.55M
Total Debt	123.55M	147.37M	127.14M	122.63M	66.63M
Total Liabilities	2.76B	3.86B	3.60B	3.21B	2.61B
Stockholders Equity	643.84M	639.68M	619.80M	453.10M	322.65M
Cash Flow
Free Cash Flow	-115.73M	58.62M	39.46M	33.14M	31.57M
Operating Cash Flow	-214.00K	65.85M	52.95M	40.01M	40.28M
Investing Cash Flow	57.36M	-252.94M	269.00M	-177.81M	-93.89M
Financing Cash Flow	-73.81M	200.95M	-193.82M	-39.71M	180.24M

Bank First National Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 139.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BFC, the sentiment is Neutral. The current price of 139.14 is below the 20-day moving average (MA) of 144.13, above the 50-day MA of 135.59, and above the 200-day MA of 125.93, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 46.01 is Neutral, neither overbought nor oversold. The STOCH value of 30.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BFC.

Bank First National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RBCAA	75 Outperform	$1.23B	10.37	12.35%	2.57%	5.21%	24.51%
WABC	71 Outperform	$1.25B	10.23	13.05%	3.70%	-13.17%	-16.37%
BY	69 Neutral	$1.45B	9.46	10.78%	1.34%	1.31%	2.02%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PFBC	67 Neutral	$1.21B	8.90	16.91%	2.99%	-3.05%	-0.51%
BFC	65 Neutral	$1.56B	16.76	11.18%	3.99%	14.13%	-12.75%
CNOB	64 Neutral	$1.34B	8.36	5.70%	2.68%	15.55%	-28.10%

Bank First National Corporate Events

Bank First National Adds Veteran Director Amid Merger Integration

On January 20, 2026, Bank First Corporation announced that veteran community banker Steven M. Eldred had been elected to the boards of both Bank First and Bank First Corporation, effective January 13, 2026, for a three-year term to begin following shareholder approval at the company’s June 15, 2026 annual meeting. Eldred’s appointment, made in connection with Bank First’s merger with Centre 1 Bancorp, Inc., brings more than 40 years of experience in community banking, extensive board tenure, and deep civic and regional ties in the Beloit area, reinforcing the bank’s emphasis on community-focused governance and strategic growth as it integrates FNBT and advances its position in its Midwest markets.

The most recent analyst rating on (BFC) stock is a Hold with a $138.00 price target. To see the full list of analyst forecasts on Bank First National stock, see the BFC Stock Forecast page.

Bank First Completes Merger with Centre 1 Bancorp

On January 1, 2026, Bank First Corporation completed its previously announced merger with Centre 1 Bancorp, Inc., in which Centre was merged into Bank First Corporation and Centre’s banking subsidiary, The First National Bank and Trust Company, was merged into Bank First, N.A., with Bank First as the surviving bank. Former Centre shareholders received 0.9200 shares of Bank First common stock for each Centre share, leading to the issuance of approximately 1,382,978 new Bank First shares, while existing Bank First shares were unaffected. Announced publicly on January 2, 2026, the transaction significantly broadens Bank First’s franchise and capabilities: First National Bank and Trust will operate as a division of Bank First until a planned systems conversion in May 2026, after which all locations will move to a unified Bank First brand and digital platform, and the combined organization will span 38 branches with roughly $6 billion in assets, strengthening its competitive position and service offering in Wisconsin and the Stateline area of Illinois. As part of integrating leadership and governance, Centre’s Chairman and CEO Steve Eldred will join the boards of Bank First Corporation and Bank First, N.A.

The most recent analyst rating on (BFC) stock is a Buy with a $146.00 price target. To see the full list of analyst forecasts on Bank First National stock, see the BFC Stock Forecast page.