Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.62B
• Dividend Yield: 3.99%
• Average Volume (3M): 101.50K
• Price to Earnings (P/E): 20.0
• Beta (1Y): 0.83
• 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: 11,217,991
• 10 Day Avg. Volume: 100,754
• 30 Day Avg. Volume: 101,498
• PEG Ratio: -1.41
• Price to Book (P/B): 1.55
• Price to Sales (P/S): 4.45
• P/FCF Ratio: 16.95
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 6.77
• Enterprise Value/Gross Profit: 9.72
• Enterprise Value/Ebitda: 16.97
• 1Y Price Target: $150.00
• Price Target Upside: 3.94% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: $152.00 ▲(5.32% Upside)

The score is driven primarily by solid financial performance (strong revenue/profitability but margin and cash-flow softening and some leverage-metric uncertainty) and constructive technicals (uptrend with strong momentum). Corporate events add support via a franchise-expanding merger, while valuation is only moderate given the P/E despite an attractive dividend yield.

Positive Factors

Revenue Growth

Sustained TTM revenue growth indicates expanding loan originations and deposit relationships, strengthening core interest income. Over 2–6 months this supports earnings resilience and ability to invest in digital/branch services, aiding long-term customer acquisition and retention.

Net Interest Margin Expansion

A rising NIM materially boosts recurring interest income, improving fundamental profitability. If maintained, higher margin widens the spread on lending versus funding, enhancing earnings power and cushioning integration costs from the merger across the medium term.

Franchise Expansion & Wealth Services

The Centre 1 merger materially increases scale, geographic footprint and adds trust & wealth management capabilities. Structural diversification into fee-based services and a larger branch network improves cross-sell potential and revenue mix durability if integration executes well.

Negative Factors

Margin Compression

A sizable step-down in net margin erodes earnings power despite revenue growth. Persistent margin pressure implies higher funding or operating costs or integration drag, reducing ability to generate excess capital for investments, dividends, or loan growth over the medium term.

Weakening Free Cash Flow Conversion

Declining FCF growth and poor cash-to-income conversion limit internal financing for growth, dividends, and M&A. Over several quarters this raises reliance on external funding and restricts balance-sheet flexibility, increasing execution risk for strategic initiatives.

Leverage / Reporting Uncertainty

Inconsistent leverage metrics hinder assessment of capital adequacy and funding risk. Unclear debt reporting and falling ROE complicate capital planning and risk management, potentially elevating regulatory scrutiny or increasing funding costs during tightening credit conditions.

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

Income statement strength (revenue growth and solid profitability) is tempered by a step-down in margins vs. 2023, softer recent free cash flow growth, and some uncertainty from inconsistent reported leverage metrics.

Income Statement

Revenue growth is strong in TTM (Trailing-Twelve-Months) versus the prior year, and profitability remains robust with healthy gross and operating margins. That said, margins and net income are below the 2023 peak (net margin down from ~40% in 2023 to ~30% in TTM), suggesting some pressure on earnings power despite higher revenue.

Balance Sheet

Equity is sizable relative to reported total debt, and the company has historically shown solid returns on equity, supporting balance-sheet quality. However, returns on equity have stepped down in TTM (about 8%) from prior years (~10–14%), and reported leverage metrics are inconsistent in TTM (debt-to-equity shown as 0.0 despite material debt), which adds uncertainty around the trend in leverage.

Cash Flow

Operating cash flow and free cash flow are positive in TTM (Trailing-Twelve-Months), and free cash flow is reasonably supported by earnings (free cash flow is ~81% of net income). The main weakness is that free cash flow growth is negative in TTM (down ~8%), and the cash flow-to-income coverage indicator provided is very low/near-zero across periods, pointing to less consistent conversion than the income statement alone might suggest.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	237.42M	223.24M	186.47M	130.77M	116.78M	117.02M
Gross Profit	165.39M	155.44M	132.79M	116.12M	105.38M	96.03M
EBITDA	94.71M	87.56M	107.19M	63.61M	63.15M	53.05M
Net Income	70.65M	65.56M	74.51M	45.21M	45.44M	38.05M
Balance Sheet
Total Assets	4.42B	4.50B	4.22B	3.66B	2.94B	2.72B
Cash, Cash Equivalents and Short-Term Investments	225.17M	414.29M	407.44M	424.38M	509.55M	335.26M
Total Debt	221.94M	147.37M	127.14M	122.63M	66.63M	77.35M
Total Liabilities	3.79B	3.86B	3.60B	3.21B	2.61B	2.42B
Stockholders Equity	628.13M	639.68M	619.80M	453.10M	322.65M	294.86M
Cash Flow
Free Cash Flow	52.13M	58.62M	39.46M	33.14M	31.57M	35.59M
Operating Cash Flow	64.28M	65.85M	52.95M	40.01M	40.28M	43.96M
Investing Cash Flow	-197.00M	-252.94M	269.00M	-177.81M	-93.89M	-206.03M
Financing Cash Flow	54.48M	200.95M	-193.82M	-39.71M	180.24M	245.83M

Bank First National Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 144.32
• 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 Positive. The current price of 144.32 is above the 20-day moving average (MA) of 143.54, above the 50-day MA of 134.42, and above the 200-day MA of 124.68, indicating a bullish trend. The MACD of 4.23 indicates Positive momentum. The RSI at 57.27 is Neutral, neither overbought nor oversold. The STOCH value of 22.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BFC.

Bank First National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BY	81 Outperform	$1.51B	11.40	10.78%	1.34%	1.31%	2.02%
WABC	80 Outperform	$1.30B	11.54	13.05%	3.70%	-13.17%	-16.37%
RBCAA	75 Outperform	$1.25B	10.82	12.35%	2.57%	5.21%	24.51%
BFC	72 Outperform	$1.62B	19.97	11.18%	3.99%	14.13%	-12.75%
CNOB	72 Outperform	$1.39B	17.00	5.71%	2.68%	15.55%	-28.10%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PFBC	67 Neutral	$1.23B	8.85	16.91%	2.99%	-3.05%	-0.51%

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.