Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.27B
• Dividend Yield: 4.13%
• Average Volume (3M): 91.45K
• Price to Earnings (P/E): 18.6
• Beta (1Y): 0.86
• Revenue Growth: 17.15%
• EPS Growth: -12.46%
• Country: US
• Employees: 362
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 1.71
• Shares Outstanding: 9,857,225
• 10 Day Avg. Volume: 88,183
• 30 Day Avg. Volume: 91,446
• 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: 0.95
• Enterprise Value/Revenue: 5.09
• Enterprise Value/Gross Profit: 7.36
• Enterprise Value/Ebitda: 13.31
• 1Y Price Target: $137.00
• Price Target Upside: 6.75% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 77 Outperform
• Price Target: $148.00 ▲(15.32% Upside)

Bank First National's strong financial performance and positive technical indicators are the primary drivers of its stock score. The strategic merger announcement further enhances its growth prospects. However, challenges in free cash flow and the absence of recent earnings call data slightly temper the overall score.

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 are funded by customer deposits. The bank offers various loan products, including consumer loans, business loans, and home mortgages, earning interest on the outstanding balances. Additionally, BFC earns fee-based income from services such as account maintenance fees, transaction fees, and wealth management services. The bank may also engage in investment activities and earn income from securities. Significant partnerships with local businesses and organizations enhance its community presence and contribute to customer acquisition, further supporting its revenue streams.

Bank First National Financial Statement Overview

Summary

Bank First National demonstrates strong financial health with consistent revenue growth and solid profitability margins. The balance sheet is stable with low leverage, but there are signs of pressure on free cash flow. Continued focus on cost management and cash flow optimization will be crucial for sustaining growth.

Income Statement

Bank First National shows a strong financial performance with consistent revenue growth, highlighted by a TTM revenue growth rate of 1.82%. The gross profit margin remains robust at 69.25%, and the net profit margin is healthy at 29.43%. EBIT and EBITDA margins are also strong, indicating efficient operations. However, the slight decline in gross profit margin over time suggests potential cost pressures.

Balance Sheet

The balance sheet is solid with a low debt-to-equity ratio of 0.18, indicating conservative leverage. Return on equity is decent at 10.94%, reflecting effective use of equity. The equity ratio stands at 14.03%, which is stable but suggests room for improvement in asset utilization.

Cash Flow

Cash flow analysis reveals a mixed picture. While the operating cash flow to net income ratio is strong at 1.58, indicating good cash generation, the free cash flow growth rate is negative at -8.85%, suggesting recent challenges in maintaining free cash flow levels. The free cash flow to net income ratio remains healthy at 0.84.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	235.19M	223.24M	186.47M	130.77M	116.78M	117.02M
Gross Profit	162.87M	155.44M	132.79M	116.12M	105.38M	96.03M
EBITDA	90.06M	87.56M	107.19M	63.61M	63.15M	53.05M
Net Income	69.21M	65.56M	74.51M	45.21M	45.44M	38.05M
Balance Sheet
Total Assets	4.37B	4.50B	4.22B	3.66B	2.94B	2.72B
Cash, Cash Equivalents and Short-Term Investments	287.54M	414.29M	407.44M	424.38M	509.55M	335.26M
Total Debt	121.92M	147.37M	127.14M	122.63M	66.63M	77.35M
Total Liabilities	3.75B	3.86B	3.60B	3.21B	2.61B	2.42B
Stockholders Equity	612.33M	639.68M	619.80M	453.10M	322.65M	294.86M
Cash Flow
Free Cash Flow	56.59M	58.62M	39.46M	33.14M	31.57M	35.59M
Operating Cash Flow	67.61M	65.85M	52.95M	40.01M	40.28M	43.96M
Investing Cash Flow	-185.89M	-252.94M	269.00M	-177.81M	-93.89M	-206.03M
Financing Cash Flow	139.66M	200.95M	-193.82M	-39.71M	180.24M	245.83M

Bank First National Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 128.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 128.34 is above the 20-day moving average (MA) of 125.74, above the 50-day MA of 124.25, and above the 200-day MA of 109.97, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 65.86 is Neutral, neither overbought nor oversold. The STOCH value of 80.36 is Negative, 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
PFBC	79 Outperform	$1.21B	9.46	17.20%	3.28%	-2.96%	-6.62%
BFC	77 Outperform	$1.27B	18.56	11.22%	4.13%	17.15%	-12.46%
WABC	74 Outperform	$1.22B	10.02	14.60%	3.75%	-10.55%	-16.51%
RBCAA	71 Outperform	$1.26B	11.33	12.34%	2.45%	8.97%	27.79%
CNOB	69 Neutral	$1.28B	29.57	2.75%	2.83%	3.58%	-52.78%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BY	57 Neutral	$1.27B	10.33	10.69%	1.39%	2.23%	-1.13%

Bank First National Corporate Events

Bank First National Announces Merger with Centre 1 Bancorp

On July 17, 2025, Bank First Corporation (BFC) entered into a merger agreement with Centre 1 Bancorp, Inc., where Centre will merge into BFC, and subsequently, their respective subsidiary banks will also merge. This merger, valued at approximately $174.3 million, aims to expand Bank First’s geographic footprint into southern Wisconsin and northern Illinois, enhancing its financial capacity and shareholder value by increasing its asset base to nearly $6 billion. The merger is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory approvals. This strategic move combines two community-focused banks, enhancing service capabilities and supporting long-term value creation for customers, employees, and communities.

Bank First National Announces Board Changes at Annual Meeting

On June 16, 2025, Bank First Corporation held its Annual Meeting of Shareholders, where Laura E. Kohler retired from the Board of Directors, having served since 2022. Her contributions in compensation strategy and leadership development were acknowledged. New directors Daniel C. McConeghy and Michael S. Stayer-Suprick were elected, and shareholders approved proposals including the ratification of Forvis Mazars, LLP as the independent accounting firm and an advisory vote on executive compensation. These changes reflect the company’s ongoing commitment to strategic leadership and governance.