Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.25B
• Dividend Yield: 4.16%
• Average Volume (3M): 162.71K
• Price to Earnings (P/E): 18.3
• Beta (1Y): 0.84
• Revenue Growth: 17.31%
• EPS Growth: -12.46%
• Country: US
• Employees: 362
• Sector: Financial
• Sector Strength: 75
• Industry: Banks - Regional
• EPS (TTM): 1.71
• Shares Outstanding: 9,857,163
• 10 Day Avg. Volume: 172,506
• 30 Day Avg. Volume: 162,712
• PEG Ratio: 11.26
• Price to Book (P/B): 1.98
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 20.31
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 1.32
• Enterprise Value/Gross Profit: 7.11
• Enterprise Value/Ebitda: 2.83
• 1Y Price Target: $133.50
• Price Target Upside: 5.68% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 81 Outperform
• Price Target: $146.00 ▲(15.57%Upside)

Bank First Corporation demonstrates robust financial performance and strategic growth initiatives, notably the merger with Centre 1 Bancorp, which enhances its operational capabilities. While the stock exhibits positive technical indicators, valuation metrics suggest it is fairly valued. The special cash dividend further underscores strong capital management.

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 makes money through a variety of revenue streams. Primarily, it earns income from the interest charged on loans and mortgages provided to individuals and businesses. Additionally, the bank generates revenue from fees charged for account maintenance, transaction services, and financial advisory. Investment income from securities and other financial assets also contributes to its earnings. Significant partnerships with financial technology firms and other banking institutions enhance its service offerings and operational efficiency, further bolstering revenue.

Bank First National Financial Statement Overview

Summary

Bank First National exhibits strong financial health with consistent revenue growth, high profitability margins, and efficient cash flow management. The low debt-to-equity ratio provides a solid foundation for future growth. However, monitoring operational expenses and ensuring returns on capital investments are crucial.

Income Statement

The income statement shows robust growth with total revenue increasing consistently over the years, evidenced by a commendable revenue growth rate of 3.46% from the previous year to the TTM period. The company maintains strong profitability metrics, with a high gross profit margin of 69.42% and a net profit margin of 29.60% in the TTM period. The EBIT and EBITDA margins are also strong at 36.54% and 39.99%, respectively. These figures indicate effective cost management and operational efficiency. However, the slightly lower EBIT margin compared to previous periods suggests a need to monitor operational expenses.

Balance Sheet

The balance sheet reflects a stable financial position with a low debt-to-equity ratio of 0.23, indicating prudent leverage management. The equity ratio is 14.39%, suggesting a solid buffer against liabilities. Return on equity stands at 10.55%, which is healthy, though slightly below industry-leading levels. The increase in total assets and stockholders' equity over the periods reflects a positive growth trajectory. However, the relatively low equity ratio compared to total assets may be a point of concern if liabilities grow faster than equity.

Cash Flow

Cash flow analysis highlights strong operating cash flow, with a growth rate of 7.35% in the TTM period. The free cash flow to net income ratio is 0.91, indicating efficient conversion of profits into cash. The operating cash flow to net income ratio is 1.03, which shows excellent cash-generating ability relative to net income. The positive trend in free cash flow growth, at 5.90%, enhances the company's financial flexibility. However, the significant investing cash outflows suggest ongoing capital investments, which need to be monitored for returns.

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

Bank First National Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 126.33
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 126.33 is above the 20-day moving average (MA) of 123.70, above the 50-day MA of 118.10, and above the 200-day MA of 103.03, indicating a bullish trend. The MACD of 3.32 indicates Negative momentum. The RSI at 57.96 is Neutral, neither overbought nor oversold. The STOCH value of 75.34 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
BFC	81 Outperform	$1.25B	18.26	11.24%	4.16%	17.31%	-12.46%
PFBC	79 Outperform	$1.26B	9.92	17.20%	3.14%	-2.96%	-7.14%
BY	79 Outperform	$1.13B	10.13	10.69%	1.40%	2.41%	-1.13%
PEBO	76 Outperform	$1.05B	10.06	9.25%	5.48%	2.32%	-16.87%
RBCAA	76 Outperform	$1.25B	11.41	12.34%	2.38%	9.00%	27.47%
OBK	74 Outperform	$1.17B	16.79	6.08%	1.60%	-4.22%	-14.67%
Sector *	68 Neutral	$17.21B	11.20	9.71%	3.57%	11.12%	-4.52%

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.

The most recent analyst rating on (BFC) stock is a Hold with a $111.00 price target. To see the full list of analyst forecasts on Bank First National stock, see the BFC Stock Forecast page.

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.

The most recent analyst rating on (BFC) stock is a Buy with a $130.00 price target. To see the full list of analyst forecasts on Bank First National stock, see the BFC Stock Forecast page.