Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.23B
• Dividend Yield: 1.45%
• Average Volume (3M): 133.00K
• Price to Earnings (P/E): 18.2
• Beta (1Y): 0.83
• Revenue Growth: 18.79%
• EPS Growth: -11.25%
• Country: US
• Employees: 362
• Sector: Financial
• Sector Strength: 82
• Industry: Banks - Regional
• EPS (TTM): 1.82
• Shares Outstanding: 9,917,724
• 10 Day Avg. Volume: 201,112
• 30 Day Avg. Volume: 132,998
• PEG Ratio: -2.88
• Price to Book (P/B): 1.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 22.54
• Enterprise Value/Market Cap: 0.53
• Enterprise Value/Revenue: 0.89
• Enterprise Value/Gross Profit: 3.52
• Enterprise Value/Ebitda: 1.74
• 1Y Price Target: $120.50
• Price Target Upside: -2.66% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 76 Outperform
• Price Target: $139.00 ▲(12.29%Upside)

BFC's overall stock score is driven by robust financial performance and a positive corporate event. The strong balance sheet and profitability metrics underpin its financial health. Technical analysis suggests bullish momentum, albeit with caution on potential overbought conditions. The reasonable valuation and special dividend announcement bolster the stock's investment appeal.

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 revenue growth with a robust operational structure. However, declining profit margins, increased leverage, and weakened cash flow conversion pose challenges. The company must focus on improving cash flow management and maintaining operational efficiency to ensure financial stability.

Income Statement

Bank First National has demonstrated consistent revenue growth over the years, with a notable increase from $77.65M in 2019 to $206.41M in 2024, reflecting strong growth momentum. The gross profit margin remains high at 100% due to the nature of the banking industry where total revenue equals gross profit. However, the net profit margin has decreased from 41.83% in 2023 to 31.76% in 2024, suggesting increased operational costs or reduced efficiency. EBIT margin remains robust, indicating strong operational performance.

Balance Sheet

The company's balance sheet shows a solid equity base with stockholders' equity increasing from $230.21M in 2019 to $639.68M in 2024. The debt-to-equity ratio has increased, indicating higher leverage, which could pose a risk if not managed carefully. However, the equity ratio remains stable, implying the company is well-capitalized. Return on equity has decreased from 12.02% in 2023 to 10.25% in 2024, reflecting reduced profitability relative to equity.

Cash Flow

Cash flow performance is mixed, with operating cash flow to net income ratio dropping from 0.71 in 2023 to 0.03 in 2024, highlighting potential challenges in converting income to cash. Free cash flow has shrunk significantly, affecting the company’s ability to reinvest or return value to shareholders. The cash flow from operations has decreased substantially, signaling potential liquidity issues.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	206.41M	179.01M	118.32M	108.48M	103.15M
Gross Profit	206.41M	179.01M	118.32M	108.48M	103.15M
EBITDA	0.00	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	282.23M	247.47M	424.38M	509.55M	207.24M
Total Debt	147.37M	51.39M	25.43M	25.51M	40.97M
Total Liabilities	3.86B	3.60B	3.21B	25.51M	40.97M
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	66.96M	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: 123.79
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• 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 123.79 is above the 20-day moving average (MA) of 115.38, above the 50-day MA of 113.63, and above the 200-day MA of 100.12, indicating a bullish trend. The MACD of 2.31 indicates Negative momentum. The RSI at 72.91 is Negative, neither overbought nor oversold. The STOCH value of 94.58 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	78 Outperform	$1.22B	9.70	17.21%	3.28%	0.94%	-8.61%
BY	77 Outperform	$1.19B	10.54	11.08%	1.41%	7.63%	-1.13%
BFC	76 Outperform	$1.23B	18.19	10.82%	1.45%	18.79%	-11.25%
RBCAA	76 Outperform	$1.35B	12.91	11.98%	2.32%	12.35%	27.46%
PEBO	74 Outperform	$1.14B	10.15	10.12%	5.11%	7.34%	-4.94%
OBK	74 Outperform	$1.18B	15.56	6.75%	1.58%	0.76%	-7.88%
Sector *	72 Outperform	S$32.16B	14.20	11.69%	6.31%	8.28%	16.42%

Bank First National Corporate Events

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.

Bank First National Announces Special Cash Dividend

On April 25, 2025, Bank First Corporation announced a special cash dividend of $3.50 per share, payable on May 16, 2025, to shareholders of record as of May 9, 2025. This decision follows a profitable fourth quarter in 2023, marked by a significant gain from selling its interest in UFS, LLC, which strengthened the bank’s capital position. The special dividend, totaling approximately $35 million, reflects the bank’s strategy to reward shareholders while maintaining flexibility for growth and acquisitions.