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Bank First National Corp (BFC)
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Bank First National (BFC) AI Stock Analysis

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BFC

Bank First National

(NASDAQ:BFC)

Rating:81Outperform
Price Target:
$146.00
â–²(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 (BFC) vs. SPDR S&P 500 ETF (SPY)

Bank First National Business Overview & Revenue Model

Company DescriptionBank 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 MoneyBank 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
85
Very Positive
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
78
Positive
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
82
Very Positive
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.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue223.24M186.47M130.77M116.78M117.02M
Gross Profit155.44M132.79M116.12M105.38M96.03M
EBITDA87.56M107.19M63.61M63.15M53.05M
Net Income65.56M74.51M45.21M45.44M38.05M
Balance Sheet
Total Assets4.50B4.22B3.66B2.94B2.72B
Cash, Cash Equivalents and Short-Term Investments414.29M407.44M424.38M509.55M335.26M
Total Debt147.37M127.14M122.63M66.63M77.35M
Total Liabilities3.86B3.60B3.21B2.61B2.42B
Stockholders Equity639.68M619.80M453.10M322.65M294.86M
Cash Flow
Free Cash Flow58.62M39.46M33.14M31.57M35.59M
Operating Cash Flow65.85M52.95M40.01M40.28M43.96M
Investing Cash Flow-252.94M269.00M-177.81M-93.89M-206.03M
Financing Cash Flow200.95M-193.82M-39.71M180.24M245.83M

Bank First National Technical Analysis

Technical Analysis Sentiment
Positive
Last Price126.33
Price Trends
50DMA
118.10
Positive
100DMA
109.83
Positive
200DMA
103.03
Positive
Market Momentum
MACD
3.32
Negative
RSI
57.96
Neutral
STOCH
75.34
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 Risk Analysis

Bank First National disclosed 40 risk factors in its most recent earnings report. Bank First National reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks

Bank First National Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
81
Outperform
$1.25B18.2611.24%4.16%17.31%-12.46%
79
Outperform
$1.26B9.9217.20%3.14%-2.96%-7.14%
79
Outperform
$1.13B10.1310.69%1.40%2.41%-1.13%
76
Outperform
$1.05B10.069.25%5.48%2.32%-16.87%
76
Outperform
$1.25B11.4112.34%2.38%9.00%27.47%
74
Outperform
$1.17B16.796.08%1.60%-4.22%-14.67%
68
Neutral
$17.21B11.209.71%3.57%11.12%-4.52%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BFC
Bank First National
126.33
36.91
41.28%
PEBO
Peoples Bancorp
29.39
-2.47
-7.75%
PFBC
Preferred Bank
93.91
11.66
14.18%
RBCAA
Republic Bancorp
72.11
8.99
14.24%
BY
Byline Bancorp
27.09
-0.79
-2.83%
OBK
Origin Bancorp
37.47
3.57
10.53%

Bank First National Corporate Events

M&A TransactionsBusiness Operations and Strategy
Bank First National Announces Merger with Centre 1 Bancorp
Positive
Jul 18, 2025

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.

Executive/Board ChangesShareholder Meetings
Bank First National Announces Board Changes at Annual Meeting
Neutral
Jun 17, 2025

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.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 19, 2025