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BFC

Bank First Corporation

BFC

Bank First Corporation • NASDAQ
$124.73 ▼ -0.56% (-0.70)
Market Cap $1.23 B
52w High $135.72
52w Low $92.49
Dividend Yield 5.30%
P/E 17.54
Volume 23.06K
Outstanding Shares 9.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $60.095M ▲ $19.772M ▲ $17.99M ▲ 29.936% ▲ $1.83 ▲ $24.311M ▲
Q2-2025 $58.502M ▼ $19.762M ▲ $16.875M ▼ 28.845% ▼ $1.71 ▼ $22.531M ▼
Q1-2025 $60.455M ▲ $19.423M ▲ $18.241M ▲ 30.173% ▲ $1.82 ▲ $24.01M ▲
Q4-2024 $58.371M ▲ $19.39M ▲ $17.54M ▲ 30.049% ▲ $1.75 ▲ $23.859M ▲
Q3-2024 $57.863M $19.038M $16.552M 28.605% $1.65 $22.672M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $287.537M ▼ $4.365B ▼ $3.753B ▼ $612.333M ▼
Q1-2025 $388.062M ▼ $4.505B ▲ $3.857B ▲ $648.414M ▲
Q4-2024 $414.291M ▲ $4.495B ▲ $3.855B ▲ $639.683M ▲
Q3-2024 $229.21M ▲ $4.294B ▲ $3.666B ▲ $628.895M ▲
Q2-2024 $226.927M $4.146B $3.531B $614.579M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $16.875M ▼ $11.856M ▲ $-34.312M ▼ $-158.081M ▼ $-180.537M ▼ $8.236M ▲
Q1-2025 $18.241M ▲ $6.166M ▼ $31.543M ▲ $1.824M ▼ $39.533M ▼ $4.012M ▼
Q4-2024 $17.54M ▲ $30.803M ▲ $-145.666M ▼ $171.767M ▲ $56.904M ▼ $27.408M ▲
Q3-2024 $16.552M ▲ $18.781M ▲ $-37.452M ▼ $124.149M ▲ $105.478M ▲ $16.936M ▲
Q2-2024 $16.059M $14.934M $-26.89M $27.532M $15.576M $13.727M

Five-Year Company Overview

Income Statement

Income Statement Bank First’s income statement shows a steadily growing bank: revenue has risen consistently over the past five years, and profit levels have generally trended upward. Profitability remains solid, with the bank converting a meaningful share of its revenue into bottom‑line earnings. More recently, though, earnings growth has flattened even as revenue has climbed, suggesting higher costs, margin pressure, or more conservative loan loss provisioning. Earnings per share dipped slightly in the latest year despite stable profits, likely reflecting a larger share count tied to acquisitions. Overall, this looks like a mature, profitable regional bank that is still growing but no longer expanding its margins as easily as before.

Balance Sheet

Balance Sheet The balance sheet reflects a bank that has expanded significantly in size over the last five years, with total assets and loans rising meaningfully. Cash levels have improved from earlier years, providing more flexibility, while borrowings have inched up but remain modest relative to the overall balance sheet. Equity has grown strongly, indicating retained profits and possibly capital raised to support acquisitions and organic growth. In simple terms, Bank First looks reasonably well‑capitalized for its growth pace, but the larger footprint increases the importance of disciplined credit and risk management as the loan book and geographic reach expand.

Cash Flow

Cash Flow Cash generation has been consistently positive, with operating cash flow covering the bank’s relatively light capital spending needs. Free cash flow has remained positive each year, indicating that day‑to‑day operations fund investments without visible strain. Investment in physical infrastructure and systems appears steady rather than aggressive, which aligns with a bank relying more on partnerships and platform upgrades than on heavy in‑house build‑outs. Overall, the cash flow profile points to a business model that is self‑funding and not overly dependent on external financing to execute its strategy.

Competitive Edge

Competitive Edge Bank First occupies a focused regional niche as a relationship‑driven community bank with a strong reputation in its markets. Its high customer satisfaction scores, deep community involvement, and emphasis on local decision‑making underpin a sticky base of low‑cost deposits, which is a major advantage in a volatile interest‑rate environment. The bank’s specialization in small business, agricultural lending, and government‑guaranteed programs, alongside treasury management and fraud‑prevention tools, helps differentiate it from both larger national players and smaller local competitors. Key risks to its position include geographic concentration in the upper Midwest, exposure to local economic cycles, and competitive pressure from larger banks and digital‑first fintechs that continue to push into its customer segments.

Innovation and R&D

Innovation and R&D Rather than heavy in‑house R&D, Bank First leans on strategic technology partnerships, particularly with UFS, to access modern banking platforms at a lower cost. The rollout of a new core banking system and a unified digital banking platform has upgraded its ability to launch products quickly, integrate with fintech partners, and offer a smoother, more secure digital experience. This approach allows the bank to compete on technology without the overhead of building everything itself, while still preserving its personalized, local feel. The bank is also layering in ESG and sustainability initiatives, such as energy‑efficient branches and solar investments. The main execution risks are ensuring smooth technology integrations, avoiding customer disruption during platform changes, and continuing to invest enough to keep pace with rising digital expectations.

Summary

Bank First comes across as a solidly profitable, growing regional bank that combines traditional relationship banking with modern technology. Financially, it shows steady revenue growth, consistent profitability, and a strengthening capital base, albeit with some recent pressure on earnings growth as costs and integration needs rise. Its competitive edge rests on high customer loyalty, low‑cost deposits, and specialization in local business and agricultural markets, enhanced by recent digital upgrades. Future performance will likely hinge on how well it manages credit quality through cycles, integrates acquisitions, maintains its community‑driven culture at a larger scale, and continues updating its technology in a fast‑changing banking environment.

NEWS

October 21, 2025 · 4:10 PM UTC

Bank First Announces Net Income for the Third Quarter of 2025

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October 16, 2025 · 9:43 PM UTC

Bank First Corporation Receives Regulatory Approval to Acquire Centre 1 Bancorp, Inc.

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