Bank First Corp. (BFC)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$217.9M

Revenue growth

31.6%

Net income, last twelve months

$81.1M

Earnings per share

$7.69

Net margin

37.2%

Free cash flow

$42.6M

Return on equity

9.9%

Market value

$1.6B

Price to earnings

19.2x

Dividend yield

1.3%

Cash

$266.5M

Debt

$104.8M

Debt to equity

0.13

Shares outstanding

11.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of 2026 results, filed 20 October 2026.

• Net income rose on acquisition scale. Net income was $23.8 million, or $2.15 per share (basic and diluted), against $18.0 million, or $1.83, a year earlier. Adjusted net income was $26.1 million, or $2.35 per share, excluding acquisition expenses and asset-sale gains.
• Net interest income rose on Centre scale. Net interest income was $55.2 million, up $0.2 million from the prior quarter and $17.0 million from a year earlier. Management ties the added operating scale to the Centre acquisition.
• Purchase accounting added to NII. Purchase accounting added $2.2 million, or $0.16 per share after tax, to NII in the quarter, down from $3.6 million, or $0.25 per share, in the prior quarter.
• Noninterest income held near prior quarter. Noninterest income was $10.1 million, against $10.0 million in the prior quarter and $6.0 million a year earlier. Trust and wealth, service charges and mortgage gains are discussed below.
• Stateline loan book contracted on exits. The new Stateline region, formerly Centre, saw loan contraction as the bank exited certain acquired loans. Legacy-market loan production partly offset the contraction.
• Trust and wealth added as business line. Trust and Wealth Management, a line added through Centre, produced $1.6 million of noninterest income in each 2026 quarter. Before Centre, wealth income came only through referral agreements.
• Service charges rose on Stateline consumers. Service charge income was $12.9 million year to date, against $6.2 million a year earlier. Management attributes the increase to consumer behavior in the Stateline region.
• Ansay income fell on lower profitability. Income from Ansay & Associates was $0.8 million, against $0.9 million in the prior quarter and $1.3 million a year earlier. Management attributes this to investments in automation and efficiency.
• Mortgage sale gains and servicing valuation rose. Gains on mortgage loan sales were $2.3 million year to date, against $1.2 million. The servicing rights valuation added $1.5 million, against $0.3 million, as rising rates slowed prepayment assumptions.
• NIM excluding purchase accounting kept rising. Excluding purchase accounting, NIM rose in each quarter of 2026, reaching 3.91% in the third quarter from 3.86% in the second and 3.76% in the first.
• Asset yields rose while deposit rates eased. Excluding purchase accounting, yields on interest-earning assets rose to 5.42% in the third quarter. Crediting rates on interest-bearing liabilities fell to 2.26% over the same period.
• Noninterest expense rose on acquisition costs. Noninterest expense was $34.7 million, against $34.4 million in the prior quarter and $21.1 million a year earlier. Acquisition expenses for Centre and Peoples were $2.7 million, down from $3.3 million.
• Personnel cost fell after severance. Personnel expense fell to $15.8 million from $16.8 million. Prior-quarter severance of $1.3 million from the Centre acquisition masked a quarter-over-quarter rise in ongoing personnel costs.
• Intangible amortization elevated year to date. Amortization of intangibles was $2.5 million in the quarter and $7.6 million year to date. The $31.9 million core deposit intangible from Centre is amortized over 10 years.

Company events

The newest 8-K filings of 113 held.

Every filing

The newest filings with the SEC of 232 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

179 funds held it at 30 Jun 2026: 93 added and 34 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• JPMorgan Chase & Co. (JPM): revenue $199.4B, market value $902.3B
• Bank of America Corp. (BAC): revenue –, market value $357.1B
• Wells Fargo & Company (WFC): revenue $87.2B, market value $251.3B
• Citigroup Inc. (C): revenue $91.4B, market value $208.2B
• Capital One Financial Corp. (COF): revenue $62.0B, market value $125.7B
• Mizuho Financial Group Inc. (MFG): revenue $29.9B, market value $118.8B
• U.S. Bancorp (USB): revenue $29.6B, market value $92.9B
• PNC Financial Services Group, Inc. (PNC): revenue $25.0B, market value $91.1B
• Truist Financial Corp. (TFC): revenue $19.4B, market value $58.1B
• Huntington Bancshares Inc. (HBAN): revenue $10.4B, market value $31.7B

What the company does

Bank First Corporation is a Wisconsin corporation organized in April 1982 as the holding company for Bank First, N.A., a national banking association founded in 1894. Both are headquartered in Manitowoc, Wisconsin. The Bank has 38 offices in nineteen counties, all in Wisconsin except Winnebago county in Illinois, and employs approximately 380 full-time equivalent employees. It serves businesses, professionals and consumers with retail and commercial banking. The company says it conducts all of its material business operations through the Bank.

How the business is organised

The Bank has three subsidiaries. Bank First Investments, Inc. provides investment and safekeeping services to the Bank. TVG Holdings, Inc. holds the Bank's 40% ownership interest in Ansay & Associates, LLC, an insurance agency whose clients are primarily in Wisconsin. BFC Title, LLC holds the Bank's 5.88% ownership interest in Generations Title, LLC, a Wisconsin title company.

The company says its strategic plan is organized around the CAMELS ratings (Capital, Asset Quality, Management, Earnings, Liquidity and Sensitivity to Market Risk), with a sixth category for Information Technology. It describes the Bank as a relationship-based community bank.

What it lends

Loans were approximately 80.1% of total assets at 31 December 2025. Loans secured by real estate made up 74.1% of the loan portfolio.

- Commercial real estate: 49.3% - Residential mortgage and home equity: 24.8% - Commercial and industrial: 18.0% - Construction and development: 6.0% - Consumer: 1.5%

Commercial real estate loans generally have terms of 10 years or less. The Bank emphasizes owner-occupied industrial, office and retail buildings, and the loan-to-value ratio generally does not exceed 85%. Residential loans carry terms of up to 30 years, with loan-to-value generally limited to 90%. Commercial and industrial loans go to small and medium-sized businesses, with short-term loans running 3 months to 1 year and term loans 3 to 20 years. Construction loans generally run 9 to 24 months.

The Bank sells residential mortgages into the secondary market through Fannie Mae, Federal Home Loan Bank of Chicago, the U.S. Dept. of Agriculture, the Federal Housing Administration and the Wisconsin Housing and Economic Development Authority. It keeps the servicing rights on loans it sells. It does not offer reverse mortgages, subprime loans or Alt-A loans.

How it manages credit

The Bank uses serial sign-off approvals, and its board of directors is involved above the in-house lending limit. The legal limit on loans to one borrower is 15% of capital and unimpaired surplus, plus an additional 10% if the excess is fully secured by readily marketable collateral. The internal limit is set at 80% of the legal limit. Loan review is outsourced to a specialist firm, and the stated goal is to review approximately 40% of the commercial portfolio each year. The Bank can sell participations in larger loans to other institutions.

Deposits and other funding

Deposits are the primary source of funds. Deposit liabilities were approximately 82.0% of total liabilities and equity. Products include checking, savings and money market accounts, certificates of deposit, retirement accounts and health savings accounts. Customers include individuals, businesses, associations, organizations and governmental authorities. Deposits are insured by the FDIC up to statutory limits.

The Bank also borrows from the Federal Home Loan Bank of Chicago and has subordinated notes outstanding. It holds a securities portfolio of U.S. government securities, mortgage-backed securities backed by government-sponsored entities, corporate notes and municipal securities. The portfolio provides liquidity, diversification and collateral for municipal and business deposits.

The company says net interest income, the difference between interest income and interest expense, is the largest component of total revenue. Noninterest income comes from service charges, income from Ansay, loan servicing fees and gains on sales of mortgage loans.

Where it operates

Based on FDIC deposit market share reports dated 30 June 2025, Bank First ranked in the top 3 in 7 of the nineteen counties where it has branches. Those counties have an estimated aggregate population of 2,560,274.

On 1 January 2026 the company completed its merger with Centre 1 Bancorp, Inc., a bank holding company headquartered in Beloit, Wisconsin. Centre's bank subsidiary, First National Bank and Trust, operated seventeen (17) branches in Wisconsin and Illinois at closing and was merged into the Bank. The company says the acquisition added trust and wealth management capabilities.

How it competes

Competitors include commercial banks, credit unions, savings institutions, mortgage banking firms, consumer finance companies, brokerage firms, insurance companies, mutual funds and fintech companies. The filing says some of these have more assets, capital and lending limits than the Bank, and that some non-bank competitors have fewer regulatory constraints. The Bank does not directly offer international banking, apart from a limited set of services such as international wires and currency exchange.

The Bank competes as an independent community bank, using local promotion and personal relationships with customers. Its management says it believes it can compete effectively through local market knowledge, local decision making and awareness of customer needs.

Regulation and its people

The company is a bank holding company supervised by the Federal Reserve. The Bank is regulated by the OCC, with the FDIC insuring its deposits. The Bank was well capitalized at 31 December 2025 and had a rating of "Outstanding" in its most recent Community Reinvestment Act evaluation.

None of the Bank's employees is covered by a collective bargaining agreement. Approximately 73% of employees self-identified as female. Women represent 36% of the senior management team.

*From Bank First's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1746109/000110465926021567/bfc-20251231x10k.htm)*

From the company's 10-K.