Bank First Corporation
- Open
- 146.01
- Day high
- 146.66
- Day low
- 137.97
- Prev close
- 146.63
- Volume
- 171K
- Mkt cap
- $1.6B
- P/E (TTM)
- 20.3
- EPS (TTM)
- $7.19
- P/B
- 2.0
- P/S
- 6.2
- Yield
- 1.34%
- Per share
- $1.95
- ▲Insiders net buying $94K over the last 3 months (2 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Bank First Corporation (BFC) is a Financial Services company listed on NASDAQ. The stock is up 14% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4).
Bank First Corporation (BFC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BFC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $2.40 | $2.24 | -6.7% | $64M | -3.0% |
| Jan 22, 2026 | $1.75 | $2.00 | +14.3% | $45M | +2.4% |
| Oct 21, 2025 | $1.85 | $1.91 | +3.2% | $43M | -2.8% |
| Jul 18, 2025 | $1.80 | $1.71 | -5.0% | $41M | -8.0% |
| Apr 15, 2025 | $1.62 | $1.82 | +12.3% | $42M | +0.3% |
| Jan 21, 2025 | $1.55 | $1.74 | +12.3% | $40M | -2.2% |
| Oct 15, 2024 | $1.54 | $1.65 | +7.1% | $40M | +0.3% |
| Jul 16, 2024 | $1.43 | $1.56 | +9.1% | $38M | -2.5% |
| Apr 16, 2024 | $1.47 | $1.51 | +2.7% | $37M | -7.8% |
| Jan 16, 2024 | $1.41 | $1.44 | +2.1% | $43M | +9.5% |
| Oct 17, 2023 | $1.42 | $1.43 | +0.7% | $38M | -4.1% |
| Jul 18, 2023 | $1.41 | $1.37 | -2.8% | $37M | -6.7% |
BFC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 23, 2026 | Sprang Todd A.director | Buy | 450 | $138.96 |
| Apr 23, 2026 | Stayer-Suprick Michael Sdirector | Buy | 225 | $140.04 |
| Mar 19, 2026 | MCCONEGHY DANIEL Cdirector | Grant | 407 | $135.23 |
| Mar 10, 2026 | Stayer-Suprick Michael Sdirector | Grant | 407 | $135.23 |
| Mar 10, 2026 | Sprang Todd A.director | Grant | 407 | $135.23 |
| Mar 10, 2026 | Gregorski Robert D.director | Grant | 407 | $135.23 |
| Mar 10, 2026 | Dvorak Kelly Mofficer: Chief Legal Counsel | Grant | 1,029 | $135.23 |
| Mar 10, 2026 | Maples Phillip Rdirector | Grant | 407 | $135.23 |
| Mar 10, 2026 | LeMahieu Kevin M.officer: Chief Financial Officer | Grant | 2,316 | $135.23 |
| Mar 10, 2026 | Dvorak Kelly Mofficer: Chief Legal Counsel | Tax | 397 | $135.23 |
| Mar 10, 2026 | Davis Erin Adirector | Grant | 407 | $135.23 |
| Mar 10, 2026 | Bourbulas Mary Kaydirector | Grant | 407 | $135.23 |
| Mar 10, 2026 | Van Sistine Peter J.director | Grant | 407 | $135.23 |
| Mar 10, 2026 | Krepline Jason Vofficer: Chief Lending Officer | Grant | 1,380 | $135.23 |
| Mar 10, 2026 | Krepline Jason Vofficer: Chief Lending Officer | Tax | 745 | $135.23 |
Source: BFC SEC Form 4 filings, latest Apr 23, 2026. For informational purposes only — not investment advice.
See the full BFC insider & 13F page →Bank First Corporation company profile
Overview
Bank First Corporation (NASDAQ:BFC) is a regional bank holding company founded in 1894 and headquartered in Manitowoc, Wisconsin. The company operates as the parent organization for Bank First N.A., providing comprehensive consumer and commercial banking services throughout Wisconsin. With over 130 years of banking experience, Bank First has grown from a local community bank to a regional financial institution serving nine counties across Wisconsin through 21 branch locations. The company went public in 2003 and changed its name from Bank First National Corporation to Bank First Corporation in June 2019.
Business
Bank First Corporation operates in the regional banking industry, which sits between large national banks and small community banks in terms of size and geographic scope. Regional banks like Bank First typically serve specific geographic areas and focus on relationship-based banking with local businesses and consumers. The company's core business revolves around traditional banking services delivered through its subsidiary Bank First N.A. Deposit products form a fundamental part of the business, including checking accounts, savings accounts, money market accounts, certificates of deposit, and specialized accounts like retirement and health savings accounts. These deposit accounts provide the funding base that banks use to make loans and generate interest income. Lending operations represent the primary revenue-generating activity, encompassing several loan categories. Commercial real estate loans finance properties used for business purposes, while residential mortgage loans help individuals purchase homes. The bank also provides commercial and industrial loans for business working capital, equipment purchases, and other operational needs. Construction and development loans support real estate projects, and consumer loans serve personal financing needs including secured and unsecured installment loans and revolving credit lines. Fee-based services complement the traditional banking offerings, including credit card services, ATM processing, treasury management for business clients, and various insurance products. The bank also provides investment and safekeeping services, data processing, and comprehensive digital banking platforms including online, telephone, and mobile banking access. Bank First operates exclusively within Wisconsin, concentrating its 21 offices across Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties. This geographic focus allows the bank to develop deep community relationships and specialized knowledge of local market conditions.
Revenue model
Bank First generates revenue through the traditional banking model centered on net interest income - the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. When the bank makes a loan at 6% interest and pays depositors 2% interest, the 4% spread represents gross interest income before accounting for credit losses and operating expenses. The bank's customers include individual consumers seeking personal banking services, small and medium-sized businesses requiring commercial banking solutions, professionals like doctors and lawyers needing specialized financial services, and local governmental entities. Business customers typically generate higher fee income through treasury management services, while consumer customers provide stable deposit funding. Fee income provides additional revenue streams through service charges on deposit accounts, loan origination fees, credit card interchange fees, ATM fees, and charges for specialized services like wire transfers and cashier's checks. Investment and insurance product sales generate commission income, while treasury management services command monthly fees from business clients. Several factors influence Bank First's profitability margins. Interest rate environments significantly impact net interest margins - rising rates can improve spreads if loan rates adjust faster than deposit rates, while falling rates can compress margins. Credit quality directly affects profitability through loan loss provisions, with economic downturns potentially requiring higher reserves for bad debts. Competition from other banks, credit unions, and non-bank lenders can pressure both loan pricing and deposit rates. Regulatory compliance costs represent a significant expense burden, particularly for smaller regional banks that lack the scale to spread these costs efficiently. Operating leverage plays a crucial role, as banks have high fixed costs in branches, technology, and personnel, making deposit and loan growth essential for improving efficiency ratios.
Competitive moat
Bank First operates in the highly competitive regional banking sector where traditional moats are relatively narrow. The company's primary competitive advantages stem from local market relationships and community banking expertise developed over its 130-year history in Wisconsin. These relationships can provide some protection against larger national banks that may lack local knowledge and personalized service capabilities. The bank's deposit franchise in its Wisconsin markets represents a modest moat, as customers often maintain banking relationships due to convenience, habit, and personal relationships with bank staff. However, this advantage is increasingly challenged by digital banking platforms that reduce geographic constraints and make it easier for customers to switch institutions. Regulatory barriers provide some protection by making it expensive and time-consuming for new competitors to enter the banking industry. The complex web of federal and state banking regulations, capital requirements, and examination processes creates hurdles for potential new entrants. However, Bank First faces significant competitive pressures that limit its moat strength. Large national banks like JPMorgan Chase and Bank of America can offer more sophisticated technology platforms, broader product suites, and competitive pricing due to their scale advantages. Credit unions often provide tax advantages that allow them to offer better rates to members. Fintech companies are increasingly disrupting traditional banking services with digital-first approaches, particularly in payments, lending, and wealth management. The bank's moat is relatively weak compared to businesses with strong network effects, switching costs, or unique assets. Regional banks like Bank First typically compete primarily on service quality, local relationships, and pricing, making them vulnerable to well-capitalized competitors willing to sacrifice short-term profitability for market share.
Risks & safety
Bank First demonstrates solid financial stability with manageable risk levels, though typical of regional banking sector vulnerabilities. • Liquidity position: Strong cash position of $261 million as of Q4 2024, representing 5.8% of total assets, providing adequate short-term liquidity buffer • Debt levels: Moderate debt-to-equity ratio of 0.23, indicating conservative leverage management • Profitability: Consistent profitability with 2024 ROE of 10.2%, demonstrating effective capital utilization • Valuation metrics: Trading at 15.2x earnings and 1.55x book value, reasonable for a profitable regional bank • Asset quality: Total assets of $4.5 billion with strong deposit base, though concentration in Wisconsin real estate markets creates geographic risk • Capital adequacy: Equity-to-assets ratio of approximately 14.2%, meeting regulatory requirements with buffer • Operational cash flow: Positive operating cash flow of $67 million in 2024, supporting dividend payments and growth investments
Recent development
Based on the available financial data, Bank First has demonstrated steady growth and operational improvements over recent years. The bank has experienced significant asset expansion, with total assets growing from $3.66 billion in 2022 to $4.50 billion by the end of 2024, representing a 23% increase over two years. Revenue growth has been substantial, with annual revenue increasing from $118 million in 2022 to $206 million in 2024, reflecting both organic growth and potentially favorable interest rate environments. This revenue expansion has translated into improved profitability, with net income rising from $45 million in 2022 to $66 million in 2024. The bank has maintained strong capital management, evidenced by consistent return on equity performance and prudent debt levels. The increase in cash and short-term investments from $119 million in 2022 to $261 million in Q4 2024 suggests improved liquidity management and preparation for potential market volatility. Operational efficiency improvements are evident in the bank's ability to grow revenue faster than the proportional increase in assets, indicating better asset utilization and potentially improved net interest margins during the period. The consistent positive free cash flow generation demonstrates the bank's ability to fund operations and growth while maintaining financial flexibility. Without access to detailed earnings call transcripts, specific strategic initiatives regarding digital transformation, market expansion plans, or new product launches cannot be detailed, but the financial performance suggests successful execution of growth strategies within the Wisconsin market footprint.
BFC company profile · for informational purposes only — not investment advice.
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