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Bank First National
(NASDAQ:BFC)
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Rating:77Outperform
Price Target:
$174.00
â–²(15.40% Upside)
Action:Reiterated
Date:08/08/26
BFC scores well primarily on strong financial performance (profitability, growth, and low leverage) and supportive technicals with the stock trading above major moving averages. The score is tempered by only average valuation (P/E ~19.86 and ~1.28% yield) and some cash-flow variability; corporate events are a modest positive but add execution risk via the pending acquisition.
Positive Factors
Conservative balance sheet
Bank First’s very low leverage and improving capital base (debt/equity ~0.13, improved from ~0.19) provide durable financial resilience. Low debt reduces refinancing and solvency risk, supports lending capacity and cushions the franchise across credit cycles, enabling strategic optionality.
Negative Factors
Operating cash flow inconsistency
Operating cash flow declined versus the prior year and coverage metrics are inconsistent, creating volatility in cash generation. Less predictable OCF hampers reliable capital allocation, stress-testing capacity and dividend or buyback planning, and raises sensitivity to short‑term funding swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Bank First’s very low leverage and improving capital base (debt/equity ~0.13, improved from ~0.19) provide durable financial resilience. Low debt reduces refinancing and solvency risk, supports lending capacity and cushions the franchise across credit cycles, enabling strategic optionality.
Read all positive factors
Bank First National (BFC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend Yield1.27%
Average Volume (3M)101.50K
Price to Earnings (P/E)19.9
Beta (1Y)0.74
Revenue Growth23.23%
EPS Growth11.01%
CountryUS
Employees554
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)7.69
Shares Outstanding11,081,244
10 Day Avg. Volume100,754
30 Day Avg. Volume101,498
Financial Highlights & Ratios
PEG Ratio1.50
Price to Book (P/B)1.86
Price to Sales (P/S)4.98
P/FCF Ratio23.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$161.00Price Target Upside6.78% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)9.95
Revenue Forecast (FY)$263.40M
Bank First National Business Overview & Revenue Model
Company Description
Bank First Corporation, established in 1894 and headquartered in Manitowoc, Wisconsin, functions as the parent entity for Bank First N.A. This financial institution delivers a comprehensive array of consumer and commercial financial solutions thro...
How the Company Makes Money
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Bank First National Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 291.54M | 240.45M | 223.24M | 186.47M | 130.77M | 116.78M |
| Gross Profit | 216.14M | 169.14M | 155.44M | 132.79M | 116.12M | 105.38M |
| EBITDA | 107.67M | 93.76M | 87.56M | 107.19M | 63.61M | 63.15M |
| Net Income | 81.06M | 71.50M | 65.56M | 74.51M | 45.21M | 45.44M |
Balance Sheet | ||||||
| Total Assets | 5.95B | 4.52B | 4.50B | 4.22B | 3.66B | 2.94B |
| Cash, Cash Equivalents and Short-Term Investments | 266.52M | 55.34M | 414.29M | 407.44M | 424.38M | 509.55M |
| Total Debt | 104.85M | 123.55M | 147.37M | 127.14M | 122.63M | 66.63M |
| Total Liabilities | 5.13B | 3.88B | 3.86B | 3.60B | 3.21B | 2.61B |
| Stockholders Equity | 819.31M | 643.84M | 639.68M | 619.80M | 453.10M | 322.65M |
Cash Flow | ||||||
| Free Cash Flow | 38.79M | 51.04M | 58.62M | 39.46M | 33.14M | 31.57M |
| Operating Cash Flow | 44.46M | 62.48M | 65.85M | 52.95M | 40.01M | 40.28M |
| Investing Cash Flow | -17.09M | -15.97M | -252.94M | 269.00M | -177.81M | -93.89M |
| Financing Cash Flow | -125.87M | -64.64M | 200.95M | -193.82M | -39.71M | 180.24M |
Bank First National Technical Analysis
Positive
150.78
Price Trends
146.61
Positive
143.25
Positive
137.11
Positive
Market Momentum
2.33
Negative
57.52
Neutral
74.22
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 150.78 is above the 20-day moving average (MA) of 150.42, above the 50-day MA of 146.61, and above the 200-day MA of 137.11, indicating a bullish trend. The MACD of 2.33 indicates Negative momentum. The RSI at 57.52 is Neutral, neither overbought nor oversold. The STOCH value of 74.22 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 41 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $1.42B | 9.49 | 17.32% | 3.03% | 0.58% | 15.28% | |
78 Outperform | $1.75B | 11.66 | 11.75% | 1.14% | 2.81% | 23.43% | |
77 Outperform | $1.70B | 19.95 | 11.14% | 1.29% | 23.23% | 11.01% | |
77 Outperform | $1.73B | 15.26 | 11.44% | 2.02% | -2.70% | 2.61% | |
77 Outperform | $1.78B | 9.71 | 10.11% | 2.27% | 44.64% | 252.66% | |
74 Outperform | $1.37B | 13.00 | 12.31% | 3.08% | -8.51% | -5.30% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
BFC
Bank First National
153.42
38.08
33.02%
PFBC
Preferred Bank
105.76
17.62
19.99%
RBCAA
Republic Bancorp
99.19
32.12
47.89%
WABC
Westamerica Bancorporation
59.13
13.19
28.72%
CNOB
ConnectOne Bancorp
32.82
10.54
47.33%
BY
Byline Bancorp
38.83
13.19
51.44%
Bank First National Corporate Events
Executive/Board Changes
Bank First National strengthens board with three new directors
Positive
Jun 23, 2026
On June 16, 2026, Bank First Corporation, together with its wholly owned banking subsidiary Bank First, N.A., elected three new directors to its Board of Directors: SriRaj Kantamneni, Tracy C. Pearson and William J. Ring. Each of the newly elected...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Bank First National Announces Board Changes and Governance Votes
Positive
Jun 18, 2026
On June 15, 2026, Bank First Corporation held its Annual Meeting of Shareholders, where longtime director Stephen E. Johnson retired from the Board, and shareholders elected new directors Steven M. Eldred and Todd A. Sprang, while re-electing Pres...
Business Operations and StrategyM&A Transactions
Bank First National announces acquisition of PSB Holdings
Positive
May 19, 2026
On May 19, 2026, Bank First Corporation announced an all-stock agreement to acquire PSB Holdings, parent of Peoples State Bank, in a deal valued at about $202.9 million, with PSB shareholders to receive 0.3470 of a Bank First share for each PSB sh...
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.