Bank First Corporation (BFC) Stock Analysis

Why this analysis is different

• A sector-relative MoonshotScore — five pillars (business quality, financial safety, valuation, growth durability, momentum) re-ranked nightly against the full universe of US-listed common stocks.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Bank First Corporation (BFC) Financial Services Profile

Bank First Corporation, established in 1894 and based in Wisconsin, delivers comprehensive financial services including commercial and consumer banking. With a $1.71B market cap and a focus on community banking, BFC distinguishes itself through a high gross margin of 72.5% and a beta of 0.40, indicating lower volatility compared to its peers.

What Is the Investment Thesis for BFC?

Bank First Corporation presents a compelling investment case due to its established presence in the Wisconsin banking sector, demonstrated by its $1.71B market capitalization. The company's robust profitability, indicated by a 27.7% profit margin and a 72.5% gross margin, suggests efficient operations and effective cost management. A dividend yield of 1.26% provides a steady income stream for investors. Growth catalysts include expansion within its existing Wisconsin footprint and potential strategic acquisitions of smaller community banks. However, investors may want to evaluate the potential impact of interest rate fluctuations on the bank's net interest margin and the competitive pressures from larger regional and national banks. Monitoring loan portfolio quality and regulatory compliance will be crucial for assessing long-term performance.

Based on FMP financials and quantitative analysis

BFC Key Highlights

Market capitalization of $1.71B, reflecting a substantial regional presence.

• Profit margin of 27.7%, indicating strong profitability compared to the industry average.
• Gross margin of 72.5%, showcasing efficient cost management and revenue generation.
• Dividend yield of 1.26%, providing a steady income stream for investors.
• Beta of 0.40, suggesting lower volatility compared to the broader market.

Who Are BFC's Competitors?

BFC is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance

What Are BFC's Key Strengths?

Strong market position in Wisconsin.

• High profit and gross margins.
• Conservative lending practices.
• Experienced management team.

What Are BFC's Weaknesses?

Limited geographic diversification.

• Reliance on traditional banking products.
• Smaller scale compared to larger regional banks.
• Vulnerability to interest rate fluctuations.

What Could Drive BFC Stock Higher?

Potential acquisitions of smaller community banks in Wisconsin.

• Implementation of new digital banking initiatives within the next 12 months.
• Expansion of commercial lending activities to support local businesses.
• Launch of new wealth management products and services in the next 6 months.

What Are the Key Risks for BFC?

Financial-distress signal — its Altman Z-Score of -0.43 sits in the distress zone (elevated bankruptcy risk).

• Interest rate fluctuations impacting net interest margin.
• Competition from larger regional and national banks.
• Economic downturn in Wisconsin affecting loan demand and credit quality.
• Regulatory changes increasing compliance costs.
• Cybersecurity threats compromising customer data and financial systems.

What Are the Growth Opportunities for BFC?

• Expansion within Wisconsin: Bank First can expand its presence within Wisconsin by opening new branches in underserved markets or acquiring smaller community banks. The Wisconsin banking market is characterized by a large number of small to medium-sized banks, presenting opportunities for consolidation. This expansion could increase the bank's deposit base and loan portfolio, driving revenue growth. The timeline for this growth is ongoing, with potential acquisitions occurring within the next 1-3 years.
• Digital Banking Initiatives: Investing in and expanding its digital banking platform can attract younger, tech-savvy customers and improve operational efficiency. Enhancements to mobile banking, online account management, and digital loan applications can drive customer acquisition and retention. The market for digital banking is growing rapidly, with increasing adoption of mobile payment and online banking services. This initiative can be implemented over the next 12-18 months.
• Commercial Lending Growth: Focusing on expanding its commercial lending portfolio, particularly to small and medium-sized businesses in Wisconsin, can drive significant revenue growth. By providing tailored financial solutions and building strong relationships with local businesses, Bank First can capture a larger share of the commercial lending market. The demand for commercial loans is expected to increase as the Wisconsin economy continues to grow. This strategy can yield results within the next 2-3 years.
• Wealth Management Services: Expanding wealth management services to high-net-worth individuals and families in Wisconsin can generate additional fee income and diversify revenue streams. By offering financial planning, investment management, and trust services, Bank First can cater to the growing demand for wealth management solutions. The wealth management market is expected to grow as the population ages and wealth accumulates. This expansion can be phased in over the next 24-36 months.
• Strategic Partnerships: Forming strategic partnerships with local businesses and organizations can enhance Bank First's brand awareness and customer acquisition efforts. By collaborating with real estate developers, insurance agencies, and other businesses, Bank First can reach new customers and offer bundled financial solutions. These partnerships can be established within the next year and contribute to long-term growth.

What Are BFC's Competitive Advantages?

• Strong local brand recognition in Wisconsin.
• Established relationships with customers and businesses in its operating area.
• Deep understanding of the Wisconsin banking market.
• Conservative lending practices, leading to lower loan losses.

What Does BFC Do?

Bank First Corporation, the holding company for Bank First N.A., has a rich history dating back to its founding in 1894 in Manitowoc, Wisconsin. Originally established to serve the local community, the bank has evolved into a prominent regional financial institution offering a wide array of consumer and commercial financial services. These services cater to businesses, professionals, consumers, associations, individuals, and governmental entities across Wisconsin. Bank First provides traditional banking products such as checking, savings, money market, and retirement accounts, alongside certificates of deposit and residential mortgage products. The company also offers modern conveniences like credit cards, ATM processing, online, telephone, and mobile banking services. Its loan portfolio includes commercial real estate, residential mortgages, commercial and industrial loans, construction and development loans, and various consumer loans. Operating through 21 offices located in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties, Bank First maintains a strong presence in its core markets. The company rebranded from Bank First National Corporation to Bank First Corporation in June 2019, reflecting its growth and strategic evolution.

What Products and Services Does BFC Offer?

• Provides checking and savings accounts to individuals and businesses.
• Offers mortgage and home equity loans.
• Provides commercial and industrial loans for businesses.
• Offers online and mobile banking services.
• Provides wealth management and investment services.
• Offers credit cards and ATM services.
• Provides treasury management services to businesses.

How Does BFC Make Money?

• Generates revenue through interest income from loans.
• Earns fee income from services like wealth management and credit card processing.
• Manages risk through careful loan underwriting and diversification.
• Funds operations through deposits and borrowings.

What Industry Does BFC Operate In?

Bank First Corporation operates within the regional banking sector, which is characterized by increasing consolidation and technological disruption. The industry is influenced by factors such as interest rate movements, regulatory changes, and economic conditions in local markets. Competition comes from larger national banks, regional players, and credit unions. Bank First differentiates itself through its community-focused approach and deep understanding of the Wisconsin market. The regional banking sector is expected to see moderate growth, driven by increasing demand for loans and financial services from small and medium-sized businesses.

Who Are BFC's Key Customers?

• Individuals seeking personal banking services.
• Small and medium-sized businesses requiring commercial loans.
• High-net-worth individuals seeking wealth management services.
• Governmental entities requiring financial services.

Over the past six months, Bank First Corporation insiders filed 21 SEC Form 4 transactions — 5 sales and 16 purchases. On net that is roughly 10K shares acquired (about $1.3M) — insiders putting money in tends to read as conviction.

Quarterly Financial Performance: Bank First Corporation

Revenue for Bank First Corporation came in at $85.7M during Q2 2026, a 1.7% improvement versus the preceding quarter. The company recorded net income of $24.7M, with diluted EPS of $2.21. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this small-cap Financial Services company. Across the four most recent quarters, BFC averaged $1.92 in diluted EPS.

BFC Valuation & Market Position

With a $1.71B market cap, Bank First Corporation sits in the small-cap segment of the market. Relative to its peer group, BFC's quantitative score of 81/100 is roughly in line with the peer average of 77/100.

Return on equity for Bank First Corporation stands at 10.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 1.2%, showing how much profit it generates from its asset base. BFC trades at a trailing price-to-earnings ratio of 22.00, above the Financial Services sector average of ~18x. Its free cash flow yield is 1.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.00 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 4.5%, the inverse of the P/E and a quick read on earnings relative to price.

Bank First Corporation's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of -0.43 places it in the distress zone, a signal of elevated financial risk.

Wall Street analysts project Bank First Corporation revenue of about $264.1M for fiscal 2026, with EPS near $9.95.

Company Profile

Bank First Corporation operates in the Banks - Regional industry within the Financial Services sector. It is headquartered in Manitowoc, US. The company is led by CEO Michael Molepske. BFC has traded publicly since 2003.

BFC Financials

BFC Latest News

BFC Analyst Consensus

BFC MoonshotScore

What Investors Ask About Bank First Corporation (BFC) — Financial Services

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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