Bank First Corp BFC
Bank First Corporation is a Wisconsin corporation that was organized in April 1982 to serve as the holding company for Bank First, N.A., a national banking association founded in 1894. The Bank is a wholly-owned subsidiary of the Company. The Company and the Bank are headquartered in Manitowoc, Wisconsin, and the Bank is a member of the Board of Governors of the Federal Reserve System (the "Federal Reserve") and regulated by the Office of the Comptroller of the Currency (the "OCC"). The Bank has thirty-eight (38) offices, including its headquarters, in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin and Winnebago county in the State of Illinois. We serve businesses, professionals and consumers with a wide variety of financial services, including retail and commercial banking. Some of the products that we offer include checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, credit cards, online banking, telephone banking and mobile banking.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $221.7M | $206.4M | $182.5M | $116.5M | $98.4M | $100.7M | $89.2M | $77.9M | $53.5M | $44.7M |
| Interest expense | $151.7M | $137.8M | $133.5M | $104.1M | $8.3M | $13.9M | $19.5M | $14.8M | $7.7M | $5.9M |
| Pre-tax income | $88.2M | $79.5M | $98.8M | $59.6M | $60.0M | $49.9M | $34.3M | $32.1M | $24.1M | $22.6M |
| Income tax | $16.7M | $13.9M | $24.3M | $14.4M | $14.5M | $11.8M | $7.6M | $6.6M | $8.8M | $7.7M |
| Net income | $71.5M | $65.6M | $74.5M | $45.2M | $45.4M | $38.0M | $26.7M | $25.5M | $15.3M | $14.9M |
| EPS, basic | 7.23 | 6.50 | 7.28 | 5.58 | 5.92 | 5.07 | 3.91 | 3.81 | 2.44 | 2.40 |
| EPS, diluted | 7.23 | 6.50 | 7.28 | 5.58 | 5.92 | 5.07 | 3.87 | 3.81 | 2.44 | 2.40 |
| Shares, diluted (wtd. avg.) | $9.9M | $10.1M | $10.2M | $8.1M | $7.6M | $7.5M | $6.9M | $6.7M | $6.3M | $6.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $243.2M | $261.3M | $247.5M | $119.4M | $296.9M | $170.2M | $86.5M | $107.7M | $102.0M | $80.2M |
| Property, plant and equipment | $79.2M | $71.1M | $69.9M | $56.4M | $49.5M | $43.2M | $35.3M | $24.5M | $18.6M | — |
| Goodwill | $175.1M | $175.1M | $175.1M | $110.2M | $55.4M | $55.5M | $28.4M | $15.0M | $7.1M | — |
| Other intangibles | $16.2M | $21.2M | $27.0M | — | — | $9.2M | $9.7M | $5.3M | $5.6M | — |
| Total assets | $4.51B | $4.50B | $4.22B | $3.66B | $2.94B | $2.72B | $2.21B | $1.79B | $1.75B | — |
| Short-term debt | — | — | — | — | — | — | $1.40B | — | — | — |
| Long-term debt | — | — | — | — | $8.0M | $23.3M | $39.8M | $0 | — | — |
| Total liabilities | $3.86B | $3.86B | $3.60B | $3.21B | $2.61B | $2.42B | $1.98B | $1.62B | $1.59B | — |
| Retained earnings | $417.0M | $398.0M | $348.0M | $295.5M | $258.1M | $221.4M | $189.5M | $168.4M | $145.9M | — |
| Total equity | $643.8M | $639.7M | $619.8M | $453.1M | $322.7M | $294.9M | $230.2M | $174.3M | $161.7M | $127.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $62.5M | $65.8M | $52.9M | $40.0M | $40.3M | $44.0M | $22.6M | $23.1M | $18.3M | $14.4M |
| Depreciation and amortisation | $2.4M | $2.3M | $2.1M | $1.7M | $1.8M | $1.5M | — | — | — | — |
| Stock-based compensation | $2.1M | $2.2M | $2.1M | $1.7M | $1.4M | $1.1M | $685.0K | $556.0K | $465.0K | $419.0K |
| Capital expenditure | $11.4M | $7.2M | $13.5M | $6.9M | $8.7M | $8.4M | $7.3M | $7.9M | $2.8M | $1.3M |
| Investing cash flow | -$16.0M | -$252.9M | $269.0M | -$177.8M | -$93.9M | -$206.0M | -$106.2M | -$30.1M | -$41.4M | -$83.0M |
| Financing cash flow | -$64.6M | $201.0M | -$193.8M | -$39.7M | $180.2M | $245.8M | $62.2M | $12.8M | $44.9M | $63.1M |
| Buybacks | $22.0M | $31.9M | $10.0M | $14.3M | $8.3M | $4.4M | $4.2M | $10.4M | $3.6M | $2.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048526.
Others in SIC 6021
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO | $953.33B | 17.9x | 2.8% |
| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
| WFC | WELLS FARGO & COMPANY/MN | $272.07B | 14.4x | -3.8% |
| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
| PNC | PNC FINANCIAL SERVICES GROUP, INC. | $97.98B | 14.8x | 7.2% |
| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |