Bank First National (BFC) AI Stock Analysis

• Market Cap: $1.11B
• Dividend Yield: 1.49%
• Average Volume (3M): 28.16K
• Price to Earnings (P/E): 16.2
• Beta (1Y): 0.81
• Revenue Growth: 18.79%
• EPS Growth: -11.25%
• Country: US
• Employees: 362
• Sector: Financial
• Sector Strength: 81
• Industry: Banks - Regional
• EPS (TTM): 6.80
• Shares Outstanding: 9,994,639
• 10 Day Avg. Volume: 34,613
• 30 Day Avg. Volume: 28,165
• PEG Ratio: 0.23
• Price to Book (P/B): N/A
• Price to Sales (P/S): 6.41
• Price to Cash Flow (P/CF): 8.20
• P/FCF Ratio: 5.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $111.00
• Price Target Upside: -0.29% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

Bank First National's overall stock score reflects strong revenue growth and a solid operational base, tempered by challenges in profit margins and cash flow management. Technical indicators show a neutral stance, while valuation metrics suggest fair pricing. Strategic expansions and recognition in the industry highlight future potential, contributing to a positive outlook.

Bank First National Business Overview & Revenue Model

Company Description

Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to businesses, professionals, consumers, associations, individuals, and governmental authorities in Wisconsin. The company offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. It also provides credit cards; ATM processing; insurance; data processing and other information technology; investment and safekeeping; treasury management; and online, telephone, and mobile banking services. The company's loan products include real estate loans, including commercial real estate, residential mortgage, and home equity loans; commercial and industrial loans for working capital, accounts receivable, inventory financing, and other business purposes; construction and development loans; residential 1-4 family loans; and consumer loans for personal and household purposes, including secured and unsecured installment loans, and revolving lines of credit. It operates through 21 offices in Manitowoc, Outagamie, Brown, Winnebago, Sheboygan, Waupaca, Ozaukee, Monroe, and Jefferson counties in Wisconsin. The company was formerly known as Bank First National Corporation and changed its name to Bank First Corporation in June 2019. Bank First Corporation was founded in 1894 and is headquartered in Manitowoc, Wisconsin.

How the Company Makes Money

Bank First National makes money through a variety of revenue streams, primarily centered around its core banking activities. The company earns interest income from loans offered to individuals and businesses, including mortgages, personal loans, and commercial loans. Additionally, BFC generates revenue from non-interest income sources such as service charges on deposit accounts, fees from wealth management and investment services, and transaction fees from card services. The bank also benefits from strategic partnerships with financial technology firms and other institutions to enhance its service offerings and reach. Operational efficiency and prudent risk management play significant roles in the company's profitability, helping to maximize earnings while managing costs and credit risks.

Bank First National Financial Statement Overview

Summary

Bank First National exhibits strong revenue growth and a robust operational structure. However, declining profit margins, increased leverage, and weakened cash flow conversion could pose future challenges. The company must focus on improving cash flow management and maintaining operational efficiency to sustain growth and ensure financial stability.

Income Statement

Bank First National has demonstrated consistent revenue growth over the years, with a notable increase from $77.65M in 2019 to $206.41M in 2024, reflecting strong growth momentum. The gross profit margin remains high at 100% due to the nature of the banking industry where total revenue equals gross profit. However, the net profit margin has decreased from 41.83% in 2023 to 31.76% in 2024, suggesting increased operational costs or reduced efficiency. EBIT margin remains robust, indicating strong operational performance.

Balance Sheet

The company's balance sheet shows a solid equity base with stockholders' equity increasing from $230.21M in 2019 to $639.68M in 2024. The debt-to-equity ratio has increased, indicating higher leverage, which could pose a risk if not managed carefully. However, the equity ratio remains stable, implying the company is well-capitalized. Return on equity has decreased from 12.02% in 2023 to 10.25% in 2024, reflecting reduced profitability relative to equity.

Cash Flow

Cash flow performance is mixed, with operating cash flow to net income ratio dropping from 0.71 in 2023 to 0.03 in 2024, highlighting potential challenges in converting income to cash. Free cash flow has shrunk significantly, affecting the company’s ability to reinvest or return value to shareholders. The cash flow from operations has decreased substantially, signaling potential liquidity issues.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
206.41M	179.01M	118.32M	108.48M	103.15M
	Gross Profit
206.41M	179.01M	118.32M	108.48M	103.15M
	EBIT
206.09M	117.22M	72.08M	59.97M	49.88M
	EBITDA
0.00	107.19M	63.61M	63.15M	53.05M
	Net Income Common Stockholders
65.56M	74.51M	45.21M	45.44M	38.05M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
282.23M	247.47M	424.38M	509.55M	207.24M
	Total Assets
4.50B	4.22B	3.66B	2.94B	2.72B
	Total Debt
135.37M	51.39M	25.43M	25.51M	40.97M
	Net Debt
76.21M	-196.07M	-93.92M	-271.35M	-481.00K
	Total Liabilities
3.86B	3.60B	3.21B	25.51M	40.97M
	Stockholders Equity
639.68M	619.80M	453.10M	322.65M	294.86M
Cash Flow		Free Cash Flow
2.15M	39.46M	33.14M	31.57M	35.59M
	Operating Cash Flow
2.15M	52.95M	40.01M	40.28M	43.96M
	Investing Cash Flow
84.56M	269.00M	-177.81M	-93.89M	-206.03M
	Financing Cash Flow
-51.37M	-193.82M	-39.71M	180.24M	245.83M

Bank First National Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 111.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 111.32 is above the 20-day moving average (MA) of 102.57, above the 50-day MA of 102.18, and above the 200-day MA of 96.35, indicating a bullish trend. The MACD of 2.33 indicates Negative momentum. The RSI at 70.81 is Negative, neither overbought nor oversold. The STOCH value of 94.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BFC.

Bank First National Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PFBC	76 Outperform	$1.15B	8.92	17.92%	3.36%	8.03%	-8.05%
RBCAA	74 Outperform	$1.17B	13.05	10.64%	2.50%	18.29%	13.31%
PEBO	73 Outperform	$1.00B	8.50	10.12%	5.62%	7.34%	-4.94%
BFC	72 Outperform	$1.11B	16.25	10.83%	1.49%	18.79%	-11.25%
BY	71 Outperform	$1.12B	9.10	11.60%	1.48%	16.41%	3.09%
Sector *	63 Neutral	$12.33B	9.59	8.02%	79.26%	12.87%	-4.61%
OBK	61 Neutral	$972.63M	12.70	6.75%	1.89%	5.48%	-9.46%

Bank First National Corporate Events

Bank First National Announces Board Member Retirement

Bank First Corporation announced the retirement of Judy L. Heun from its Board of Directors, effective February 25, 2025. Ms. Heun, who joined the board in April 2019, has significantly contributed to the company’s financial oversight and strategic growth, particularly as Chair of the Audit Committee since 2022. Her departure marks the end of a notable tenure that strengthened the bank’s financial position and commitment to responsible growth. Beyond her role at Bank First, Heun has held key leadership positions at Kohler Company and has been actively involved in community service.

Bank First National Recognized as One of America’s Best Banks

Bank First Corporation announced several developments in its operations, including the opening of a new office in Fond du Lac and plans for a new branch in Sturgeon Bay, set for the second quarter of 2025. The company also highlighted ongoing and upcoming renovations at various branches, reflecting its commitment to enhancing customer experiences. Despite a decrease in net income and earnings per share for 2024, largely due to non-recurring items in 2023, the company maintained strong asset quality and financial health. Forbes recognized Bank First as one of America’s Best Banks for 2025, underscoring its financial strength and commitment to stakeholders.

Bank First National Renews $50M Share Repurchase Plan

On February 18, 2025, Bank First Corporation renewed its share repurchase program, allowing for the repurchase of up to $50 million of its common stock over one year. This strategic move is set to potentially impact the company’s stock market performance and provide value to its stakeholders by adjusting the supply of its shares in the market.