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Bank First Corporation operates as a holding company for Bank First, N.A. that provides consumer and commercial financial services to businesses, professionals, and consumers, in Wisconsin. It offers checking, savings, money market, cash management, retirement, and health savings accounts; other time deposits; certificates of deposit; and residential mortgage products. The company also provides 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. In addition, it provides credit cards; insurance; data processing and other information technology; investment and safekeeping; treasury management; and online, telephone, and mobile banking services. 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $170M | - | $71M | $51M | 11.1% | 10.0% | 9.0% |
| 2024 | $155M | - | $66M | $59M | 10.2% | 12.5% | -12.0% |
| 2023 | $137M | - | $75M | $39M | 12.0% | 16.2% | 64.8% |
| 2022 | $118M | - | $45M | $33M | 10.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 118.32 | 137.47 | 154.64 | 170.12 |
| Pretax Income | 59.63 | 98.79 | 79.51 | 88.17 |
| Tax Provision | 14.42 | 24.28 | 13.95 | 16.67 |
| Net Income | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income Common Stockholders | 44.88 | 74.09 | 65.21 | 71.15 |
| Interest Expense | 12.45 | 49 | 68.61 | 70.06 |
| Interest Income | 116.53 | 182.48 | 206.41 | 221.72 |
| Selling General And Administration | 34.52 | 42.51 | 43.06 | 44.96 |
| Normalized Income | 45.10 | 46.79 | 64.99 | 71.37 |
| Basic EPS | 5.58 | 7.28 | 6.50 | 0 |
| Diluted EPS | 5.58 | 7.28 | 6.50 | 0 |
| Tax Effect Of Unusual Items | 0.04 | 9.05 | 0.12 | 0.03 |
| Tax Rate For Calcs | 0.24 | 0.25 | 0.18 | 0.19 |
| Total Unusual Items | 0.15 | 36.77 | 0.69 | 0.16 |
| Total Unusual Items Excluding Goodwill | 0.15 | 36.77 | 0.69 | 0.16 |
| Net Income From Continuing Operation Net Minority Interest | 45.21 | 74.51 | 65.56 | 71.50 |
| Reconciled Depreciation | 3.97 | 8.40 | 8.05 | 7.42 |
| Net Interest Income | 104.08 | 133.48 | 137.80 | 151.66 |
| Net Income From Continuing And Discontinued Operation | 45.21 | 74.51 | 65.56 | 71.50 |
| Diluted Average Shares | 8.07 | 10.20 | 10.09 | 0 |
| Basic Average Shares | 8.04 | 10.17 | 10.09 | 0 |
| Diluted NI Availto Com Stockholders | 44.88 | 74.09 | 65.21 | 71.15 |
| Otherunder Preferred Stock Dividend | 0.33 | 0.42 | 0.35 | 0.35 |
| Net Income Including Noncontrolling Interests | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income Continuous Operations | 45.21 | 74.51 | 65.56 | 71.50 |
| Special Income Charges | 0 | 38.90 | 0 | 0 |
| Gain On Sale Of Business | 0 | 38.90 | 0 | 0 |
| Other Special Charges | 0.72 | 0 | 0 | 0 |
| Gain On Sale Of Security | 2.87 | -7.51 | -0.33 | 0.28 |
| Depreciation Amortization Depletion Income Statement | 2.32 | 6.32 | 5.79 | 5 |
| Depreciation And Amortization In Income Statement | 2.32 | 6.32 | 5.79 | 5 |
| Amortization | 2.32 | 6.32 | 5.79 | 5 |
| Amortization Of Intangibles Income Statement | 2.32 | 6.32 | 5.79 | 5 |
| Selling And Marketing Expense | 0.27 | 0.33 | 0.31 | 0.18 |
| General And Administrative Expense | 34.25 | 42.19 | 42.75 | 44.78 |
| Other Gand A | 7.09 | 0 | 0 | 0 |
| Insurance And Claims | 1.10 | 1.83 | 1.85 | 2.31 |
| Salaries And Wages | 33.16 | 40.35 | 40.90 | 42.48 |
| Operating Revenue | 118.32 | 137.47 | 154.64 | 170.12 |
| Occupancy And Equipment | 5.47 | 5.67 | 5.96 | 7.85 |
| Other Non Interest Expense | 19.79 | 23.58 | 24.61 | 26.80 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Bank First Corporationthis co. | BFC | $1.6B | 20.03↑ premium | 1.98 | 11.1% | - |
| Walker & Dunlop, Inc. | WD | $1.8B | 31.36 | 1.02 | 3.2% | 11.37 |
| Live Oak Bancshares, Inc. | LOB | $1.7B | 14.44 | 1.51 | 8.4% | - |
| 1st Source Corporation | SRCE | $1.7B | 11.13 | 1.39 | - | - |
| National Bank Holdings Corporation | NBHC | $1.6B |
| 17.37 |
| 1.37 |
| 7.9% |
| - |
| German American Bancorp, Inc. | GABC | $1.6B | 14.07 | 1.39 | 9.7% | - |
| TriCo Bancshares | TCBK | $1.6B | 12.72 | 1.22 | 9.2% | - |
| FirstSun Capital Bancorp | FSUN | $1.6B | 10.44 | 0.86 | 8.5% | - |
| Lakeland Financial Corporation | LKFN | $1.5B | 15.05 | 2.04 | 13.6% | - |
| Peer Median | - | 14.25 | 1.38 | 8.5% | 11.37 | |