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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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 118.32 | 137.47 | 154.64 | 170.12 |
| Operating Revenue | - | 118.32 | 137.47 | 154.64 | 170.12 |
| Selling General And Administration | - | 34.52 | 42.51 | 43.06 | 44.96 |
| Interest Income | - | 116.53 | 182.48 | 206.40 | 221.72 |
| Interest Expense | - | 12.45 | 49 | 68.60 | 70.06 |
| Net Interest Income | - | 104.08 | 133.48 | 137.80 | 151.66 |
| Pretax Income | - | 59.63 | 98.79 | 79.51 | 88.17 |
| Tax Provision | - | 14.42 | 24.28 | 13.95 | 16.67 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.04 | 9.04 | 0.12 | 0.03 |
| Net Income Continuous Operations | - | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income From Continuing And Discontinued Operation | - | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income From Continuing Operation Net Minority Interest | - | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income | - | 45.21 | 74.51 | 65.56 | 71.50 |
| Net Income Common Stockholders | - | 44.88 | 74.09 | 65.21 | 71.15 |
| Net Income Including Noncontrolling Interests | - | 45.21 | 74.51 | 65.56 | 71.50 |
| Normalized Income | - | 45.10 | 46.78 | 64.99 | 71.37 |
| Diluted NI Availto Com Stockholders | - | 44.88 | 74.09 | 65.21 | 71.15 |
| Basic Average Shares | - | 8.04 | 10.17 | 10.09 | 9.89 |
| Diluted Average Shares | - | 8.07 | 10.20 | 10.09 | 9.89 |
| Reconciled Depreciation | - | 3.97 | 8.40 | 8.05 | 7.42 |
| Total Unusual Items | - | 0.15 | 36.77 | 0.69 | 0.16 |
| Total Unusual Items Excluding Goodwill | - | 0.15 | 36.77 | 0.69 | 0.16 |
| Special Income Charges | - | 0 | 38.90 | 0 | 0 |
| Gain On Sale Of Business | - | 0 | 38.90 | 0 | 0 |
| Other Special Charges | 0.53 | 0.72 | - | - | - |
| Gain On Sale Of Security | - | 2.86 | -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 |
| General And Administrative Expense | - | 34.25 | 42.19 | 42.75 | 44.78 |
| Other Gand A | 6.06 | 7.10 | - | - | - |
| Salaries And Wages | - | 33.16 | 40.35 | 40.90 | 42.48 |
| Insurance And Claims | - | 1.10 | 1.83 | 1.85 | 2.31 |
| Selling And Marketing Expense | - | 0.27 | 0.33 | 0.31 | 0.18 |
| Otherunder Preferred Stock Dividend | - | 0.33 | 0.42 | 0.35 | 0.35 |
| Amortization | - | 2.32 | 6.32 | 5.79 | 5 |
| Amortization Of Intangibles Income Statement | - | 2.32 | 6.32 | 5.79 | 5 |
| 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 | 21.96↑ premium | 2.44 | 11.1% | - |
| FirstSun Capital Bancorp | FSUN | $1.6B | 16.83 | 1.43 | 8.5% | - |
| German American Bancorp, Inc. | GABC | $1.6B | 14.58 | 1.41 | 9.7% | - |
| S&T Bancorp, Inc. | STBA | $1.6B | 12.15 | 1.11 | 9.2% | - |
| TriCo Bancshares | TCBK | $1.6B |
| - |
| - |
| - |
| - |
| - |
| 13.41 |
| 1.23 |
| 9.2% |
| - |
| Hope Bancorp, Inc. | HOPE | $1.6B | 26.13 | 0.70 | 2.7% | - |
| ConnectOne Bancorp, Inc. | CNOB | $1.5B | 19.13 | 1.05 | 5.5% | - |
| QCR Holdings, Inc. | QCRH | $1.5B | 12.07 | 1.38 | 11.4% | - |
| Byline Bancorp, Inc. | BY | $1.5B | 11.70 | 1.20 | 10.3% | - |
| Peer Median | - | 13.99 | 1.21 | 9.2% | - | |