Company Overview
Bank First Corporation operates as a holding company for Bank First, N.A., delivering a comprehensive suite of consumer and commercial financial services tailored to businesses, professionals, and consumers within Wisconsin. The institution's service portfolio includes checking, savings, money market, cash management, retirement, and health savings accounts, alongside other time deposit offerings, positioning it squarely within the Financial Services sector as a Banks - Regional entity. The company maintains a significant market capitalization of $1.48B and generates annual revenue of $172.63M, supported by an operational workforce of 380 employees. These valuation and revenue figures indicate that Bank First Corporation has established a substantial regional footprint, reflecting a scale that allows for diversified product offerings while remaining focused on its specific geographic market of Wisconsin.
Financial Health
The company reported a total revenue of $172.63M over the trailing twelve months, with net income reaching $71.15M, while EBITDA data is not available in the current reporting cycle. The substantial gap between the $172.63M in revenue and the $71.15M in net income reveals a cost structure where operating expenses, such as salaries and technology infrastructure, consume approximately 58.6% of total revenue before reaching the bottom line. Although free cash flow figures are not currently disclosed, the balance sheet shows a robust cash position of $243.21M against total debt of $123.55M, suggesting a conservative balance sheet with ample liquidity to cover obligations without relying on external financing. The debt-to-equity ratio is not provided, but the sheer magnitude of cash holdings relative to debt implies a highly leveraged-safe posture typical of regional banking models. Analyzing the margins, the gross margin stands at 0.0%, which is standard for financial institutions where revenue is recognized net of interest expense; the operating margin is 53.9%, indicating high efficiency in managing core banking operations, while the profit margin of 41.4% demonstrates the company's ability to translate revenue into substantial net earnings. Regarding liquidity, the current ratio is not available, preventing a direct assessment of short-term liquidity via this specific metric, though the cash-on-hand suggests strong short-term solvency. Return on Equity is 11.1%, and Return on Assets is 1.6%, metrics that collectively reveal that management is effectively utilizing shareholder equity to generate returns and managing the asset base to produce earnings consistent with the capital-intensive nature of regional banking.
Valuation Assessment
The trailing twelve-month P/E ratio is 18.25, whereas the forward P/E is projected at 12.27, implying that the market expects earnings to grow significantly in the future as the forward multiple is considerably lower than the historical trailing multiple. The price-to-book ratio is 2.02, which indicates that the market values the company at a premium of over double its book value, reflecting confidence in the quality of its loan portfolio and intangible assets. Alternative valuation metrics such as the price-to-sales ratio of 8.56 and the EV/EBITDA ratio, which is not available, provide further context; the high P/S multiple suggests investors are willing to pay a premium for revenue generation in this regional banking niche. The stock has experienced volatility over the last year, trading between a 52-week high of $153.00 and a 52-week low of $93.00. Without the specific current share price, the precise percentage below the high cannot be calculated, but the range of $60.00 illustrates the breadth of price discovery over the annual period. The beta value is 0.41, indicating that the stock exhibits low price volatility relative to the broader market, moving less than half as much as the market index during periods of fluctuation, which provides a defensive characteristic for a regional financial stock.
Growth & Income
Bank First Corporation demonstrated a revenue growth rate of 9.4% year-over-year, while earnings growth year-over-year was 6.8%, indicating that earnings are growing slightly slower than revenue, which often implies that margin compression or increased operational costs are partially offsetting the top-line expansion. For investors seeking income, the company offers a dividend yield of 1.4% with a payout ratio of 24.9%, suggesting that the dividend is highly sustainable as the payout ratio is well below 50% of earnings. A payout ratio of 24.9% allows the company to retain a significant portion of its earnings for reinvestment into branch networks, technology upgrades, or loan portfolio expansion rather than distributing all profits to shareholders. The overall growth and income profile presents a balanced picture of steady single-digit earnings expansion supported by a conservative dividend policy that prioritizes capital preservation and internal growth funding over aggressive shareholder payouts.