Bank First Corp Financials
Bank First Corp (BFC) reported $221.7M in revenue for fiscal year 2025, up 7.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Bank First’s core mechanic is generating steady profit from a highly leveraged balance sheet with minimal physical reinvestment.
Assets were still about$4.5B in FY2025 and leverage stayed near 6.0x, showing little balance-sheet expansion after the prior buildout. Even so, ROA improved to1.6% and net income rebounded to$71.5M , pointing to better earnings extraction from an already-built balance sheet rather than growth driven mainly by size.
This is an asset-heavy but not capex-heavy model: total assets were
Equity moved only from
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Bank First Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Bank First Corp passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Bank First Corp generates $0.87 in operating cash flow ($62.5M OCF vs $71.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Bank First Corp generated $221.7M in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Bank First Corp reported $71.5M in net income in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Bank First Corp earned $7.23 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.2% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Bank First Corp generated $51.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.9% from the prior year.
Bank First Corp held $243.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Bank First Corp paid $5.30 per share in dividends in fiscal year 2025. This represents an increase of 241.9% from the prior year.
Margins & Returns
Bank First Corp's net profit margin was 32.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.
Bank First Corp's ROE was 11.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Bank First Corp spent $22.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 31.0% from the prior year.
Bank First Corp invested $11.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 58.4% from the prior year.
Not reported for fiscal year 2025.
BFC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $261.4M | $221.7M+7.4% | $206.4M+13.1% | $182.5M+56.6% | $116.5M+18.4% | $98.4M-2.3% | $100.7M+12.9% | $89.2M+14.4% | $77.9M+45.8% | $53.5M+19.6% | $44.7M |
| SG&A Expenses | $59.7M | $42.5M+3.8% | $40.9M+1.4% | $40.4M+21.7% | $33.2M+16.3% | $28.5M+4.6% | $27.3M+19.1% | $22.9M+6.5% | $21.5M+29.6% | $16.6M+24.6% | $13.3M |
| Interest Expense | $74.7M | $70.1M+2.1% | $68.6M+40.0% | $49.0M+293.6% | $12.4M+49.9% | $8.3M-40.1% | $13.9M-28.9% | $19.5M+31.3% | $14.8M+92.0% | $7.7M+30.3% | $5.9M |
| Income Tax | $19.6M | $16.7M+19.5% | $13.9M-42.5% | $24.3M+68.4% | $14.4M-0.7% | $14.5M+22.8% | $11.8M+55.8% | $7.6M+15.1% | $6.6M-25.3% | $8.8M+14.5% | $7.7M |
| Net Income | $81.1M | $71.5M+9.1% | $65.6M-12.0% | $74.5M+64.8% | $45.2M-0.5% | $45.4M+19.4% | $38.0M+42.5% | $26.7M+4.9% | $25.5M+66.2% | $15.3M+2.7% | $14.9M |
| EPS (Diluted) | — | $7.23+11.2% | $6.50-10.7% | $7.28+30.5% | $5.58-5.7% | $5.92+16.8% | $5.07+31.0% | $3.87+1.6% | $3.81+56.1% | $2.44+1.7% | $2.40 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BFC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.5B+0.2% | $4.5B+6.5% | $4.2B+15.3% | $3.7B+24.6% | $2.9B+8.1% | $2.7B+23.0% | $2.2B+23.3% | $1.8B+2.3% | $1.8B | N/A |
| Cash & Equivalents | $243.2M-6.9% | $261.3M+5.6% | $247.5M+107.3% | $119.4M-59.8% | $296.9M+74.4% | $170.2M+96.9% | $86.5M-19.8% | $107.7M+5.7% | $102.0M+27.2% | $80.2M |
| Goodwill | $175.1M0.0% | $175.1M0.0% | $175.1M+58.9% | $110.2M+99.1% | $55.4M-0.2% | $55.5M+27.7% | $43.5M+189.2% | $15.0M-0.4% | $15.1M | N/A |
| Total Liabilities | $3.9B+0.2% | $3.9B+7.0% | $3.6B+12.3% | $3.2B+22.7% | $2.6B+7.9% | $2.4B+22.4% | $2.0B+22.3% | $1.6B+1.7% | $1.6B | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | $8.0M0.0% | $8.0M | N/A | $0-100.0% | $3.5M | N/A |
| Total Equity | $643.8M+0.6% | $639.7M+3.2% | $619.8M+36.8% | $453.1M+40.4% | $322.7M+9.4% | $294.9M+28.1% | $230.2M+32.1% | $174.3M+7.8% | $161.7M+26.8% | $127.5M |
| Retained Earnings | $417.0M+4.8% | $398.0M+14.4% | $348.0M+17.8% | $295.5M+14.5% | $258.1M+16.6% | $221.4M+16.8% | $189.5M+12.6% | $168.4M+15.4% | $145.9M | N/A |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
BFC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $57.3M | $62.5M-5.1% | $65.8M+24.4% | $52.9M+32.3% | $40.0M-0.7% | $40.3M-8.4% | $44.0M+94.1% | $22.6M-1.8% | $23.1M+25.8% | $18.3M+27.1% | $14.4M |
| Capital Expenditures | $14.7M | $11.4M+58.4% | $7.2M-46.4% | $13.5M+96.2% | $6.9M-21.2% | $8.7M+4.1% | $8.4M+15.2% | $7.3M-8.3% | $7.9M+180.6% | $2.8M+122.1% | $1.3M |
| Free Cash Flow | $42.6M | $51.0M-12.9% | $58.6M+48.6% | $39.5M+19.1% | $33.1M+5.0% | $31.6M-11.3% | $35.6M+131.4% | $15.4M+1.7% | $15.1M-2.4% | $15.5M+17.9% | $13.1M |
| Investing Cash Flow | $214.8M | -$16.0M+93.7% | -$252.9M-194.0% | $269.0M+251.3% | -$177.8M-89.4% | -$93.9M+54.4% | -$206.0M-94.1% | -$106.2M-252.7% | -$30.1M+27.3% | -$41.4M+50.1% | -$83.0M |
| Financing Cash Flow | -$125.9M | -$64.6M-132.2% | $201.0M+203.7% | -$193.8M-388.1% | -$39.7M-122.0% | $180.2M-26.7% | $245.8M+295.1% | $62.2M+385.6% | $12.8M-71.5% | $44.9M-28.8% | $63.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $77.8M+38.4% | $56.2M+100.0% | $28.1M-10.7% | $31.4M | N/A | N/A |
| Share Buybacks | $23.4M | $22.0M-31.0% | $31.9M+217.8% | $10.0M-29.8% | $14.3M+73.0% | $8.3M+89.4% | $4.4M+3.9% | $4.2M-59.8% | $10.4M+187.8% | $3.6M+40.4% | $2.6M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BFC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 32.3%+0.5pp | 31.8%-9.1pp | 40.8%+2.0pp | 38.8%-7.4pp | 46.2%+8.4pp | 37.8%+7.8pp | 29.9%-2.7pp | 32.7%+4.0pp | 28.6%-4.7pp | 33.3% |
| Return on Equity | 11.1%+0.9pp | 10.3%-1.8pp | 12.0%+2.0pp | 10.0%-4.1pp | 14.1%+1.2pp | 12.9%+1.3pp | 11.6%-3.0pp | 14.6%+5.1pp | 9.5%-2.2pp | 11.7% |
| Return on Assets | 1.6%+0.1pp | 1.5%-0.3pp | 1.8%+0.5pp | 1.2%-0.3pp | 1.6%+0.1pp | 1.4%+0.2pp | 1.2%-0.2pp | 1.4%+0.6pp | 0.9% | N/A |
| Debt-to-Equity | 6.000.0x | 6.03+0.2x | 5.81-1.3x | 7.08+7.1x | 0.020.0x | 0.03-8.6x | 8.60+8.6x | 0.000.0x | 0.02 | N/A |
| FCF Margin | 23.0%-5.4pp | 28.4%+6.8pp | 21.6%-6.8pp | 28.4%-3.6pp | 32.1%-3.3pp | 35.3%+18.1pp | 17.3%-2.2pp | 19.4%-9.6pp | 29.0%-0.4pp | 29.4% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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Where Bank First Corp Ranks
Frequently Asked Questions
What is Bank First Corp's annual revenue?
Bank First Corp (BFC) reported $221.7M in total revenue for fiscal year 2025. This represents a 7.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Bank First Corp's revenue growing?
Bank First Corp (BFC) revenue grew by 7.4% year-over-year, from $206.4M to $221.7M in fiscal year 2025.
Is Bank First Corp profitable?
Yes, Bank First Corp (BFC) reported a net income of $71.5M in fiscal year 2025, with a net profit margin of 32.3%.
What is Bank First Corp's net profit margin?
Bank First Corp (BFC) had a net profit margin of 32.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Bank First Corp pay dividends?
Yes, Bank First Corp (BFC) paid $5.30 per share in dividends during fiscal year 2025.
What is Bank First Corp's return on equity (ROE)?
Bank First Corp (BFC) has a return on equity of 11.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Bank First Corp's free cash flow?
Bank First Corp (BFC) generated $51.0M in free cash flow during fiscal year 2025. This represents a -12.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Bank First Corp's operating cash flow?
Bank First Corp (BFC) generated $62.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Bank First Corp's total assets?
Bank First Corp (BFC) had $4.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Bank First Corp's capital expenditures?
Bank First Corp (BFC) invested $11.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Bank First Corp's debt-to-equity ratio?
Bank First Corp (BFC) had a debt-to-equity ratio of 6.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Bank First Corp's return on assets (ROA)?
Bank First Corp (BFC) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Bank First Corp's Piotroski F-Score?
Bank First Corp (BFC) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Bank First Corp's earnings high quality?
Bank First Corp (BFC) has an earnings quality ratio of 0.87x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Bank First Corp?
Bank First Corp (BFC) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.