Recent News
On October 21, 2025 Bank First announced third-quarter net income of $18.0 million and adjusted EPS of $1.91 for the quarter, representing an earnings beat versus consensus estimates; the company referenced loan repricing and mid-single-digit loan growth as drivers. On October 16, 2025 the transaction to acquire Centre 1 Bancorp received required regulatory approvals and remains scheduled to close January 1, 2026, subject to customary closing conditions and Centre shareholder approval.
Technical Analysis
Directional indicators show weak trend strength: ADX at 9.85 indicates no established trend, which reduces conviction for directional breakouts and increases the likelihood of range-bound price action.
DI+ at 18.04 displays a decreasing trend, which reads bearish for directional momentum, while DI- at 19.67 shows a peak-and-reversal pattern that reads bullish; those opposing signals create directional friction and support a cautious near-term bias tied to valuation-driven moves.
MACD sits negative at -1.21 and carries a peak-and-reversal momentum pattern, with the MACD below its signal line at -0.92, a configuration that reads bearish for momentum and tempers upside prospects while consolidation completes.
MRO reads -21.41 and moves lower, indicating the market price sits below the WMDST target and therefore carries measurable upside pressure toward valuation convergence; the decreasing MRO magnitude implies that potential remains material if momentum shifts.
RSI at 49.13 shows a peak-and-reversal pattern and signals weakening short-term momentum versus prior strength; RSI near the midpoint supports price sensitivity to catalyst-driven moves rather than trend continuation.
Price relationships versus averages present mixed context: last close at $123.36 sits above the 20-day average ($122.89) and the 12-day EMA ($122.68) but below the 50-day average ($125.58) and the Ichimoku Kijun-sen ($127.17), creating a near-term tether where short-term moving averages favor slight support while medium-term averages resist. Bollinger bands show the price contained within one standard deviation of the 20-day mean, consistent with range-bound action.
Fundamental Analysis
Earnings and top-line: reported EPS of $1.91 versus an estimate of $1.81 produced an EPS surprise of +5.53%, supporting the near-term credibility of reported profitability. Trailing net income for the period reached $17.99 million. Revenue for the latest reported quarter logged at $42.892 million with year-over-year revenue growth of 20.98% and QoQ revenue contraction of 2.78%.
Profitability and returns: return on equity at 2.86% compares marginally above the industry peer mean of 2.858%; return on assets at 0.41% sits slightly above the industry peer mean of 0.306%. Net interest income registered $38.253 million, while interest income reached $55.456 million and interest expense totaled $17.203 million, supporting net interest margin expansion tied to loan repricing commentary.
Capital, liquidity, and cash flow: tangible book value per share stands at $63.87. Cash on the balance sheet reads $126.18 million and operating cash flow registered $15.451 million, while free cash flow totaled $12.474 million with free cash flow yield near 1.02%. Dividend coverage at 4.07 and a dividend payout ratio of 24.60% provide a sustainable cash distribution profile given current earnings.
Leverage and asset quality: debt-to-assets sits at 5.02% and debt-to-equity at 0.353, both below common regional bank leverage peers at the high end; asset growth on a trailing basis measured 1.27%. Provisioning, loan yield continuation, and acquired-asset integration from the Centre 1 transaction will represent primary credit-cycle items to monitor after closing.
Valuation context: P/B at 1.95 sits above the industry peer mean of 1.2446 and below the peer high of 2.0420. The trailing P/E reads 65.19, above the industry peer mean of 42.36 yet below the peer high of 71.18. Forward P/E approximates 73.56. WMDST values the stock as over-valued, and the current price at $123.36 sits modestly above the WMDST price target mean of $118.68, reinforcing the valuation-overhang despite recent earnings strength.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-21 |
| NEXT REPORT DATE: | 2026-01-20 |
| CASH FLOW | Begin Period Cash Flow | $ 120.3 M |
| Operating Cash Flow | $ 15.5 M | |
| Capital Expenditures | $ -2.98 M | |
| Change In Working Capital | $ -2.94 M | |
| Dividends Paid | $ -4.42 M | |
| Cash Flow Delta | $ 5.9 M | |
| End Period Cash Flow | $ 126.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 42.9 M | |
| Forward Revenue | $ 9.8 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 613.0 K | |
| Depreciation and Amortization | $ 1.8 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 55.5 M | |
| Interest Expense | $ 17.2 M | |
| Net Interest Income | $ 38.3 M | |
| Income Before Tax | $ 22.5 M | |
| Tax Provision | $ 4.5 M | |
| Tax Rate | 19.9 % | |
| Net Income | $ 18.0 M | |
| Net Income From Continuing Operations | $ 18.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.81 | |
| EPS Actual | $ 1.91 | |
| EPS Difference | $ 0.10 | |
| EPS Surprise | 5.525 % | |
| Forward EPS | $ 1.68 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.4 B | |
| Intangible Assets | $ 206.2 M | |
| Net Tangible Assets | $ 421.9 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 126.2 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 95.8 M | |
| Total Debt | $ 221.9 M | |
| Total Liabilities | $ 3.8 B | |
| EQUITY | ||
| Total Equity | $ 628.1 M | |
| Retained Earnings | $ 403.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 63.87 | |
| Shares Outstanding | 9.834 M | |
| Revenue Per-Share | $ 4.36 | |
| VALUATION | Market Capitalization | $ 1.2 B |
| Enterprise Value | $ 1.4 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 33.72 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.037 | |
| Asset To Liability | 1.166 | |
| Debt To Capital | 0.261 | |
| Debt To Assets | 0.05 | |
| Debt To Assets QoQ | 79.771 % | |
| Debt To Assets YoY | 46.342 % | |
| Debt To Assets IPRWA | high: 0.119 mean: 0.052 median: 0.052 BFC: 0.05 low: 0.0 |
|
| Debt To Equity | 0.353 | |
| Debt To Equity QoQ | 77.469 % | |
| Debt To Equity YoY | 50.813 % | |
| Debt To Equity IPRWA | high: 1.525 mean: 0.512 median: 0.455 BFC: 0.353 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.949 | |
| Price To Book QoQ | 0.658 % | |
| Price To Book YoY | 40.013 % | |
| Price To Book IPRWA | high: 2.042 BFC: 1.949 mean: 1.245 median: 1.156 low: 0.284 |
|
| Price To Earnings (P/E) | 65.186 | |
| Price To Earnings QoQ | -5.144 % | |
| Price To Earnings YoY | 22.984 % | |
| Price To Earnings IPRWA | high: 71.175 BFC: 65.186 mean: 42.36 median: 41.511 low: 9.669 |
|
| PE/G Ratio | 4.328 | |
| Price To Sales (P/S) | 28.546 | |
| Price To Sales QoQ | -2.193 % | |
| Price To Sales YoY | 29.48 % | |
| Price To Sales IPRWA | BFC: 28.546 high: 24.051 mean: 12.813 median: 12.491 low: 0.117 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 73.556 | |
| Forward PE/G | 4.884 | |
| Forward P/S | 124.706 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.01 | |
| Asset Turnover Ratio QoQ | 6.55 % | |
| Asset Turnover Ratio YoY | 3.719 % | |
| Asset Turnover Ratio IPRWA | high: 0.016 mean: 0.01 median: 0.01 BFC: 0.01 low: 0.005 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 84.471 mean: 35.522 median: 34.679 BFC: 0 low: -17.91 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.069 | |
| CapEx To Depreciation | -4.856 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 850.1 M | |
| Net Invested Capital | $ 850.1 M | |
| Invested Capital | $ 850.1 M | |
| Net Tangible Assets | $ 421.9 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 8.015 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 4.066 | |
| Dividend Payout Ratio | 0.246 | |
| Dividend Rate | $ 0.45 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.268 % | |
| Revenue Growth | 5.57 % | |
| Revenue Growth QoQ | -277.671 % | |
| Revenue Growth YoY | 20.982 % | |
| Revenue Growth IPRWA | high: 23.369 % BFC: 5.57 % mean: 4.88 % median: 4.033 % low: -9.66 % |
|
| Earnings Growth | 15.06 % | |
| Earnings Growth QoQ | -427.534 % | |
| Earnings Growth YoY | 161.05 % | |
| Earnings Growth IPRWA | high: 63.889 % BFC: 15.06 % median: 8.511 % mean: 7.824 % low: -37.5 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 12.5 M | |
| Free Cash Flow Yield | 1.019 % | |
| Free Cash Flow Yield QoQ | 46.619 % | |
| Free Cash Flow Yield YoY | -47.311 % | |
| Free Cash Flow Yield IPRWA | high: 9.814 % mean: 2.704 % median: 2.661 % BFC: 1.019 % low: -3.401 % |
|
| Free Cash Growth | 51.457 % | |
| Free Cash Growth QoQ | -51.126 % | |
| Free Cash Growth YoY | 120.118 % | |
| Free Cash Growth IPRWA | high: 435.53 % BFC: 51.457 % mean: 18.123 % median: 4.44 % low: -394.679 % |
|
| Free Cash To Net Income | 0.693 | |
| Cash Flow Margin | 46.235 % | |
| Cash Flow To Earnings | 1.102 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.05 | |
| Return On Assets (ROA) | 0.41 % | |
| Return On Assets QoQ | 7.895 % | |
| Return On Assets YoY | 4.592 % | |
| Return On Assets IPRWA | high: 0.657 % BFC: 0.41 % mean: 0.306 % median: 0.301 % low: 0.027 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.029 | |
| Return On Equity QoQ | 3.919 % | |
| Return On Equity YoY | 8.815 % | |
| Return On Equity IPRWA | high: 0.052 median: 0.03 BFC: 0.029 mean: 0.029 low: 0.002 |
|
| DuPont ROE | 2.899 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |