Bank First Corporation (NASDAQ:BFC) Enters Near-Term Consolidation Ahead Of Integration Events

Bank First approaches a consolidation phase as integration-driven capital actions and mixed fundamental signals create near-term directional uncertainty. The balance of momentum indicators and valuation metrics suggests potential compression around current levels before clearer catalysts emerge.

Recent News

On April 21, 2026 the company renewed its share repurchase program, authorizing up to $60 million per year for two years. On April 16, 2026 the board declared a quarterly cash dividend with an ex-dividend window in late June and recent payment on April 8, 2026. On May 19, 2026 the company published a merger presentation detailing plans to acquire PSB Holdings, Inc., including integration timing and projected operational impacts.

Technical Analysis

ADX at 13.52 indicates no established trend, which supports the introduction’s characterization of near-term consolidation rather than sustained directional movement.

DI+ and DI- show opposing reversals: DI+ (17.81) exhibits a dip-and-reversal, which reads as bullish, while DI- (18.46) shows a peak-and-reversal, which also reads as bullish; together these suggest recent attempts at upward momentum without trend confirmation given the low ADX.

MACD sits at 0.03 with the signal at -0.24 and the MACD trend increasing; the MACD has crossed above its signal line, which represents a bullish momentum signal that could support short-term upside if sustained.

MRO reads 13.41 with a peak-and-reversal pattern; the positive MRO implies the price currently sits above the WMDST target and carries potential downward pressure that may cap rallies until momentum cools.

RSI at 49.68 with a dip-and-reversal indicates renewed upward pressure from oversold levels into neutral territory, consistent with a consolidating tape that retains upside bias if momentum indicators confirm continuation.

Price trades above its 20-, 50- and 200-day averages (price close $143.99 vs. 20-day $140.75, 50-day $142.15, 200-day $133.18), and sits near the upper Bollinger band (upper 1× std dev $143.27), which frames the current move as mean-reverting with limited short-term extension unless volatility expands.

 


Fundamental Analysis

Reported EPS for the quarter came in at $1.78 versus an estimate of $2.19, an EPS surprise of -18.72%, which reduces near-term earnings confidence and factors into the valuation gap. Forward EPS equals $3.0075, producing a forward P/E of 51.87.

Revenue growth registers 8.31% year-over-year and 6.35% quarter-over-quarter, showing continued top-line expansion following recent acquisitions and deposit growth. Net income totaled $19,988,000 for the period ending 2026-03-31, while net interest income stood at $53,216,000, supporting the revenue mix.

Return on equity equals 2.44% and return on assets equals 0.378%; both decreased on a year-over-year and quarter-over-quarter basis, indicating pressured profitability despite revenue gains. Asset growth runs at 34.69% year-over-year, driven by balance-sheet expansion associated with recent inorganic activity.

Leverage remains low for the group: debt-to-assets at 2.06% and debt-to-equity at 15.23%, both down QoQ, which preserves balance-sheet flexibility as integration proceeds.

Valuation metrics show elevated multiples relative to peers: the trailing P/E is 76.81 versus an industry peer mean of 47.30, and the price-to-book ratio is 1.87 versus an industry peer mean of 1.25 and near the industry peer high of 1.99. Price-to-sales and forward P/E also sit above peer averages. The current valuation as determined by WMDST classifies the stock as over-valued, reflecting higher multiples amid mixed profitability and integration risks.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2026-03-31
REPORT DATE: 2026-04-16
NEXT REPORT DATE: 2026-07-16
CASH FLOW  Begin Period Cash Flow $ 243.2 M
 Operating Cash Flow $ -11.65 M
 Capital Expenditures $ -5.24 M
 Change In Working Capital $ -25.57 M
 Dividends Paid $ -5.61 M
 Cash Flow Delta $ 155.4 M
 End Period Cash Flow $ 398.6 M
 
INCOME STATEMENT REVENUE
 Total Revenue $ 62.9 M
 Forward Revenue $ 26.6 M
COSTS
 Cost Of Revenue —
 Depreciation $ 724.0 K
 Depreciation and Amortization $ 3.3 M
 Research and Development —
 Total Operating Expenses —
PROFITABILITY
 Gross Profit —
 EBITDA —
 EBIT —
 Operating Income —
 Interest Income $ 73.6 M
 Interest Expense $ 20.4 M
 Net Interest Income $ 53.2 M
 Income Before Tax $ 24.7 M
 Tax Provision $ 4.7 M
 Tax Rate 19.1 %
 Net Income $ 20.0 M
 Net Income From Continuing Operations $ 20.0 M
EARNINGS
 EPS Estimate $ 2.19
 EPS Actual $ 1.78
 EPS Difference $ -0.41
 EPS Surprise -18.721 %
 Forward EPS $ 3.01
 
BALANCE SHEET ASSETS
 Total Assets $ 6.1 B
 Intangible Assets $ 309.4 M
 Net Tangible Assets $ 510.5 M
 Total Current Assets —
 Cash and Short-Term Investments —
 Cash $ 398.6 M
 Net Receivables —
 Inventory —
 Long-Term Investments —
LIABILITIES
 Accounts Payable —
 Short-Term Debt —
 Total Current Liabilities —
 Net Debt —
 Total Debt $ 124.8 M
 Total Liabilities $ 5.2 B
EQUITY
 Total Equity $ 819.9 M
 Retained Earnings $ 431.4 M
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share $ 73.05
 Shares Outstanding 11.222 M
 Revenue Per-Share $ 5.61
VALUATION
 Market Capitalization $ 1.5 B
 Enterprise Value $ 1.7 B
 Enterprise Multiple —
Enterprise Multiple QoQ —
Enterprise Multiple YoY —
Enterprise Multiple IPRWA —
 EV/R 26.364
CAPITAL STRUCTURE
 Asset To Equity 7.403
 Asset To Liability 1.156
 Debt To Capital 0.132
 Debt To Assets 0.021
Debt To Assets QoQ -24.012 %
Debt To Assets YoY -36.921 %
Debt To Assets IPRWA high: 0.145
median: 0.064
mean: 0.057
BFC: 0.021
low: -0.0
 Debt To Equity 0.152
Debt To Equity QoQ -19.616 %
Debt To Equity YoY -32.78 %
Debt To Equity IPRWA high: 1.682
median: 0.597
mean: 0.546
BFC: 0.152
low: -0.315
PRICE-BASED VALUATION
 Price To Book (P/B) 1.871
Price To Book QoQ -3.461 %
Price To Book YoY 21.052 %
Price To Book IPRWA high: 1.989
BFC: 1.871
mean: 1.248
median: 1.216
low: 0.287
 Price To Earnings (P/E) 76.809
Price To Earnings QoQ 13.177 %
Price To Earnings YoY 39.077 %
Price To Earnings IPRWA BFC: 76.809
high: 68.649
mean: 47.304
median: 45.217
low: 28.296
 PE/G Ratio -6.983
 Price To Sales (P/S) 24.38
Price To Sales QoQ -12.768 %
Price To Sales YoY 2.011 %
Price To Sales IPRWA high: 26.503
BFC: 24.38
mean: 14.221
median: 13.162
low: 0.11
FORWARD MULTIPLES
Forward P/E 51.875
Forward PE/G -4.716
Forward P/S 66.645
EFFICIENCY OPERATIONAL
 Operating Leverage —
ASSET & SALES
 Asset Turnover Ratio 0.012
Asset Turnover Ratio QoQ 18.881 %
Asset Turnover Ratio YoY 27.682 %
Asset Turnover Ratio IPRWA high: 0.016
BFC: 0.012
mean: 0.01
median: 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: 50.808
median: 41.219
mean: 37.974
low: 28.775
BFC: 0
CAPITAL DEPLOYMENT
 Cash Conversion Ratio —
 CapEx To Revenue -0.083
 CapEx To Depreciation -7.239
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital $ 944.7 M
 Net Invested Capital $ 944.7 M
 Invested Capital $ 944.7 M
 Net Tangible Assets $ 510.5 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 13.374 %
 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 3.562
 Dividend Payout Ratio 0.281
 Dividend Rate $ 0.50
 Dividend Yield 0.004
PERFORMANCE GROWTH
 Asset Growth Rate 34.685 %
 Revenue Growth 40.925 %
Revenue Growth QoQ 634.74 %
Revenue Growth YoY 831.172 %
Revenue Growth IPRWA BFC: 40.925 %
high: 29.228 %
mean: 5.183 %
median: 1.084 %
low: -23.976 %
 Earnings Growth -11.0 %
Earnings Growth QoQ 425.31 %
Earnings Growth YoY -339.234 %
Earnings Growth IPRWA high: 41.86 %
median: -2.198 %
mean: -2.301 %
BFC: -11.0 %
low: -43.519 %
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) $ -16.89 M
 Free Cash Flow Yield -1.101 %
Free Cash Flow Yield QoQ -152.23 %
Free Cash Flow Yield YoY -375.25 %
Free Cash Flow Yield IPRWA high: 9.54 %
mean: 1.783 %
median: 1.744 %
BFC: -1.101 %
low: -3.189 %
 Free Cash Growth -164.189 %
Free Cash Growth QoQ -247.962 %
Free Cash Growth YoY 92.344 %
Free Cash Growth IPRWA high: 299.762 %
median: -50.617 %
mean: -58.992 %
BFC: -164.189 %
low: -368.012 %
 Free Cash To Net Income -0.845
 Cash Flow Margin 36.998 %
 Cash Flow To Earnings 1.165
VALUE & RETURNS
 Economic Value Added $ 0.05
 Return On Assets (ROA) 0.378 %
Return On Assets QoQ -8.252 %
Return On Assets YoY -6.667 %
Return On Assets IPRWA high: 0.612 %
BFC: 0.378 %
median: 0.255 %
mean: 0.253 %
low: 0.065 %
 Return On Capital Employed (ROCE) —
 Return On Equity (ROE) 0.024
Return On Equity QoQ -14.636 %
Return On Equity YoY -13.331 %
Return On Equity IPRWA high: 0.043
BFC: 0.024
median: 0.023
mean: 0.022
low: 0.001
 DuPont ROE 2.731 %
 Return On Invested Capital (ROIC) —
Return On Invested Capital QoQ —
Return On Invested Capital YoY —
Return On Invested Capital IPRWA —

Six-Week Outlook

Expect price consolidation within the recent range while the market digests integration updates and capital actions. Watch for sustained MACD strength above its signal line and a rising ADX to validate any breakout; if MRO cools from its peak and RSI climbs above 55 with increasing volume, momentum could reassert. Conversely, failure to sustain MACD and renewed MRO pressure would favor continued mean-reversion toward the mid-short-term moving averages. Capital actions—share repurchase cadence and dividend flow—plus merger milestones will likely act as the primary catalysts over the next six weeks.

About Bank First Corporation

Bank First Corporation (NASDAQ:BFC) delivers comprehensive financial services from its headquarters in Manitowoc, Wisconsin. With a history dating back to 1894, the company provides a wide array of consumer and commercial banking solutions tailored to the needs of businesses, professionals, and individuals across Wisconsin. Bank First offers a full suite of products, including checking and savings accounts, money market and retirement accounts, and health savings options. The bank develops customized loan offerings, covering commercial real estate, residential mortgages, home equity, and consumer loans. It supports local businesses with commercial and industrial loans for working capital, inventory financing, and other essential business needs. Beyond traditional banking services, Bank First integrates modern conveniences such as credit cards, ATM processing, and digital banking solutions, including online, mobile, and telephone banking. Additionally, the bank provides specialized services like insurance, investment management, and treasury management, ensuring a comprehensive approach to financial well-being. Bank First maintains a strong commitment to innovation and community, positioning itself as a reliable partner in financial growth and stability.



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