Bank First Corporation (NASDAQ:BFC) Accelerates Earnings Momentum Ahead Of Merger Close

Quarterly results and regulatory clearance for a planned acquisition set a constructive backdrop for near-term operational consolidation, while technical signals present conflicting momentum cues.

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 —

Six-Week Outlook

Expect a cautious trading environment driven by valuation convergence and merger-related execution. Technicals offer low trend strength while several momentum indicators remain bearish; that combination reduces odds of a sustained trend absent a clear catalyst. The negative MRO, however, highlights material upside pressure relative to the WMDST target should loan-yield improvement or merger synergies accelerate realized earnings.

Monitor near-term catalysts: regulatory-close timing and integration details, quarterly commentary on loan yield trends, and any material changes in provisions or tangible book per share. Price sensitivity should increase around those items; traders should watch for momentum confirmation before committing to directional exposure given the current disconnect between valuation and momentum indicators.

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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