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Wisconsin community bank offering commercial and retail banking primarily in eastern Wisconsin.
Wisconsin community bank offering commercial and retail banking primarily in eastern Wisconsin.
Earns on the spread between loan interest and low-cost deposits, with a fee line from mortgage and trust services. Based in Manitowoc, it has grown by acquiring smaller Wisconsin banks.
Moat: narrow (scale, distribution). Long-standing local branch franchise with strong community ties in eastern Wisconsin.
Headquarters: Manitowoc, Wisconsin, US · Founded: 1894 · Employees: 380
Size Bank First (BFC) is a United States Financials company (Regional Banks) with a market value of $1.64B, the 1928th largest of 3,117 United States companies the cockpit tracks. Shares closed at $147.89 on 6 Nov 2026.
Performance Over six months the shares gained 0.9%, against +2.3% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 32.7% over the last twelve months (peer median +3.1%); the operating margin is 44.8% (peer median 39.0%).
Valuation It trades at 1.98× book value against a peer median of 0.92× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 10.9%; Bank First delivers 11.9%, so the price asks less than the business earns today.
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $315M | $240M | $224M | $186M | $128M |
| Revenue growth | — | +7% | +20% | +45% | — |
| Net income | $86.6M | $71.1M | $65.2M | $74.1M | $44.9M |
| Free cash flow | n/a | -$116M | $59.7M | $44.6M | $35.8M |
| Capital expenditure | n/a | $11.4M | $7.22M | $13.5M | $6.87M |
| Total debt | $79.8M | $124M | $149M | $129M | $124M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Bank First BFC | $1.64B | +1% | +33% | 12% | 1.98× | 10.9% |
| Nicolet Bankshares NIC | $3.60B | +18% | +46% | 10% | 1.62× | 11.5% |
| Associated Banc-Corp ASB | $5.64B | +6% | +23% | 10% | 1.07× | 9.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BFC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | +1.0% | 10th lowest of 21 |
| 6-month return | +0.9% | +2.3% | 10th lowest of 21 |
| Return on equity | 11.9% | 9.7% | 3rd highest of 21 |
| Price / book | 1.98× | 0.92× | 2nd most expensive of 21 |
| Trailing P/E | 18.5× | 12.1× | 3rd most expensive of 19 |
| ROE the price implies | 10.9% | 6.5% | 3rd most demanding of 21 |
| ROE delivered | 11.9% | 9.9% | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Bank First BFC | United States | $1.64B | +1% | +33% | 12% | 1.98× | 10.9% | 11.9% |
| Origin Bancorp OBK | United States | $1.64B | +14% | +5% | 10% | 1.29× | 10.1% | 10.4% |
| ConnectOne Bancorp CNOB | United States | $1.63B | +8% | +24% | 10% | 1.10× | 10.7% | 9.6% |
| National Bank NBHC | United States | $1.63B | -14% | +14% | 4% | 1.01× | 9.0% | 3.6% |
| Nanto Bank 8367.T | Japan | $1.65B | +7% | +13% | 6% | 0.81× | 5.9% | 6.1% |
| Jiangsu Zhangjiagang Rural Commercial Bank 002839.SZ | China | $1.61B | -4% | -10% | 11% | 0.54× | 2.6% | 10.6% |
| Bank of Nagoya 8522.T | Japan | $1.67B | -8% | +25% | 7% | 0.83× | 6.1% | 7.3% |
| TriCo Bancshares TCBK | United States | $1.67B | +2% | +4% | 11% | 1.26× | 9.6% | 10.6% |
| Zhejiang Shaoxing Ruifeng Rural Commercial Bank 601528.SS | China | $1.60B | +4% | -8% | 10% | 0.51× | 3.4% | 9.9% |
| Republic Bancorp RBCAA | United States | $1.59B | +17% | -2% | 12% | 1.52× | 10.1% | 11.5% |
| Keiyo Bank 8544.T | Japan | $1.58B | -1% | +19% | 6% | 0.78× | 6.9% | 5.7% |
| Byline Bancorp BY | United States | $1.70B | +15% | +2% | 12% | 1.34× | 10.3% | 12.3% |
| Live Oak Bancshares LOB | United States | $1.57B | -10% | +9% | 11% | 1.30× | 17.1% | 11.1% |
| Yibin City Commercial Bank 2596.HK | Hong Kong | $1.55B | +2% | +6% | 6% | 0.91× | 5.1% | 5.5% |
| K Bank 279570.KS | South Korea | $1.53B | -18% | 0% | 6% | 0.93× | 5.3% | n/a |
| Ogaki Kyoritsu Bank 8361.T | Japan | $1.75B | +45% | +39% | 6% | 0.66× | 6.1% | 5.6% |
| Bank of Tianjin 1578.HK | Hong Kong | $1.52B | -22% | -4% | 5% | 0.14× | 3.3% | 5.2% |
| Bank of Guizhou 6199.HK | Hong Kong | $1.77B | -4% | -2% | 8% | 0.24× | 3.6% | 8.0% |
| Jiangsu Jiangyin Rural Commercial Bank 002807.SZ | China | $1.77B | +5% | -3% | 10% | 0.57× | 2.9% | 10.5% |
| Lakeland Financial LKFN | United States | $1.51B | -1% | +2% | 15% | 2.07× | 14.8% | 15.4% |
| S&T Bancorp STBA | United States | $1.79B | +14% | +2% | 10% | 1.27× | 10.8% | 10.0% |