Bank First (BFC)
Provides loans, deposits, treasury management, trust, and wealth services through its operating bank.
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Runs a relationship-focused bank serving Wisconsin and Illinois customers with loans, deposits, treasury management, trust, and wealth services. Income is driven mainly by interest on loans and investments, with deposit funding, real-estate credit quality, and local-market competition shaping the business.
Operates through Bank First, N.A., offering loan, deposit, treasury management, trust, and wealth management services at banking locations in Wisconsin and Illinois. The business is managed as one reportable segment, so product lines are evaluated within a single community-banking franchise.
Revenue comes mainly from spread banking: interest on loans and investments funded primarily by customer deposits. The customer base includes individuals and businesses, with acquisition-led expansion adding local markets alongside de novo branch growth.
Execution depends on relationship banking, credit discipline, deposit availability, interest-rate management, and integration of acquired banks. Loan exposure is heavily tied to real estate, and competition comes from banks, credit unions, fintech firms, mortgage lenders, brokerage firms, insurers, and other financial intermediaries.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 23, 2026 | Piper Sandler | Reiterate | Rating: —Target: $157 | Target: $161 |
| Apr 20, 2026 | Piper Sandler | Reiterate | Rating: —Target: $150 | Target: $157 |
| Jan 26, 2026 | Piper Sandler | Reiterate | Rating: —Target: $142 | Target: $150 |
| Oct 23, 2025 | Piper Sandler | Reiterate | Rating: —Target: $104 | Target: $142 |
| May 6, 2025 | Hovde Group | Upgrade | Target: — | Target: $130 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $875.2M · Total debt $104.8M · Total assets $5.95B · Shareholders' equity $819.3M
- Revenue
- $85.7M
- Operating income
- $30.6M
- Net income
- $24.7M
HistoryDividendAnnual yield
| Institutions | ≈ 38.28% | 4.24M shares | |
|---|---|---|---|
| 172 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 4.41% | 488.9K shares | |
| 20 holders · as of Sep 11, 2026 | |||
| Strategic holders | 4.86% | 539.0K shares | |
| 1 holder · as of Feb 3, 2023 | |||
| Other | ≈ 52.45% | 5.81M shares | |
| remainder | |||
11.09M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.41% | 821,389 | as of Jun 30, 2026 |
BlackRock, Inc.Strategic | 4.86% | 538,986 | filed Feb 3, 2023 |
Vanguard Capital Management LLCInstitution | 4.20% | 465,415 | as of Jun 30, 2026 |
State Street CorpInstitution | 3.95% | 437,337 | as of Jun 30, 2026 |
Geode Capital Management, LLCInstitution | 2.67% | 296,453 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 11, 2026 | Peter J. van Sistine | director | −1,848 | $155.57 |
| Aug 17, 2026 | Tracy C. Pearson | director | +1,024 | $156.97 |
| Apr 21, 2026 | Michael S. Stayer-Suprick | director | +225 | $140.04 |
| Apr 22, 2026 | Todd A. Sprang | director | +450 | $138.96 |
| Feb 11, 2026 | Steven M. Eldred | director | −8,000 | $151.95 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bank First | $150.68 | −0.10% | $1.69B | 19.6 | 14.0 | 5.8 | +60.0% |
| Associated Banc-Corp | $28.99 | −0.12% | $5.48B | 10.1 | 9.2 | 2.1 | +22.7% |
| Nicolet Bankshares | $165.77 | +0.07% | $2.86B | 18.4 | 12.9 | 5.5 | +227.9% |
| Wintrust Financial | $145.22 | +0.36% | $9.76B | 11.5 | 11.0 | 2.2 | +10.1% |
| Byline Bancorp | $37.16 | +0.42% | $1.68B | 11.2 | 11.2 | 2.6 | +6.6% |
| First Mid Bancshares | $49.08 | −0.27% | $1.31B | 12.2 | 10.3 | 2.9 | +26.7% |
| Heartland Bank | $35.29 | −0.37% | $1.29B | 15.2 | 11.0 | 3.9 | +37.6% |
| First Business Financial Services | $69.81 | −0.61% | $587.4M | 10.6 | 10.5 | 2.0 | +13.8% |
| Citizens Community Bancorp | $21.40 | −1.06% | $208.6M | 16.5 | 10.9 | 2.4 | −0.2% |
| Median | 11.8 | 10.9 | 2.5 | +18.3% |