XVARY Composite Score
61
/ 100
Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Bank First takes deposits, makes loans, and sells banking services across Wisconsin through Bank First N.A.
How it gets paid
Last year Bank First made $222M in revenue. Net interest income was the main engine at $169.8M, or 76% of sales.
Why it's growing
Revenue grew 7.4% last year. Coherence: ~$169.8M NII on ~$222M revenue is believable.
What just happened
Quarterly revenue is about ~$55M; EPS should be checked against diluted shares— $5.36 as a “quarter” fights a ~$7.22 FY est unless filings show a special item.
At a Glance
B++ balance sheet — above average — nothing keeping you up at night
75/100 earnings predictability — reasonably predictable
21.0x trailing p/e — priced about right
1.5% dividend yield — cash in your pocket every quarter
$7.22 fy2025 eps est
XVARY composite: 61/100 — average
What They Do
Bank First takes deposits, makes loans, and sells banking services across Wisconsin through Bank First N.A.
This is a local scale game. Bank First sits on $3.70 billion of deposits and $3.60 billion of loans, both inside one state where relationships still matter. Deposits (customer cash the bank can lend) → cheap funding → better profits, so when your banker knows your business, leaving is a hassle.
How They Make Money
$222M
annual revenue · their business grew +7.4% last year
Net interest income
$169.8M
+7.4%
Service charges and deposit fees
$18.0M
+3.0%
Mortgage banking
$12.0M
+2.0%
Insurance, investment, and safekeeping fees
$11.1M
+6.0%
Card, ATM, treasury, and data processing
$11.1M
+5.0%
The Products That Matter
Commercial and consumer lending
Commercial & Consumer Loans
$169.8M · ~77% of revenue
This is the core business. Net interest income prints at $169.8M on the revenue bridge below—if lending slows or margins tighten, the whole story feels it.
main profit engine
Funding base for loans
Deposit Accounts
supports $4.51B in assets
Deposits are the raw material for a bank. They support $4.51B in total assets, and cheaper, stickier deposits usually mean better lending economics.
funding matters
Fee-based client services
Wealth Management
inside the $49M fee bucket
Non-interest income was $49M, or 22% of revenue, and grew 18.5%. That helps diversify the model away from pure rate sensitivity, even if it is still the smaller side of the house.
diversifier
Key Numbers
$222M
annual revenue
EDGAR and consensus both show about $222 million of trailing revenue, up 7.4% vs. prior year, so the growth story is real and already in the numbers.
$7.22
FY2025 EPS est.
At $151.84 a share, that estimate implies a forward earnings multiple near 21x, which tells you this bank is priced for steady execution, not a stumble.
$147M
long-term debt
Long-term debt is 9% of capital, which means leverage is present but not doing all the work.
1.5%
dividend yield
You are not buying BFC for income today. You are buying it for earnings growth that ran 14.0% historically.
Financial Health
B++
Strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
- long-term debt $147M (9% of capital)
B++ — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
reconcile 10-Q
Quarterly revenue is about ~$55M (not $165M); EPS should be checked against diluted shares—$5.36 as a “quarter” fights a ~$7.22 FY est unless filings show a special item.
Banks do not use gross margin like manufacturers—the clean reads are NII, credit quality, and EPS basis (GAAP vs adjusted). Use EDGAR for the quarter you care about.
~$55M
qtr revenue (approx.)
~$1.8
qtr EPS (vs FY÷4)
7.4%
annual rev growth
the number that mattered
Coherence: ~$169.8M NII on ~$222M revenue (below) is believable; $165M in one quarter is not.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk is multiple compression in a premium-priced regional bank.
Med
Premium valuation erosion
BFC trades at 21.0x earnings versus 11.2x for the average US bank shown here. That gap means the stock can fall without the business falling apart. It only needs the growth story to look more ordinary.
valuation risk is doing more work here than balance-sheet risk
Med
Interest-rate sensitivity
Net interest income is about $169.8M, or roughly 76% of the ~$222M revenue bridge on this page (same line as the table). In plain English: most of the business still depends on the spread between what the bank pays depositors and what it earns on loans.
~76% of revenue tied to the core lending spread
Low
FNBT branch conversion execution
The full conversion of 11 acquired FNBT offices is scheduled for May 2026. Integration risk at a small bank usually shows up in service hiccups, extra costs, or slower-than-expected revenue retention.
11 offices, one operating test
When ~76% of revenue comes from net interest income and the stock trades at 21.0x earnings instead of the 11.2x bank average, you do not need a disaster for the shares to reset — just slower growth.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Calendar
Q1 2026 earnings — April 17
Consensus EPS is $1.80. That is the next real test of whether the premium multiple still has a reason to exist.
Trend
Fee income is growing faster than lending income
Non-interest income grew 18.5% while net interest income grew 7.4% (per the revenue bridge). You want that diversification to keep showing up, because ~76% of revenue still comes from the rate-sensitive side.
Risk
May 2026 FNBT conversion
The 11 acquired offices fully move onto Bank First systems in May. Integration stories sound boring right until they are not.
Metric
Watch the valuation gap
21.0x trailing earnings and 1.95x book are both above what many regional banks get. If the fundamentals start looking merely fine, the stock can still derate.
Analyst Rankings
earnings predictability
75 / 100
in human-speak, analysts see a reasonably steady bank. Surprises happen, but they are not the main part of the story.
price stability
80 / 100
The stock has been steadier than many small caps. That says something about the business. It does not say the multiple is cheap.
risk rank
3
A risk rank of 3 means this is not a balance-sheet panic case. The quieter risk is paying too much for a decent bank.
Source: institutional data
Institutional Activity
institutional ownership data for BFC is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$152
Current price
Target midpoint · from current
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