Bank First
Provides loans, deposits, treasury management, trust, and wealth services through its operating bank.
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Profile
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
Categories
Key statistics
Year to date +26.6% · Average volume (30d) 82.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 23, 2026 | Piper Sandler | Reiterate | Neutral | $157 | $161 | |
| Apr 20, 2026 | Piper Sandler | Reiterate | Neutral | $150 | $157 | |
| Jan 26, 2026 | Piper Sandler | Reiterate | Neutral | $142 | $150 | |
| Oct 23, 2025 | Piper Sandler | Reiterate | Neutral | $104 | $142 | |
| May 6, 2025 | Hovde Group | Upgrade | Market Perform | Outperform | $130 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $2.28 | $2.45 | +7.5% | $65.3M | $65.0M | −0.4% | +0.53% |
| Apr 16, 2026Q1 FY26 | $2.40 | $2.24 | −6.7% | $65.7M | $63.7M | −3.0% | −1.28% |
| Jan 22, 2026Q4 FY25 | $1.81 | $2.00 | +10.5% | $43.9M | $45.0M | +2.6% | +1.10% |
| Oct 21, 2025Q3 FY25 | $1.85 | $1.91 | +3.2% | $44.2M | $42.9M | −2.8% | +3.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $60.5M | $58.5M | $60.1M | $61.4M | $84.3M | $85.7M | |
| Gross profit | $41.5M | $40.4M | $42.2M | $44.9M | $63.9M | $65.1M | |
| Operating income | $22.1M | $20.7M | $22.5M | $22.9M | $24.7M | $30.6M | |
| Net income | $18.2M | $16.9M | $18.0M | $18.4M | $20.0M | $24.7M | |
| Diluted EPS | $1.82 | $1.71 | $1.83 | $1.87 | $1.78 | $2.21 | |
| Gross margin | 68.7% | 69.1% | 70.3% | 73.2% | 75.8% | 75.9% | |
| Operating margin | 36.6% | 35.3% | 37.4% | 37.3% | 29.3% | 35.7% |
Fiscal years (4-quarter sums)FY21 $116.8M · FY22 $130.8M · FY23 $186.5M · FY24 $223.2M · FY25 $240.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $875.2M · Total debt $104.8M · Total assets $5.95B · Shareholders' equity $819.3M
Dividends
Raised for 14 straight years — most recently to $0.55 from $0.50 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 24, 2026 | Jun 24 | Jul 8 | $0.55 | raised from $0.50 |
| Mar 25, 2026 | Mar 25 | Apr 8 | $0.50 | raised from $0.45 |
| Dec 24, 2025 | Dec 24 | Jan 7 | $0.45 | |
| Sep 24, 2025 | Sep 24 | Oct 8 | $0.45 | |
| Jun 25, 2025 | Jun 25 | Jul 9 | $0.45 | |
| May 9, 2025 | May 9 | May 16 | $3.50 | special dividend |
| Mar 26, 2025 | Mar 26 | Apr 9 | $0.45 | |
| Dec 23, 2024 | Dec 23 | Jan 6 | $0.45 | raised from $0.40 |
Ownership
Shares outstanding 11.22M · Float 10.08M · 89.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 821.4K | 7.32% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 465.4K | 4.15% | 13F | Aug 13, 2026 |
| State Street Corp | 437.3K | 3.90% | 13F | Aug 7, 2026 |
| Geode Capital Management, LLC | 296.5K | 2.64% | 13F | Aug 12, 2026 |
| Dimensional Fund Advisors LP | 187.7K | 1.67% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| 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 |
| Feb 6, 2026 | Steven M. Eldred | director | −8,000 | $145.02 |
Peers
- Associated Banc-Corp
Largest Wisconsin-based regional rival for deposits and business banking
- Nicolet Bankshares
Green Bay peer in relationship banking, deposits, and wealth services
- Wintrust Financial
Chicago-southern Wisconsin rival across commercial and branch banking
- Byline Bancorp
Chicago/Milwaukee commercial-bank peer with SBA and CRE overlap
- First Mid Bancshares
Illinois-led community bank with deposits, CRE, and wealth overlap
- Heartland Bank
Illinois community-bank peer after CNB adds scale and branch density
- First Business Financial Services
Wisconsin business bank focused on commercial credit and treasury services
- Citizens Community Bancorp
Smaller Wisconsin/Minnesota community bank in local lending and deposits
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Bank First | $152.84 | +0.06% | $1.71B | 19.9 | 14.2 | 5.9 | +60.0% |
| Associated Banc-Corp | $30.92 | −0.00% | $5.84B | 10.8 | 9.9 | 2.3 | +29.1% |
| Nicolet Bankshares | $171.74 | −0.02% | $2.97B | 19.1 | 13.3 | 5.7 | +227.9% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Byline Bancorp | $38.30 | −0.10% | $1.74B | 11.6 | 11.6 | 2.7 | +7.4% |
| First Mid Bancshares | $50.34 | +0.06% | $1.34B | 12.5 | 10.5 | 2.9 | +26.7% |
| Heartland Bank | $35.79 | −0.08% | $1.30B | 15.4 | 11.1 | 3.9 | +37.6% |
| First Business Financial Services | $70.85 | −0.41% | $592.5M | 10.7 | 10.7 | 2.1 | +13.8% |
| Citizens Community Bancorp | $21.02 | +0.24% | $202.7M | 16.0 | 10.6 | 2.3 | −0.2% |
| Median | 12.3 | 10.9 | 2.6 | +20.2% |