NasdaqCM:BFC

Stock Analysis Report

Executive Summary

Bank First Corporation operates as a holding company for Bank First N.A.


Snowflake Analysis

Flawless balance sheet and fair value.


Similar Companies

Share Price & News

How has Bank First's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BFC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.7%

BFC

0.3%

US Banks

0.9%

US Market


1 Year Return

16.4%

BFC

12.0%

US Banks

20.0%

US Market

Return vs Industry: BFC exceeded the US Banks industry which returned 12.1% over the past year.

Return vs Market: BFC underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

BFCIndustryMarket
7 Day-0.7%0.3%0.9%
30 Day-5.1%-1.3%1.4%
90 Day-7.5%1.2%8.8%
1 Year17.8%16.4%15.3%12.0%22.5%20.0%
3 Year88.8%80.9%25.1%16.2%49.9%40.3%
5 Year197.6%173.6%76.7%56.6%73.2%54.1%

Price Volatility Vs. Market

How volatile is Bank First's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Bank First undervalued compared to its fair value and its price relative to the market?

33.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BFC ($63.33) is trading below our estimate of fair value ($95.62)

Significantly Below Fair Value: BFC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BFC is poor value based on its PE Ratio (16.2x) compared to the Banks industry average (12.6x).

PE vs Market: BFC is good value based on its PE Ratio (16.2x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: BFC is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: BFC is overvalued based on its PB Ratio (2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Bank First forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

10.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BFC's forecast earnings growth (10.3% per year) is above the savings rate (1.7%).

Earnings vs Market: BFC's earnings (10.3% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: BFC's earnings are forecast to grow, but not significantly.

Revenue vs Market: BFC's revenue (9.8% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: BFC's revenue (9.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BFC's Return on Equity is forecast to be low in 3 years time (11.8%).


Next Steps

Past Performance

How has Bank First performed over the past 5 years?

17.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BFC has high quality earnings.

Growing Profit Margin: BFC's current net profit margins (34.6%) are lower than last year (35.5%).


Past Earnings Growth Analysis

Earnings Trend: BFC's earnings have grown by 17% per year over the past 5 years.

Accelerating Growth: BFC's earnings growth over the past year (4.9%) is below its 5-year average (17% per year).

Earnings vs Industry: BFC earnings growth over the past year (4.9%) underperformed the Banks industry 12.2%.


Return on Equity

High ROE: BFC's Return on Equity (11.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bank First's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BFC has a low level of unsold assets or inventory.

Debt Coverage by Assets: BFC's debt is covered by short term assets (assets are 1.6x debt).


Financial Institutions Analysis

Asset Level: BFC's level of assets compared to its equity is low.

Allowance for Bad Loans: BFC has a sufficient allowance for bad loans.

Low Risk Liabilities: BFC's liabilities are made up of primarily low risk sources of funding.

Loan Level: BFC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BFC's loans are broadly funded by customer deposits.

Level of Bad Loans: BFC has an appropriate level of bad loans (0.3%)


Next Steps

Dividend

What is Bank First's current dividend yield, its reliability and sustainability?

1.26%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 18 2020Ex Dividend DateMar 20 2020Dividend Pay DateApr 07 202018 days from Ex DividendBuy in the next 31 days to receive upcoming dividend

Dividend Yield vs Market

company1.3%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years1.3%

Current dividend yield vs market & industry

Notable Dividend: BFC's dividend (1.26%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: BFC's dividend (1.26%) is low compared to the top 25% of dividend payers in the US market (3.69%).


Stability and Growth of Payments

Stable Dividend: BFC's dividend payments have been volatile in the past 10 years.

Growing Dividend: BFC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (20.4%), BFC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BFC's dividends in 3 years are forecast to be well covered by earnings (19% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.6yrs

Average management tenure


CEO

Mike Molepske (58yo)

11.2yrs

Tenure

US$929,081

Compensation

Mr. Michael B. Molepske, also known as Mike, is President and Chief Executive Officer of Bank First Corporation (formerly known as Bank First National Corporation) and Bank First, National Association (the ...


CEO Compensation Analysis

Compensation vs Market: Mike's total compensation ($USD929.08K) is below average for companies of similar size in the US market ($USD1.68M).

Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Michael Molepske
President11.2yrsUS$929.08k1.36% $6.1m
Kevin LeMahieu
Chief Financial Officer5.5yrsUS$387.11k0.20% $891.7k
Kelly Dvorak
General Counsel & Company Secretary0yrsno datano data
Jessica Darmawan
Senior VP of Treasury Management0.8yrsno datano data
Glenn Curran
Senior VP & Market Manager for Oshkosh0.7yrsno datano data
Roger Pillsbury
Senior Vice President of Business Banking.0.6yrsno datano data
Joshua Neeb
Senior VP & Sheboygan Market President0.5yrsno datano data
Jeff Zimmerlee
Senior Vice President of Retail Banking0.5yrsno datano data
Dennis Tienor
Senior Vice President of Business Banking for the Central Region0yrsno datano data
Brandon Suemnicht
VP & Plymouth Market President0.5yrsno datano data

0.6yrs

Average Tenure

Experienced Management: BFC's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Michael Molepske
President11.2yrsUS$929.08k1.36% $6.1m
Katherine Reynolds
Independent Director28.1yrsUS$47.15k0.14% $606.4k
Michael Ansay
Chairman of the Board7.1yrsUS$57.15k1.0% $4.5m
Donald Brisch
Independent Director14.1yrsUS$47.15k0.12% $553.4k
Michael Dempsey
Director5.8yrsUS$539.10k0.90% $4.1m
David Sachse
Independent Director9.7yrsUS$47.15k1.07% $4.8m
Robert Gregorski
Director10.1yrsUS$42.15k0.29% $1.3m
Stephen Johnson
Director1.1yrsno datano data
Peter Van Sistine
Independent Director1.8yrsUS$38.74k0.075% $335.7k
Judy Heun
Independent Director0.8yrsno data0.00028% $1.3k

8.4yrs

Average Tenure

64yo

Average Age

Experienced Board: BFC's board of directors are considered experienced (8.4 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BFC insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.2%.


Top Shareholders

Company Information

Bank First Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bank First Corporation
  • Ticker: BFC
  • Exchange: NasdaqCM
  • Founded: 1894
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$448.676m
  • Shares outstanding: 7.08m
  • Website: https://www.bankfirstwi.bank

Number of Employees


Location

  • Bank First Corporation
  • 402 North 8th Street
  • Manitowoc
  • Wisconsin
  • 54220
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BFCNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJun 2003
42HDB (Deutsche Boerse AG)YesCommon StockDEEURJun 2003

Biography

Bank First Corporation operates as a holding company for Bank First N.A. that provides consumer and commercial financial services to individuals and businesses in northeastern and western Wisconsin. The company offers demand, time, and savings deposits; and checking, certificates of deposit, retirement, health savings, cash management, and money market accounts. Its loan products include home equity, residential 1-4 family, and installment and consumer loans; mortgage loans; and business loans, such as equipment and business expansion, real estate, construction and development, government guaranteed, and agricultural loans, as well as working capital lines of credit. The company also provides credit cards; electronic banking and safekeeping services; and insurance agency, and ATM processing, as well as data processing and information technology services. In addition, it offers treasury management services. As of June 26, 2019, the company had 19 branches in Manitowoc, Brown, Sheboygan, Outagamie, Winnebago, Waupaca, and Barron counties. The company was formerly known as Bank First National Corporation and changed its name to Bank First Corporation in June 2019. Bank First Corporation was founded in 1894 and is headquartered in Manitowoc, Wisconsin. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 00:07
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.