NasdaqCM:BFC

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Excellent balance sheet second-rate dividend payer.


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


Market Performance


7 Day Return

3.7%

BFC

2.7%

US Banks

0.4%

US Market


1 Year Return

34.8%

BFC

2.7%

US Banks

6.9%

US Market

Return vs Industry: BFC exceeded the US Banks industry which returned 2.7% over the past year.

Return vs Market: BFC exceeded the US Market which returned 6.9% over the past year.


Shareholder returns

BFCIndustryMarket
7 Day3.7%2.7%0.4%
30 Day-0.7%0.7%-1.1%
90 Day17.9%3.0%-0.5%
1 Year36.6%34.8%5.7%2.7%9.3%6.9%
3 Year140.4%129.9%52.1%41.6%45.8%36.4%
5 Year260.3%230.4%69.2%50.7%62.9%45.1%

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?

18.14x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: BFC ($68.4) is trading above our estimate of fair value ($65.82)

Significantly Undervalued: BFC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BFC is poor value based on its PE Ratio (18.1x) compared to the Banks industry average (12.6x).

PE vs Market: BFC is poor value based on its PE Ratio (18.1x) compared to the US market (17.6x).


Price to Earnings Growth Ratio

Low PEG Ratio: BFC is poor value based on its PEG Ratio (1.7x)


Price to Book Ratio

PB vs Industry: BFC is overvalued based on its PB Ratio (2.4x) 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?

10.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BFC's forecast earnings growth (10.7% per year) is above the savings rate (2.7%).

Earnings vs Market: BFC's earnings (10.7% 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 (8% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: BFC's revenue (8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: BFC's Return on Equity is forecast to be low in 3 years time (12.5%).


Next Steps

Past Performance

How has Bank First performed over the past 5 years?

16.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BFC's earnings have grown by 16.3% per year over the past 5 years.

Accelerating Growth: BFC's earnings growth over the past year (11.6%) is below its 5-year average (16.3% per year).

Earnings vs Industry: BFC earnings growth over the past year (11.6%) underperformed the Banks industry 29.6%.


Return on Equity

High ROE: BFC's Return on Equity (13.6%) is considered low.


Return on Assets

ROA vs Industry: BFC has a higher Return on Assets than the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate BFC's Return on Capital Employed to determine if it has improved over the past 3 years.


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 4.104040x debt).


Financial Institutions Analysis

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

Allowance for Bad Loans: BFC has a low 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 (1.2%)


Next Steps

Dividend

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

1.17%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Bank First before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Years1.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BFC's dividend (1.17%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: BFC's dividend (1.17%) is low compared to the top 25% of dividend payers in the US market (3.73%).

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 (21.2%), 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 (18.8% payout ratio).


Next Steps

Management

What is the CEO of Bank First's salary, the management and board of directors tenure and is there insider trading?

0.3yrs

Average management tenure


CEO

Mike Molepske (58yo)

10.8yrs

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 ($USD929.08K) is below average for companies of similar size in the US market ($USD1.79M).

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


Management Age and Tenure

0.3yrs

Average Tenure

Experienced Management: BFC's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.


Board Age and Tenure

8.0yrs

Average Tenure

64yo

Average Age

Experienced Board: BFC's board of directors are considered experienced (8 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellUS$118,44622 Aug 19
Michael Ansay
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,149
Max PriceUS$55.55
SellUS$47,60022 May 19
Kevin LeMahieu
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares700
Max PriceUS$68.00
BuyUS$4,96023 Apr 19
Michael Ansay
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares80
Max PriceUS$62.00
BuyUS$4,93829 Jan 19
Michael Ansay
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares103
Max PriceUS$47.94
BuyUS$4,82330 Nov 18
Michael Molepske
EntityIndividual
Role
Chief Executive Officer
President
Shares100
Max PriceUS$48.23
BuyUS$178,96209 Nov 18
Michael Molepske
EntityIndividual
Role
Chief Executive Officer
President
Shares3,711
Max PriceUS$48.23
BuyUS$3,91902 Nov 18
Michael Ansay
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares75
Max PriceUS$52.25

Ownership Breakdown


Management Team

  • Mike Molepske (58yo)

    President

    • Tenure: 10.8yrs
    • Compensation: US$929.08k
  • Roger Pillsbury

    Senior Vice President of Business Banking.

    • Tenure: 0.3yrs
  • Kevin LeMahieu (47yo)

    Chief Financial Officer

    • Tenure: 5.2yrs
    • Compensation: US$387.11k
  • Sue Loken

    Chief Risk Officer

    • Tenure: 0.2yrs
  • Kelly Dvorak

    General Counsel & Company Secretary

    • Tenure: 0yrs
  • Glenn Curran

    Senior VP & Market Manager for Oshkosh

    • Tenure: 0.3yrs
  • Jessica Darmawan

    Senior VP of Treasury Management

    • Tenure: 0.4yrs
  • Joshua Neeb

    Senior VP & Sheboygan Market President

    • Tenure: 0.2yrs
  • Jeff Zimmerlee

    Senior Vice President of Retail Banking

    • Tenure: 0.2yrs
  • Dennis Tienor

    Senior Vice President of Business Banking for the Central Region

    • Tenure: 0yrs

Board Members

  • Katherine Reynolds (68yo)

    Independent Director

    • Tenure: 27.8yrs
    • Compensation: US$47.15k
  • Mike Ansay (64yo)

    Chairman of the Board

    • Tenure: 6.8yrs
    • Compensation: US$57.15k
  • Mike Molepske (58yo)

    President

    • Tenure: 10.8yrs
    • Compensation: US$929.08k
  • Don Brisch (67yo)

    Independent Director

    • Tenure: 13.8yrs
    • Compensation: US$47.15k
  • Mike Dempsey (66yo)

    Director

    • Tenure: 5.4yrs
    • Compensation: US$539.10k
  • David Sachse (65yo)

    Independent Director

    • Tenure: 9.3yrs
    • Compensation: US$47.15k
  • Robert Gregorski (57yo)

    Director

    • Tenure: 9.8yrs
    • Compensation: US$42.15k
  • Steve Johnson

    Director

    • Tenure: 0.8yrs
  • Peter Van Sistine (62yo)

    Director

    • Tenure: 1.4yrs
    • Compensation: US$38.74k
  • Judy Heun (53yo)

    Director

    • Tenure: 0.5yrs

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$486.065m
  • Shares outstanding: 7.11m
  • 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

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 co ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 23:52
End of Day Share Price2019/10/18 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.