Bank First Corp
In the published model solve dated 2026-Q2, anchored at $152.84, Bank First Corp (BFC) is priced for 12.6% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• This Wisconsin community bank lifted net interest income from $133.5 million in 2023 to $151.7 million in 2025 while total assets barely moved, so the earnings came from what the balance sheet already held rather than from making it bigger. • The share count has been rising about 10.3% a year over the four years to March 2026 because acquisitions are paid for in stock, so per-share progress depends on every deal being bought below what it earns. • At roughly 2.1 times book the market is asking
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140 institutional managers reported holding BFC in 13F filings for the quarter ended 2026-03-31. Together they hold about 34% of the company; the top 10 hold 25%. 16 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 524k shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (5.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
BFC's share count grew 45.9% over the past five years even with $86.42M spent on repurchases. It pays a dividend, and has paid one every year in our records (9 and counting), raised 3 years straight; the current rate is $5.30 a share annually. Cash returned over the past three years: $79.90M in dividends and $59.02M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at BFC over the trailing three years: 2023: 1 buy totaling $41k; 2024: 3 buys totaling $103k; 2025: 3 buys totaling $193k; 2026: 1 buy totaling $21k. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
BFC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-10 | -1.0% | -4.9% |
| 2023-11-10 | +0.1% | -0.7% |
| 2024-03-01 | -0.0% | -5.9% |
| 2024-05-10 | -3.2% | +1.9% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
BFC's latest 8-K filings: 2026-07-21 (items 2.02, 9.01); 2026-06-23 (items 5.02); 2026-06-18 (items 5.02, 5.07, 7.01, 9.01); 2026-05-19 (items 1.01, 8.01, 9.01); 2026-04-22 (items 7.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.