Core Viewpoint - Bank First Corporation (BFC) shows potential as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook and potential for continued stock price appreciation [1][2]. Earnings Estimate Revisions - Analysts have become increasingly optimistic about Bank First Corporation's earnings prospects, leading to higher earnings estimates that are expected to positively influence the stock price [2]. - For the current quarter, the earnings estimate is projected at $2.40 per share, reflecting a 31.9% increase from the previous year's reported figure. The Zacks Consensus Estimate has risen by 33.33% over the last 30 days, with one estimate moving higher and no negative revisions [6]. - For the full year, the expected earnings are $10.35 per share, representing a 39.5% increase from the prior year. Similar to the current quarter, there has been a positive trend in estimate revisions, with one estimate increasing and no negative revisions [7]. Zacks Rank and Performance - Bank First Corporation currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts regarding the upward revisions of earnings estimates. This ranking is associated with a historical average annual return of +25% for Zacks 1 Ranked stocks since 2008 [3][8]. - The Zacks Rank system is recognized for its effectiveness in leveraging earnings estimate revisions to guide investment decisions, with stocks rated Zacks Rank 1 and 2 significantly outperforming the S&P 500 [8]. Stock Performance - The stock of Bank First Corporation has appreciated by 12.4% over the past four weeks, driven by strong estimate revisions. There is potential for further upside, suggesting it may be a good time to consider adding the stock to investment portfolios [9].

Core Viewpoint - Bank First Corporation (BFC) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - For the fiscal year ending December 2026, Bank First Corporation is expected to earn $10.35 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 35.3% over the past three months [8]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of stocks, and changes in these estimates can lead to significant buying or selling activity, impacting stock prices [4]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Bank First Corporation to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10].

分组1 - Bank First Corporation (BFC) reported quarterly earnings of $2 per share, exceeding the Zacks Consensus Estimate of $1.75 per share, and showing an increase from $1.74 per share a year ago, resulting in an earnings surprise of +14.29% [1] - The company achieved revenues of $44.92 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 4.23%, and up from $40.07 million in the same quarter last year [2] - Bank First Corporation has outperformed the S&P 500, with shares increasing about 11.4% since the beginning of the year compared to the S&P 500's gain of 0.4% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.80 on revenues of $44.1 million, and for the current fiscal year, it is $7.65 on revenues of $183.7 million [7] - The Zacks Industry Rank for Banks - Northeast is in the top 33% of over 250 Zacks industries, indicating that the industry is performing well [8]

Financial Performance - Net income for Q4 2025 was $18.4 million, or $1.87 per share, up from $17.5 million, or $1.75 per share in Q4 2024, representing a 5.1% increase [3]. - For the full year 2025, net income totaled $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share in 2024, marking a 9.0% increase [3]. - Adjusted net income (non-GAAP) for Q4 2025 was $19.6 million, or $2.00 per share, compared to $17.4 million, or $1.74 per share in Q4 2024, reflecting a 12.7% increase [3]. - Earnings per common share for Q4 2025 was $1.87, compared to $1.75 in Q4 2024, reflecting a year-over-year increase of 6.9% [23]. - Adjusted earnings per share (non-GAAP) increased to $2.00, compared to $1.91 in the prior period, reflecting a rise of 4.7% [25]. Assets and Liabilities - Total assets reached $4.51 billion at December 31, 2025, an increase of $85.7 million during Q4 2025, representing 7.8% annualized growth [11]. - Total liabilities increased to $3,787,721 thousand as of December 31, 2025, from $3,588,452 thousand in 2024 [29]. - Total loans were $3.60 billion at December 31, 2025, with a contraction of $25.0 million during Q4 2025 due to exiting substandard relationships [12]. - Total assets increased to $4,506,095 million from $4,420,411 million, reflecting a growth of 1.94% [24]. - Total loans amounted to $3,604,651 million, a slight decrease from $3,629,663 million [24]. Equity and Dividends - Stockholders' equity totaled $643.8 million at December 31, 2025, reflecting an increase of $4.2 million from the end of 2024 [15]. - The quarterly cash dividend was declared at $0.50 per share, an increase of 11.1% over the prior quarter and prior-year fourth quarter [5][16]. - Stockholders' equity reached $643,836 million, compared to $628,125 million, marking a growth of 2.83% [24]. - Shareholders' equity rose to $631,478 thousand in 2025, compared to $619,784 thousand in 2024 [29]. Income and Expenses - Noninterest income for Q4 2025 was $4.8 million, down from $6.0 million in the prior quarter but up from $4.5 million in Q4 2024 [9]. - Noninterest expense totaled $22.0 million in Q4 2025, compared to $21.1 million in the prior quarter, with $0.7 million related to the acquisition of Centre [10]. - Total noninterest expense for Q4 2025 was $22,012,000, an increase from $20,604,000 in Q4 2024, representing an increase of 6.8% [23]. - The company reported an income tax expense of $4,522,000 for Q4 2025, compared to $4,248,000 in Q4 2024, indicating a rise of 6.4% [23]. Interest Income and Margin - Interest income for Q4 2025 was $56,636,000, an increase from $53,754,000 in Q4 2024, representing a year-over-year growth of 5.5% [23]. - Net interest income after provision for credit losses for Q4 2025 was $40,166,000, compared to $36,561,000 in Q4 2024, reflecting a 10.5% increase [23]. - The net interest margin increased to 4.01%, compared to 3.88% in the previous period [24]. - The net interest margin improved to 4.01% for the three months ended December 31, 2025, compared to 3.61% for the same period in 2024 [27]. - The net interest margin for the year ended December 31, 2025, was 3.82%, compared to 3.65% in 2024 [29]. Efficiency Ratios - Return on average assets improved to 1.65%, up from 1.64% [24]. - Return on average common equity was 11.46%, slightly down from 11.51% [24]. - The average equity to average assets ratio was 14.39%, up from 14.29% [24]. - The annualized return of adjusted earnings on average assets (non-GAAP) was 1.76%, an increase from 1.71% in the previous period [25]. - Tangible equity to tangible assets (non-GAAP) ratio was 10.49%, up from 10.30% in the prior period, indicating improved efficiency [26].

Core Viewpoint - Bank First Corporation reported a strong financial performance for the fourth quarter and full year of 2025, with significant increases in net income and earnings per share, despite incurring merger-related expenses [1][2]. Financial Performance - Net income for Q4 2025 was $18.4 million, or $1.87 per share, up from $17.5 million, or $1.75 per share in Q4 2024 [1]. - For the full year 2025, net income reached $71.5 million, or $7.23 per share, compared to $65.6 million, or $6.50 per share in 2024 [1]. - Adjusted net income (non-GAAP) for Q4 2025 was $19.6 million, or $2.00 per share, compared to $17.4 million, or $1.74 per share in Q4 2024 [1]. - Annual adjusted net income (non-GAAP) for 2025 totaled $73.4 million, or $7.42 per share, compared to $65.0 million, or $6.45 per share in 2024 [1]. Operating Results - Net interest income (NII) for Q4 2025 was $40.2 million, an increase of $1.9 million from the previous quarter and $4.6 million from Q4 2024 [3]. - Net interest margin (NIM) improved to 4.01% in Q4 2025, up from 3.88% in the previous quarter and 3.61% in Q4 2024 [4]. Asset Quality - Nonperforming assets at December 31, 2025, were $9.0 million, down from $13.9 million in the previous quarter and $9.2 million in the prior-year fourth quarter [13]. Capital Position - Stockholders' equity was $643.8 million at December 31, 2025, an increase of $4.2 million from the end of 2024 [14]. - The book value per common share was $65.47 at December 31, 2025, compared to $63.89 at the end of 2024 [14]. Dividend Declaration - A quarterly cash dividend of $0.50 per common share was declared, representing an increase of 11.1% over the prior quarter and prior-year fourth quarter [15]. Balance Sheet - Total assets were $4.51 billion at December 31, 2025, reflecting an increase of $85.7 million during Q4 2025 [10]. - Total loans were $3.60 billion at December 31, 2025, with a contraction of $25.0 million during Q4 2025 [11]. - Total deposits were $3.70 billion at December 31, 2025, up $34.7 million from December 31, 2024 [12].

Core Insights - Bank First Corporation has completed the acquisition of Centre 1 Bancorp, Inc., enhancing its service offerings and expanding its market presence [1][2]. Group 1: Acquisition Details - The acquisition marks a significant milestone in merging two relationship-driven organizations, allowing Bank First to expand its services to include trust and wealth management [2]. - First National Bank and Trust will operate as a division of Bank First until a planned system conversion in May 2026, after which all locations will transition to the Bank First brand [3]. Group 2: Operational Impact - The combined organization will operate 38 branch locations across Wisconsin and the Stateline area of Illinois, with approximately $6 billion in assets, enhancing its service capabilities [4]. - The partnership aims to strengthen customer service across the regions by providing a comprehensive suite of wealth planning, trust administration, and investment management services [2][5]. Group 3: Leadership and Advisory - Following the acquisition, Steve Eldred, CEO of Centre, will join the Board of Directors of Bank First [5]. - Piper Sandler & Co. and Hovde Group, LLC served as financial advisors for Bank First and Centre, respectively, with legal counsel provided by Alston & Bird LLP and Barack Ferrazzano Kirschbaum & Nagelberg LLP [6].

Core Insights - Value investing remains a preferred strategy for identifying strong stocks across various market conditions, focusing on companies perceived as undervalued based on fundamental analysis [2][3] Company Analysis - Bank First National (BFC) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A [3] - BFC has a Price-to-Sales (P/S) ratio of 0.77, significantly lower than the industry average of 1.83, indicating potential undervaluation [4] - The Price-to-Cash Flow (P/CF) ratio for BFC is 16.75, closely aligning with the industry average of 16.76, with a 52-week range of 9.60 to 17.38 [5] Additional Company Insights - Business First Bancshares (BFST) is also identified as a solid value stock, with a Zacks Rank of 2 (Buy) and a Value score of A [6] - BFST has a Price-to-Book (P/B) ratio of 0.93, compared to the industry average of 1.04, suggesting it may be undervalued [6] - The P/B ratio for BFST has fluctuated between 0.85 and 1.41 over the past 52 weeks, with a median of 1.00 [6] Conclusion - Both Bank First National and Business First Bancshares are positioned as strong value stocks, supported by their favorable earnings outlook and valuation metrics [7]

Company Overview - Bank First Corporation operates as a holding company for Bank First, N.A., which has 27 banking locations across various counties in Wisconsin[92]. Income Sources - The primary source of income for the Bank is interest received on loans and investments, with a significant reliance on deposits for funding[94]. - The Bank generates additional income through net gains on the sale of loans held for sale and servicing income from those sold loans[94]. Interest Income and Expenses - Interest income for the three months ended September 30, 2025, was $55,456,000, an increase from $54,032,000 for the same period last year, representing a growth of 2.6%[96]. - Net interest income after provision for credit losses was $37,603,000 for the three months ended September 30, 2025, compared to $36,561,000 for the same period last year, reflecting an increase of 2.9%[96]. - Total interest income increased by $1.4 million, or 2.6%, to $55.4 million for the three months ended September 30, 2025, compared to $54.0 million for the same period in 2024[108]. - Interest expense decreased by $0.9 million, or 5.2%, to $17.2 million for the three months ended September 30, 2025, compared to $18.1 million for the same period in 2024[109]. - The average rate paid on interest-bearing liabilities decreased from 2.79% for the three months ended September 30, 2024, to 2.52% for the same period in 2025[107]. Noninterest Income and Expenses - Noninterest income totaled $5,953,000 for the three months ended September 30, 2025, up from $4,893,000 in the same period last year, marking a growth of 21.6%[96]. - Noninterest income increased by $1.1 million to $6.0 million for Q3 2025, up 22% from $4.9 million in Q3 2024[115]. - Noninterest expense rose by $1.0 million to $21.1 million for Q3 2025, primarily driven by outside service fees which increased by 65% to $1.8 million[118]. Net Income and Earnings - Net income for the three months ended September 30, 2025, was $17,990,000, an increase from $16,552,000 for the same period last year, representing a growth of 8.7%[96]. - Earnings per common share (diluted) for the three months ended September 30, 2025, was $1.83, compared to $1.65 for the same period last year, reflecting an increase of 10.9%[96]. - Net income for the nine months ended September 30, 2025, increased by $5.1 million to $53.1 million compared to $48.0 million for the same period in 2024[121]. Assets and Loans - Total assets as of September 30, 2025, were $4,420,411,000, an increase from $4,294,498,000 year-over-year, representing a growth of 2.9%[96]. - Loans outstanding as of September 30, 2025, were $3,629,663,000, compared to $3,470,920,000 as of September 30, 2024, indicating an increase of 4.6%[96]. - Total loans increased by $112.5 million, or 3.2%, to $3.63 billion as of September 30, 2025, compared to $3.52 billion as of December 31, 2024[151]. Deposits - Deposits as of September 30, 2025, were $3,538,761,000, a slight decrease from $3,661,073,000 year-over-year, reflecting a decline of 3.4%[96]. - Total deposits decreased to $3.54 billion as of September 30, 2025, down from $3.66 billion at December 31, 2024, reflecting a shift from noninterest-bearing to interest-bearing deposits[182]. Credit Losses and Nonperforming Loans - An Allowance for Credit Losses (ACL) is maintained to absorb potential losses on loans, established through provisions charged against operating earnings[94]. - The company recorded a provision for credit loss of $0.7 million for Q3 2025, compared to no provision in Q3 2024[113]. - Nonperforming loans totaled $13.9 million as of September 30, 2025, an increase from $8.5 million at December 31, 2024[172]. - The allowance for credit losses (ACL) on loans was $44.5 million, representing 1.23% of period-end loans[176]. Capital and Equity - Total stockholders' equity decreased to $628.1 million at September 30, 2025, down from $639.7 million at December 31, 2024[209]. - The Bank was well capitalized as of September 30, 2025, with total capital to risk-weighted assets ratio at 13.3%, exceeding the minimum required of 8.0%[218]. - The Bank's Tier 1 capital to risk-weighted assets ratio was 11.8%, significantly above the minimum requirement of 6.0%[221]. Interest Rate Risk Management - The Bank's interest rate risk management aims to minimize adverse impacts on net interest income and capital[230]. - The Company actively manages its interest rate sensitivity position to control exposure to risks associated with interest rate movements[233]. - As of September 30, 2025, a 300 basis point increase in interest rates is projected to decrease net interest income by 3.8%[240]. Securities and Investments - The fair value of securities available for sale was $167.1 million as of September 30, 2025, down from $223.1 million at December 31, 2024[192]. - The total held to maturity securities amounted to $106.823 million with a weighted average yield of 4.0%[196]. - The Company had no net losses on sales of securities during the nine months ended September 30, 2025, contrasting with net losses of $30,000 during the same period in 2024[194].

Group 1: Company Overview - Bank First Corporation (BFC) is a member of the Finance sector, which includes 867 individual stocks and currently holds a Zacks Sector Rank of 3 [2] - BFC has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Group 2: Performance Metrics - Year-to-date, BFC has gained approximately 32.1%, significantly outperforming the Finance sector's average gain of 14.2% [4] - Within the Banks - Northeast industry, which consists of 78 companies, BFC is performing better than the industry average, which has gained about 2.6% this year [5] Group 3: Comparative Analysis - Another stock in the Finance sector, Bank of Nova Scotia (BNS), has a year-to-date return of 21.4% and also holds a Zacks Rank of 2 (Buy) [4][5] - The Banks - Foreign industry, to which BNS belongs, has gained 39.1% this year, but BFC's performance remains strong within its own industry [6]

分组1 - Bank First Corporation (BFC) reported quarterly earnings of $1.91 per share, exceeding the Zacks Consensus Estimate of $1.81 per share, and up from $1.65 per share a year ago, representing an earnings surprise of +5.52% [1] - The company posted revenues of $44.21 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.62%, and an increase from $40.78 million year-over-year [2] - Bank First Corporation has outperformed the S&P 500, with shares increasing about 25.5% since the beginning of the year compared to the S&P 500's gain of 14.5% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.75 on revenues of $43 million, and for the current fiscal year, it is $7.10 on revenues of $171.2 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]