Bank First National (BFC) Financials

$127.62 -1.78 (-1.38%)

As of 12:23 PM Eastern

Annual Income Statements for Bank First National

This table shows Bank First National's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	15	15	25	27	38	45	45	75	66
Consolidated Net Income / (Loss)	15	15	25	27	38	45	45	75	66
Net Income / (Loss) Continuing Operations	15	15	25	27	38	45	45	75	66
Total Pre-Tax Income	23	24	32	34	50	60	60	99	80
Total Revenue	48	56	75	82	106	114	124	192	157
Net Interest Income / (Expense)	39	46	63	70	87	90	104	133	138
Total Interest Income	45	53	78	89	101	98	117	182	206
Loans and Leases Interest Income	41	49	72	83	95	93	107	169	189
Investment Securities Interest Income	3.87	4.61	5.84	6.23	5.43	4.96	9.58	14	17
Total Interest Expense	5.93	7.73	15	19	14	8.30	12	49	69
Deposits Interest Expense	5.51	6.44	12	18	12	7.53	10	42	64
Short-Term Borrowings Interest Expense	-	1.02	2.06	1.16	1.28	0.77	1.64	4.82	4.42
Federal Funds Purchased and Securities Sold Interest Expense	0.07	0.27	0.40	0.46	0.11	0.01	0.54	1.81	0.02
Total Non-Interest Income	9.24	9.82	12	13	19	24	20	58	20
Service Charges on Deposit Accounts	1.01	-	-	0.55	1.49	1.62	1.92	2.86	2.94
Other Service Charges	3.48	4.81	6.15	5.09	8.63	8.10	7.74	9.87	12
Net Realized & Unrealized Capital Gains on Investments	1.04	0.86	0.59	5.20	6.98	9.93	4.62	42	1.30
Other Non-Interest Income	3.72	4.15	4.77	1.79	1.80	3.88	5.42	3.32	3.20
Provision for Credit Losses	0.32	1.06	2.94	5.25	7.13	3.10	2.20	4.68	-0.80
Total Non-Interest Expense	25	30	40	43	49	51	62	88	79
Salaries and Employee Benefits	13	17	22	23	27	29	33	40	41
Net Occupancy & Equipment Expense	5.05	6.04	7.12	8.37	10	9.54	12	14	16
Marketing Expense	0.20	0.18	0.22	0.27	0.23	0.23	0.27	0.33	0.31
Property & Liability Insurance Claims	-	-	-	-	-	-	1.10	1.83	1.85
Insurance Policy Acquisition Costs	2.67	3.32	3.13	3.04	4.11	3.08	5.63	4.52	4.56
Other Operating Expenses	3.82	4.15	6.63	7.18	5.24	7.79	7.84	19	10
Amortization Expense	0.02	0.13	0.76	1.07	1.64	1.41	2.32	6.32	5.79
Other Special Charges	0.03	-0.05	0.25	-0.07	-	-0.02	-0.15	2.13	-0.69
Income Tax Expense	7.71	8.83	6.60	7.60	12	15	14	24	14
Basic Earnings per Share	$2.40	$2.44	$3.81	$3.91	$5.07	$5.92	$5.58	$7.28	$6.50
Weighted Average Basic Shares Outstanding	-	-	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Diluted Earnings per Share	$2.40	$2.44	$3.81	$3.87	$5.07	$5.92	$5.58	$7.28	$6.50
Weighted Average Diluted Shares Outstanding	-	-	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Weighted Average Basic & Diluted Shares Outstanding	-	-	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Cash Dividends to Common per Share	$0.59	$0.64	$0.68	$0.80	$0.81	$1.14	$0.94	$1.15	$1.55

This table shows Bank First National's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	11	13	11	14	15	35	15	16	17	18	18
Consolidated Net Income / (Loss)	11	13	11	14	15	35	15	16	17	18	18
Net Income / (Loss) Continuing Operations	11	13	11	14	15	35	15	16	17	18	18
Total Pre-Tax Income	14	17	14	19	20	46	17	20	21	22	22
Total Revenue	33	34	38	39	39	75	38	39	41	40	43
Net Interest Income / (Expense)	28	31	32	34	34	33	33	33	36	36	37
Total Interest Income	31	36	41	46	47	49	49	49	54	54	55
Loans and Leases Interest Income	28	33	38	43	44	45	45	46	49	48	49
Investment Securities Interest Income	2.39	2.93	2.81	3.26	3.44	4.16	4.40	3.00	4.59	5.41	5.82
Total Interest Expense	3.05	5.13	8.67	12	13	16	16	16	18	18	19
Deposits Interest Expense	2.64	4.33	7.45	10	12	13	15	16	16	16	17
Short-Term Borrowings Interest Expense	0.31	0.37	0.66	1.00	1.04	2.13	0.51	0.55	1.67	1.70	1.66
Federal Funds Purchased and Securities Sold Interest Expense	0.10	0.44	0.56	0.57	0.25	0.43	0.02	0.00	0.00	-	0.00
Total Non-Interest Income	5.17	3.75	5.85	4.55	5.25	42	4.40	5.88	4.89	4.51	6.59
Service Charges on Deposit Accounts	0.49	-	0.64	0.75	0.73	0.74	0.73	0.74	0.73	0.74	0.73
Other Service Charges	2.00	1.49	2.33	2.40	2.47	2.67	2.79	3.15	3.07	3.24	4.17
Net Realized & Unrealized Capital Gains on Investments	1.12	1.57	1.03	1.01	1.03	39	0.22	0.28	0.38	0.43	0.33
Other Non-Interest Income	1.56	-0.30	1.85	0.40	1.02	0.05	0.67	1.72	0.72	0.10	1.36
Provision for Credit Losses	0.00	0.50	4.18	0.00	0.00	0.50	0.20	0.00	0.00	-1.00	0.40
Total Non-Interest Expense	19	17	20	20	20	29	20	19	20	19	21
Salaries and Employee Benefits	11	8.16	9.91	9.87	10	10	11	10	10	9.89	11
Net Occupancy & Equipment Expense	2.75	3.93	3.46	3.41	3.61	3.21	3.97	3.44	4.10	4.13	4.04
Marketing Expense	0.06	0.07	0.08	0.09	0.06	0.10	0.10	0.08	0.06	0.08	0.07
Property & Liability Insurance Claims	-	-	-	-	-	-	0.42	-	-	-	0.63
Insurance Policy Acquisition Costs	2.54	0.53	2.20	1.35	1.44	-0.47	0.88	1.89	1.60	-0.22	0.79
Other Operating Expenses	1.98	2.48	2.59	3.07	2.65	11	2.62	2.63	2.79	2.36	2.80
Amortization Expense	0.75	0.98	1.42	1.67	1.63	1.60	1.50	1.48	1.43	1.39	1.30
Other Special Charges	0.00	-	0.00	0.49	0.05	1.59	-0.05	-0.46	0.00	-0.19	0.00
Income Tax Expense	3.43	3.92	3.56	4.75	4.86	11	1.81	3.77	4.12	4.25	3.88
Basic Earnings per Share	$1.26	$1.43	$1.09	$1.37	$1.43	$3.39	$1.51	$1.59	$1.65	$1.75	$1.82
Weighted Average Basic Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Diluted Earnings per Share	$1.26	$1.43	$1.09	$1.37	$1.43	$3.39	$1.51	$1.59	$1.65	$1.75	$1.82
Weighted Average Diluted Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Weighted Average Basic & Diluted Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Cash Dividends to Common per Share	$0.25	-	$0.25	$0.30	$0.30	-	$0.35	$0.35	$0.40	-	$0.45

This table details how cash moves in and out of Bank First National's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-5.49	22	5.77	-21	84	127	-178	128	14
Net Cash From Operating Activities	14	18	23	23	44	40	40	53	66
Net Cash From Continuing Operating Activities	14	18	23	23	44	40	40	53	66
Net Income / (Loss) Continuing Operations	15	15	25	27	38	45	45	75	66
Consolidated Net Income / (Loss)	15	15	25	27	38	45	45	75	66
Provision For Loan Losses	0.32	1.06	2.94	5.25	7.13	3.10	2.20	4.68	-0.80
Depreciation Expense	0.90	1.13	1.12	1.27	1.54	1.78	1.66	2.07	2.25
Amortization Expense	0.83	1.46	-4.66	1.24	4.74	1.00	1.75	2.51	1.89
Non-Cash Adjustments to Reconcile Net Income	-3.37	-5.36	-3.32	-12	-12	-7.89	-11	-45	-5.92
Changes in Operating Assets and Liabilities, net	0.82	4.73	1.53	0.55	4.56	-3.15	0.47	14	2.86
Net Cash From Investing Activities	-83	-41	-30	-106	-206	-94	-178	269	-253
Net Cash From Continuing Investing Activities	-83	-41	-30	-106	-206	-94	-178	269	-253
Purchase of Property, Leasehold Improvements and Equipment	-1.27	-2.83	-7.93	-7.27	-8.37	-8.72	-6.87	-13	-7.23
Purchase of Investment Securities	-115	-116	-52	-164	-376	-135	-345	-68	-472
Sale of Property, Leasehold Improvements and Equipment	0.00	0.00	0.45	0.00	0.28	0.55	0.00	0.00	2.38
Divestitures	-	-	-	-	-	0.00	0.00	52	0.00
Sale and/or Maturity of Investments	32	77	30	64	178	50	174	298	224
Net Cash From Financing Activities	63	45	13	62	246	180	-40	-194	201
Net Cash From Continuing Financing Activities	63	45	13	62	246	180	-40	-194	201
Net Change in Deposits	64	34	51	18	307	208	-73	-159	228
Issuance of Debt	327	497	1,214	44	94	5.00	3,129	122	140
Issuance of Common Equity	0.45	0.90	1.35	0.00	0.02	0.11	0.11	0.20	0.25
Repayment of Debt	-327	-477	-1,223	-4.00	-134	-20	-3,130	-113	-44
Repurchase of Common Equity	-2.59	-3.63	-10	-4.21	-4.37	-8.27	-14	-10	-32
Payment of Dividends	-3.67	-4.05	-4.53	-5.46	-6.15	-8.73	-7.82	-12	-16
Other Financing Activities, Net	4.49	-2.54	-16	14	-10	4.75	56	-21	-76
Cash Interest Paid	5.79	6.75	14	19	15	7.06	11	44	66
Cash Income Taxes Paid	8.20	7.98	5.78	6.68	10	17	14	24	14

This table details how cash moves in and out of Bank First National's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	99	-24	50	-58	-36	172	-164	16	105	57	40
Net Cash From Operating Activities	9.92	20	4.11	11	17	20	1.33	15	19	31	6.17
Net Cash From Continuing Operating Activities	9.92	20	4.11	11	17	20	1.33	15	19	31	6.17
Net Income / (Loss) Continuing Operations	11	13	11	14	15	35	15	16	17	18	18
Consolidated Net Income / (Loss)	11	13	11	14	15	35	15	16	17	18	18
Provision For Loan Losses	-	0.50	4.18	-	-	0.50	0.20	-	-	-1.00	0.40
Depreciation Expense	0.41	0.45	0.49	0.52	0.38	0.68	0.56	0.56	0.57	0.56	0.59
Amortization Expense	0.74	1.02	0.87	-4.33	-1.14	7.12	-0.89	0.74	0.21	0.66	-0.32
Non-Cash Adjustments to Reconcile Net Income	-3.11	-2.84	-6.57	2.48	-1.15	-40	1.43	-4.18	-4.22	2.22	-2.34
Changes in Operating Assets and Liabilities, net	1.35	8.04	-5.54	-1.75	4.59	17	-15	1.76	5.66	11	-10
Net Cash From Investing Activities	150	-39	206	16	-35	83	-43	-27	-37	-146	32
Net Cash From Continuing Investing Activities	150	-39	206	16	-35	83	-43	-27	-37	-146	32
Purchase of Property, Leasehold Improvements and Equipment	-3.38	-1.55	-2.70	-4.05	-4.56	-2.17	-0.78	-1.21	-1.85	-3.40	-2.15
Purchase of Investment Securities	-5.65	-41	-29	12	-39	-12	-132	-44	-47	-250	-225
Sale of Property, Leasehold Improvements and Equipment	-	-	-	-	-	-	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	159	4.00	237	7.93	8.27	45	90	16	11	107	259
Net Cash From Financing Activities	-61	-5.53	-159	-86	-18	69	-122	28	124	172	1.82
Net Cash From Continuing Financing Activities	-61	-5.53	-159	-86	-18	69	-122	28	124	172	1.82
Net Change in Deposits	-68	-78	-129	-58	-7.06	35	-17	-16	85	176	13
Issuance of Common Equity	-0.01	0.03	0.04	0.04	0.06	0.05	0.06	0.07	0.07	0.06	0.06
Repayment of Debt	-102	-0.63	-92	-0.77	-	-20	-4.12	-47	7.00	-	-0.51
Repurchase of Common Equity	-2.07	-0.00	-6.73	-1.34	-1.04	-0.94	-22	-7.94	-1.70	-	-6.38
Payment of Dividends	-2.26	-2.26	-2.62	-3.12	-3.12	-3.11	-3.54	-3.51	-4.04	-4.47	-4.49
Other Financing Activities, Net	5.84	75	-51	-23	-6.61	59	-76	-	-	-	0.00
Cash Interest Paid	2.69	4.33	7.11	10	12	15	16	15	18	18	19

This table presents Bank First National's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,753	1,793	2,210	2,718	2,938	3,660	4,222	4,495
Cash and Due from Banks	38	41	34	36	29	52	70	59
Interest Bearing Deposits at Other Banks	15	22	19	134	268	68	177	202
Trading Account Securities	159	160	225	172	219	350	246	334
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	2,215	2,871	3,299	3,473
Loans and Leases	-	-	-	-	-	2,894	3,343	3,517
Allowance for Loan and Lease Losses	-	-	-	-	-	23	44	44
Loans Held for Sale	1,386	1,416	1,726	2,175	0.79	0.65	3.01	3.09
Premises and Equipment, Net	19	24	35	43	49	56	70	71
Goodwill	15	15	43	55	55	110	175	175
Intangible Assets	5.58	5.30	9.67	5.44	4.04	17	27	21
Other Assets	67	65	85	97	97	136	154	156
Total Liabilities & Shareholders' Equity	1,753	1,793	2,210	2,718	2,938	3,660	4,222	4,495
Total Liabilities	1,592	1,619	1,980	2,423	2,615	3,207	3,602	3,855
Non-Interest Bearing Deposits	437	449	476	716	800	934	1,051	1,025
Interest Bearing Deposits	1,070	1,108	1,367	1,605	1,729	2,126	2,382	2,636
Long-Term Debt	20	12	68	41	26	25	47	147
Other Long-Term Liabilities	17	19	22	25	20	24	46	47
Total Equity & Noncontrolling Interests	162	174	230	295	323	453	620	640
Total Preferred & Common Equity	162	174	230	295	323	453	620	640
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	162	174	230	295	323	453	620	640
Common Stock	28	28	63	93	93	218	334	334
Retained Earnings	146	168	189	221	258	295	348	398
Treasury Stock	-13	-21	-25	-25	-32	-45	-53	-83
Accumulated Other Comprehensive Income / (Loss)	0.98	-0.37	2.49	5.76	3.61	-16	-8.75	-9.35

This table presents Bank First National's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,961	3,641	4,167	4,092	4,088	4,100	4,146	4,294	4,505
Cash and Due from Banks	33	46	43	50	46	36	46	64	61
Interest Bearing Deposits at Other Banks	11	98	127	61	29	47	53	140	240
Trading Account Securities	326	344	276	269	256	250	239	238	274
Loans and Leases, Net of Allowance	0.00	0.00	3,280	3,271	3,312	3,339	3,384	3,426	3,504
Loans and Leases	-	-	3,323	3,314	3,356	3,383	3,429	3,471	3,548
Allowance for Loan and Lease Losses	-	-	43	43	43	44	45	45	44
Loans Held for Sale	2,366	2,836	2.34	1.56	1.16	1.29	2.27	4.37	2.68
Premises and Equipment, Net	51	57	64	67	71	70	69	70	73
Goodwill	55	112	175	175	175	175	175	175	175
Intangible Assets	3.45	18	32	30	29	25	24	23	20
Other Assets	116	131	3,449	167	168	156	155	155	156
Total Liabilities & Shareholders' Equity	2,961	3,641	4,167	4,092	4,088	4,100	4,146	4,294	4,505
Total Liabilities	2,647	3,201	3,605	3,521	3,510	3,491	3,531	3,666	3,857
Non-Interest Bearing Deposits	820	972	1,100	1,084	1,065	990	976	1,022	994
Interest Bearing Deposits	1,782	2,166	2,363	2,322	2,333	2,426	2,424	2,463	2,680
Long-Term Debt	19	26	71	70	70	47	102	147	147
Other Long-Term Liabilities	10	15	24	21	24	27	29	34	36
Total Equity & Noncontrolling Interests	314	439	562	571	577	609	615	629	648
Total Preferred & Common Equity	314	439	562	571	577	609	615	629	648
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	314	439	562	571	577	609	615	629	648
Common Stock	93	218	332	333	333	332	333	333	332
Retained Earnings	277	285	294	305	316	360	372	385	412
Treasury Stock	-43	-45	-50	-52	-52	-73	-81	-83	-87
Accumulated Other Comprehensive Income / (Loss)	-12	-19	-13	-15	-20	-9.41	-9.37	-6.48	-8.60

This table displays calculated financial ratios and metrics derived from Bank First National's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	15.65%	34.28%	10.32%	28.47%	7.45%	8.96%	54.78%	-17.81%
EBITDA Growth	0.00%	9.78%	6.66%	29.11%	52.58%	11.75%	0.46%	63.99%	-19.08%
EBIT Growth	0.00%	6.72%	32.79%	6.98%	45.46%	20.23%	-0.56%	65.67%	-19.52%
NOPAT Growth	0.00%	2.68%	66.24%	4.86%	42.53%	19.44%	-0.51%	64.80%	-12.01%
Net Income Growth	0.00%	2.68%	66.24%	4.86%	42.53%	19.44%	-0.51%	64.80%	-12.01%
EPS Growth	0.00%	1.67%	56.15%	1.57%	31.01%	16.77%	-5.74%	30.47%	-10.71%
Operating Cash Flow Growth	0.00%	27.11%	25.81%	-1.75%	94.11%	-8.37%	-0.68%	32.34%	24.37%
Free Cash Flow Firm Growth	0.00%	0.00%	117.50%	-368.38%	110.28%	174.52%	-597.97%	34.45%	123.03%
Invested Capital Growth	0.00%	0.00%	-5.23%	58.52%	8.05%	4.59%	47.89%	29.02%	5.96%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	5.05%	4.54%	-2.08%	4.77%	27.23%	-18.31%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	30.50%	4.35%	-5.48%	6.16%	52.46%	-22.23%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	7.06%	13.44%	-1.44%	3.56%	42.06%	-23.35%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	5.53%	11.98%	-0.80%	3.86%	42.04%	-20.93%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	5.53%	11.98%	-0.80%	3.86%	42.04%	-20.93%
EPS Q/Q Growth	0.00%	0.00%	0.00%	3.48%	10.46%	-0.84%	-0.71%	36.84%	-20.15%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	2.35%	2.82%	22.70%	-13.01%	12.33%	0.55%	18.97%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	114.83%	31.24%	-67.00%	25.90%	174.87%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	12.59%	11.06%	8.33%	18.11%	11.73%	1.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-
EBITDA Margin	50.68%	48.11%	38.21%	44.72%	53.11%	55.24%	50.93%	53.96%	53.12%
EBIT Margin	47.09%	43.45%	42.97%	41.66%	47.18%	52.79%	48.17%	51.56%	50.49%
Profit (Net Income) Margin	31.04%	27.56%	34.12%	32.44%	35.99%	40.00%	36.53%	38.89%	41.63%
Tax Burden Percent	65.93%	63.44%	79.42%	77.85%	76.28%	75.78%	75.82%	75.42%	82.46%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	34.07%	36.56%	20.58%	22.15%	23.72%	24.22%	24.18%	24.58%	17.54%
Return on Invested Capital (ROIC)	0.00%	13.36%	11.40%	9.50%	10.62%	11.94%	9.37%	11.30%	8.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	13.36%	11.40%	9.50%	10.62%	11.94%	9.37%	11.30%	8.57%
Return on Net Nonoperating Assets (RNNOA)	0.00%	5.58%	3.75%	3.69%	3.87%	2.78%	2.29%	2.59%	1.84%
Return on Equity (ROE)	0.00%	18.94%	15.15%	13.20%	14.49%	14.72%	11.66%	13.89%	10.41%
Cash Return on Invested Capital (CROIC)	0.00%	-186.64%	16.77%	-35.77%	2.88%	7.45%	-29.27%	-14.04%	2.79%
Operating Return on Assets (OROA)	0.00%	1.38%	1.81%	1.71%	2.02%	2.12%	1.81%	2.51%	1.82%
Return on Assets (ROA)	0.00%	0.87%	1.44%	1.33%	1.54%	1.61%	1.37%	1.89%	1.50%
Return on Common Equity (ROCE)	0.00%	18.94%	15.15%	13.20%	14.49%	14.72%	11.66%	13.89%	10.41%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.47%	14.60%	11.60%	12.90%	14.08%	9.98%	12.02%	10.25%
Net Operating Profit after Tax (NOPAT)	15	15	25	27	38	45	45	75	66
NOPAT Margin	31.04%	27.56%	34.12%	32.44%	35.99%	40.00%	36.53%	38.89%	41.63%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	38.64%	41.06%	38.66%	38.32%	35.69%	33.70%	36.53%	28.37%	36.11%
Operating Expenses to Revenue	52.25%	54.65%	53.10%	51.96%	46.09%	44.48%	50.05%	45.99%	50.02%
Earnings before Interest and Taxes (EBIT)	23	24	32	34	50	60	60	99	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	27	29	37	56	63	63	103	84
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	2.08	1.39	1.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	2.89	2.07	2.23
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	7.61	4.51	6.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	20.85	11.59	15.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.05%	1.35%	1.56%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.80%	8.63%	6.62%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	1.64	1.00	1.11
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	7.64	3.86	5.57
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	15.00	7.15	10.48
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	15.86	7.48	11.02
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	20.92	9.92	13.37
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	23.64	13.96	13.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.42	0.25	0.50	0.26	0.21	0.27	0.20	0.23
Long-Term Debt to Equity	0.00	0.12	0.07	0.30	0.14	0.08	0.06	0.08	0.23
Financial Leverage	0.00	0.42	0.33	0.39	0.36	0.23	0.24	0.23	0.21
Leverage Ratio	0.00	10.84	10.55	9.90	9.39	9.16	8.51	7.35	6.92
Compound Leverage Factor	0.00	10.84	10.55	9.90	9.39	9.16	8.51	7.35	6.92
Debt to Total Capital	0.00%	29.47%	19.78%	33.17%	20.78%	17.12%	21.30%	16.56%	18.72%
Short-Term Debt to Total Capital	0.00%	20.75%	14.49%	13.31%	9.77%	10.56%	16.88%	10.20%	0.00%
Long-Term Debt to Total Capital	0.00%	8.72%	5.29%	19.86%	11.01%	6.55%	4.42%	6.36%	18.72%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	70.53%	80.22%	66.83%	79.22%	82.88%	78.70%	83.44%	81.28%
Debt to EBITDA	0.00	2.53	1.51	3.11	1.38	1.06	1.95	1.19	1.76
Net Debt to EBITDA	0.00	-1.29	-2.27	0.76	-1.65	-3.67	0.05	-1.20	-1.36
Long-Term Debt to EBITDA	0.00	0.75	0.40	1.86	0.73	0.41	0.40	0.46	1.76
Debt to NOPAT	0.00	4.41	1.69	4.28	2.03	1.47	2.71	1.65	2.25
Net Debt to NOPAT	0.00	-2.25	-2.54	1.04	-2.44	-5.07	0.07	-1.67	-1.74
Long-Term Debt to NOPAT	0.00	1.31	0.45	2.56	1.08	0.56	0.56	0.63	2.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-214	37	-100	10	28	-141	-93	21
Operating Cash Flow to CapEx	1,133.25%	648.60%	308.10%	311.61%	543.63%	493.06%	582.19%	392.65%	1,359.07%
Free Cash Flow to Firm to Interest Expense	0.00	-27.68	2.52	-5.15	0.75	3.42	-11.34	-1.89	0.31
Operating Cash Flow to Interest Expense	2.43	2.37	1.55	1.16	3.17	4.85	3.21	1.08	0.96
Operating Cash Flow Less CapEx to Interest Expense	2.22	2.00	1.05	0.79	2.59	3.87	2.66	0.81	0.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.03	0.04	0.04	0.04	0.04	0.04	0.05	0.04
Fixed Asset Turnover	0.00	2.99	3.46	2.75	2.69	2.45	2.34	3.03	2.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	229	217	344	372	389	576	743	787
Invested Capital Turnover	0.00	0.48	0.33	0.29	0.30	0.30	0.26	0.29	0.21
Increase / (Decrease) in Invested Capital	0.00	229	-12	127	28	17	186	167	44
Enterprise Value (EV)	0.00	0.00	0.00	0.00	0.00	0.00	946	739	876
Market Capitalization	0.00	0.00	0.00	0.00	0.00	0.00	943	864	990
Book Value per Share	$0.00	$0.00	$26.23	$32.49	$38.14	$42.29	$50.18	$59.79	$63.89
Tangible Book Value per Share	$0.00	$0.00	$23.18	$25.00	$30.26	$34.51	$36.11	$40.30	$44.28
Total Capital	0.00	229	217	344	372	389	576	743	787
Total Debt	0.00	68	43	114	77	67	123	123	147
Total Long-Term Debt	0.00	20	12	68	41	26	25	47	147
Net Debt	0.00	-34	-65	28	-93	-230	3.27	-124	-114
Capital Expenditures (CapEx)	1.27	2.83	7.48	7.27	8.09	8.17	6.87	13	4.85
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	0.00	68	43	114	77	67	123	123	147
Total Depreciation and Amortization (D&A)	1.73	2.59	-3.55	2.51	6.28	2.78	3.41	4.59	4.15
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$3.81	$3.91	$5.07	$5.92	$5.58	$7.28	$6.50
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$3.81	$3.87	$5.07	$5.92	$5.58	$7.28	$6.50
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	6.58M	7.09M	7.73M	7.58M	10.48M	10.14M	9.99M
Normalized Net Operating Profit after Tax (NOPAT)	15	15	26	27	38	45	45	76	65
Normalized NOPAT Margin	31.09%	27.51%	34.39%	32.37%	35.99%	39.99%	36.44%	39.73%	41.27%
Pre Tax Income Margin	47.09%	43.45%	42.97%	41.66%	47.18%	52.79%	48.17%	51.56%	50.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.81	3.12	2.16	1.76	3.60	7.22	4.79	2.02	1.16
NOPAT to Interest Expense	2.51	1.98	1.71	1.37	2.74	5.47	3.63	1.52	0.96
EBIT Less CapEx to Interest Expense	3.60	2.76	1.66	1.39	3.01	6.24	4.24	1.74	1.09
NOPAT Less CapEx to Interest Expense	2.30	1.62	1.21	1.00	2.16	4.49	3.08	1.25	0.89
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	24.58%	26.42%	17.80%	20.47%	16.16%	19.22%	17.30%	16.05%	23.74%
Augmented Payout Ratio	41.93%	50.13%	58.84%	36.22%	27.64%	37.42%	48.96%	29.53%	72.43%

This table displays calculated financial ratios and metrics derived from Bank First National's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.50%	19.63%	38.36%	33.74%	19.64%	119.29%	-0.88%	0.15%	3.72%	-46.83%	14.25%
EBITDA Growth	-1.62%	25.10%	11.85%	23.56%	28.47%	195.08%	15.77%	9.53%	13.51%	-57.23%	32.58%
EBIT Growth	-5.94%	13.92%	4.74%	23.30%	40.83%	174.47%	20.97%	5.02%	5.14%	-52.65%	28.45%
NOPAT Growth	-6.11%	15.05%	4.88%	21.26%	40.55%	171.71%	44.31%	13.64%	11.81%	-49.74%	18.36%
Net Income Growth	-6.11%	15.05%	4.88%	21.26%	40.55%	171.71%	44.31%	13.64%	11.81%	-49.74%	18.36%
EPS Growth	-13.70%	-2.72%	-18.66%	-11.61%	13.49%	137.06%	38.53%	16.06%	15.38%	-48.38%	20.53%
Operating Cash Flow Growth	0.00%	28.12%	65.42%	45.65%	76.17%	1.44%	-67.70%	0.00%	7.44%	51.72%	363.96%
Free Cash Flow Firm Growth	-805.65%	-2,832.89%	-992.17%	-1,473.37%	-38.29%	23.85%	112.41%	88.09%	41.66%	79.80%	-410.50%
Invested Capital Growth	35.65%	47.89%	90.65%	90.24%	36.39%	29.02%	-3.44%	7.81%	16.76%	5.96%	21.12%
Revenue Q/Q Growth	13.19%	4.60%	0.00%	1.95%	1.25%	91.73%	0.00%	3.01%	4.87%	-1.72%	7.61%
EBITDA Q/Q Growth	-6.52%	23.91%	0.00%	24.65%	-2.80%	184.62%	0.00%	17.93%	0.73%	7.25%	-2.67%
EBIT Q/Q Growth	-8.80%	20.05%	0.00%	32.61%	4.16%	133.98%	0.00%	15.13%	4.28%	5.38%	1.53%
NOPAT Q/Q Growth	-9.62%	21.94%	0.00%	32.32%	4.76%	135.73%	0.00%	4.20%	3.07%	5.97%	4.00%
Net Income Q/Q Growth	-9.62%	21.94%	0.00%	32.32%	4.76%	135.73%	0.00%	4.20%	3.07%	5.97%	4.00%
EPS Q/Q Growth	-18.71%	13.49%	0.00%	25.69%	4.38%	137.06%	0.00%	5.30%	3.77%	6.06%	4.00%
Operating Cash Flow Q/Q Growth	0.00%	101.70%	-79.44%	168.57%	58.20%	16.14%	0.00%	0.00%	25.76%	64.01%	-79.98%
Free Cash Flow Firm Q/Q Growth	-635.92%	-47.65%	0.00%	3.63%	46.04%	18.70%	0.00%	-192.55%	-164.22%	71.85%	-351.08%
Invested Capital Q/Q Growth	39.46%	18.11%	0.00%	-2.21%	-0.02%	11.73%	0.00%	9.18%	8.28%	1.39%	1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.78%	53.05%	40.97%	50.09%	48.09%	71.38%	47.85%	54.78%	52.62%	57.42%	51.94%
EBIT Margin	42.50%	48.77%	37.38%	48.63%	50.02%	61.04%	45.63%	50.99%	50.71%	54.37%	51.30%
Profit (Net Income) Margin	32.06%	37.37%	28.04%	36.40%	37.66%	46.30%	40.83%	41.30%	40.59%	43.77%	42.30%
Tax Burden Percent	75.43%	76.62%	75.02%	74.85%	75.28%	75.85%	89.49%	81.00%	80.05%	80.50%	82.46%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.57%	23.38%	24.98%	25.15%	24.72%	24.15%	10.51%	19.00%	19.95%	19.50%	17.54%
Return on Invested Capital (ROIC)	0.00%	9.59%	7.28%	10.32%	9.84%	13.46%	0.00%	0.00%	10.86%	9.01%	9.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	9.59%	7.28%	10.32%	9.84%	13.46%	0.00%	0.00%	10.86%	9.01%	9.49%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.34%	1.29%	1.51%	1.31%	3.08%	0.00%	0.00%	2.11%	1.93%	1.47%
Return on Equity (ROE)	0.00%	11.93%	8.57%	11.83%	11.16%	16.54%	0.00%	0.00%	12.98%	10.95%	10.95%
Cash Return on Invested Capital (CROIC)	0.00%	-29.27%	-53.56%	-52.68%	-21.68%	-14.04%	0.00%	0.00%	-3.95%	2.79%	-9.68%
Operating Return on Assets (OROA)	0.00%	1.83%	1.42%	1.98%	1.95%	2.97%	0.00%	0.00%	2.33%	1.96%	1.94%
Return on Assets (ROA)	0.00%	1.40%	1.06%	1.48%	1.47%	2.25%	0.00%	0.00%	1.87%	1.58%	1.60%
Return on Common Equity (ROCE)	0.00%	11.93%	8.57%	11.83%	11.16%	16.54%	0.00%	0.00%	12.98%	10.95%	10.95%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	8.13%	8.44%	9.09%	0.00%	0.00%	0.00%	13.19%	0.00%	10.55%
Net Operating Profit after Tax (NOPAT)	11	13	11	14	15	35	15	16	17	18	18
NOPAT Margin	32.06%	37.37%	28.04%	36.40%	37.66%	46.30%	40.83%	41.30%	40.59%	43.77%	42.30%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	41.47%	35.38%	35.31%	34.43%	35.32%	18.13%	39.64%	34.79%	35.02%	35.17%	34.98%
Operating Expenses to Revenue	57.50%	49.77%	51.63%	51.37%	49.98%	38.29%	53.84%	49.01%	49.29%	48.13%	47.78%
Earnings before Interest and Taxes (EBIT)	14	17	14	19	20	46	17	20	21	22	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	18	16	19	19	54	18	21	21	23	22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.08	0.00	0.00	1.36	1.39	0.00	0.00	1.44	1.55	1.49
Price to Tangible Book Value (P/TBV)	0.00	2.89	0.00	0.00	2.11	2.07	0.00	0.00	2.11	2.23	2.14
Price to Revenue (P/Rev)	0.00	7.61	0.00	0.00	5.22	4.51	0.00	0.00	4.71	6.29	5.95
Price to Earnings (P/E)	0.00	20.85	0.00	0.00	15.00	11.59	0.00	0.00	10.95	15.11	14.17
Dividend Yield	0.00%	1.05%	0.00%	0.00%	1.45%	1.35%	0.00%	0.00%	1.54%	1.56%	1.69%
Earnings Yield	0.00%	4.80%	0.00%	0.00%	6.67%	8.63%	0.00%	0.00%	9.13%	6.62%	7.06%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.64	0.00	0.00	1.20	1.00	0.00	0.00	1.10	1.11	1.03
Enterprise Value to Revenue (EV/Rev)	0.00	7.64	0.00	0.00	5.30	3.86	0.00	0.00	4.41	5.57	5.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	15.00	0.00	0.00	11.77	7.15	0.00	0.00	7.91	10.48	9.14
Enterprise Value to EBIT (EV/EBIT)	0.00	15.86	0.00	0.00	11.48	7.48	0.00	0.00	8.20	11.02	9.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	20.92	0.00	0.00	15.22	9.92	0.00	0.00	10.26	13.37	11.92
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	23.64	0.00	0.00	15.16	13.96	0.00	0.00	15.38	13.31	11.53
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.10	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.27	0.21	0.16	0.15	0.20	0.08	0.17	0.23	0.23	0.23
Long-Term Debt to Equity	0.06	0.06	0.13	0.12	0.12	0.08	0.08	0.17	0.23	0.23	0.23
Financial Leverage	0.12	0.24	0.18	0.15	0.13	0.23	0.14	0.17	0.19	0.21	0.15
Leverage Ratio	8.60	8.51	8.05	7.97	7.60	7.35	7.06	6.95	6.95	6.92	6.84
Compound Leverage Factor	8.60	8.51	8.05	7.97	7.60	7.35	7.06	6.95	6.95	6.92	6.84
Debt to Total Capital	9.85%	21.30%	17.30%	14.15%	13.16%	16.56%	7.20%	14.27%	18.98%	18.72%	18.47%
Short-Term Debt to Total Capital	4.51%	16.88%	6.86%	3.58%	2.59%	10.20%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	5.35%	4.42%	10.44%	10.57%	10.58%	6.36%	7.20%	14.27%	18.98%	18.72%	18.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	90.15%	78.70%	82.70%	85.85%	86.84%	83.44%	92.80%	85.73%	81.02%	81.28%	81.53%
Debt to EBITDA	0.00	1.95	1.82	1.38	1.29	1.19	0.00	0.00	1.37	1.76	1.65
Net Debt to EBITDA	0.00	0.05	-0.80	-0.25	0.17	-1.20	0.00	0.00	-0.53	-1.36	-1.73
Long-Term Debt to EBITDA	0.00	0.40	1.10	1.03	1.04	0.46	0.00	0.00	1.37	1.76	1.65
Debt to NOPAT	0.00	2.71	2.57	1.95	1.67	1.65	0.00	0.00	1.78	2.25	2.15
Net Debt to NOPAT	0.00	0.07	-1.14	-0.36	0.22	-1.67	0.00	0.00	-0.69	-1.74	-2.25
Long-Term Debt to NOPAT	0.00	0.56	1.55	1.46	1.34	0.63	0.00	0.00	1.78	2.25	2.15
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-118	-174	-313	-301	-163	-132	39	-36	-95	-27	-120
Operating Cash Flow to CapEx	0.00%	1,292.83%	152.15%	272.95%	383.33%	934.71%	170.82%	0.00%	1,017.94%	907.30%	286.39%
Free Cash Flow to Firm to Interest Expense	-38.59	-33.83	-36.07	-25.85	-12.57	-8.39	2.44	-2.20	-5.23	-1.47	-6.51
Operating Cash Flow to Interest Expense	0.00	3.90	0.47	0.95	1.35	1.29	0.08	0.00	1.03	1.69	0.33
Operating Cash Flow Less CapEx to Interest Expense	0.00	3.60	0.16	0.60	1.00	1.15	0.03	0.00	0.93	1.51	0.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.04	0.04	0.04	0.04	0.05	0.00	0.00	0.05	0.04	0.04
Fixed Asset Turnover	0.00	2.34	2.36	2.45	2.35	3.03	0.00	0.00	2.74	2.23	2.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	487	576	680	665	665	743	657	717	776	787	795
Invested Capital Turnover	0.00	0.26	0.26	0.28	0.26	0.29	0.00	0.00	0.27	0.21	0.22
Increase / (Decrease) in Invested Capital	128	186	323	315	177	167	-23	52	111	44	139
Enterprise Value (EV)	0.00	946	0.00	0.00	798	739	0.00	0.00	851	876	815
Market Capitalization	0.00	943	0.00	0.00	787	864	0.00	0.00	908	990	969
Book Value per Share	$58.89	$50.18	$53.65	$54.95	$55.57	$59.79	$60.08	$60.96	$62.80	$63.89	$64.88
Tangible Book Value per Share	$41.55	$36.11	$33.90	$35.18	$35.96	$40.30	$40.30	$41.21	$43.06	$44.28	$45.36
Total Capital	487	576	680	665	665	743	657	717	776	787	795
Total Debt	48	123	118	94	88	123	47	102	147	147	147
Total Long-Term Debt	26	25	71	70	70	47	47	102	147	147	147
Net Debt	-95	3.27	-52	-17	12	-124	-36	3.37	-57	-114	-154
Capital Expenditures (CapEx)	0.00	1.55	2.70	4.05	4.56	2.17	0.78	0.00	1.85	3.40	2.15
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	48	123	118	94	88	123	47	102	147	147	147
Total Depreciation and Amortization (D&A)	0.75	1.47	1.37	0.57	-0.76	7.79	0.84	1.48	0.78	1.22	0.28
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.26	$1.43	$1.09	$1.37	$1.43	$3.39	$1.51	$1.59	$1.65	$1.75	$1.82
Adjusted Weighted Average Basic Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Adjusted Diluted Earnings per Share	$1.26	$1.43	$1.09	$1.37	$1.43	$3.39	$1.51	$1.59	$1.65	$1.75	$1.82
Adjusted Weighted Average Diluted Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.03M	10.48M	10.39M	10.39M	10.37M	10.14M	10.08M	10.01M	10.01M	9.99M	9.92M
Normalized Net Operating Profit after Tax (NOPAT)	11	13	11	14	15	36	15	16	17	17	18
Normalized NOPAT Margin	32.06%	37.37%	28.04%	37.34%	37.76%	47.90%	40.72%	40.34%	40.59%	43.40%	42.30%
Pre Tax Income Margin	42.50%	48.77%	37.38%	48.63%	50.02%	61.04%	45.63%	50.99%	50.71%	54.37%	51.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.58	3.27	1.64	1.62	1.52	2.92	1.08	1.21	1.14	1.20	1.20
NOPAT to Interest Expense	3.46	2.50	1.23	1.21	1.14	2.22	0.97	0.98	0.91	0.96	0.99
EBIT Less CapEx to Interest Expense	0.00	2.96	1.33	1.27	1.17	2.78	1.03	0.00	1.04	1.01	1.08
NOPAT Less CapEx to Interest Expense	0.00	2.20	0.92	0.87	0.79	2.08	0.92	0.00	0.81	0.78	0.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	17.30%	19.17%	21.26%	21.17%	16.05%	0.00%	0.00%	17.12%	23.74%	24.14%
Augmented Payout Ratio	0.00%	48.96%	54.23%	42.30%	38.53%	29.53%	0.00%	0.00%	56.76%	72.43%	47.58%

Financials Breakdown Chart

Key Financial Trends

Bank First National (NASDAQ: BFC) has demonstrated solid financial performance over the last year and shows several notable trends when comparing the Q1 2025 results to previous quarters and years.

Key Positive Trends:

Net income for Q1 2025 reached $18.2 million, up from $17.5 million in Q4 2024, showing a steady quarterly growth in profitability.
Net interest income increased to $36.5 million in Q1 2025 from $35.6 million in Q4 2024, reflecting improved earnings from loans and investments.
Total revenue grew quarter-over-quarter to $43.1 million in Q1 2025 from $40.1 million in Q4 2024, driven by higher net interest and non-interest income.
Net cash from operating activities remains strong at $6.2 million for Q1 2025, indicating healthy cash flow generation from core banking operations.
Total assets steadily increased to $4.51 billion in Q1 2025, up from $4.29 billion in Q4 2024, reflecting growth in the bank’s loan portfolio and investment securities.
Deposits increased by $13.1 million in Q1 2025, supporting the bank's funding base and liquidity position.
Repurchase of common equity was significant at $6.38 million in Q1 2025, suggesting the bank is returning capital to shareholders and confident in its financial strength.
Basic and diluted earnings per share (EPS) for Q1 2025 improved to $1.82 from $1.75 in Q4 2024, reinforcing shareholder value creation.
The allowance for loan and lease losses showed stability, indicating prudent risk management as total loans net of allowance rose to $3.5 billion.
Capital levels remain solid with total common equity at approximately $648 million as of Q1 2025, up from $628.9 million in Q4 2024.

Neutral Observations:

Provision for loan losses was $0.4 million in Q1 2025, a moderate level indicating ongoing attention to credit quality without significant deterioration.
Non-interest income remains a solid contributor at $6.6 million for Q1 2025 but relatively unchanged compared with prior quarters.
Depreciation and amortization expenses were stable, though amortization showed a slight negative adjustment in Q1 2025, which warrants monitoring.
Interest expense increased slightly to $18.5 million in Q1 2025 from $18.2 million in Q4 2024, from rising deposit and borrowing costs.
Weighted average shares outstanding remained stable around 9.9 million, with minimal dilution effects.

Potential Negative Factors:

Net cash from investing activities turned positive at $31.5 million in Q1 2025, after significant negative outflows in prior quarters, mainly due to sale and purchase timing of investment securities, which could indicate portfolio repositioning risks.
Payment of dividends stood at $4.5 million in Q1 2025, which is stable but represents an ongoing cash outflow.
Repayment of debt was recorded at $0.5 million for Q1 2025, with some fluctuations in debt levels over recent quarters, which may affect financial flexibility.
Changes in operating assets and liabilities showed a negative $10.4 million impact on cash flow for Q1 2025, indicating pressures on working capital.
Other non-interest expenses showed a slight increase to $2.8 million in Q1 2025, requiring attention to expense management.

Summary: Bank First National continues to exhibit growth in net income, net interest income, and total assets, supported by effective capital management and shareholder returns through buybacks and dividends. While investment activities and cash flow fluctuations present some areas to watch, the overall financial position remains strong with improving earnings per share and solid equity levels. Investors should keep an eye on credit provisions and operational expenses alongside interest rate trends impacting funding costs.

09/19/25 11:15 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Bank First National's Financials

When does Bank First National's fiscal year end?

According to the most recent income statement we have on file, Bank First National's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Bank First National's net income changed over the last 8 years?

Bank First National's net income appears to be on an upward trend, with a most recent value of $65.56 million in 2024, rising from $14.91 million in 2016. The previous period was $74.51 million in 2023. View Bank First National's forecast to see where analysts expect Bank First National to go next.

How has Bank First National's revenue changed over the last 8 years?

Over the last 8 years, Bank First National's total revenue changed from $48.04 million in 2016 to $157.48 million in 2024, a change of 227.8%.

How much debt does Bank First National have?

Bank First National's total liabilities were at $3.86 billion at the end of 2024, a 7.0% increase from 2023, and a 142.2% increase since 2017.

How much cash does Bank First National have?

In the past 7 years, Bank First National's cash and equivalents has ranged from $29.17 million in 2021 to $69.97 million in 2023, and is currently $59.16 million as of their latest financial filing in 2024.

How has Bank First National's book value per share changed over the last 8 years?

Over the last 8 years, Bank First National's book value per share changed from 0.00 in 2016 to 63.89 in 2024, a change of 6,389.1%.

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This page (NASDAQ:BFC) was last updated on 9/19/2025 by MarketBeat.com Staff

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Bank First National (BFC) Financials

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Bank First National (BFC) Financials

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