The bank's capital adequacy remains stable with an equity-to-assets ratio of 0.14, even as total assets expanded significantly to $6.1 billion in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash & Short Term Investments | 899.21M | 55.34M | 414.29M | 407.44M | 424.38M | 509.55M | 335.26M | 238.7M | 182.17M | 172.14M | 151.63M | 125.43M | 116.29M | 144.34M | 229.12M | 43.57M | 22.12M | 21.16M | 21.49M | 38.23M | 54.49M | 24.75M | 18.52M | 24.33M | 35.63M | 39.9M | 26.37M | 40.72M | 30.84M |
| Cash & Due from Banks | 398.64M | 55.34M | 261.33M | 247.47M | 119.35M | 296.86M | 170.22M | 53.06M | 63.27M | 53.1M | 40.31M | 28.07M | 41.05M | 34.69M | 111.16M | 40.03M | 18.58M | 21.16M | 21.49M | 34.59M | 54.49M | 24.75M | 18.52M | 24.33M | 35.63M | 39.9M | 26.37M | 40.72M | 30.84M |
| Short Term Investments | 0 | 0 | 152.96M | 159.97M | 305.03M | 212.69M | 165.79M | 185.64M | 118.91M | 119.04M | 111.33M | 97.36M | 75.23M | 109.65M | 117.95M | 3.54M | 3.54M | 0 | 0 | 3.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 5.06B | 4.08B | 3.87B | 3.6B | 3.28B | 2.49B | 2.4B | 2B | 1.61B | 1.57B | 1.18B | 1.1B | 993.97M | 942.01M | 858.75M | 820.73M | 749.1M | 752.45M | 701.71M | 627.27M | 590.57M | 554.23M | 539.36M | 505.4M | 479.32M | 451.67M | 439.6M | 392.54M | 322.99M |
| Investments Growth % | 48.11% | 5.56% | 7.34% | 9.74% | 32.01% | 3.71% | 20.12% | 24.29% | 2.04% | 32.93% | 7.49% | 10.81% | 5.52% | 9.7% | 4.63% | 9.56% | -0.44% | 7.23% | 11.87% | 6.21% | 6.56% | 2.76% | 6.72% | 5.44% | 6.12% | 2.75% | 11.99% | 21.53% | - |
| Long-Term Investments | 16.75B | 4.08B | 3.71B | 3.44B | 2.98B | 2.27B | 2.23B | 1.81B | 1.49B | 1.45B | 1.07B | 1B | 919.04M | 832.37M | 740.79M | 817.19M | 745.56M | 752.45M | 701.71M | 623.64M | 590.57M | 554.23M | 539.36M | 505.4M | 479.32M | 451.67M | 439.6M | 392.54M | 322.99M |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 291.91M | 191.31M | 209.68M | 215.77M | 136.62M | 64.41M | 64.64M | 53.12M | 20.32M | 20.66M | 10.39M | 10.31M | 10.41M | 10.55M | 10.07M | 9.78M | 11.03M | 10.18M | 23.35M | 14.61M | 0 | 12.36M | 0 | 11.09M | 0 | 10.98M | 7.91M | 0 | 0 |
| Goodwill | 291.91M | 175.11M | 175.11M | 175.11M | 110.21M | 55.36M | 55.47M | 43.46M | 15.02M | 15.09M | 7.98M | 7.98M | 7.98M | 7.98M | 7.98M | 7.98M | 8.48M | 7.93M | 16.49M | 10.88M | 0 | 0 | 0 | 0 | 0 | 8.97M | 0 | 0 | 0 |
| Intangible Assets | 0 | 16.2M | 34.57M | 40.66M | 26.41M | 9.05M | 9.17M | 9.67M | 5.3M | 5.58M | 2.41M | 2.33M | 2.43M | 2.56M | 2.09M | 1.8M | 2.55M | 2.25M | 6.85M | 3.73M | 0 | 12.36M | 0 | 11.09M | 0 | 2.02M | 7.91M | 0 | 0 |
| PP&E (Net) | 93.14M | 79.22M | 71.11M | 69.89M | 56.45M | 49.46M | 43.18M | 35.29M | 24.49M | 18.58M | 13.32M | 12.96M | 11.15M | 9.27M | 10.05M | 9.57M | 9.06M | 8.99M | 10.3M | 9.24M | 8.94M | 9.24M | 8.78M | 8.61M | 8.65M | 9.43M | 9.49M | 8.87M | 4.19M |
| Other Assets | 225.6M | 94.17M | 86.28M | 86.52M | 65.66M | 40.3M | 42.48M | 72.71M | 79.22M | 87.35M | 68.13M | 84.96M | 48.42M | 64.37M | 30.39M | 29.92M | 43.81M | 45.97M | 37.29M | 34.78M | 34.06M | 57.67M | 44.6M | 32.52M | 31.09M | 15.32M | 12.04M | 11.69M | 8.9M |
| Total Current Assets | 398.64M | 55.34M | 414.29M | 407.44M | 424.38M | 509.55M | 335.26M | 238.7M | 182.17M | 172.14M | 151.63M | 125.43M | 115.99M | 144.34M | 229.12M | 43.57M | 22.12M | 21.16M | 21.49M | 38.23M | 54.49M | 24.75M | 18.52M | 24.33M | 35.63M | 39.9M | 26.37M | 40.72M | 30.84M |
| Total Non-Current Assets | 5.67B | 4.47B | 4.08B | 3.81B | 3.24B | 2.43B | 2.38B | 1.97B | 1.61B | 1.58B | 1.16B | 1.11B | 989.02M | 916.55M | 791.31M | 866.46M | 809.46M | 817.59M | 772.64M | 682.27M | 633.57M | 633.49M | 603.65M | 557.62M | 530.18M | 487.41M | 469.04M | 421.8M | 336.99M |
| Total Assets | 6.07B | 4.52B | 4.5B | 4.22B | 3.66B | 2.94B | 2.72B | 2.21B | 1.79B | 1.75B | 1.32B | 1.24B | 1.11B | 1.06B | 1.02B | 910.03M | 831.58M | 838.75M | 794.13M | 720.5M | 688.06M | 658.24M | 622.17M | 581.95M | 565.81M | 527.3M | 495.41M | 462.52M | 367.83M |
| Asset Growth % | 43.52% | 0.58% | 6.47% | 15.34% | 24.61% | 8.08% | 22.98% | 23.26% | 2.27% | 33.24% | 6.33% | 12.01% | 4.16% | 3.97% | 12.13% | 9.43% | -0.86% | 5.62% | 10.22% | 4.71% | 4.53% | 5.8% | 6.91% | 2.85% | 7.3% | 6.44% | 7.11% | 25.74% | - |
| Return on Assets (ROA) | 1.51% | 1.59% | 1.5% | 1.89% | 1.37% | 1.61% | 1.54% | 1.33% | 1.44% | 1% | 1.17% | 1.14% | 1.17% | 1.11% | 1.08% | 0.98% | 0.89% | 0.82% | 0.82% | 1.05% | 1.03% | 1.07% | 1.31% | 1.33% | 1.3% | 1.06% | 1.11% | 1.19% | 1.25% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 124.84M | 123.55M | 147.37M | 127.14M | 122.63M | 66.63M | 77.35M | 114.28M | 42.99M | 67.57M | 50.11M | 45.62M | 30.51M | 32.66M | 45.92M | 55.63M | 83.51M | 30.54M | 28.17M | 26.78M | 103.41M | 120.32M | 103.9M | 87.27M | 89.02M | 47.18M | 23M | 38M | 28.8M |
| Net Debt | -273.79M | 68.21M | -113.96M | -120.33M | 3.27M | -230.23M | -92.87M | 61.22M | -20.28M | 14.47M | 9.8M | 17.55M | -10.54M | -2.02M | -65.24M | 15.6M | 64.93M | 9.37M | 6.68M | -7.82M | 48.92M | 95.57M | 85.38M | 62.94M | 53.39M | 7.28M | -3.37M | -2.72M | -2.04M |
| Long-Term Debt | 124.84M | 91.97M | 147.37M | 51.39M | 25.43M | 25.51M | 40.97M | 68.41M | 11.5M | 15M | 0 | 0 | 0 | 1.81M | 2.01M | 3.7M | 7.81M | 26.34M | 28.17M | 26.78M | 27.85M | 22.43M | 17.28M | 15.35M | 37.41M | 47.18M | 23M | 38M | 28.8M |
| Short-Term Debt | 0 | 30.09M | 0 | 75.75M | 97.2M | 41.12M | 36.38M | 45.87M | 31.49M | 52.57M | 50.11M | 45.62M | 30.51M | 30.84M | 43.91M | 51.93M | 75.7M | 4.2M | 0 | 0 | 75.56M | 97.89M | 86.62M | 71.92M | 51.62M | 0 | 0 | 0 | 0 |
| Other Liabilities | 5.12B | 3.74B | 46.93M | 41.98M | 24.48M | 19.83M | 24.85M | 22.37M | 18.69M | 17.47M | 11.35M | 10.55M | 10.69M | 7.17M | 9.25M | 9.09M | 7.86M | 85.8M | 97.56M | 72.15M | 7.25M | 7.07M | 6.62M | 6.18M | 6.41M | 39.54M | 36.35M | 26.73M | 28.64M |
| Total Current Liabilities | 0 | 30.09M | 3.66B | 3.51B | 3.16B | 2.57B | 2.36B | 1.89B | 1.59B | 1.56B | 1.18B | 1.11B | 985.25M | 950.33M | 913.07M | 804.42M | 730.9M | 645.32M | 590.93M | 546.44M | 583.36M | 564.24M | 532.41M | 500.21M | 467.72M | 394.09M | 394.6M | 363.29M | 276.5M |
| Total Non-Current Liabilities | 5.25B | 3.85B | 194.3M | 93.38M | 49.9M | 45.34M | 65.82M | 90.78M | 30.19M | 32.47M | 11.35M | 10.55M | 10.69M | 8.99M | 11.26M | 12.79M | 15.67M | 112.14M | 125.73M | 98.93M | 35.1M | 29.49M | 23.9M | 21.52M | 43.81M | 86.72M | 59.35M | 64.73M | 57.44M |
| Total Liabilities | 5.25B | 3.88B | 3.86B | 3.6B | 3.21B | 2.61B | 2.42B | 1.98B | 1.62B | 1.59B | 1.19B | 1.12B | 995.95M | 959.32M | 924.33M | 817.21M | 746.57M | 757.46M | 716.66M | 644.94M | 618.46M | 593.73M | 556.3M | 521.73M | 511.53M | 480.81M | 453.95M | 428.01M | 333.94M |
| Total Equity | 819.85M | 643.84M | 639.68M | 619.8M | 453.1M | 322.65M | 294.86M | 230.21M | 174.32M | 161.73M | 127.52M | 118.93M | 109.06M | 101.57M | 96.09M | 92.82M | 85.01M | 81.29M | 77.47M | 75.56M | 69.6M | 64.51M | 65.87M | 60.22M | 54.28M | 46.49M | 41.46M | 34.51M | 33.89M |
| Equity Growth % | 26.6% | 0.65% | 3.21% | 36.79% | 40.43% | 9.43% | 28.08% | 32.06% | 7.79% | 26.82% | 7.23% | 9.05% | 7.38% | 5.7% | 3.53% | 9.19% | 4.57% | 4.94% | 2.52% | 8.56% | 7.9% | -2.07% | 9.38% | 10.94% | 16.77% | 12.13% | 20.16% | 1.81% | - |
| Equity / Assets (Capital Ratio) | 13.51% | 14.24% | 14.23% | 14.68% | 12.38% | 10.98% | 10.85% | 10.42% | 9.72% | 9.22% | 9.69% | 9.61% | 9.87% | 9.57% | 9.42% | 10.2% | 10.22% | 9.69% | 9.76% | 10.49% | 10.12% | 9.8% | 10.59% | 10.35% | 9.59% | 8.82% | 8.37% | 7.46% | 9.21% |
| Return on Equity (ROE) | 10.83% | 11.14% | 10.41% | 13.89% | 11.66% | 14.72% | 14.49% | 13.2% | 15.15% | 10.59% | 12.1% | 11.75% | 11.98% | 11.7% | 11.03% | 9.61% | 8.96% | 8.4% | 8.15% | 10.19% | 10.3% | 10.46% | 12.53% | 13.32% | 14.07% | 12.29% | 13.96% | 14.41% | 13.58% |
| Book Value per Share | 73.10 | 65.47 | 63.62 | 60.77 | 56.15 | 42.22 | 39.41 | 33.35 | 26.12 | 25.73 | 20.50 | 18.90 | 17.21 | 15.71 | 14.59 | 14.08 | 12.89 | 12.33 | 11.68 | 11.25 | 10.37 | 9.44 | 9.50 | 8.68 | 7.81 | 13.40 | 11.97 | 9.94 | 19.52 |
| Tangible BV per Share | 47.07 | 46.01 | 42.77 | 39.61 | 39.22 | 33.79 | 30.77 | 25.65 | 23.07 | 22.44 | 18.83 | 17.26 | 15.56 | 14.08 | 13.06 | 12.59 | 11.22 | 10.78 | 8.16 | 9.08 | 10.37 | 7.63 | 9.50 | 7.09 | 7.81 | 10.24 | 9.68 | 9.94 | 19.52 |
| Common Stock | 129K | 115K | 115K | 115K | 101K | 85K | 85K | 79K | 74K | 74K | 67K | 67K | 67K | 67K | 67K | 67K | 67K | 67K | 67K | 67K | 0 | 67K | 7.58M | 7.58M | 7.58M | 7.58M | 3.79M | 3.79M | 1.9M |
| Additional Paid-in Capital | 500.63M | 333.84M | 333.84M | 333.81M | 218.26M | 93.15M | 92.85M | 63.09M | 27.6M | 27.53M | 2.83M | 2.69M | 2.61M | 2.61M | 2.54M | 2.45M | 2.45M | 2.45M | 2.45M | 2.45M | 0 | 2.44M | 0 | 0 | 0 | 0 | 0 | 652.21K | 652.21K |
| Retained Earnings | 431.37M | 417M | 398M | 348M | 295.5M | 258.1M | 221.39M | 189.49M | 168.36M | 145.88M | 134.77M | 123.53M | 113.34M | 103.63M | 93.47M | 88.83M | 83.06M | 78.38M | 75.32M | 71.67M | 0 | 61.86M | 56.87M | 50.56M | 44.39M | 38.56M | 37.99M | 33.66M | 30.87M |
| Accumulated OCI | -9.45M | -5.02M | -9.35M | -8.75M | -15.57M | 3.61M | 5.76M | 2.49M | -366K | 977K | 292K | 1.22M | 1.44M | 1.05M | 3.06M | 3.21M | 1.2M | 2.04M | 1.28M | 1.19M | 69.6M | 138K | 2.12M | 2.78M | 3.01M | 1.04M | 378K | -2.9M | 1.17M |
| Treasury Stock | -102.83M | -102.09M | -82.92M | -53.39M | -45.19M | -32.29M | -25.23M | -24.94M | -21.35M | -12.73M | -10.44M | -8.58M | -8.38M | -5.79M | -3.04M | -1.74M | -1.77M | -1.65M | -1.65M | -244K | 0 | 0 | -700K | -700K | -700K | -700K | -700K | -700K | -700K |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CRE Concentration and Integration
According to recent financial statements, BFC's total assets surged to $6.1 billion in 2026Q1, marking a significant expansion from the $4.5 billion reported in 2025Q4, which suggests that the bank is aggressively utilizing inorganic growth strategies to scale its regional footprint within the Wisconsin market.
The rapid increase in asset size appears to be driven by recent M&A activity, which necessitates careful monitoring of integration-related balance sheet volatility. Investors should consider whether this pace of expansion can be sustained without compromising the bank's historically lean efficiency profile.
As reported in regulatory filings, BFC maintained an equity-to-assets ratio of 0.14 throughout early 2026, indicating that the bank is preserving a stable capital cushion despite the significant balance sheet expansion observed over the last several quarters of aggressive regional consolidation.
This capital position appears adequate to support current growth initiatives, though the reliance on retained earnings to fund expansion may limit future capital return flexibility. The consistency of this ratio suggests a disciplined approach to leverage management even as the bank scales its total asset base.
Based on BFC's reported figures, cash and cash equivalents rose to $398.6 million in 2026Q1 from $55.3 million in 2025Q4, suggesting a strategic shift toward higher liquidity levels to manage the risks associated with a larger, more complex balance sheet following recent acquisitions.
The significant fluctuation in cash balances implies that management is actively managing liquidity to offset the duration risk inherent in their large investment securities portfolio. This liquidity build may indicate a defensive posture in anticipation of potential volatility in the regional Wisconsin economy.
Data from recent filings indicates that investment securities comprise approximately 83.6% of total assets as of 2026Q1, which warrants further investigation into the duration and interest rate sensitivity of this massive portfolio relative to the bank's core deposit funding base.
This heavy concentration in securities rather than traditional loans may expose the bank to significant unrealized loss risks if interest rates remain elevated for an extended period. Investors should monitor whether this asset allocation strategy is a temporary liquidity management tool or a permanent shift in the bank's business model.
Quick answers to the most common questions about buying BFC stock.
As of 2025, Bank First Corporation (BFC) had total assets of $4.52B including $55.3M in current assets.
Bank First Corporation (BFC) carries total debt of $123.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bank First Corporation (BFC) has total shareholders' equity (book value) of $643.8M ($65.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bank First Corporation (BFC) reported a current ratio of 1.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.