Operating cash flow volatility remains a concern, as evidenced by a negative $11.7 million in 2026Q1, despite the bank's commitment to shareholder returns through $5.6 million in quarterly dividends.
| 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 from Operations | 44.66M | 62.48M | 65.85M | 52.95M | 40.01M | 40.28M | 43.96M | 22.65M | 23.05M | 18.32M | 14.41M | 12.62M | 16.44M | 13.62M | 15.56M | 13.52M | 11.64M | 13.07M | 13.14M | 11.41M | 0 | 9.18M | 7.99M | 9.98M | 11.35M | 7.86M | 8.27M | 5.49M | 6.19M |
| Operating CF Growth % | -333.12% | -5.11% | 24.37% | 32.34% | -0.68% | -8.37% | 94.11% | -1.75% | 25.81% | 27.11% | 14.27% | -23.25% | 20.68% | -12.49% | 15.1% | 16.12% | -10.9% | -0.59% | 15.24% | - | -100% | 14.8% | -19.96% | -11.99% | 44.3% | -4.88% | 50.57% | -11.35% | - |
| Net Income | 73.24M | 71.5M | 65.56M | 74.51M | 45.21M | 45.44M | 38.05M | 26.69M | 25.46M | 15.31M | 14.91M | 13.39M | 12.62M | 11.56M | 10.42M | 8.55M | 7.45M | 6.67M | 6.24M | 7.4M | 6.9M | 6.82M | 7.9M | 7.63M | 7.09M | 5.41M | 5.3M | 4.93M | 4.6M |
| Depreciation & Amortization | 8.83M | 7.42M | 8.05M | 8.4M | 3.97M | 3.19M | 3.17M | 2.34M | 1.87M | 1.26M | 918K | 912K | 966K | 999K | 1.01M | 1.01M | 949K | 1.37M | 987K | 842K | 0 | 1.51M | 1.75M | 2.03M | 1.67M | 1.51M | 1.25M | 726K | 707.53K |
| Deferred Taxes | 0 | 180K | 1.77M | -1.72M | -869K | -1K | -116K | 856K | 1.15M | 624K | -66K | 218K | -806K | -365K | 135K | -941K | 201K | -183K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51K | -240K |
| Other Non-Cash Items | -16.2M | -14.27M | -14.56M | -42.86M | -9.56M | -5.38M | -5.2M | -8.26M | -7.74M | -4.72M | -2.42M | -1.51M | -136K | 1.52M | 3.21M | 3.79M | 4.44M | 3.87M | 4.66M | 874K | -6.9M | 1.13M | -712K | 252K | 1.66M | 947K | 1.72M | -216K | 1.12M |
| Working Capital Changes | -23.37M | -4.48M | 2.85M | 12.48M | -411K | -4.36M | 6.98M | 332K | 1.76M | 5.38M | 655K | -739K | 3.56M | -273K | 671K | 1.11M | -1.4M | 1.34M | 1.26M | 2.29M | 0 | -284K | -947K | 77K | 927K | 0 | 0 | 0 | 0 |
| Cash from Investing | 191.34M | -15.97M | -252.94M | 269M | -177.81M | -93.89M | -206.03M | -106.15M | -30.1M | -41.42M | -83.03M | -108.1M | -53.71M | -86.28M | -44.74M | -71.62M | -11.65M | -45.1M | -87.36M | -36.62M | 0 | -23.41M | -36.42M | -39.28M | -24.63M | -17.91M | -45.55M | -28.82M | -16.04M |
| Purchase of Investments | -45.33M | -212.75M | -302.21M | -26.65M | -142.41M | -93.77M | -28.76M | -117.55M | -22.91M | -49.59M | -44.67M | -41.66M | -39.82M | -29.61M | -15.96M | -38.31M | -35.42M | -124.3M | -101.58M | -80.34M | 0 | -22.67M | -89.57M | -65.11M | -39.12M | -51.48M | -59.18M | -67.97M | -46.14M |
| Sale/Maturity of Investments | 57.08M | 287.3M | 216.56M | 254.7M | 14.69M | 43.12M | 133.22M | 59.85M | 22.7M | 62.38M | 30.73M | 19.86M | 38.77M | 32.94M | 28.26M | 51.11M | 85.89M | 123.05M | 191.23M | 78.86M | 0 | 23.09M | 69.39M | 61.17M | 32.42M | 33.98M | 15.04M | 45.49M | 30.77M |
| Net Investment Activity | 11.75M | 74.55M | -85.65M | 228.05M | -127.72M | -50.65M | 104.46M | -57.69M | -212K | 12.78M | -13.94M | -21.79M | -1.05M | 3.32M | 12.3M | 12.8M | 50.47M | -1.25M | 89.66M | -1.48M | 0 | 421K | -20.18M | -3.94M | -6.7M | -17.51M | -44.14M | -22.48M | -15.37M |
| Acquisitions | 169.49M | 0 | 0 | 89.96M | 154.36M | 0 | 35.3M | -9.77M | 0 | -19.88M | 0 | 0 | 0 | 0 | 0 | 2.86M | 0 | -2.6M | -6.02M | -10.21M | 0 | -2.04M | -85K | 0 | 0 | -67K | 0 | -4.26M | 0 |
| Other Investing | 24.62M | -79.08M | -160.07M | -35.53M | -197.57M | -34.52M | -337.41M | -31.42M | -21.96M | -31.5M | -67.82M | -83.23M | -49.72M | -88.78M | -55.15M | -85.75M | -60.28M | -40.48M | -169.1M | -23.97M | 0 | -20.96M | -15.26M | -34.65M | -17.63M | 60K | 0 | 0 | 55K |
| Cash from Financing | -138.23M | -64.64M | 200.95M | -193.82M | -39.71M | 180.24M | 245.83M | 62.21M | 12.81M | 44.92M | 63.13M | 119.28M | 27.37M | 32.81M | 99.85M | 66.65M | -10.57M | 37.63M | 64.92M | 17.39M | 0 | 30.78M | 32.54M | 8.98M | 29.48M | 23.57M | 22.94M | 33.21M | 13.15M |
| Dividends Paid | -53.62M | -52.5M | -15.56M | -11.96M | -7.82M | -8.73M | -6.15M | -5.46M | -4.53M | -4.05M | -3.67M | -3.21M | -2.91M | -1.41M | -5.78M | -2.78M | -2.77M | -3.01M | -2.59M | -2.35M | 0 | -1.83M | -1.6M | -1.46M | -1.26M | -1.04M | -971K | -885K | -790.94K |
| Share Repurchases | -18.74M | -22.04M | -31.93M | -10.05M | -14.31M | -8.27M | -4.37M | -4.21M | -10.45M | -3.63M | -2.59M | -1.44M | -3.23M | -3.34M | -1.88M | -234K | -114K | 0 | -1.41M | -244K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 761K | 737K | 245K | 195K | 114K | 114K | 19K | 0 | 1.35M | 896K | 448K | 991K | 396K | 492K | 549K | 259K | 0 | 0 | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -17.98M | -21.3M | -31.68M | -9.85M | -14.2M | -8.16M | -4.35M | -4.21M | -9.1M | -2.73M | -2.14M | -451K | -2.83M | -2.85M | -1.33M | 25K | -114K | 0 | -1.4M | -244K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | 1000K | -884K | -1000K | -1000K | 1000K | -1000K | 1000K | 0 | 0 | -1000K | -1000K | -880K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
| Other Financing | 36.18M | 34.67M | 152.32M | -180.86M | -16.8M | 212.63M | 296.75M | 31.88M | 34.94M | 31.7M | 68.93M | 122.94M | 34.92M | 38.07M | 107.84M | 73.52M | -3.24M | -7.12M | 23.02M | -12.53M | 0 | 20.56M | 17.5M | 12.19M | 22.01M | 40M | 21M | 28.69M | -2.77M |
| Net Change in Cash | 97.77M | -18.13M | 13.86M | 128.12M | -177.51M | 126.64M | 83.77M | -21.29M | 5.77M | 21.82M | -5.49M | 23.79M | -9.91M | -39.85M | 70.68M | 8.55M | -10.57M | 5.59M | -9.3M | -7.82M | 0 | 16.54M | 4.11M | -20.32M | 16.19M | 13.52M | -14.34M | 9.88M | 3.3M |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 243.21M | 261.33M | 247.47M | 119.35M | 296.86M | 170.22M | 86.45M | 107.74M | 101.98M | 80.16M | 85.64M | 61.85M | 71.76M | 111.61M | 40.94M | 32.39M | 42.96M | 37.37M | 46.67M | 54.49M | 0 | 39.87M | 35.77M | 56.09M | 39.9M | 26.37M | 40.72M | 30.84M | 27.53M |
| Cash at End | 398.64M | 243.21M | 261.33M | 247.47M | 119.35M | 296.86M | 170.22M | 86.45M | 107.74M | 101.98M | 80.16M | 85.64M | 61.85M | 71.76M | 111.61M | 40.94M | 32.39M | 42.96M | 37.37M | 46.67M | 0 | 56.41M | 39.87M | 35.77M | 56.09M | 39.9M | 26.37M | 40.72M | 30.84M |
| Interest Paid | 71.63M | 71.03M | 65.97M | 44.15M | 11.31M | 7.06M | 14.97M | 18.94M | 14.44M | 6.75M | 5.79M | 5.08M | 4.62M | 4.99M | 6.04M | 7.87M | 10.32M | 13.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 9.26M | 15.87M | 14.09M | 23.81M | 14.13M | 16.76M | 10.18M | 6.68M | 5.78M | 7.98M | 8.2M | 8.15M | 5.99M | 4.82M | 4.07M | 2.92M | 3.87M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 30.13M | 51.04M | 58.62M | 39.46M | 33.14M | 31.57M | 35.59M | 15.38M | 15.13M | 15.5M | 13.09M | 9.54M | 13.49M | 12.77M | 13.68M | 11.86M | 9.8M | 12.3M | 11.25M | 10.45M | 0 | 8.35M | 7.1M | 9.28M | 11.04M | 7.46M | 6.86M | 3.4M | 5.47M |
| FCF Growth % | -51.46% | -12.94% | 48.56% | 19.09% | 4.98% | -11.31% | 131.42% | 1.69% | -2.41% | 18.37% | 37.24% | -29.3% | 5.69% | -6.63% | 15.32% | 20.94% | -20.28% | 9.33% | 7.65% | - | -100% | 17.57% | -23.54% | -15.91% | 47.91% | 8.85% | 101.38% | -37.71% | - |
CRE Concentration and Integration
According to recent SEC filings, BFC generated $20.0 million in net income during 2026Q1, providing a stable foundation for capital retention despite the volatility in operating cash flows, which suggests that the bank prioritizes internal capital accumulation to fund its ongoing regional expansion and acquisition strategy.
The bank's ability to consistently generate positive net income serves as the primary engine for its regulatory capital buffers. Investors should monitor whether this internal capital generation remains sufficient to support the bank's aggressive M&A-led growth model without necessitating external equity dilution.
As reported in financial statements, BFC's investment activity shows significant fluctuations, with a net purchase of $0.7 million in 2026Q1, following a period of heavy portfolio turnover in 2025Q1 where the bank sold $256.8 million in securities to manage its liquidity and interest rate risk profile.
The high volume of security sales relative to purchases in certain quarters suggests an active management approach to the investment portfolio, likely aimed at optimizing the net interest margin. This strategy appears to be a tactical response to shifting interest rate environments rather than a permanent shift in asset allocation.
Based on BFC's reported figures, the bank paid $5.6 million in dividends during 2026Q1, reflecting a consistent commitment to shareholder returns that appears sustainable given the bank's strong earnings profile, even as management continues to allocate significant capital toward strategic acquisitions and integration costs.
The sporadic nature of share buybacks, such as the $15.7 million outflow in 2025Q2, indicates that capital return is secondary to growth-oriented capital deployment. This approach suggests that management views internal reinvestment as the most effective way to drive long-term shareholder value in the Wisconsin market.
Data from recent filings indicates that BFC's operating cash flow is frequently distorted by non-cash items and working capital swings, as evidenced by the negative $11.7 million OCF in 2026Q1, which warrants further investigation into the underlying drivers of these periodic cash flow variances.
The divergence between net income and operating cash flow suggests that traditional cash flow metrics are less reliable for assessing BFC's core performance. Analysts should focus on the stability of net interest income and the quality of the loan book rather than the headline operating cash flow figure.
Quick answers to the most common questions about buying BFC stock.
Bank First Corporation (BFC) generated $62.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bank First Corporation (BFC) generated $51.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bank First Corporation (BFC) spent $11.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bank First Corporation (BFC) returned $52.5M to shareholders via cash dividends and spent $22.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.