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Bank First (BFC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Bank First (BFC) Q3 2026 earnings results →

Q3 2026 Revenue up 48% year over year to $65.3M · 36¢ of every $1 of revenue kept as net profit · operating margin 45.8%

Bank First made $65.3M in Q3 2026 (+48% Y/Y): Net interest income $55.2M, Noninterest income $10.1M. Operating margin 45.8%, net earnings $23.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$65.3M
Year over year+48%
Operating margin45.8%
Net earnings$23.8M
Operating cash flow$28.6M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $65.3M in Q3 2026, up 48% year over year and roughly flat from the previous quarter. Net interest income was the largest line at 85% of revenue. Net interest income added $17.0M year over year (up 44%), 80% of the total change.

Operating profit was $29.9M, a 45.8% margin (down 5.1 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, below the 51% margin then. Total costs grew 63% against revenue growth of 48%. The fastest-growing cost line was Noninterest expense (+64%). Net earnings were $23.8M, up 32% year over year. The effective tax rate was 20.4%.

Operating cash flow was $28.6M (up 85% year over year), 120% of net earnings. Non-cash charges added back $720K of share-based compensation. Working capital and other items added $4.1M. Capital expenditures of $2.5M left free cash flow of $26.0M.

Quarterly history

QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$65.3M+48%45.8%$23.8M$28.6M

Charts

Bank First: where the cash came from (+) and went (−), TTM to Q3 2026Bank First: where the cash came from (+) and went (−), TTM to Q3 2026Net borrowing (+) / repaid (−)−$343MOther investing$213MOther financing$207MCash drawn (+) / kept (−)−$86.0MOperating cash flow$70.4MBuybacks−$23.9MDividends−$22.9MCapital spending−$14.2MShares issued$323KAsset & business sales$76K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Bank First: profit against cash, quarter by quarterBank First: profit against cash, quarter by quarterNet incomeOperating cash flow$17.5M$30.8MQ4 2024$18.2M$6.2MQ1 2025$16.9M$11.9MQ2 2025$18.0M$15.5MQ3 2025$18.4M$29.0MQ4 2025$20.0M−$11.7MQ1 2026$24.7M$24.4MQ2 2026$23.8M$28.6MQ3 2026
Latest (Q3 2026): Net income $23.8M, Operating cash flow $28.6M.
Bank First: diluted shares by fiscal yearBank First: diluted shares by fiscal year7MFY20208MFY20218MFY202210MFY202310MFY202410MFY2025
+31.9% since FY2020: more shares outstanding (issuance, stock pay).
Bank First in its industry: growth against margin (68 companies, SIC 6021)Bank First in its industry: growth against margin (68 companies, SIC 6021)revenue growth, year over year →↑ operating marginmedian +8%median 37%JPMBACCWFCCOFUSBPNCTFCHBANKEYPNFPHSBC USA IncZIONUMBFWebster Financial CorpONBCFRVLYBOKFBANCFNBFHNFULTWSFSFFBCWSBCCBUPRKTRMKWAFDFRMENBTBCASHBANFOCFCNWBITBBKNICHOPEFCFDCOMNBHCBHRBAMTBWBHCCHCOALRSHAFCNEWTCACCBNKFMCBWABCSHBIPFISCAREBCALSFSTMRBKFDBCFNLCFUNCLCNBATLOCFBKASRVNKSHBFC (+48%, 46%)
National Commercial Banks; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Bank First

Bank First Corporation is a Wisconsin corporation that was organized in April 1982 to serve as the holding company for Bank First, N.A., a national banking association founded in 1894. The Bank is a wholly-owned subsidiary of the Company. The Company and the Bank are headquartered in Manitowoc, Wisconsin, and the Bank is a member of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and regulated by the Office of the Comptroller of the Currency (the “OCC”). The Bank has thirty-eight (38) offices, including its headquarters, in Brown, Columbia, Dane, Door, Fond du Lac, Green, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Rock, Shawano, Sheboygan, Walworth, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin and Winnebago county in the State of Illinois.

In its own words, from its 10-K, filed Feb 27, 2026.

Bank First against its National Commercial Banks peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +48% against the peers' median +8%. Operating margin: 45.8% against the peers' median 32.5%.

CompanyQuarterRevenueY/YOp. margin
BFC Bank FirstQ3 2026$65.3M+48%45.8%
JPM JPMorgan ChaseQ3 2026$50.2B+8%40.1%
BAC Bank of AmericaQ3 2026$30.0B+3%29.9%
C CitigroupQ3 2026$23.8B+8%30.6%
WFC Wells FargoQ3 2026$21.9B+2%32.5%
COF Capital One FinancialQ3 2026$16.3B+6%28.0%
USB US BancorpQ3 2026$8.0B+9%35.1%
PNC PNC Financial Services GroupQ3 2026$6.6B+11%40.0%
TFC Truist FinancialQ3 2026$3.7B-28%23.9%

Source: Bank First 10-Q on SEC EDGAR · CIK 1746109 · National Commercial Banks

Guidance and outlook

Bank First: what its forward-looking statements are about (10-Q filed 2026-11-06)Bank First: what its forward-looking statements are about (10-Q filed 2026-11-06)Financing3Other2The economy2Demand2Costs1Legal & regulation1
11 statements; tone -0.09 (−1 all cautious, +1 all confident); 4 hedged.
Bank First: outlook statements against the filing beforeBank First: outlook statements against the filing beforeConfident2Cautious3

13F: who owns BFC and who is buying

Largest holders of BFC (13F)Largest holders of BFC (13F)BlackRock$122MVanguard Group$72.9MVanguard Capital Management LLC$69.0MState Street$65.1MGeode Capital Management, LLC$44.0MDimensional Fund Advisors LP$27.8MVanguard Portfolio Management LLC$21.7MNorthern Trust$15.4MBank of Montreal$15.4MCharles Schwab Investment Managem…$12.6M
Funds' net buying of BFC by quarter (13F)Funds' net buying of BFC by quarter (13F)−$9.5M2024-09−$424K2024-12$6.5M2025-03$2.3M2025-06$56.7M2025-09−$11.3M2025-12$20.7M2026-03$33.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BFC

History

Every quarter: Q3 2026 results

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