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Bank First cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$26.0M in Q3 2026 · $56.2M over twelve months

Operating cash flow$28.6M
Capital spending−$2.5M
Free cash flow+$26.0M
Cash / net income1.2×

Analysis

In Q3 2026, Bank First generated $28.6M of operating cash flow and spent $2.5M on capital projects, leaving free cash flow of $26.0M. That is $13.6M more than in Q3 2025 ($12.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $70.4M; the largest uses were net borrowing (+) / repaid (−) ($343M), buybacks ($23.9M), dividends ($22.9M); besides operations, cash came from other investing ($213M), other financing ($207M); the cash balance rose by $86.0M.

Operating cash flow was $28.6M against net income of $23.8M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$3.9M, prepaid and other assets +$1.4M, stock-based pay +$720K.

Free cash flow

Bank First: free cash flow by quarterBank First: free cash flow by quarter$27.4MQ4 2024$4.0MQ1 2025$8.2MQ2 2025$12.5MQ3 2025$26.3MQ4 2025−$16.9MQ1 2026$20.7MQ2 2026$26.0MQ3 2026
Operating cash flow less capital spending.
Bank First: operating cash flow against capital spendingBank First: operating cash flow against capital spendingOperating cash flowCapital spending$30.8M$3.4MQ4 2024$6.2M$2.2MQ1 2025$11.9M$3.6MQ2 2025$15.5M$3.0MQ3 2025$29.0M$2.7MQ4 2025−$11.7M$5.2MQ1 2026$24.4M$3.8MQ2 2026$28.6M$2.5MQ3 2026
Latest (Q3 2026): Operating cash flow $28.6M, Capital spending $2.5M.

Capital allocation, year by year

Bank First: where the cash came from (up) and went (down), by fiscal yearBank First: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $40.3MFY2021: Net borrowing −$15.4MFY2021: Shares issued $114KFY2021: Asset sales $548KFY2021: Capital spending −$8.7MFY2021: Buybacks −$8.3MFY2021: Dividends −$8.7M$40.9MFY2021FY2022: Operating cash flow $40.0MFY2022: Net borrowing −$6.9MFY2022: Shares issued $114KFY2022: Capital spending −$6.9MFY2022: Buybacks −$14.3MFY2022: Dividends −$7.8M$40.1MFY2022FY2023: Operating cash flow $52.9MFY2023: Net borrowing $28.6MFY2023: Shares issued $195KFY2023: Capital spending −$13.5MFY2023: Buybacks −$10.0MFY2023: Dividends −$12.0M$81.7MFY2023FY2024: Operating cash flow $65.8MFY2024: Net borrowing $100MFY2024: Shares issued $245KFY2024: Asset sales $2.4MFY2024: Capital spending −$7.2MFY2024: Buybacks −$31.9MFY2024: Dividends −$15.6M$168MFY2024FY2025: Operating cash flow $62.5MFY2025: Net borrowing −$25.5MFY2025: Shares issued $737KFY2025: Asset sales $1KFY2025: Capital spending −$11.4MFY2025: Buybacks −$22.0MFY2025: Dividends −$52.5M$63.2MFY2025
Over these 5 years operating cash flow totalled $262M; the largest uses were dividends ($96.6M) and buybacks ($86.6M). Cash-flow statements as filed.

Where the cash came from and went

Bank First: sources (+) and uses (−) of cash, Q3 2026Bank First: sources (+) and uses (−) of cash, Q3 2026Other investing−$62.5MCash drawn (+) / kept (−)$54.3MOperating cash flow$28.6MNet borrowing (+) / repaid (−)−$25.0MOther financing$14.2MDividends−$6.7MCapital spending−$2.5MBuybacks−$412KShares issued$89K
Bank First: sources (+) and uses (−) of cash, TTM to Q3 2026Bank First: sources (+) and uses (−) of cash, 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 profit to cash

Bank First: net income to operating cash flow, Q3 2026Bank First: net income to operating cash flow, Q3 2026Net income$23.8MStock-based pay$720KPrepaid and other assets$1.4MOther liabilities$3.9MOperating cash flow$28.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$28.6M−$2.5M−$412K−$6.7M−$25.0M$89K$54.3M$26.0M
Q2 2026$24.4M−$3.8M−$20.4M−$6.1M−$20.0M$74K$132M$20.7M
Q1 2026−$11.7M−$5.2M−$3.1M−$5.6M−$77.8M$88K−$155M−$16.9M
Q4 2025$29.0M−$2.7M$1K−$4.4M−$100M$72K−$117M$26.3M
Q3 2025$15.5M−$3.0M—−$4.4M—$74K−$5.9M$12.5M
Q2 2025$11.9M−$3.6M−$15.7M−$39.1M−$25.0M$527K$181M$8.2M
Q1 2025$6.2M−$2.2M−$6.4M−$4.5M−$508K$64K−$39.5M$4.0M
Q4 2024$30.8M−$3.4M—−$4.5M—$58K−$56.9M$27.4M

Bank First: income statement and cash flow

Bank First, Q3 2026: revenue $65.3M (+48% year over year), operating margin 45.8%. The chart follows the revenue to costs, profit and cash.

Bank First: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.