Bank First (BFC) opened 2026 with Q1 total revenue of US$63.7 million and basic EPS of US$1.78, alongside trailing twelve month revenue of US$193.7 million and EPS of US$7.18 that reflect five year earnings growth of 13.4% per year and 7.1% growth in the most recent year. Over the last few reported periods, revenue has moved from US$41.1 million in Q4 2024 to US$42.7 million in Q1 2025 and US$44.9 million in Q4 2025 before reaching US$63.7 million in Q1 2026, while quarterly EPS has ranged between US$1.70 and US$1.86 over that span. This sets up a quarter where investors are weighing slightly lower net profit margins of 37.6% against a 3.96% net interest margin and the broader earnings track record.

See our full analysis for Bank First.

With the latest numbers on the table, the next step is to see how this earnings profile lines up with the stories investors already follow around growth, profitability and risk for Bank First.

Loan book reaches US$4.5b with higher interest margin

• Total loans are reported at US$4.5b in Q1 2026, up from figures just above US$3.5b through 2024 and 2025, while net interest margin on the latest trailing data stands at 3.82% compared with 3.65% in late 2024.
• Supporters with a bullish tilt often point to this combination of a larger loan book and firm margins as a base for earnings. However, the data also show that non performing loans over the trailing periods have ranged between US$6.8 million and US$13.9 million, which keeps asset quality in focus rather than treating loan growth as an automatic positive.
  • The rise in trailing twelve month revenue from US$158.2 million at the end of 2024 to US$193.7 million in Q1 2026 sits alongside that loan expansion, so revenue is moving with the balance sheet, not just with fee income.
  • At the same time, trailing net profit margin has eased from 41.6% to 37.6%, so higher volumes and a 3.82% net interest margin have not fully carried through to the bottom line.

Five year EPS growth of 13.4% meets softer 7.1% latest year

• Over the last five years, earnings have grown 13.4% per year, while the most recent year shows 7.1% earnings growth and trailing twelve month EPS of US$7.18 sitting just under the prior US$7.23 figure in late 2025.
• Investors with a bullish angle highlight this multi year track record as a strength, but the results also show why some stay cautious, because the most recent annual growth of 7.1% and the slip in net profit margin from 41.6% to 37.6% both point to a slower phase than the longer run average.
  • Quarter by quarter, net income has held around US$16.8 million to US$20.0 million from Q2 2025 through Q1 2026, which keeps profitability steady but does not repeat the 13.4% compound growth pace seen over five years.
  • Trailing twelve month net income of US$72.9 million is only modestly above the US$65.2 million figure in late 2024, so most of the growth story here has been built over several years rather than in the most recent stretch alone.

To see how other investors connect these earnings trends into a bigger story for the stock, you can read views shared in the Curious how numbers become stories that shape markets? Explore Community Narratives.

Premium 21.6x P/E despite lower 37.6% margin

• The shares trade on a trailing P/E of 21.6x against a peer average of 14.1x and a US banks industry average of 11.9x, while trailing net profit margin has eased to 37.6% from 41.6% and the current price of US$140.87 sits around 24.1% below a DCF fair value of US$185.59.
• Critics taking a more bearish stance point to that rich P/E multiple as a key concern, and the recent margin compression gives them numbers to work with, even though the same dataset also shows trailing twelve month revenue of US$193.7 million and net income of US$72.9 million that are higher than the US$158.2 million and US$65.2 million figures reported at the end of 2024.
  • The tension here is that the stock carries a higher P/E than peers at the same time as net profit margin has stepped down, so the premium price tag is not being paired with expanding margins in the latest year.
  • On the other hand, the shares are described as trading below a DCF fair value of US$185.59 and the company pays a 1.42% dividend yield, which are both facts that bullish investors often cite when weighing that premium P/E against earnings quality and payout.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bank First's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

These results mix reasons for optimism with clear points of caution, so it is worth looking through the numbers yourself before settling on a view. To weigh up both sides of the story in one place, take a closer look at the 4 key rewards and 1 important warning sign.

See What Else Is Out There

Bank First combines a richer 21.6x P/E and a softer 37.6% net margin with slower recent EPS growth, so some investors may question paying a premium.

If you are uneasy about paying up when growth and margins look less robust, compare that concern with 59 high quality undervalued stocks and see which alternatives fit your expectations.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.