Bank First Corporation (BFC) Balance Sheet
BFC balance sheet, 2025
December 31, 2025 · U.S. dollars$4.52B assets = $3.88B liabilities + $643.8M equity
Both columns are drawn to the same scale: what BFC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BFC financial health
Descriptive bands, not a rating. Fiscal 2025.
BFC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.32B2016 | $4.52B2025 | +14.7%/yr | |
| Total liabilities | $1.19B2016 | $3.88B2025 | +14.0%/yr | |
| Shareholders’ equity | $127.5M2016 | $643.8M2025 | +19.7%/yr | |
| Cash & short-term investments | $151.6M2016 | $55.3M2025 | −10.6%/yr | |
| Total debt | $50.1M2016 | $123.6M2025 | +10.5%/yr | |
| Net cash (debt) | $101.5M2016 | −$68.2M2025 | −$169.7M | |
| Working capital | −$1.03B2016 | $25.3M2025 | +$1.1B | |
| Book value per share | $20.502016 | $65.472025 | +13.8%/yr | |
| Debt / equity | 0.392016 | 0.192025 | −0.20 | |
| Shares outstanding | 6.2M2016 | 9.8M2025 | +5.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BFC assets
BFC liabilities and equity
BFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BFC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $55.3M | $414.3M | $407.4M | $424.4M | $509.5M | $207.2M | $238.7M | $185.1M | $175.9M | $151.6M |
| Cash & equivalents | $55.3M | $261.3M | $247.5M | $119.4M | $296.9M | $41.5M | $53.1M | $63.3M | $53.1M | $40.3M |
| Short-term investments | $164.4M | $153.0M | $160.0M | $305.0M | $212.7M | $165.8M | $185.6M | $121.8M | $122.8M | $111.3M |
| Receivables | $0 | $0 | $0 | $9.6M | $5.0M | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $2.5M | $150,000 | $1.9M | $6.9M | $3.6M | $6.3M | $1.6M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.37B | $1.34B | $0 |
| Total current assets | $55.3M | $414.3M | $407.4M | $424.4M | $509.5M | $207.2M | $238.7M | $1.56B | $1.53B | $151.6M |
| Property, plant & equipment (net) | $79.2M | $71.1M | $69.9M | $56.4M | $49.5M | $43.2M | $35.3M | $24.5M | $18.6M | $13.3M |
| Goodwill & intangible assets | $191.3M | $209.7M | $215.8M | $136.6M | $64.4M | $64.6M | $53.1M | $20.3M | $20.7M | $10.4M |
| Long-term investments | $327.2M | $390.6M | $299.8M | $3.28B | $2.49B | $2.40B | $270.5M | $189.6M | $187.8M | $168.3M |
| Other non-current assets | $3.87B | $3.41B | $3.23B | $0 | $0 | $3.5M | $1.61B | $0 | $0 | $972.3M |
| Total assets | $4.52B | $4.50B | $4.22B | $3.66B | $2.94B | $2.72B | $2.21B | $1.79B | $1.75B | $1.32B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $3.06B | $2.53B | $2.32B | $1.84B | $1.56B | $1.51B | $1.13B |
| Short-term debt | $30.1M | $25.1M | $75.7M | $98.7M | $48.1M | $56.8M | $46.0M | $31.6M | $5.0M | $50.1M |
| Total current liabilities | $30.1M | $3.66B | $3.51B | $1.65B | $2.48B | $2.03B | $1.50B | $480.4M | $5.0M | $1.18B |
| Long-term debt | $92.0M | $147.4M | $51.4M | $23.5M | $25.5M | $41.0M | $68.4M | $11.5M | $20.0M | $0 |
| Other long-term liabilities | $3.76B | $46.9M | $42.0M | $3.18B | $0 | $0 | $0 | $0 | $0 | $11.3M |
| Total liabilities | $3.88B | $3.86B | $3.60B | $3.21B | $25.5M | $41.0M | $68.4M | $1.62B | $1.59B | $1.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $115,000 | $115,000 | $115,000 | $101,000 | $85,000 | $85,000 | $79,000 | $74,000 | $74,000 | $67,000 |
| Retained earnings (deficit) | $417.0M | $398.0M | $348.0M | $295.5M | $258.1M | $221.4M | $189.5M | $168.4M | $145.9M | $134.8M |
| Treasury stock | — | — | — | −$45.2M | −$32.3M | −$25.2M | −$24.9M | −$21.3M | −$12.7M | −$10.4M |
| Accumulated other comprehensive income | −$5.0M | −$9.4M | −$8.7M | −$15.6M | $3.6M | $5.8M | $2.5M | −$366,000 | $977,000 | $292,000 |
| Total shareholders' equity | $643.8M | $639.7M | $619.8M | $453.1M | $2.91B | $2.68B | $2.14B | $174.3M | $161.7M | $127.5M |
| Key figures | ||||||||||
| Total debt | $123.6M | $147.4M | $127.1M | $122.2M | $73.6M | $97.7M | $114.4M | $43.1M | $25.0M | $50.1M |
| Net cash (debt) | −$68.2M | $266.9M | $280.3M | $302.2M | $436.0M | $109.5M | $124.3M | $142.0M | $150.9M | $101.5M |
| Working capital | $25.3M | −$3.25B | −$3.10B | −$1.22B | −$1.97B | −$1.82B | −$1.26B | $1.08B | $1.52B | −$1.03B |
| Tangible book value | $452.5M | $430.0M | $404.0M | $316.5M | $2.85B | $2.61B | $2.09B | $154.0M | $141.1M | $117.1M |
| Book value per share | $65.47 | $63.62 | $60.77 | $56.15 | $381.00 | $357.84 | $310.28 | $26.12 | $25.73 | $20.50 |
| Shares outstanding | 9.8M | 10.1M | 10.2M | 8.1M | 7.6M | 7.5M | 6.9M | 6.7M | 6.3M | 6.2M |
| Current ratio | 1.84 | 0.11 | 0.12 | 0.26 | 0.21 | 0.10 | 0.16 | 3.24 | 305.28 | 0.13 |
| Quick ratio | 1.84 | 0.11 | 0.12 | 0.26 | 0.21 | 0.10 | 0.16 | 0.39 | 35.17 | 0.13 |
| Debt / equity | 0.19 | 0.23 | 0.21 | 0.27 | 0.03 | 0.04 | 0.05 | 0.25 | 0.15 | 0.39 |
| Equity / assets | 14.2% | 14.2% | 14.7% | 12.4% | 99.1% | 98.5% | 96.9% | 9.7% | 9.2% | 9.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $875.2M | $398.6M | $55.3M | $225.2M | $220.1M | $388.1M | $414.3M | $229.2M | $226.9M | $221.8M | $407.4M | $98.1M |
| Cash & equivalents | $266.5M | $398.6M | $55.3M | $126.2M | $120.3M | $300.9M | $261.3M | $204.4M | $99.0M | $83.4M | $247.5M | $75.8M |
| Short-term investments | $608.6M | $191.1M | $164.4M | $99.0M | $99.7M | $87.2M | $153.0M | $24.8M | $128.0M | $138.4M | $160.0M | $22.4M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $880.0M | $398.6M | $55.3M | $225.2M | $220.1M | $388.1M | $414.3M | $229.2M | $226.9M | $221.8M | $407.4M | $98.1M |
| Property, plant & equipment (net) | $96.1M | $93.1M | $79.2M | $78.0M | $75.7M | $72.7M | $71.1M | $69.7M | $68.6M | $69.6M | $69.9M | $71.0M |
| Goodwill & intangible assets | $306.4M | $354.9M | $191.3M | $206.2M | $207.2M | $208.6M | $209.7M | $211.0M | $212.8M | $214.0M | $215.8M | $217.4M |
| Long-term investments | $675.1M | $667.6M | $327.2M | $336.8M | $335.4M | $331.8M | $390.6M | $295.0M | $294.1M | $304.8M | $299.8M | $256.2M |
| Other non-current assets | $3.99B | $4.55B | $3.87B | $3.57B | $3.53B | $3.50B | $3.41B | $3.49B | $3.34B | $3.29B | $3.23B | $3.44B |
| Total assets | $5.95B | $6.07B | $4.52B | $4.42B | $4.37B | $4.51B | $4.50B | $4.29B | $4.15B | $4.10B | $4.22B | $4.09B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $3.40B |
| Short-term debt | $80.0M | — | $30.1M | $130.0M | $30.0M | — | — | — | $25.0M | $85,000 | $75.7M | $17.2M |
| Total current liabilities | $5.07B | — | $30.1M | $3.54B | $3.60B | $3.67B | $3.66B | $3.48B | $3.40B | $3.42B | $3.51B | $3.42B |
| Long-term debt | $104.8M | $124.8M | $92.0M | $221.9M | $121.9M | $146.9M | $147.4M | $147.3M | $102.3M | $47.3M | $51.4M | $70.3M |
| Other long-term liabilities | $0 | $5.12B | $3.76B | $31.6M | $35.4M | $35.5M | $46.9M | $33.5M | $29.0M | $27.3M | $42.0M | $24.4M |
| Total liabilities | $5.13B | $5.25B | $3.88B | $3.79B | $3.75B | $3.86B | $3.86B | $3.67B | $3.53B | $3.49B | $3.60B | $3.51B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $129,000 | $129,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 | $115,000 |
| Retained earnings (deficit) | $450.0M | $431.4M | $417.0M | $403.0M | $389.5M | $411.8M | $398.0M | $384.9M | $372.4M | $359.9M | $348.0M | $316.2M |
| Accumulated other comprehensive income | −$8.9M | −$9.4M | −$5.0M | −$6.2M | −$7.8M | −$8.6M | −$9.4M | −$6.5M | −$9.4M | −$9.4M | −$8.7M | −$19.8M |
| Total shareholders' equity | $819.3M | $819.9M | $643.8M | $628.1M | $612.3M | $648.4M | $639.7M | $628.9M | $614.6M | $609.3M | $619.8M | $577.3M |
| Key figures | ||||||||||||
| Total debt | $104.8M | $124.8M | $123.6M | $221.9M | $121.9M | $146.9M | $147.4M | $147.3M | $102.3M | $47.3M | $127.1M | $87.5M |
| Net cash (debt) | $770.3M | $273.8M | −$68.2M | $3.2M | $98.1M | $241.2M | $266.9M | $81.9M | $124.6M | $174.5M | $280.3M | $10.6M |
| Working capital | −$4.19B | — | $25.3M | −$3.31B | −$3.38B | −$3.29B | −$3.25B | −$3.26B | −$3.17B | −$3.19B | −$3.10B | −$3.32B |
| Tangible book value | $512.9M | $464.9M | $452.5M | $421.9M | $405.1M | $439.9M | $430.0M | $417.8M | $401.8M | $395.4M | $404.0M | $359.9M |
| Book value per share | $73.48 | $73.10 | $65.47 | $63.87 | $61.84 | $65.02 | $63.89 | $62.81 | $61.30 | $59.87 | $59.95 | $55.88 |
| Shares outstanding | 11.1M | 11.2M | 9.8M | 9.8M | 9.9M | 10.0M | 10.0M | 10.0M | 10.0M | 10.2M | 10.3M | 10.3M |
| Current ratio | 0.17 | — | 1.84 | 0.06 | 0.06 | 0.11 | 0.11 | 0.07 | 0.07 | 0.06 | 0.12 | 0.03 |
| Quick ratio | 0.17 | — | 1.84 | 0.06 | 0.06 | 0.11 | 0.11 | 0.07 | 0.07 | 0.06 | 0.12 | 0.03 |
| Debt / equity | 0.13 | 0.15 | 0.19 | 0.35 | 0.20 | 0.23 | 0.23 | 0.23 | 0.17 | 0.08 | 0.21 | 0.15 |
| Equity / assets | 13.8% | 13.5% | 14.2% | 14.2% | 14.0% | 14.4% | 14.2% | 14.6% | 14.8% | 14.9% | 14.7% | 14.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
BFC financial position
At the end of fiscal 2025 (December 31, 2025), Bank First had total assets of $4.5 billion (up 0.6% from a year earlier), total liabilities of $3.9 billion and shareholders' equity of $643.8 million. It held $55.3 million in cash and short-term investments against $123.6 million of debt, net debt of $68.2 million. Its current ratio was 1.84. In the latest quarter (ended June 30, 2026) total assets were $5.9 billion and equity $819.3 million.
Related: BFC income statement, BFC cash flow statement, BFC key metrics. See the BFC stock overview for the latest quote and news.
BFC balance sheet FAQ
What are Bank First's total assets?
Bank First reported total assets of $4.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.5 billion a year earlier.
How much debt does Bank First have?
Bank First had $123.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.19.
How much cash does Bank First have?
Bank First held $55.3 million in cash and short-term investments at the end of fiscal 2025; with $123.6 million of debt that is net debt of $68.2 million.
What is Bank First's book value?
Bank First's shareholders' equity (book value) was $643.8 million at the end of fiscal 2025, or $65.47 per share.
What is Bank First's current ratio?
Bank First had current assets of $55.3 million and current liabilities of $30.1 million, a current ratio of 1.84 (it can cover its short-term obligations).
How much goodwill does Bank First have?
Bank First carried $191.3 million of goodwill and intangible assets, 4.2% of total assets, at the end of fiscal 2025.