Bank First Corporation (BFC): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Bank First Corporation, and honestly, what you'll find is a Wisconsin-centric community bank aggressively positioning itself for scale through strategic moves, like the upcoming Centre 1 Bancorp acquisition. As of late 2025, with assets hitting $4.42 billion and projected total revenue around $175.1 million, their model hinges on that high-touch, local decision-making for commercial and consumer clients, while simultaneously building out wealth and insurance lines. To see exactly how they balance that core relationship banking-backed by a $3.54 billion deposit base-with their M&A growth strategy, you need to look at the full nine blocks below.

Bank First Corporation (BFC) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that help Bank First Corporation deliver its value proposition, especially as it gears up for a major integration. These aren't just vendors; they are strategic enablers, particularly in specialized areas like insurance and wealth management, and the M&A advisors who facilitate growth.

Strategic Alliances for Specialized Services

Bank First Corporation relies on deep, established relationships to offer services outside its core lending and deposit-taking functions. The most significant of these is the insurance partnership, which is an equity stake rather than a simple vendor contract.

• Ansay & Associates, LLC: Bank First Corporation maintains a 40.0% ownership interest in this independent insurance agency.
• The income provided to Bank First from Ansay & Associates, LLC saw a strong first quarter in 2025, with income up 20.6% from the prior year's first quarter.
• Trust, investment advisory, and other financial services are delivered in collaboration with several regional partners.
• Trust revenue specifically contributed to the increase in Noninterest Income for the third quarter of 2025 when compared to the third quarter of 2024.

Here's a snapshot of the scale of Bank First Corporation as of late 2025, providing context for these partnerships:

Merger-Related Advisory and Transaction Partners

The planned acquisition of Centre 1 Bancorp, Inc. required retaining specialized financial and legal expertise to navigate the transaction structure and regulatory hurdles. You'll want to track the final closing costs, which included over $891,000 in merger expenses incurred by Bank First Corporation through the first three quarters of 2025.

The deal itself, valued at approximately $174.3 million, is structured as an all-stock exchange where Centre shareholders receive 0.9200 of a share of Bank First common stock per Centre share.

The key advisors involved in the Centre 1 Bancorp, Inc. merger agreement are:

• Financial Advisor to Bank First Corporation: Piper Sandler & Co.
• Legal Counsel to Bank First Corporation: Alston & Bird LLP.
• Financial Advisor to Centre 1 Bancorp, Inc.: Hovde Group, LLC.
• Legal Counsel to Centre 1 Bancorp, Inc.: Barack Ferrazzano Kirschbaum & Nagelberg LLP.

Centre 1 Bancorp, Inc. Acquisition Synergy

This is arguably the most significant partnership, moving from a target to an integrated entity. The closing is expected in the first quarter of 2026, with system conversion following in the second quarter of 2026. The combination, based on June 30, 2025, figures, will create an entity with total assets of approximately $5.91 billion, loans of about $4.58 billion, and deposits near $4.89 billion. This brings in First National Bank and Trust's wealth management services for Bank First customers, and Centre shareholders benefit from Bank First's 40% stake in Ansay & Associates.

Finance: review the pro-forma capital impact of the $174.3 million transaction value on Q4 2025 projections by next Tuesday.

Bank First Corporation (BFC) - Canvas Business Model: Key Activities

You're looking at the core engine of Bank First Corporation (BFC) as it stands near the end of 2025, right on the cusp of a major expansion. The key activities revolve around disciplined lending, securing stable funding, and executing strategic growth moves.

Commercial, agricultural, and consumer loan origination is central. As of September 30, 2025, total loans stood at $3.63 billion. This portfolio saw growth, increasing by $158.7 million from September 30, 2024, and growing at an annualized pace of 5.5% during the third quarter of 2025. The loan book is being actively managed and grown, even as the bank prepares for the post-acquisition structure.

Deposit gathering and core deposit maintenance is the lifeblood. At September 30, 2025, total deposits for Bank First Corporation were $3.54 billion. A critical activity is maintaining a high proportion of low-cost funding; noninterest-bearing demand deposits comprised 28.2% of total deposits on that date.

The activity of executing strategic acquisitions and integration is paramount for near-term strategy. Bank First Corporation signed the definitive agreement for the $174.3 million all-stock acquisition of Centre 1 Bancorp, Inc. on July 17, 2025. Regulatory approvals were secured by October 16, 2025, with the transaction expected to close on January 1, 2026. This move is designed to expand the footprint into southern Wisconsin and northern Illinois.

Providing wealth management and insurance services is a key diversification activity, bolstered by the pending acquisition. Bank First Corporation already offers trust and investment advisory services in collaboration with regional partners, and insurance services are available through its bond with Ansay & Associates, LLC. The acquisition of Centre 1 Bancorp, which includes First National Bank and Trust's wealth management services, is explicitly intended to add these capabilities for revenue diversification.

Managing a $4.42 billion asset base (Sep 2025) frames the scale of current operations before the merger closes. This asset base reflects the ongoing, day-to-day management of the balance sheet, including loan quality oversight-nonperforming assets to total assets ended Q3 2025 at 0.31%.

Here's a quick look at the key balance sheet and growth metrics as of late 2025, incorporating the projected combined figures post-merger for context on the scale of the key activities:

The core operational focus areas supporting these numbers include:

• Maintaining a quarterly cash dividend of $0.45 per common share.
• Achieving net income of $18.0 million for the third quarter of 2025.
• Delivering a five-year annual earnings growth rate of 16.4%.
• Operating with a net profit margin of 41.5% as of late 2025.
• Managing a loan portfolio where nonperforming assets were only 0.31% of total assets at September 30, 2025.

The acquisition activity itself is valued at $174.3 million in aggregate consideration. Analysts project the transaction could add $0.25-$0.35 per share in earnings by 2027.

Finance: draft 13-week cash view by Friday.

Bank First Corporation (BFC) - Canvas Business Model: Key Resources

You're looking at the core assets that Bank First Corporation (BFC) uses to deliver its value proposition. These aren't just line items; they are the engine room of the operation as of late 2025.

The physical and digital infrastructure is critical here. Bank First Corporation maintains a network of 27 banking locations, which are situated primarily across Wisconsin. This physical footprint is supported by the people who run the branches and the back office. As of the latest figures, Bank First Corporation has 366 full-time equivalent staff dedicated to operations.

The financial heft of the organization is a key resource, especially the funding base. You see this clearly when you look at the balance sheet snapshot from September 30, 2025.

That core deposit base of $3.54 billion is particularly important; nearly all of Bank First Corporation's total deposits are classified this way, meaning they are relatively stable, low-cost funding sources. Also, the technology stack is a necessary resource for modern banking, including the proprietary online and mobile banking platforms Bank First Corporation uses to serve customers.

Beyond the balance sheet and headcount, Bank First Corporation also relies on intangible and partnership resources to round out its capabilities. These include:

• Proprietary online and mobile banking platforms for digital service delivery.
• Insurance services available through a bond with Ansay & Associates, LLC.
• Trust, investment advisory, and other financial services offered in collaboration with several regional partners.

The total assets stood at $4.42 billion on September 30, 2025. Finance: draft 13-week cash view by Friday.

Bank First Corporation (BFC) - Canvas Business Model: Value Propositions

You're looking at the core promises Bank First Corporation (BFC) makes to its customers, especially now, following the strategic acquisition of Centre 1 Bancorp, Inc.

Relationship-focused, community-based banking model

Bank First Corporation emphasizes deep community roots, a value shared with the acquired institution. This commitment is evidenced by the stability of their deposit base. As of June 30, 2025, Bank First Corporation's non-interest-bearing deposits represented 22% of its total deposits, which was $3.60 billion at that time. This figure is notably above the industry average of under 20%, suggesting strong, sticky customer relationships that form the foundation of the business.

Local decision-making for faster, personalized service

The model is built on responsive service derived from localized authority. This structure is intended to cut through bureaucracy, helping you get decisions faster than you might at a larger, more centralized institution. The merger expands this community-oriented footprint into new relationship-oriented markets in southern Wisconsin and northern Illinois.

Comprehensive financial solutions: banking, wealth, and insurance

Bank First Corporation offers a full suite of services, moving beyond basic transaction accounts. The value proposition includes integrating specialized services through strategic partnerships and ownership stakes. You gain access to:

• Wealth management services, enhanced by the integration of The First National Bank and Trust Company's capabilities.
• Insurance offerings through Bank First's 40% ownership stake in Ansay & Associates, an independent insurance agency.

Expanded lending capacity post-merger (combined assets nearly $6 billion)

The acquisition of Centre 1 Bancorp significantly bolsters the balance sheet, unlocking greater capacity to support customer needs. Based on financial results as of June 30, 2025, the combined entity will possess total assets of approximately $5.91 billion. This growth translates directly into enhanced lending power for the combined customer base.

Relationship pricing, like a 0.25% mortgage rate reduction

A key component of the relationship model is offering preferential terms to established customers. While the specific 0.25% mortgage rate reduction is a stated goal of relationship pricing, Bank First Corporation provides concrete mortgage offerings to illustrate its product depth. For instance, as of early December 2025, featured purchase rates for highly qualified borrowers included:

These rates are based on specific qualification criteria, such as a credit score of 740 or above and a debt-to-income ratio under 40%. Finance: draft 13-week cash view by Friday.

Bank First Corporation (BFC) - Canvas Business Model: Customer Relationships

You're looking at how Bank First Corporation (BFC) keeps its customers close, which is central to its community bank identity, especially as it grows through acquisitions like the announced Centre 1 Bancorp, Inc. deal valued at roughly $174.3 million as of July 17, 2025.

High-touch, relationship-driven service model

Bank First Corporation emphasizes a service model rooted in personal connection. CEO Mike Molepske noted that the team of relationship-focused bankers drove significant financial returns in the first quarter of 2025. This focus is set against a backdrop where, industry-wide in 2025, 89% of consumers are satisfied with their financial institution, yet 17% are likely to switch banks. Bank First Corporation operates through 27 banking locations in Wisconsin as of mid-2025, supported by approximately 366 full-time equivalent staff. This structure supports a model where the bank aims to cultivate the deep confidence customers have in their primary bank, which is trusted twice as much as tech companies for advice.

Dedicated commercial and treasury management officers

The commitment to dedicated officers underpins the service for business clients. While the exact count of dedicated officers isn't public, the structure supports a significant asset base managed by a lean team. As of June 30, 2025, Bank First Corporation managed total assets of $4.37 billion. This translates to approximately $11.94 million in assets per full-time equivalent staff member, suggesting a high level of responsibility and direct client engagement for those in commercial and treasury roles. The bank offers Treasury Management services including Remote Deposit Capture and Positive Pay. The planned combined entity post-Centre 1 merger is projected to control roughly $5.91 billion in assets, which will further test the capacity of this relationship-focused staffing model.

Personalized service through branch staff

Personalized service starts at the branch level, which is the initial point of contact for many new consumer and small business customers. Bank First Corporation maintains its 27 banking locations in Wisconsin, a network that the company has grown through both acquisitions and de novo branch expansion. The bank's core deposit strength, with more than 25% of funds sitting in non-interest-bearing checking accounts, is often a direct result of strong local relationships built by branch staff. This 'sticky, cost-nothing cash' provides a financial cushion, which is a direct outcome of customer loyalty that relationship banking aims to secure.

Relationship-based pricing for multiple product users

Bank First Corporation structures its offerings to reward deeper relationships, though specific discount percentages are proprietary. The strategy is evident in the focus on cross-selling wealth management and insurance services to diversify revenue beyond lending. The merger with Centre 1 Bancorp, for instance, is expected to add $0.25-$0.35 per share in earnings by 2027, driven in part by expanded cross-selling. The bank offers a suite of products that encourage bundling, including Personal Checking, Savings, Wealth Management, and Business services like SBA Lending and Commercial Real Estate Loans. The net interest margin (NIM) improvement to 3.72% in Q2 2025, partly due to new loans pricing higher while deposits reprice lower, shows the benefit of managing the asset/liability mix, which is often optimized for long-term, multi-product clients.

The bank's strategy is to use its physical presence and dedicated personnel to foster relationships that result in sticky, low-cost deposits and cross-sold services. If onboarding for new products takes 14+ days, churn risk rises, so efficiency in service delivery is key to maintaining the high satisfaction seen across the industry.

Finance: draft 13-week cash view by Friday.

Bank First Corporation (BFC) - Canvas Business Model: Channels

You're looking at how Bank First Corporation (BFC) gets its products and services into the hands of its customers across Wisconsin and beyond. The channel strategy balances a physical presence with modern digital access, which is key for a community-focused bank growing its footprint.

The core of the physical channel remains its established brick-and-mortar footprint. As of late 2025, Bank First Corporation provides its full suite of loan, deposit, and treasury management products through its 27 banking locations exclusively within Wisconsin. This network is actively managed, with a recent announcement in November 2025 regarding the grand opening of a new branch in Denmark.

The digital channel is clearly a priority, supporting the physical network. Bank First has deployed a new digital banking platform that is now live, featuring enhanced functionality, a sleek design, and tools built for remote management. This platform supports core functions like balance inquiries, fund transfers, bill payment, and mobile check deposit.

For cash access, the bank relies on its owned locations and participation in shared networks. While the exact total number of proprietary and shared ATMs for 2025 isn't explicitly detailed in the latest reports, Bank First prominently features access to MoneyPass ATMs on its public-facing materials, indicating a broad, surcharge-free network reach beyond its own branches.

The direct sales force is crucial for the more complex, relationship-driven products, particularly in lending. This channel focuses on delivering specialized services to commercial and agricultural clients. The bank's Relationship Managers are standing by to guide clients through processes like mortgage applications. The scale of this channel supports a significant loan portfolio; as of September 30, 2025, total loans stood at $3.63 billion.

The overall reach and scale of the channels are reflected in the balance sheet figures as of September 30, 2025, which show total assets of $4.42 billion and total deposits of $3.54 billion. Furthermore, the announced merger with Centre 1 Bancorp, Inc., based on June 30, 2025 financials, is set to expand the combined entity's asset base to nearly $5.91 billion, indicating a significant expansion of the channel footprint into northern Illinois markets post-conversion.

Here is a summary of the key channel metrics and associated financial scale:

The bank's channel strategy supports its relationship-based model through specific service offerings:

• Physical Branch Services: Loan origination, deposit taking, and treasury management products.
• Digital Platform Features: Mobile check deposit, real-time alerts, and 24/7 account management.
• Lending Focus: Direct support for agricultural operations, real estate purchases, and business expansion.
• Partnership Channels: Trust, investment advisory, and insurance services offered via regional partners.

Bank First Corporation (BFC) - Canvas Business Model: Customer Segments

You're looking at the core groups Bank First Corporation (BFC) serves as of late 2025. This isn't just about who banks there; it's about the specific financial needs they meet across their footprint, which is heavily concentrated in Wisconsin, with strategic expansion noted.

Bank First Corporation (BFC) serves a diverse set of clients, ranging from individuals managing daily finances to businesses needing commercial credit and specialized agricultural support. The bank's structure, including its 27 banking locations in Wisconsin, is built to support these distinct segments. Relationships are at the core of how Bank First Corporation builds and maintains its business, often using local architects and contractors who are also customers.

The scale of the operations supporting these segments, as of the third quarter of 2025, shows a significant asset base:

The bank is actively growing, evidenced by the total loans increasing by $112.5 million from December 31, 2024, to September 30, 2025.

Here is the breakdown of the primary customer segments Bank First Corporation targets:

• Individuals and families (consumer banking)
• Small to mid-sized businesses and professionals
• Agricultural clients (a defintely strong historical focus)
• High-net-worth individuals (via wealth management services)

The geographic focus is clearly defined, though the prompt mentions northern Illinois, the latest data emphasizes Wisconsin expansion:

• Customers primarily in Wisconsin, served by 27 banking locations.
• Strategic expansion into Door County with a new office opening in the second quarter of 2025.
• The upcoming acquisition of First National Bank & Trust in Beloit, Wisconsin, scheduled to close on January 1, 2026, signals continued in-state growth.

For Individuals and families (consumer banking), Bank First Corporation offers a full suite of deposit products, including checking, savings, money market accounts, and Certificates of Deposit (CDs). They also provide home mortgage loans and secured/unsecured consumer loans. Noninterest-bearing demand deposits represented 28.2% of total deposits as of September 30, 2025.

The Small to mid-sized businesses and professionals segment is served through commercial and industrial loans, commercial real estate loans, and construction/development financing. Treasury Management Services, like remote deposit capture and payroll services, are tailored for these entities to optimize cash flow.

The segment with a strong historical focus, Agricultural clients, receives specialized loan products such as operating loans, equipment financing, and land loans. While the exact loan percentage is not segmented in the latest reports, the historical focus remains a key part of the value proposition.

High-net-worth individuals access trust, investment advisory, and other financial services, often in collaboration with regional partners like Ansay & Associates, LLC, in which Bank First Corporation holds a 40.0% interest.

The bank's overall recognition, such as being named one of America's Best Banks for 2025 by Forbes, reflects its ability to serve this customer base effectively across its metrics of growth, profitability, and credit quality.

Finance: review the pro-forma asset mix post-Beloit acquisition by October 31st.

Bank First Corporation (BFC) - Canvas Business Model: Cost Structure

You're looking at the expense side of Bank First Corporation (BFC)'s operations as of late 2025, right after they've navigated significant M&A activity. Honestly, the cost structure is heavily influenced by personnel, the ongoing cost of funding, and the one-time hits from integrating new businesses.

The primary cost drivers for Bank First Corporation (BFC) during the third quarter of 2025 included interest paid on liabilities, employee-related expenses, and general operating overhead, plus specific merger charges.

For the third quarter of 2025, Bank First Corporation (BFC) reported a consolidated cost of funds of 1.93%. This metric gives you a sense of the overall expense to fund their assets, which is directly tied to interest paid on customer deposits and other borrowings. The Net Interest Margin (NIM) for Q3 2025 was 3.88%.

Personnel and compensation costs are a major component of noninterest expense. For the third quarter of 2025, the growth in noninterest expense was primarily driven by an increase in salaries and employee benefits of $3.5 million compared to the prior-year third quarter. The specific number of 366 FTE staff was not explicitly detailed in the latest filings I have access to, so I can only report the change in compensation expense.

Branch and technology infrastructure operating expenses fall under occupancy expense and other noninterest expenses. Occupancy expense contributed to the rise in noninterest expense, largely due to repairs and maintenance. In a related context from earlier in 2025, higher data-processing bills were noted as a cost tied to digital banking upgrades.

Merger-related expenses are a clear, quantifiable cost. Bank First Corporation (BFC) incurred over $891,000 in merger expenses through the first nine months of 2025 related to the acquisition of First National Bank & Trust in Beloit Wisconsin. Specifically for Q3 2025, outside service fees related to the acquisition of Centre 1 Bancorp, Inc. totaled $0.9 million. The non-GAAP reconciliation for Q3 2025 also listed $0.862 million in acquisition-related expenses.

Here's a quick look at the key cost-related figures we have for Bank First Corporation (BFC) around Q3 2025:

You should also note the total noninterest expense for Q3 2025 was $21.1 million, which is up from $20.8 million in the prior quarter.

The structure of these costs can be broken down by the general categories that make up the noninterest expense:

• Personnel and compensation costs (salaries and benefits)
• Occupancy expense (branch/infrastructure)
• Outside service fees (including M&A integration costs)
• Other noninterest expense driven by professional fees

If onboarding the acquired entities takes longer than expected, those outside service fees and professional fees could definitely spike again next quarter. Finance: draft 13-week cash view by Friday.

Bank First Corporation (BFC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Bank First Corporation generates its top-line income as of late 2025. It's a classic banking model, heavily reliant on the spread between what they earn on assets and what they pay for liabilities, supplemented by fees for services.

The primary driver remains Net Interest Income (NII), which flows directly from the balance sheet. At the close of the third quarter of 2025, Bank First Corporation reported total loans outstanding of $3.63 billion. This loan portfolio is the engine for NII. For a recent quarterly snapshot, Net Interest Income for the second quarter of 2025 was $36.7 million.

The firm's consensus estimate for its total revenue for the full 2025 fiscal year sits at $175.1 million. This top-line projection is supported by the bottom-line performance reported through the first nine months of 2025, where Bank First Corporation posted a net income of $53.1 million.

Non-Interest Income provides diversification, coming from wealth management, insurance, and various service fees. This stream is important for stability when interest rate environments shift. Here's a look at the quarterly non-interest income figures we have for 2025:

You can see the fee-based income stream is lumpy, partly due to one-time items like the BOLI (Bank Owned Life Insurance) death benefit mentioned in Q1. The wealth management component, largely through the Ansay & Associates, LLC investment, contributed $1.2 million in the second quarter of 2025 alone. This is a key part of the non-interest income bucket.

Fees from treasury management and other banking services are bundled within the non-interest income. For the third quarter of 2025, management noted that specific components like trust revenue, treasury income, sweep fees and securities transactions all saw increases compared to the third quarter of 2024. These are the direct fees for services like cash management for business clients.

To summarize the key performance indicators related to revenue generation as of late 2025:

• Total Loans (9/30/2025): $3.63 billion
• Net Income (9M 2025): $53.1 million
• Projected Full Year 2025 Revenue: $175.1 million
• Q2 2025 Net Interest Income: $36.7 million
• Q3 2025 Non-Interest Income: $6.0 million

Finance: draft 13-week cash view by Friday.