BFC vs BY

Key Takeaways

• Bank First Corporation (BFC) and Byline Bancorp (BY) are both well-established Midwestern regional banks, but they differ markedly in scale, business model, and growth trajectory.
• BY has delivered stronger recent price momentum, with a year-to-date gain of roughly 35% compared to approximately 26% for BFC, and trades at a notably lower price-to-earnings (P/E) ratio.
• BFC offers a lower-beta profile (0.41) and has demonstrated a commitment to returning capital to shareholders through regular and special dividends, including a recent 11.1% quarterly dividend increase.
• Both banks completed transformative acquisitions in the past year, but BY operates with a meaningfully higher net interest margin (NIM) — the spread between what a bank earns on loans and pays on deposits — and a more diversified revenue mix through government-guaranteed lending and equipment leasing.
• Investors seeking value and faster growth may find BY compelling, while those prioritizing stability, lower volatility, and consistent capital returns may gravitate toward BFC.

Introduction

Regional banks occupy a distinctive space in the financial sector, combining community-level customer relationships with the operational discipline of publicly traded institutions. Bank First Corporation (BFC), headquartered in Manitowoc, Wisconsin, and Byline Bancorp, Inc. (BY), based in Chicago, Illinois, represent two different approaches to regional banking in the Upper Midwest. Both have used acquisitions to expand their footprints and both have posted robust earnings growth over the past year. Yet their recent market performance, valuation profiles, and strategic positioning diverge in ways that matter for portfolio construction. This comparison examines how these two banks stack up across key metrics that active traders and long-term investors alike may find relevant.

BFC Overview and Recent Performance

Bank First Corporation (BFC) is the holding company for Bank First, N.A., a community-focused institution founded in 1894. The bank provides loan, deposit, treasury management, trust, and wealth management services across 38 locations in Wisconsin and Illinois. Its most transformational event in recent memory was the acquisition of Centre 1 Bancorp, Inc., the parent of First National Bank and Trust Company, which closed on January 1, 2026. This deal — more than twice the size of any previous merger — expanded Bank First into new Wisconsin and Illinois counties and added trust and wealth management capabilities.

In recent weeks, BFC shares have traded near the upper end of their 52-week range, supported by solid earnings performance. For the full year 2025, the company reported net income of $71.5 million, or $7.23 per diluted share, representing an increase of more than 15% year over year on an adjusted basis. Revenue in the first quarter of 2026 surged approximately 39% year over year, driven largely by the newly integrated acquisition. The stock's beta of 0.41 indicates significantly lower volatility than the broader market, and the bank's nonperforming assets remain negligible at just 0.31% of total assets. A recently increased quarterly dividend of $0.50 per share — an 11.1% increase — reinforced the company's shareholder-return focus. Analysts currently maintain a consensus "Buy" rating with a price target of $163.

BY Overview and Recent Performance

Byline Bancorp, Inc. (BY) operates as the holding company for Byline Bank, a full-service commercial bank serving small and medium-sized businesses, commercial real estate clients, financial sponsors, and consumers primarily in the Chicago and Milwaukee metropolitan areas. The company also provides small-ticket equipment leasing through a wholly owned subsidiary and is one of the most active Small Business Administration (SBA) lenders in Illinois. With approximately 45 branches and total assets substantially above those of BFC, Byline operates at a meaningfully larger scale.

Recent market activity has placed BY shares firmly in an uptrend, with the stock trading near all-time highs and posting a year-to-date return of roughly 35% — outpacing many regional-bank peers. Full-year 2025 results underscored the momentum: record revenues of $446.3 million, net income of $130.1 million ($2.89 per diluted share), and a net interest margin of 4.22%, which expanded further to 4.35% in the fourth quarter. The acquisition and integration of First Security Bancorp, completed in the second quarter of 2025, contributed meaningfully to loan and deposit growth. Tangible book value per common share climbed 16.7% year over year to $23.44, while the Common Equity Tier 1 (CET1) ratio — a key measure of a bank's core capital strength — stood at a healthy 12.33%. The stock carries a consensus "Buy" rating from analysts, with an average price target of approximately $42.20.

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Head-to-Head Comparison

Although both BFC and BY are Midwestern regional banks that recently completed acquisitions, their profiles diverge on several important dimensions. BY is the larger entity by total assets and revenue, operates with a notably wider net interest margin (4.35% versus approximately 3.72% for BFC), and trades at a considerably lower P/E ratio — roughly 12x versus roughly 20x. Its business model is more commercially oriented, with diversified revenue streams from SBA loan sales and equipment leasing that supplement traditional net interest income.

BFC, by contrast, is a more traditional community bank with a conservative risk profile reflected in its exceptionally low beta of 0.41 and minimal nonperforming assets. The bank has a strong track record of returning capital to shareholders, including special dividends and regular buybacks, and its recent dividend increase signals management confidence. On valuation, however, BFC commands a premium multiple that may give value-oriented investors pause. Risk factors for both banks include exposure to commercial real estate lending, interest-rate sensitivity, and integration risk associated with their respective acquisitions. BY's higher credit-loss provisions in recent quarters and elevated nonperforming assets relative to BFC warrant attention, though management has characterized these as isolated rather than systemic issues.

Tickeron AI Verdict

Based on observable technical and fundamental factors, Tickeron's AI-driven analytical framework would likely tilt in favor of Byline Bancorp (BY) under current market conditions. The stock's stronger relative momentum, superior net interest margin, lower valuation multiple, and higher year-to-date and one-year returns create a favorable convergence of trend and value signals. The combination of expanding profitability metrics and a still-modest P/E ratio suggests the stock may continue to attract both momentum-oriented and value-seeking algorithms. That said, BFC's lower volatility and disciplined capital management make it a potentially steadier holding for AI models optimized for risk-adjusted returns rather than absolute momentum. Neither stock presents as categorically weak; the preference hinges on whether an algorithm prioritizes growth trajectory and valuation (favoring BY) or stability and capital preservation (favoring BFC). In probabilistic terms, BY currently exhibits the more compelling combination of trend consistency, fundamental improvement, and relative value.

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