Bank First (BFC) DIvidends Date & History

Key Takeaways

• Bank First Corporation (BFC) pays a quarterly dividend of $0.60 per share, with a dividend yield of approximately 1.5%.
• The payout ratio of roughly 27% is conservative, indicating the dividend is well covered by earnings.
• The company has raised its dividend every year since 2013, a streak of more than a decade.
• The five-year dividend growth rate of about 18.7% is well above the regional bank average.
• A one-time special dividend of $3.50 per share was paid in May 2025, reflecting a strong capital position.

Dividend Overview

Bank First Corporation (BFC), a Wisconsin-based bank holding company operating through Bank First N.A., maintains a disciplined but steadily growing dividend program. The company pays its dividend quarterly, with a current regular payout of $0.60 per share. Based on recent trading levels, the stock carries a dividend yield of roughly 1.5%, which is modest relative to many income-oriented investments.

Rather than being classified as a high-yield stock, BFC is better described as a dividend growth stock. Its yield may appear low on the surface, but the company has prioritized consistent annual increases over maximizing current income. This approach, combined with a low payout ratio, positions the dividend for continued growth rather than a high but potentially less sustainable payout.

Dividend History and Growth

Bank First has demonstrated a long-term commitment to returning capital to shareholders. The company has increased its regular dividend each year since 2013, earning recognition as a dividend achiever, a designation given to companies that have raised their payouts for at least a decade consecutively.

The growth has been substantial. Over the past five years, the dividend has grown at an annualized rate of approximately 18.7%, and over the past decade at roughly 12% annually. Recent quarterly increases illustrate the momentum: the payout rose from $0.45 per share in late 2025 to $0.50 in March 2026, $0.55 in June 2026, and $0.60 in September 2026.

The company also returned additional capital through a special dividend of $3.50 per share in May 2025, a sign of surplus capital and a shareholder-friendly management philosophy. This special payment was separate from the regular quarterly dividend and is not counted in the regular payout streak.

Dividend Sustainability and Payout Ratio

The sustainability of Bank First's dividend appears strong. The payout ratio, which measures the portion of earnings distributed as dividends, is approximately 27%. This means the company retains about three-quarters of its earnings to fund operations, absorb potential loan losses, and support future growth. For a regional bank, a payout ratio of this level is considered conservative and leaves ample room to sustain or raise the dividend even in a weaker earnings environment.

Free cash flow coverage is also reasonable, though banks are generally evaluated more heavily on earnings and capital than on traditional free cash flow. Bank First has reported positive net income consistently over the past decade, which supports the reliability of its distributions. The modest payout ratio, steady profitability, and a history of uninterrupted increases collectively suggest the dividend is well covered and likely sustainable.

Dividend Compared to Industry Peers

Within the regional banking sector, Bank First's dividend yield of about 1.5% is below the industry median, which has recently been around 3%. Many regional bank peers offer higher current yields, often in the 3% to 4% range, which reflects both larger payout ratios and, in some cases, less rapid dividend growth.

Where BFC stands out is in its growth trajectory. Its five-year dividend growth rate of roughly 18.7% is among the fastest in its peer group, and its low payout ratio suggests that future increases could continue at a healthy pace. For investors, the trade-off is clear: BFC offers less immediate income than many bank peers, but a more dynamic dividend growth profile. This makes the stock's appeal more oriented toward total return and long-term compounding than toward maximizing current yield.

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Is This Stock Attractive for Dividend Investors?

Bank First Corporation is likely to appeal most to dividend growth investors and long-term, patient investors rather than those seeking high immediate income. With a yield near 1.5%, it does not compete with high-yield bank stocks or fixed-income alternatives for current income. However, its decade-long streak of annual increases, double-digit dividend growth, and conservative payout ratio make it a candidate for investors focused on growing income over time.

The stock may also suit conservative investors who value a well-capitalized regional bank with consistent profitability and a disciplined approach to capital return. The May 2025 special dividend further underscores management's willingness to reward shareholders when conditions allow. Conversely, investors requiring significant current yield or those sensitive to slower near-term income growth may find the modest payout less compelling. Overall, BFC offers a balanced profile centered on steady, above-average dividend growth rather than high yield.

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