Bank First (BFC) DIvidends Date & History

Key Takeaways

• Bank First Corporation (BFC) pays a quarterly dividend of $0.55 per share, translating to an annualized dividend of $2.20 and a forward dividend yield of approximately 1.50%.
• The company has grown its dividend for 10 consecutive years, with a five-year compound annual dividend growth rate of roughly 18.70%, placing it among the more consistent dividend growers in the regional banking space.
• The dividend payout ratio stands at approximately 27% of trailing earnings, indicating significant headroom for future dividend increases and a conservative approach to capital allocation.
• A special dividend of $3.50 per share was distributed in May 2025, underscoring management's willingness to return excess capital directly to shareholders.
• Bank First's dividend yield is below the broader banking industry median, making the stock better suited for dividend growth investors rather than those seeking high current income.

Dividend Overview

Bank First Corporation, the holding company for Bank First, N.A., is a Wisconsin-based regional community bank founded in 1894. The company provides consumer and commercial financial services across 38 branch locations in Wisconsin and the Stateline area of Illinois, with total assets of approximately $6 billion following its January 2026 acquisition of Centre 1 Bancorp. Bank First pays a regular quarterly cash dividend, currently set at $0.55 per share, which equates to $2.20 annually and produces a forward dividend yield of about 1.50%. With a modest current yield and a strong track record of annual increases, Bank First is best characterized as a dividend growth stock rather than a high-yield play. The bank has demonstrated a disciplined approach to shareholder returns, complementing its regular dividend with occasional special dividends — including a notable $3.50 per share special dividend paid in May 2025 — reflecting its healthy capital position and commitment to returning value to shareholders.

Dividend History and Growth

Bank First has maintained uninterrupted quarterly dividend payments for 17 consecutive years and has raised its regular dividend for 10 consecutive years. The dividend growth trajectory has been particularly strong in recent years. In 2021, the quarterly dividend was $0.22 per share. By mid-2026, the quarterly payout had climbed to $0.55, reflecting a compound annual growth rate of approximately 24.20% over the trailing three-year period and 18.70% over the past five years, according to data from GuruFocus. The bank has consistently raised its quarterly dividend in increments of $0.05, with the most recent increase announced in April 2026. In addition to regular dividend growth, the company paid a $3.50 per share special dividend in May 2025, demonstrating a willingness to distribute surplus capital when appropriate. This consistent upward trajectory, combined with conservative payout metrics, signals that management views the dividend as a key pillar of its shareholder return strategy.

Dividend Sustainability and Payout Ratio

Bank First's dividend appears well-supported by its earnings power. The company's dividend payout ratio — calculated as dividends per share divided by basic earnings per share (EPS) — stands at approximately 27%, based on trailing twelve-month EPS of $7.21. A payout ratio below 30% is considered conservative for a regional bank and provides substantial room for continued dividend growth even in the event of earnings headwinds. On a free cash flow basis, the payout ratio is higher at roughly 68.90%, which, while elevated relative to the earnings-based ratio, remains within a manageable range for a well-capitalized community bank. Bank First's balance sheet is further supported by a disciplined credit culture, a healthy deposit franchise, and a CET1 (Common Equity Tier 1) capital ratio that exceeds regulatory requirements. The bank's acquisition-driven growth strategy — including the completed Centre 1 Bancorp merger and the announced PSB Holdings, Inc. transaction expected to close in late 2026 — should further strengthen its earnings base and long-term dividend capacity.

Dividend Compared to Industry Peers

Within the regional banking sector, Bank First's dividend yield of approximately 1.50% sits below the industry median of roughly 3.05%, according to data compiled by GuruFocus. This places the stock on the lower end of the yield spectrum relative to peers. For context, similarly sized regional banks such as ASB (Associated Banc-Corp) offers a yield near 3.74%, while ONB (Old National Bancorp) yields approximately 2.55%. However, Bank First's payout ratio of around 27% is notably lower than the banking industry median of approximately 32%, suggesting that the company retains more of its earnings to fund organic growth and acquisitions. Where Bank First distinguishes itself is in its dividend growth rate, which at a five-year CAGR (Compound Annual Growth Rate) of 18.70% outpaces many regional banking peers. This combination of a low payout ratio and strong dividend growth history positions Bank First as a compelling candidate for investors who prioritize dividend growth over current yield.

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Is This Stock Attractive for Dividend Investors?

Bank First Corporation may appeal most to dividend growth investors and long-term-oriented shareholders who prioritize steadily rising income over high current yield. With a 10-year streak of consecutive dividend increases and a five-year dividend growth rate near 19%, the company has demonstrated a durable commitment to returning capital to shareholders. The low earnings payout ratio of roughly 27% suggests ample capacity for continued dividend increases even if earnings growth moderates. However, income-focused investors seeking yields above 3% or 4% will likely find Bank First's approximately 1.50% yield insufficient relative to other regional banks or alternative income-oriented asset classes. Additionally, as a relatively small community bank with a market capitalization near $1.6 billion, the stock carries concentration risk tied to the Wisconsin and northern Illinois economies. The company's recent and pending acquisitions add complexity to the earnings profile, and integration-related costs could temporarily pressure free cash flow. On balance, Bank First looks best suited for patient, total-return-oriented investors who value dividend consistency, growth, and a conservative payout philosophy more than immediate high income.

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