Bank First (BFC) vs Merchants Bancorp (MBIN)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Merchants Bancorp (MBIN) has outperformed Bank First (BFC) over the past year, gaining 54.8% versus a gain of 12.0%. Over five years, BFC leads with a +109.9% price change compared with +78.9% for MBIN. Merchants Bancorp is the larger company by market cap ($2.29 billion vs $1.64 billion), about 1.4 times the size, while Bank First is growing revenue faster (+10.4% vs +1.6%).
On valuation, Merchants Bancorp trades at a lower forward P/E (8.3x vs 12.4x for Bank First). Bank First offers the higher dividend yield (1.32% vs 0.84%). Bank First converts more of its revenue into profit, with a net margin of 41.1% versus 32.1%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | BFC | MBIN |
|---|---|---|
| Share price | $147.98 | $49.80 |
| Market cap | $1.64B | $2.29B |
| 1-day change | +0.31% | +0.97% |
| YTD return | +21.10% | +46.21% |
| 1-year return | +11.96% | +54.75% |
| 5-year return | +109.95% | +78.92% |
| P/E ratio (TTM) | 19.24 | 10.00 |
| Forward P/E | 12.40 | 8.29 |
| EPS (TTM) | $7.69 | $4.98 |
| Dividend yield | 1.32% | 0.84% |
| Annual dividend | $1.95 | $0.42 |
| Revenue (latest FY) | $173.88M | $681.45M |
| Revenue growth (YoY) | +10.41% | +1.60% |
| Net income (latest FY) | $71.50M | $218.77M |
| Net margin | 41.12% | 32.10% |
| 52-week high | $159.10 | $56.87 |
| 52-week low | $119.08 | $30.37 |
| Distance from 52-week high | -6.99% | -12.43% |
| Analyst consensus | none | hold |
| Avg. price target upside | +10.15% | +28.51% |
| Average volume | 77.78K | 186.70K |
| Shares outstanding | 11.09M | 45.94M |
| Employees | 554 | 735 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- MBIN has outperformed BFC by 42.8 percentage points over the past year.
- Bank First trades at a higher earnings multiple (19.2x vs 10.0x trailing P/E).
- Bank First is more profitable, keeping 41.1 cents of every revenue dollar as net income versus 32.1 cents for Merchants Bancorp.
- Bank First grew revenue faster in its latest fiscal year (+10.41% vs +1.60%).
About Bank First
BFC stock →Bank First Corporation operates as a holding company for Bank First, N.A. that provides consumer and commercial financial services to businesses, professionals, and consumers, in Wisconsin.
Finance · Major Banks · 554 employees
About Merchants Bancorp
MBIN stock →Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking.
Finance · Major Banks · 735 employees
BFC vs MBIN FAQ
Which is bigger, Bank First or Merchants Bancorp?
Merchants Bancorp (MBIN) is larger, with a market capitalization of $2.29B compared with $1.64B for Bank First (BFC).
Which stock has performed better over the past year, BFC or MBIN?
MBIN returned +54.75% over the past 12 months, compared with +11.96% for BFC (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, BFC or MBIN?
MBIN has the lower trailing P/E at 10.0, versus 19.2 for BFC. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Bank First or Merchants Bancorp?
Bank First has the higher yield at 1.32%, compared with 0.84% for Merchants Bancorp.
Are Bank First and Merchants Bancorp in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.