Bank First reports 2015 net income of $13.4 million, or $2.13 per share; increases quarterly cash dividend to $0.14 per share
MANITOWOC, Wis., Jan. 22, 2016 /PRNewswire/ -- Bank First National Corporation (OTC PINK: BFNC) reported net income for the year ended December 31, 2015, of $13.4 million, or $2.13 per share, up 7.0% from 2014. For the three months ended December 31, 2015, Bank First earned $3.1 million or $0.49 per share.
Net interest income after provision for loan losses was $35.0 million for the year ended December 31, 2015, compared to $32.9 million for 2014, representing a 6.4% increase year-over-year. For the three months ended December 31, 2015, net interest income after provision for loan losses grew by 13.2% compared to the same period during 2014, rising from $7.9 million to $9.0 million.
Bank First reported total loan growth of $83.6 million, or 9.6%, from December 2014 to December 2015. This was funded by an increase in core deposits of $107.8 million over that same period, up 11.3%. Demand deposit accounts grew by $57.8 million over the course of 2015 and represent 28.3% of core deposits as of December 31, 2015. Total assets of the Corporation increased by 12.0% year-over-year to $1.24 billion at December 31, 2015. The Corporation ended 2015 with $3.48 million in non-performing assets, a decrease of $1.99 million from $5.47 million at the end of 2014. This represents a non-performing assets to total assets ratio of 0.28% for the Corporation as of December 31, 2015.
Noninterest income was $7.5 million during 2015, compared to $7.9 million during 2014. The primary cause of the decrease in noninterest income was a decline in revenues contributed by the Bank's investment in Ansay & Associates, LLC (Ansay) as they absorbed one-time expenses from a current year business acquisition leading to a year-over-year negative variance of $0.63 million. During 2014 the Corporation sold several municipal securities which were classified as available-for-sale leading to a gain on sale of investments during that year of $0.51 million. No securities available-for-sale were sold during 2015, leading to a decrease in this area of noninterest income.
Noninterest expense was $22.3 million during 2015, compared to $21.9 million during the prior year, an increase of 1.8%. Increases in salaries and benefits were offset by lower occupancy costs and favorable trends in gains and losses on sales of other real estate owned, leading to a very nominal year-over-year increase in noninterest expense. "We are very pleased to report record earnings for Bank First for the year ended December 31, 2015. As we look toward 2016 we anticipate our investment in Ansay will return historic profitability. January 2016 saw the opening of our office location in Appleton," stated Mike Molepske, Chief Executive Officer at Bank First. "These events, along with the strong foundation we have in our established markets, gives us great confidence in our ability to continue to deliver on our goal of creating value for the communities we serve, resulting in exceptional returns for our shareholders."
The Corporation's Board of Directors approved a quarterly cash dividend of $0.14 per common share, a 7.7% increase from the previous quarter. The dividend is payable on April 6, 2016, to shareholders of record as of March 23, 2016.
Bank First National Corporation (BFNC) provides financial services through its subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, Sheboygan, Outagamie, and Winnebago counties. The Bank has grown through both acquisitions and de novo branch expansion. The Bank offers loan, deposit and treasury management products at each of its banking offices. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the Bank's partnership with Legacy Private Trust, an alliance with Morgan Stanley and an affiliation with McKenzie Financial Services, LLC. The Bank is a co-member of a data processing subsidiary, United Financial Services, LLC, which provides data services for over 50 Midwest banks. The Company employs approximately 160 full-time equivalent staff and has assets of $1.24 billion as of December 31, 2015. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.
For further information, contact:
Kevin M. LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
[email protected]
SOURCE Bank First National Corporation
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