MANITOWOC, Wis., April 21, 2017 /PRNewswire/ -- Bank First National Corporation (OTC-PINK:BFNC) reported net income for the first quarter of 2017 of $3.99 million, or $0.64 per share, as compared to $3.85 million, or $0.61 per share, for the first quarter of 2016, representing a 5% year-over-year increase.
Net interest income after provision for loan losses was $9.64 million for the quarter ended March 31, 2017, compared to $9.20 million for the prior year quarter, also representing a 5% increase year-over-year. The increase in net interest margin was a result of 8% loan growth year-over-year. Demand deposits, a low-cost source of funding, remained a significant portion of core deposits, comprising 27% of total deposits at March 31, 2017.
Noninterest income was $2.73 million for the quarter ended March 31, 2017, compared to $2.64 million in the prior year quarter. This increase was the result of higher service charge revenue as well as increased income from the sale and servicing of our secondary market loan portfolio. This increase was offset by a slight decline in revenues contributed by the Bank's investments in UFS, LLC and Ansay & Associates, LLC.
Noninterest expense was $6.35 million for the first quarter of 2017, up from $6.01 million for the first quarter of 2016. Salary expense increased $0.25 million, or 7%, year-over-year as the Bank continued to add quality bankers to serve our growing customer base. Data processing costs increased $0.08 million, or 15%, year-over-year as we invest in technology to provide our customers with innovative banking alternatives. The Bank's efficiency ratio, a measure of how well resources are utilized by an institution, remained very strong at 49.3%.
"We are excited to report continued earnings growth fueled by increasing deposits and loans one relationship at a time," said Mike Molepske, Chief Executive Officer. "We have experienced year-over-year growth in every market we serve. Our Appleton office, in its first year of operation, paced the bank with an increase of nearly $11 million in deposits, 20% of the bank's overall deposit growth. Our Bellevue office, near Green Bay, grew loans by over $22 million to lead our bank in that area."
Total assets were $1.29 billion at March 31, 2017, up 6% from $1.22 billion at March 31, 2016.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.16 per common share, equaling the prior quarter and representing an increase of 14.3% from the dividend declared one year earlier. The dividend is payable on July 6, 2017, to shareholders of record as of June 29, 2017.
For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
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SOURCE Bank First National Corporation