MANITOWOC, Wis., Oct. 20, 2016 /PRNewswire/ -- Bank First National Corporation (OTC-PINK: BFNC) reported net income for the third quarter of 2016 of $3.8 million, or $0.60 per share, up 11.1% from the same period in 2015. For the nine months ended September 30, 2016, Bank First earned $11.4 million or $1.82 per share, up 11.7% from the first nine months of 2015.
Net interest income after provision for loan losses was $9.7 million for the quarter ended September 30, 2016, compared to $8.9 million for the prior year third quarter, representing a 9.9% increase year-over-year. Through nine months ended September 30, 2016, net interest income after provision for loan losses totaled $28.5 million, up 9.8% from $26.0 million through the first nine months of 2015.
"We continue to form quality customer relationships in the communities we serve, becoming the bank of choice for businesses and individuals," stated Mike Molepske, Chief Executive Officer. "We have experienced balanced growth over the last twelve months in loans and deposits." Bank First experienced total loan growth of $95.8 million, or 10.3%, from September 2015 to September 2016, ending the period at $1.03 billion in total loans. This loan growth was funded by an increase in core deposits of $94.7 million, or 9.6%, over that same period. Demand deposit accounts, a very low cost source of funding, composed $36.2 million of the overall core deposit growth.
Noninterest expense was $6.3 million in the third quarter of 2016, compared to $5.4 million during the third quarter of 2015. For the nine months ended September 30, 2016, noninterest expense was $18.4 million, up 12.5% from $16.4 million in the prior year period. Bank First's efficiency ratio was 50.2% through the first nine months of 2016, compared to 48.8% through the first nine months of 2015.
Asset quality remained very strong as of September 30, 2016. Nonperforming assets to total assets finished the quarter at 0.22%. Through nine months of 2016 Bank First has realized a net loan recovery (recoveries have exceeded charge offs) of $441,000.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.16 per common share, representing an increase of 6.7% from the prior quarter and an increase of 23.1% from the third quarter of 2015. The dividend is payable on January 4, 2017, to shareholders of record as of December 28, 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, UFS, LLC, which provides data services for over 50 Midwest banks. The Company employs approximately 171 full-time equivalent staff and has assets of $1.35 billion as of September 30, 2016. 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
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SOURCE Bank First National Corporation