Bank First reports 10.9% increase in earnings per share, declares a per share cash dividend of $0.13

News provided by

Bank First National Corporation

Jul 22, 2015, 04:51 ET

MANITOWOC, Wis., July 22, 2015 /PRNewswire/ -- Bank First National Corporation (BFNC) reported net income for the second quarter of 2015 of $3.4 million, or $0.54 per share, as compared to $3.1 million, or $0.48 per share, for the second quarter of 2014, representing a 10.9% year-over-year increase.

Net interest income after provision for loan losses was $8.8 million for the quarter ended June 30, 2015, compared to $8.1 million for the prior year quarter, representing an 8.95% increase year-over-year.

"The increase in net interest margin is a reflection of continued growth in customer relationships cultivated by the dedicated Bank First team. In an environment that is very unfavorable to margin growth we continue to outpace peers in our industry as we affirm our reputation as a relationship-based community bank focused on providing innovative products and services that are value driven," said Mike Molepske, President and Chief Executive Officer at Bank First.

Noninterest income was $1.6 million for the quarter ended June 30, 2015, compared to $1.8 million in the prior year quarter. The Bank experienced a 32% increase year-over-year in income produced by residential mortgage origination. This increase was offset by a $0.44 million decrease in revenues contributed by the Bank's investment in Ansay & Associates, LLC as they absorb one-time expenses from a current year business acquisition.

Noninterest expense was $5.3 million for the second quarter of 2015, down from $5.4 million for the second quarter of 2014.

Total assets were $1.13 billion at June 30, 2015, up 3.4% from $1.09 billion at June 30, 2014.

The Corporation's Board of Directors approved a quarterly cash dividend of $0.13 per common share, an increase of 8.3% from the dividend declared one year earlier. The dividend is payable on October 2, 2015, to shareholders of record as of September 18, 2015.

Bank First National Corporation (BFNC) provides financial services through its sole subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 11 banking locations in Manitowoc, Brown, Sheboygan, 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 56 Midwest banks. The Company employs approximately 156 full-time equivalent staff and has assets of $1.13 billion as of June 30, 2015. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.

Forward Looking Statements: This news release may contain certain "forward-looking statements" that represent Bank First National Corporation's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by Bank First National Corporation or on its behalf. Bank First National Corporation disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of or guarantees of future price performance.

For further information, contact:
Kevin M. LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
[email protected]



BANK FIRST NATIONAL CORPORATION

AND SUBSIDIARIES

Consolidated Balance Sheets










ASSETS

6/30/2015

12/31/2014

6/30/2013

6/30/2014

YOY Change

Cash and due from Banks

$      20,955,364

$       27,583,639

$      20,086,758

$      32,716,409

$ (11,761,045)

Interest-bearing deposits

13,440,344

34,158,343

9,369,466

5,940,795

$    7,499,549

Federal funds sold

1,597,141

111,055

31,000

-

1,597,141

Cash and cash equivalents

35,992,849

61,853,037

29,487,223

38,657,204

(2,664,355)








Securities available for sale, at fair value

125,056,541

111,160,704

113,145,025

111,316,389

13,740,152

Other investments, at cost

2,958,417

2,958,417

2,958,417

2,958,417

-








Loans held for sale

443,000

-

405,000

281,600

161,400

Loans

903,941,654

873,057,666

787,673,901

865,298,108

38,643,546

Allowance for loan loss

(9,544,533)

(9,257,863)

(8,359,727)

(8,951,629)

(592,904)

Loans, net

894,397,121

863,799,803

779,314,175

856,346,479

38,050,642








Premises and equipment, net

11,437,482

11,152,610

10,028,209

9,894,169

1,543,313

Goodwill

7,983,933

7,983,933

7,983,933

7,983,933

-

Intangible assets, net

30,268

39,349

66,590

48,429

(18,161)

Mortgage Servicing Rights

2,315,247

2,387,984

2,426,654

2,345,851

(30,604)

Investment in minority owned subsidiaries

17,132,960

16,052,453

14,809,399

15,597,429

1,535,531

Deferred tax

2,061,443

-

-

-

2,061,443

Other real estate owned

2,926,577

2,943,306

4,630,880

2,208,677

717,900

Cash value of life insurance

19,749,460

19,485,872

20,032,147

20,102,335

(352,875)

Other assets

4,025,433

5,191,088

3,445,233

21,646,477

(17,621,044)

Total Assets

$ 1,126,510,731

$ 1,105,008,556

$    988,732,883

$ 1,089,387,389

$  37,123,342








LIABILITIES AND SHAREHOLDERS' EQUITY








Deposits

$    968,908,862

$    954,740,341

$    840,904,189

$    903,421,419

$  65,487,443

Fed funds purchased

-

-

9,148,019

-

-

Securities sold under repurchase agreements

23,302,113

30,512,837

30,077,485

32,603,280

(9,301,167)

Borrowed funds

13,000,000

-

-

20,000,000

(7,000,000)

Dividend Payable 

819,667

753,146

-

700,626

119,041

Notes payable

-

-

5,350,000

2,905,000

(2,905,000)

Other liabilities

6,329,452

9,939,792

4,674,862

23,414,086

(17,084,634)

Total liabilities

1,012,360,094

995,946,116

890,154,556

983,044,411

29,315,683








Stockholders' Equity








Common stock--$0.01 par value: Authorized--20,000,000 shares Issued--6,714,252 

67,146

67,146

67,146

67,146

-

Additional paid-in-capital

2,555,939

2,606,052

2,518,228

2,519,621

36,318

Retained earnings

118,618,223

113,339,662

99,690,990

108,518,077

10,100,146

Accumulated other comprehensive income

653,240

1,434,544

1,754,659

1,648,244

(995,004)

Treasury stock,  at cost 

(7,743,911)

(8,384,964)

(5,452,696)

(6,410,110)

(1,333,801)

Total stockholders' equity

114,150,637

109,062,440

98,578,327

106,342,978

7,807,659

Total Liabilities and Stockholders' Equity

$ 1,126,510,731

$ 1,105,008,556

$    988,732,883

$ 1,089,387,389

$  37,123,342



BANK FIRST NATIONAL CORPORATION

AND SUBSIDIARIES

Consolidated Quarterly Statements of Income














6/30/2015

% of gross revenue

6/30/2014

% of gross revenue

YOY Quarter Change

Interest/Dividend income:







Loans, including fees

$ 9,139,251

76.8%

$ 9,147,626

78.7%

$         (8,375)

Federal funds sold

32,784

0.3%

56

0.0%

32,728

Securities:







  Taxable

342,683

2.9%

333,597

2.9%

9,086

  Tax-exempt

743,954

6.3%

407,034

3.5%

336,920

Other

8,557

0.1%

(24,795)

-0.2%

33,352

Total interest income

10,267,229

86.3%

9,863,518

84.8%

403,711









Interest expense:







Deposits

1,213,138

10.2%

1,146,630

9.9%

66,508

Securities sold under repurchase agreements

20,673

0.2%

26,716

0.2%

(6,043)

Borrowed funds

5,473

0.0%

17,114

0.1%

(11,641)

Total interest expense

1,239,284

10.4%

1,190,460

10.2%

48,824









Net interest income

9,027,945

75.9%

8,673,058

74.6%

354,887

Provision for loan losses

200,000

1.7%

570,000

4.9%

(370,000)

Net interest income after provision 

8,827,945

74.2%

8,103,058

69.7%

724,887









Noninterest income:







Wealth Management Revenue

28,802

0.2%

26,843

0.2%

1,959

Service charges

566,579

4.8%

612,264

5.3%

(45,685)

Income from Ansay

(101,037)

-0.8%

338,813

2.9%

(439,850)

Loan servicing income

196,076

1.6%

196,079

1.7%

(3)

Income from UFS

590,418

5.0%

277,635

2.4%

312,783

Net gain on sales of mortgage loans

182,376

1.5%

137,760

1.2%

44,616

Net gain on sales of securities

-

0.0%

-

0.0%

-

Other

171,625

1.4%

175,743

1.5%

(4,118)

Total Noninterest income

1,634,839

13.7%

1,765,137

15.2%

(130,298)









Noninterest expense:







Salaries, commissions, and employee benefits

2,785,569

23.4%

2,548,228

21.9%

237,341

Occupancy

630,531

5.3%

789,183

6.8%

(158,652)

Data processing

430,397

3.6%

355,503

3.1%

74,894

Loss on sales of OREO

(1,225)

0.0%

236,664

2.0%

(237,889)

Postage, stationery, and supplies

102,573

0.9%

100,477

0.9%

2,096

Advertising

73,624

0.6%

49,885

0.4%

23,739

Outside service fees

450,694

3.8%

506,979

4.4%

(56,285)

Amortization of intangibles

4,540

0.0%

4,540

0.0%

-

Other

864,229

7.3%

826,720

7.1%

37,509

Total Noninterest expense

5,340,932

44.9%

5,418,179

46.6%

(77,247)

Income before provision for income taxes

5,121,852

43.0%

4,450,016

38.3%

671,836

Provision for income taxes

1,732,290

14.6%

1,363,200

11.7%

369,090

Net income

$ 3,389,562

$ 3,086,816

$      302,746









QTR Average Shares outstanding

6,308,206

6,373,369

(65,164)









Earnings per share--common shareholders

$          0.54

$          0.48

$            0.05

BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Income YTD













YTD

YTD

YOY 



6/30/2015

6/30/2014

Change

Interest/Dividend income:






Loans, including fees

$ 18,118,672

$ 18,182,064

$  (63,392)

Federal funds sold

52,276

3,704

48,572

Securities:






  Taxable

738,826

667,681

71,145

  Tax-exempt

1,180,214

854,390

325,824

Other

22,127

(120,054)

142,181

Total interest income

20,112,115

19,587,785

524,330








Interest expense:






Deposits

2,403,285

2,273,290

(129,995)

Securities sold under repurchase agreements

39,165

47,064

7,899

Borrowed funds

8,056

34,853

26,797

Total interest expense

2,450,506

2,355,207

(95,299)








Net interest income

17,661,609

17,232,578

429,031

Provision for loan losses

530,000

770,000

240,000

Net interest income after provision 

17,131,609

16,462,578

669,031








Noninterest income:






Wealth Management Revenue

55,198

60,891

(5,693)

Service charges

1,037,257

1,094,521

(57,264)

Income from Ansay

441,648

911,403

(469,755)

Loan servicing income

590,470

403,482

186,988

Income from UFS

1,337,043

600,889

736,154

Net gain on sales of mortgage loans

371,609

244,574

127,035

Net gain on sales of securities

-

-

-

Other

320,751

335,966

(15,215)

Total Noninterest income

4,153,976

3,651,726

502,250








Noninterst expense:






Salaries, commissions, and employee benefits

5,993,888

5,732,045

(261,843)

Occupancy

1,350,060

1,541,254

191,194

Data processing

855,665

750,513

(105,152)

Loss on sales of OREO

1,559

265,171

263,612

Postage, stationery, and supplies

180,264

184,297

4,033

Advertising

106,365

100,408

(5,957)

Outside service fees

846,113

1,037,773

191,660

Amortization of intangibles

9,080

9,080

-

Other

1,614,048

1,436,738

(177,310)

Total Noninterest expense

10,957,042

11,057,279

100,237

Income before provision for income taxes

10,328,543

9,057,025

1,271,518

Provision for income taxes

3,475,965

2,768,528

(707,437)

Net income

$   6,852,578

$   6,288,497

$  564,081


















YTD Average Shares outstanding

6,287,838

6,373,779

(85,941)








Earnings per share--common shareholders

$             1.09

$             0.99

$        0.10

Bank First National Corporation

Financial Data






Dec-14

Jun-15

Jun-14

Actual YTD

Actual YTD

Actual YTD

Net Income and per share data

$12,696,202

Net Income (Bank)

$6,963,815

$6,412,831

$12,619,940

Net Income (Consolidated)

$6,852,576

$6,288,496

$1.99

Earnings per Share (Consolidated)

$1.09

$0.99

9.10%

Change over prior period

9.00%

$2,912,462

Dividends (Holding Co.)

$1,572,287

$1,402,625

23%

Dividend Payout Ratio (DPS/EPS)

23%

22%

1.94%

Dividend Yield (DPS/Stock Price)

2.16%

2.11%

$17.42

Book Value

$18.10

$16.73

$15.91

Tangible Book Value less AFS impact

$16.73

$15.21

$16.15

Tangible Book Value 

$16.84

$15.47

11.38

Price Earnings Ratio

11.06

10.59

1.3

Book Value Multiple

1.33

1.25

22.65

Market Value

24.1

20.9

6,259,535

Period End Shares

6,305,134

6,355,559

141,778,468

Market Capitalization

151,953,729

132,831,183



Performance Ratios (1)

3.64%

Net Interest Margin (YTD)

3.48%

3.73%

18.43%

Fee Income to Total Revenue

19.04%

17.48%

49.72%

Efficiency Ratio

48.72%

51.30%

1.17%

ROA

1.21%

1.20%

11.84%

ROE

12.17%

11.98%

155.33

FTE - period end

162.79

161.53

156.55

Avg. number of FTE

156.182

155.032

80,613

Earnings per Avg. Employee

87,751

81,125

6,906,799

Avg Assets per Avg. Employee

7,260,323

6,750,400



Selected Financial Condition (EOP)

$33,216,062

Fed Funds Sold

$1,597,141

$1,210,648

$118,839,039

Total Securities

$128,014,958

$114,274,807

$873,057,667

Total Loans

$904,384,654

$865,579,708

$9,257,863

Allowance for loan losses

$9,544,533

$8,951,629

$1,124,344,431

Total Assets

$1,126,510,731

$1,089,387,390

$1,081,259,446

Average Assets

$1,133,929,313

$1,046,527,954

$954,740,341

Core Deposits

$967,908,862

$903,421,418

$0

Brokered Deposits (includes CDARS one-way buys)

$1,000,000

$0

$3,886,288

CDARS Core Deposits

$4,865,681

$5,450,030

$0

Other Borrowings

$13,000,000

$22,905,000

$30,512,837

Repurchase Agreements

$23,302,113

$32,603,280

$30,512,837

Total Wholesale Funding

$37,302,113

$55,508,280

$0

Fed Funds Purchased

$0

$0

$109,062,440

Total Equity

$114,150,637

$106,342,977

$106,621,209

Average Stockholder's Equity

$112,623,824

$105,019,627



Balance Sheet Ratios

91%

Loans to Deposits

93%

96%

11%

Investments to Total Assets

11%

10%

138%

Avg Earnings to Avg Bearing Liabilities

140%

134%

0%

Brokered Deposits to Total Deposits

0%

0%

0%

CDARS Deposits to Total Deposits

1%

1%

3%

Repos to Total Deposits plus repos

2%

3%

3%

Wholesale funding to total Liabilities

4%

6%

29%

Wholesale funding to Risk Based Capital

33%

53%

Total Liquidity (Greater than 15%)

37%

35%

Dependency Liquidity (Less than 30%)

2.38%

3.63%







Asset Quality

1.06%

Allowance for probable credit losses to toal loans

1.06%

1.03%

0.17%

Net charge-offs to average total loans

0.05%

0.13%

0.28%

Nonaccrual loans to total loans

0.16%

0.37%

0.10%

Loans past due 30 days to total loans

0.09%

0.09%

0.49%

Non-performing assets to total assets

0.40%

0.51%

2,456,046

Nonaccrual loans

1,437,388

3,170,885

66,331

Loans 90 days past due

87,154

168,775

2,943,305

Other Real Estate Owned

2,926,577

2,208,677

$5,465,682

Non-performing assets

$4,451,119

$5,548,337


$2,030,000

Provision for loan losses

$530,000

$770,000

1,796,205

Gross charge-offs

302,972

683,584

(268,917)

Recoveries

(59,642)

(110,061)

$1,527,288

Net Charge-offs

$243,330

$573,522

$502,712

Provision less charge-offs

$286,670

$196,478



Condensed Income Statement

3,852

Short-term investment income

52,276

3,704

2,741,139

Investment securities income

1,466,953

1,402,018

36,963,824

Loan income

18,592,884

18,182,034

$39,708,815

Total Interest Income

$20,112,113

$19,587,756

4,618,994

Deposit interest expense

2,403,285

2,273,290

93,430

Repo interest expense

39,142

44,200

70,670

Other borrowings interest expense

8,079

37,717

$4,783,094

Total Interest Expense

$2,450,506

$2,355,207

34,925,721

Net interest income

17,661,608

17,232,548

2,030,000

Provision for loan losses

530,000

770,000

$32,895,721

Net interest income after provision for loan loss

$17,131,608

$16,462,548

7,892,215

Noninterest income

4,153,976

3,651,357

21,909,092

Noninterest expense

10,957,042

11,056,881

$18,878,844

Net Income before Taxes

$10,328,541

$9,057,024

$6,258,904

Taxes

$3,475,965

$2,768,528

$12,619,940

NET INCOME

$6,852,576

$6,288,496

SOURCE Bank First National Corporation