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

Jul 22, 2015, 16:51 ET from Bank First National Corporation

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
klemahieu@bankfirstnational.com

 



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



RELATED LINKS

http://www.BankFirstNational.com