MANITOWOC, Wis., April 22, 2016 /PRNewswire/ -- Bank First National Corporation (BFNC) reported net income for the first quarter of 2016 of $3.85 million, or $0.61 per share, as compared to $3.46 million, or $0.55 per share, for the first quarter of 2015, representing an 11% year-over-year increase.
Net interest income after provision for loan losses was $9.20 million for the quarter ended March 31, 2016, compared to $8.30 million for the prior year quarter, also representing an 11% increase year-over-year. The increase in net interest margin was a result of 9% loan growth year-over-year as well as a 15% growth in demand deposit balances, a low-cost source of funding. Demand deposits comprised 26% of total deposits at March 31, 2016.
Noninterest income was $2.64 million for the quarter ended March 31, 2016, compared to $2.52 million in the prior year quarter. As anticipated, revenues contributed by the Bank's investment in Ansay & Associates, LLC, increased significantly in 2016 as they moved past one-time expenses from a prior year business acquisition. Revenues contributed by this investment increased $0.52 million during the first quarter of 2016 compared to the prior year quarter. This increase was offset by a $0.28 million decline in revenues contributed by the Bank's investment in UFS, LLC.
Noninterest expense was $6.01 million for the first quarter of 2016, up from $5.62 million for the first quarter of 2015. Salary expense increased $0.28 million, or 9%, year-over-year as the Bank opened its Appleton branch in January 2016 and invested in additional officers to serve the Manitowoc market. The Bank's efficiency ratio, a measure of how well resources are utilized by an institution, remained very strong at 48.8%.
"We are very pleased to report record earnings for the first quarter of 2016," said Mike Molepske, Chief Executive Officer. "Our commitment to serving our customers and communities continues to result in strong returns for our shareholders. The successful opening of our Appleton office will allow us to strengthen existing relationships that we have served in this market in the past while developing new relationships for the future." Total assets were $1.22 billion at March 31, 2016, up 4% from $1.17 billion at March 31, 2015.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.14 per common share, equaling the prior quarter and representing an increase of 7.7% from the dividend declared one year earlier. The dividend is payable on July 6, 2016, to shareholders of record as of June 29, 2016.
For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200 firstname.lastname@example.org
SOURCE Bank First National Corporation