MANITOWOC, Wis., April 22, 2014 /PRNewswire/ -- Bank First, subsidiary of the parent company First Manitowoc Bancorp, Inc. (OTCQB: BFNC), reported net income for the first quarter of 2014 of $3.2 million, compared to net income of $3.0 million in the prior year quarter of 2013. Earnings per share increased 8.7% to $0.50 from $0.46 over the same period as the company continued its share repurchase program.

"Our first quarter results were fueled by the continued growth of our core banking business with loans increasing by 9.6% to $840 million and core deposits increasing by 9.9% to $918 million.  Most importantly, our asset quality trends continue to be strong with nonperforming assets to total assets improving to 0.61% at quarter-end 2014, down from 0.94% in the prior year quarter," said Mike Molepske, President and Chief Executive Officer of Bank First."We continue to experience strong organic growth in loans and deposits in all of our markets. Over the past year, we've experienced increased lending activity to our existing customers."

Total non-interest income was $1.9 million for the quarter ended March 31, 2014, compared to $2.2 million in the prior year quarter. The decline in non-interest income is due to a decline in secondary market mortgage activities. Revenue from the sale of mortgages and related fees declined by $325,000 to $107,000 in the first quarter of 2014, compared to the prior year quarter.

"We continue to invest in talent, our current facilities, technology and geographical expansion, which is our recipe to continue to deliver exceptional returns to our shareholders," added Molepske.

First Manitowoc Bancorp, Inc. (BFNC) provides financial services through its sole subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, and 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 Smith Barney and an affiliation with McKenzie Financial Services, LLC. The Bank is a co-owner of a data processing subsidiary, United Financial Services, Inc., which provides data services for over 55 Midwest banks. The company employs approximately 159 full-time equivalent staff and has assets of $1.06 billion as of March 31, 2014. Further information about First Manitowoc Bancorp, Inc. is available by clicking on the Investor Relations tab at www.BankFirstNational.com.

First Manitowoc Bancorp is traded on the OTCQB marketplace under the symbol BFNC. The BFNC stock is traded on the OTC Markets Group platform that links to a diverse network of broker-dealers that provide liquidity and execution services in almost 10,000 equity and debt securities. To learn more about the OTC Markets Group visit www.otcmarkets.com.

Forward Looking Statements: This news release may contain certain "forward-looking statements" that represent First Manitowoc Bancorp'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 First Manitowoc Bancorp or on its behalf. First Manitowoc Bancorp 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.

SOURCE Bank First National