MANITOWOC, Wis., April 22, 2015 /PRNewswire/ -- Bank First National Corporation (BFNC) reported net income for the first quarter of 2015 of $3.5 million, or $0.55 per share, as compared to $3.2 million, or $0.50 per share, for the first quarter of 2014. The 10.0% year-over-year increase in earnings per share was the result of 8.2% earnings growth compounded by the impact of the Corporation's share repurchase program.
"After experiencing several quarters of declining residential mortgage loan origination, which was felt industry wide, we saw volume in this area pick up during the first quarter of 2015, leading to an increase of nearly $.27 million in revenue from the sale and servicing of residential mortgage loans year-over-year," said Mike Molepske, President and Chief Executive Officer at Bank First. "We also benefited from a strong quarter in revenues from our subsidiary, UFS LLC. The first quarter of 2015 was the first full quarter of operations by this subsidiary after it was restructured to make it a more tax efficient entity. This restructuring along with overall solid operating results by UFS LLC led to an increase in contributed revenues of $.42 million year-over-year. These positive trends in noninterest income have allowed us to increase profitability while net interest income remained relatively flat."
Noninterest income was $2.5 million for the quarter ended March 31, 2015, compared to $1.9 million in the prior year quarter. Noninterest expense was $5.6 million for the first quarter of 2015, down $23,000 from the first quarter of 2014.
"Interest rates remain at historic lows requiring the Bank to look outside of interest margins for profitability. We have the Bank well positioned to realize positive earnings momentum from the anticipated improvement in the interest rate environment in future quarters," added Molepske.
Total assets were $1.17 billion at March 31, 2015, up 10.5% from $1.06 billion at March 31, 2014.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.13 per common share, an 8.3% increase from the previous quarter and an increase of 18.2% from the dividend declared one year earlier. The dividend is payable on July 3, 2015, to shareholders of record as of June 19, 2015. "The increase in our quarterly cash dividend reflects the confidence that our Board of Directors and Management have in our ability to provide continuing strong financial returns to our shareholders," stated Molepske.
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 Smith Barney 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 155 full-time equivalent staff and has assets of $1.17 billion as of March 31, 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
SOURCE Bank First National Corporation