MANITOWOC, Wis., Jan. 24, 2017 /PRNewswire/ -- Bank First National Corporation (OTC-PINK: BFNC) reported net income for the fourth quarter of 2016 of $3.6 million, or $0.57 per share, up 15.9% from the same period in 2015. For the year ended December 31, 2016, Bank First earned $14.9 million or $2.40 per share, up 12.6% from the year ended December 31, 2015.
Net interest income after provision for loan losses was $9.9 million for the quarter ended December 31, 2016, compared to $9.0 million for the prior year fourth quarter, representing a 10.5% increase year-over-year. For the year ended December 31, 2016, net interest income after provision for loan losses totaled $38.5 million, up 10.0% from $35.0 million for the year ended December 31, 2015.
Noninterest income was $2.0 million in the fourth quarter of 2016, compared to $1.6 million during the fourth quarter of 2015. Sales and servicing of secondary market mortgage loans continued the strong trend that has existed throughout 2016, resulting in an increase of $0.5 million in income from that area for the fourth quarter year-over-year. Strong operating results from the Bank's unconsolidated data processing subsidiary, UFS LLC, resulted in an additional positive variance of $0.2 million. Increases in these areas were offset by realized losses of $0.2 million on the sale of securities during the fourth quarter of 2016. For the year ended December 31, 2016, noninterest income totaled $9.2 million, up 20.8% from the previous year. On a full year basis income provided by the Bank's investment in insurance agency Ansay & Associates, LLC, increased by $1.05 million from 2015 to 2016.
Noninterest expense was $6.5 million in the fourth quarter of 2016, compared to $5.9 million during the fourth quarter of 2015. For the year ended December 31, 2016, noninterest expense was $24.9 million, up 11.5% from $22.3 million in the prior year. This increase was the result of expenses related to our new office in Appleton, as well as an increase in the cost of our data processing.
"We once again reported record earnings during 2016, marking the eighth consecutive year we have seen an increase in our earnings per share," stated Mike Molepske, Chief Executive Officer. "Since 2009, when earnings per share was $0.88, Bank First's average annual earnings per share growth rate has been 15.6%. This has been accomplished through a commitment to providing our customers with innovative products and services that are value driven, leading to unprecedented organic growth in our customer relationships. Our Fox Valley market showed 15.7% growth in deposits and 12.4% growth in loans during 2016, the result of the successful opening of our Appleton location and continued success of our other established offices in that region."
Bank First reported total loan growth of $69.3 million, or 7.2%, during 2016. This was funded by an increase in core deposits of $64.8 million over that same period, up 6.1%. Demand deposit accounts grew by $28.3 million over the course of 2016 and represent 29.2% of core deposits as of December 31, 2016. Asset quality remained very strong as of December 31, 2016. Nonperforming assets to total assets finished the year at 0.16%, compared to 0.43% at December 31, 2015. For the year ended December 31, 2016, Bank First realized a net loan recovery (recoveries exceeded charge offs) of $396,000.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.16 per common share, representing an increase of 14.3% from the fourth quarter of 2015. The dividend is payable on April 4, 2017, to shareholders of record as of March 28, 2017.
Bank First National Corporation (BFNC) provides financial services through its subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, Sheboygan, Outagamie, 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, UFS, LLC, which provides data services for over 50 Midwest banks. The Company employs approximately 173 full-time equivalent staff and has assets of $1.32 billion as of December 31, 2016. 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
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SOURCE Bank First National Corporation