Bank First reports fourth quarter net income of $3.1 million, declares cash dividend of $0.12 per common share
MANITOWOC, Wis., Jan. 22, 2015 /PRNewswire/ -- Bank First National Corporation (BFNC) reported net income for the fourth quarter of 2014 of $3.1 million, or $0.49 per share, as compared to $2.9 million, or $0.45 per share, for the fourth quarter of 2013. For the year ended December 31, 2014, Bank First reported net income of $12.6 million, or $1.99 per share, as compared to $11.6 million, or $1.79 per share, for the year ended December 31, 2013. This represents an 11.2% year-over-year increase in earnings per share.
"Our net income growth is directly related to our continued core deposit and loan growth, particularly in business banking services. The revenue growth we experienced from adding new banking relationships and expanding services to existing relationships was offset by a $1.2 million decrease in revenue from the sale and servicing of residential mortgage loans. This decline was felt industry wide as mortgage refinancing slowed during 2014," said Mike Molepske, President and Chief Executive Officer at Bank First. "Our strong asset quality trends and consistent loan growth continue to provide significant value to our shareholders."
Noninterest income was $7.8 million for 2014, up from $6.7 million in 2013. Noninterest expense was $21.9 million for 2014, down from $22.8 million in 2013. This combination led to a decrease in our efficiency ratio from 54.1% in 2013 to 49.7% in 2014, indicating a very efficient use of resources by the Bank.
Total assets are $1.11 billion at December 31, 2014, up 5% from $1.06 billion at December 31, 2013.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.12 per common share payable on April 3, 2015, to shareholders of record on March 20, 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 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 $1.11 billion as of December 31, 2014. 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
[email protected]
SOURCE Bank First National Corporation
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