Bank First reports third quarter 2015 net income of $3.4 million, or $0.54 per share, declares a cash dividend of $0.13 per share
MANITOWOC, Wis., Oct. 22, 2015 /PRNewswire/ -- Bank First National Corporation (BFNC) reported net income for the third quarter of 2015 of $3.4 million, or $0.54 per share, up 6% from the same period in 2014. For the nine months ended September 30, 2015, Bank First earned $10.3 million or $1.63 per share, up 9% from the first nine months of 2014.
Net interest income after provision for loan losses was $8.9 million for the quarter ended September 30, 2015, compared to $8.5 million for the prior year third quarter, representing a 4.42% increase year-over-year.
Bank First reported total loan growth of $53 million, or 6%, from September 2014 to September 2015. This was funded by an increase in core deposits of $62 million, or 7% over that same period.
"Our commitment to building quality customer relationships in the communities we serve has led to growth in our core deposit base which we have in turn been able to leverage into loans to support growth in those communities," stated Mike Molepske, Chief Executive Officer. "We have experienced growth over the last twelve months in every one of our branch communities."
Noninterest expense was $5.4 million in the third quarter of 2015, matching the third quarter of 2014. For the nine months ended September 30, 2015 noninterest expense was $16.4 million, up 0.5% from $16.3 million in the prior year period.
"By remaining true to our core banking strategy and attracting best of class talent in our employees, we have been able to maintain a level of efficiency in our operations that is unrivaled by our peers," stated Mr. Molepske.
The Corporation's Board of Directors approved a quarterly cash dividend of $0.13 per common share. The dividend is payable on January 6, 2016, to shareholders of record as of December 23, 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 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 55 Midwest banks. The Company employs approximately 158 full-time equivalent staff and has assets of $1.2 billion as of September 30, 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, CFO
(920) 652-3200
[email protected]
SOURCE Bank First National Corporation
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