Bank First reports 2015 net income of $13.4 million, or $2.13 per share; increases quarterly cash dividend to $0.14 per share
MANITOWOC, WI – January 21, 2016 – Bank First National Corporation (BFNC) reported net income for the year ended December 31, 2015, of $13.4 million, or $2.13 per share, up 7.0% from 2014. For the three months ended December 31, 2015, Bank First earned $3.1 million or $0.49 per share.
Net interest income after provision for loan losses was $35.0 million for the year ended December 31, 2015, compared to $32.9 million for 2014, representing a 6.4% increase year-over-year. For the three months ended December 31, 2015, net interest income after provision for loan losses grew by 13.2% compared to the same period during 2014, rising from $7.9 million to $9.0 million.
Bank First reported total loan growth of $83.6 million, or 9.6%, from December 2014 to December 2015. This was funded by an increase in core deposits of $107.8 million over that same period, up 11.3%. Demand deposit accounts grew by $57.8 million over the course of 2015 and represent 28.3% of core deposits as of December 31, 2015. Total assets of the Corporation increased by 12.0% year-over-year to $1.24 billion at December 31, 2015. The Corporation ended 2015 with $3.48 million in non-performing assets, a decrease of $1.99 million from $5.47 million at the end of 2014. This represents a non-performing assets to total assets ratio of 0.28% for the Corporation as of December 31, 2015.
Noninterest income was $7.5 million during 2015, compared to $7.9 million during 2014. The primary cause of the decrease in noninterest income was a decline in revenues contributed by the Bank’s investment in Ansay & Associates, LLC (Ansay) as they absorbed one-time expenses from a current year business acquisition leading to a year-over-year negative variance of $0.63 million. During 2014 the Corporation sold several municipal securities which were classified as available-for-sale leading to a gain on sale of investments during that year of $0.51 million. No securities available-for-sale were sold during 2015, leading to a decrease in this area of noninterest income.
Noninterest expense was $22.3 million during 2015, compared to $21.9 million during the prior year, an increase of 1.8%. Increases in salaries and benefits were offset by lower occupancy costs and favorable trends in gains and losses on sales of other real estate owned, leading to a very nominal year-over-year increase in noninterest expense.
“We are very pleased to report record earnings for Bank First for the year ended December 31, 2015. As we look toward 2016 we anticipate our investment in Ansay will return historic profitability. January 2016 saw the opening of our office location in Appleton,” stated Mike Molepske, Chief Executive Officer at Bank First. “These events, along with the strong foundation we have in our established markets, gives us great confidence in our ability to continue to deliver on our goal of creating value for the communities we serve, resulting in exceptional returns for our shareholders.”
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.14 per common share, a 7.7% increase from the previous quarter. The dividend is payable on April 6, 2016, to shareholders of record as of March 23, 2016.
Bank First opens Appleton office
January 19, 2016 – Bank First (BFNC) announced today the opening of their newest office on 4201 W. Wisconsin Avenue in Appleton, just north of the Fox River Mall. This is the 12th location for Bank First, which bridges the gap between the Oshkosh and Green Bay locations. The new office emulates the contemporary design and efficient use of space like other recently-constructed Bank First offices.
Leading the team at this new office is Joan Woldt, EVP and Regional President at Bank First, along with Bill Bradley, Vice President of Business Banking. “We couldn’t be more proud of opening this beautiful new office in Appleton, where we have been conducting business with local individuals and commercial clients for several years,” Bradley stated. “This new location will provide an added convenience for the existing families and businesses we currently serve. We look forward to all the new relationships we will serve through our continued growth.”
In addition, Joan and Bill are joined by Julie Luker, Assistant Vice President Retail Banking, Trevor Rabbach, Business Banking Officer, and Sarah Forseth, Personal Banker. The branch team is completed with Jamie Bouchette, Carol Franz and additional support from the Oshkosh team.
Mike Dempsey, President at Bank First, stated, “Our customers have come to expect a ‘high-touch personalized banking experience’ from us and we’re committed to share this banking approach with others in the Appleton community.”
The Appleton office will provide lobby hours from 8:30 a.m. to 5:00 p.m. Monday-Friday, and drive thru hours from 8:00 a.m. to 5:00 p.m. Monday-Thursday and 8:00 a.m. to 5:30 p.m. on Fridays.
A grand opening celebration will take place in March and will include very attractive deposit product specials, as well as a drawing to win two first-class airline tickets anywhere in the continental United States. The public is invited to stop by the new office and get to know the Appleton Bank First team.