Bank First announces plans for a new office in Plymouth
PLYMOUTH, WI – Bank First, the subsidiary of Bank First National Corporation, is proud to announce its plans to construct a new office in Plymouth. Currently located at 2323 Eastern Avenue, Bank First established itself in the Plymouth community when it acquired the former Dairy State Bank in 1999. “The support from the Plymouth community over the years has allowed Bank First to grow and develop meaningful relationships with local families and businesses. The construction of a new branch is our way of reinvesting into what Dairy State Bank started and continuing its legacy of providing high-quality community banking,” stated Todd K. Neils, Plymouth Market President.
Pending municipal and regulatory approvals, Bank First will construct a new office on the combined parcels located at 2702 and 2708 Eastern Avenue between the Kettle Moraine Veterinary Clinic and former Aurora Clinic. The new 6,979 square foot office will emulate the contemporary design and efficient use of space similar to other recently-constructed Bank First offices in Sheboygan, Two Rivers, and Appleton.
Led by Market President, Todd K. Neils, the Plymouth office has experienced sizable growth in recent years. Total loans grew from $70.2 million to $80.3 million, or 14.3% from fiscal year 2014 to 2015. Total deposits increased from $173.1 million to $187.4 million, or 8.3% from fiscal year 2014 to 2015. “By focusing on our key tenants of building one relationship at a time and delivering great value to our customers, our talented team in Plymouth has contributed to the bank’s growth since entering the market in 1999. The new office will allow our team to continue providing exceptional service in a more efficient, customer friendly environment, “stated Michael B. Molepske, Chief Executive Officer at Bank First.
The Kubala Washatko Architects will be assisting in the design and planning process, and Miller Engineers & Scientists will be aiding in the geotechnical and site plan engineering. Construction of the new office is scheduled to begin in the spring of 2017 and is expected to be open by January 2018.
Bank First reports 11% increase in quarterly earnings, increases per share cash dividend to $0.15
MANITOWOC, WI - July 21, 2016 - Bank First National Corporation (BFNC) reported net income for the second quarter of 2016 of $3.76 million, or $0.60 per share, as compared to $3.39 million, or $0.54 per share, for the second quarter of 2015, representing an 11% year-over-year increase.
Net interest income after provision for loan losses was $9.59 million for the quarter ended June 30, 2016, compared to $8.83 million for the prior year quarter, representing a 9% increase year-over-year. The increase in net interest margin was a result of 11% loan growth year-over-year, funded by a near matching 10% increase in core deposits. Demand deposit balances, a low-cost source of funding, continue to be a major component of core deposits, comprising 27% of the total balance at June 30, 2016.
Noninterest income was $2.17 million for the quarter ended June 30, 2016, compared to $1.63 million in the prior year quarter. Revenues contributed by the Bank’s investment in Ansay & Associates, LLC, continued to show significant improvement in 2016 as they moved past one-time expenses from a prior year business acquisition. Revenues contributed by this investment increased $0.64 million during the second quarter of 2016 compared to the prior year quarter. This increase was partially offset by a $0.17 million decline in revenues contributed by the Bank’s investment in UFS, LLC.
Noninterest expense was $6.10 million for the second quarter of 2016, up from $5.34 million for the second quarter of 2015. Salary expense increased $0.29 million, or 11%, year-over-year as the Bank continued to invest in personnel to support growth in customer relationships. The Bank’s efficiency ratio, a measure of how well resources are utilized by an institution, remained very strong at 49.7%.
“We continue to see very strong growth in customer relationships across all communities we serve through the first half of 2016,” said Mike Molepske, Chief Executive Officer. “This growth has been accomplished while maintaining consistent net interest margins year-over-year. The Bank has also maintained very strong asset quality as displayed by our 0.37% ratio of non-performing assets to total assets.”
Total assets were $1.30 billion at June 30, 2016, up 16% from $1.13 billion at June 30, 2015.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.15 per common share, representing an increase of 7.1% from the prior quarter and 15.4% from the dividend declared one year earlier. The dividend is payable on October 5, 2016, to shareholders of record as of September 28, 2016.
Bank First Announces Recent Promotions
SHEBOYGAN, WI - July 5, 2016 - Jason Krepline, Executive Vice President and Senior Loan Officer, is pleased to announce the following promotions:
John Mueller has been promoted to Vice President – Retail Banking at the Bank’s Plymouth office. In this role, Mueller is responsible for developing new and enhancing current retail banking relationships. Mueller joined Bank First in 2007 with extensive experience in banking and financial services and has been a top retail producer in the Plymouth market. Active in the community, he currently serves as Chair of the St. John the Baptist Pastoral Council, participates in Big Brothers/Big Sisters of Sheboygan County, and is a member of the Plymouth Lions Club. John resides in Plymouth with his wife, Mary and their two children. In his spare time, he enjoys hunting, camping, playing golf, and spending time with family and friends.
Derek Klahn has been promoted to Business Banking Representative at the Bank’s Sheboygan office. In his new role, Klahn will be responsible for continued underwriting of existing and new accounts as well as growing and managing business banking relationships. Klahn began his career at Bank First in 2014 after graduating from the University of Wisconsin-Madison with a Bachelor of Business Administration Degree. With a focus on community involvement, he is an active member of the Sheboygan Downtown Rotary and volunteers at Junior Achievement events. In the fall of 2016, Klahn will be attending UW-Milwaukee to earn his Masters of Business Administration degree. In his spare time, he enjoys fishing, hunting, golfing, and spending time with family and friends.
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