Bank First reports third quarter 2016 net income of $3.8 million, or $0.60 per share, declares a cash dividend of $0.16 per share
Manitowoc, WI – October 20, 2016 - Bank First National Corporation (BFNC) reported net income for the third quarter of 2016 of $3.8 million, or $0.60 per share, up 11.1% from the same period in 2015. For the nine months ended September 30, 2016, Bank First earned $11.4 million or $1.82 per share, up 11.7% from the first nine months of 2015.
Net interest income after provision for loan losses was $9.7 million for the quarter ended September 30, 2016, compared to $8.9 million for the prior year third quarter, representing a 9.9% increase year-over-year. Through nine months ended September 30, 2016, net interest income after provision for loan losses totaled $28.5 million, up 9.8% from $26.0 million through the first nine months of 2015.
“We continue to form quality customer relationships in the communities we serve, becoming the bank of choice for businesses and individuals,” stated Mike Molepske, Chief Executive Officer. “We have experienced balanced growth over the last twelve months in loans and deposits.” Bank First experienced total loan growth of $95.8 million, or 10.3%, from September 2015 to September 2016, ending the period at $1.03 billion in total loans. This loan growth was funded by an increase in core deposits of $94.7 million, or 9.6%, over that same period. Demand deposit accounts, a very low cost source of funding, composed $36.2 million of the overall core deposit growth.
Noninterest expense was $6.3 million in the third quarter of 2016, compared to $5.4 million during the third quarter of 2015. For the nine months ended September 30, 2016, noninterest expense was $18.4 million, up 12.5% from $16.4 million in the prior year period. Bank First’s efficiency ratio was 50.2% through the first nine months of 2016, compared to 48.8% through the first nine months of 2015.
Asset quality remained very strong as of September 30, 2016. Nonperforming assets to total assets finished the quarter at 0.22%. Through nine months of 2016 Bank First has realized a net loan recovery (recoveries have exceeded charge offs) of $441,000.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.16 per common share, representing an increase of 6.7% from the prior quarter and an increase of 23.1% from the third quarter of 2015. The dividend is payable on January 4, 2017, to shareholders of record as of December 28, 2016.
Bank First to host shredding events in Bellevue, Appleton, and Plymouth
MANITOWOC, WI – Bank First (BFNC) is excited to announce that it will be hosting three community Shred Days this fall at its Bellevue, Appleton, and Plymouth offices. Each event will take place from 9:00a.m. to 12:00p.m. While each event is free and open to the public, Bank First is requesting that all participants bring a non-perishable food item in exchange for each bag of personal documents shredded. All food items will be donated to area pantries.
With the risk of identity theft and fraud becoming more prevalent in today’s society, Bank First is proud to offer community residents a way to property dispose of personal documents while also giving back to local food pantries. All types of sensitive documentation will be accepted for shredding, including old tax returns, bank and credit card statements, medical records, etc.
A.R.M.S., Inc., an AAA-certified shredding company, will be providing mobile shredding units to destroy all personal and confidential documents. The company employs licensed and bonded document-destruction specialists and guaranty the secure removal of the destroyed documents.
To ensure enough shredding space is available for the public, businesses are asked to not participate in this event. The event will be held rain or shine. Participants are welcome to stay and watch the process if they wish and are invited to come inside for free cookies and drinks.
Bank First Shred Day Schedule:
September 17, 2016: 2747 Manitowoc Road, Green Bay
October 1, 2016: 4201 W. Wisconsin Avenue, Appleton
October 8, 2016: 2323 Eastern Avenue, Plymouth
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.
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