Kelly Dvorak joins Bank First as general counsel and corporate secretary
MANITOWOC, WI – February 7, 2017 – Bank First (OTC-Pink: BFNC) is proud to announce Kelly Dvorak has joined its team as general counsel and corporate secretary, effective March 13, 2017.
“As our bank continues to grow, it will be very beneficial to have an internal resource available to oversee legal affairs, as well as corporate and regulatory matters,” stated Mike Molepske, Chief Executive Officer at Bank First. “On behalf of our board and senior management team, we are delighted Kelly is joining our organization. Her knowledge and expertise in the field of law will complement our team of talented bankers.”
Prior to joining Bank First, Dvorak served as legal counsel for DVO, Inc., a growing renewable energy engineering firm. From 2004 to 2010, Dvorak served as a litigation associate for Whyte Hirschboeck Dudek, S.C. in Madison and Milwaukee.
Dvorak earned her bachelor’s degree in political science from the University of Wisconsin – Madison and earned her juris doctorate from the University of Wisconsin Law School.
A De Pere resident, Dvorak and her husband, Eric, have two children. In her spare time, she enjoys reading, writing, blogging, yoga, running, traveling and spending time with family.
Bank First reports fourth quarter 2016 net income of $3.6 million, or $0.57 per share, declares a cash dividend of $0.16 per share
MANITOWOC, WI – January 24, 2017 - Bank First National Corporation (BFNC) reported net income for the fourth quarter of 2016 of $3.6 million, or $0.57 per share, up 15.9% from the same period in 2015. For the year ended December 31, 2016, Bank First earned $14.9 million or $2.40 per share, up 12.6% from the year ended December 31, 2015.
Net interest income after provision for loan losses was $9.9 million for the quarter ended December 31, 2016, compared to $9.0 million for the prior year fourth quarter, representing a 10.5% increase year-over-year. For the year ended December 31, 2016, net interest income after provision for loan losses totaled $38.5 million, up 10.0% from $35.0 million for the year ended December 31, 2015.
Noninterest income was $2.0 million in the fourth quarter of 2016, compared to $1.6 million during the fourth quarter of 2015. Sales and servicing of secondary market mortgage loans continued the strong trend that has existed throughout 2016, resulting in an increase of $0.5 million in income from that area for the fourth quarter year-over-year. Strong operating results from the Bank’s unconsolidated data processing subsidiary, UFS LLC, resulted in an additional positive variance of $0.2 million. Increases in these areas were offset by realized losses of $0.2 million on the sale of securities during the fourth quarter of 2016. For the year ended December 31, 2016, noninterest income totaled $9.2 million, up 20.8% from the previous year. On a full year basis income provided by the Bank’s investment in insurance agency Ansay & Associates, LLC, increased by $1.05 million from 2015 to 2016.
Noninterest expense was $6.5 million in the fourth quarter of 2016, compared to $5.9 million during the fourth quarter of 2015. For the year ended December 31, 2016, noninterest expense was $24.9 million, up 11.5% from $22.3 million in the prior year. This increase was the result of expenses related to our new office in Appleton, as well as an increase in the cost of our data processing.
“We once again reported record earnings during 2016, marking the eighth consecutive year we have seen an increase in our earnings per share,” stated Mike Molepske, Chief Executive Officer. “Since 2009, when earnings per share was $0.88, Bank First’s average annual earnings per share growth rate has been 15.6%. This has been accomplished through a commitment to providing our customers with innovative products and services that are value driven, leading to unprecedented organic growth in our customer relationships. Our Fox Valley market showed 15.7% growth in deposits and 12.4% growth in loans during 2016, the result of the successful opening of our Appleton location and continued success of our other established offices in that region.”
Bank First reported total loan growth of $69.3 million, or 7.2%, during 2016. This was funded by an increase in core deposits of $64.8 million over that same period, up 6.1%. Demand deposit accounts grew by $28.3 million over the course of 2016 and represent 29.2% of core deposits as of December 31, 2016. Asset quality remained very strong as of December 31, 2016. Nonperforming assets to total assets finished the year at 0.16%, compared to 0.43% at December 31, 2015. For the year ended December 31, 2016, Bank First realized a net loan recovery (recoveries exceeded charge offs) of $396,000.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.16 per common share, representing an increase of 14.3% from the fourth quarter of 2015. The dividend is payable on April 4, 2017, to shareholders of record as of March 28, 2017.
Curry Kuehl receives promotion at Bank First
GREEN BAY, WI – November 22, 2016 – Joan Woldt, Executive Vice President and Regional President at Bank First, is pleased to announce the promotion Curry Kuehl to Business Banking Representative. Curry joined the bank in 2014 as a Business Analyst in the Green Bay market.
“We are very pleased to recognize Curry for his high level of service he provides to our community and business partners,” stated Woldt. “His passion for business banking and helping business owners solve for better banking solutions align well with our company’s core values and culture.”
Curry received a bachelor’s degree in professional accounting and a bachelor’s degree in banking and financial services from Northern State University located in Aberdeen, South Dakota. He is currently working on his CPA designation and has passed two of the four tests. As a Business Banking Representative, he will continue to focus on growing customer relationships in the Fox Valley and Green Bay markets.
Involved in his community, Curry volunteers at St. Nobert College track and field events and also coaches 8th grade boys basketball for DePere Middle School. In his spare time he enjoys playing golf and spending time with his wife and their three-month-old daughter.
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