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, WI – October 20, 2015 – 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.
Senior leadership promotions announced at Bank First
MANITOWOC, WI – October 20, 2015 - Mike Molepske, CEO of Bank First National (BFNC), is pleased to announce several high-level promotions at the company. “At Bank First, our continued growth and success originates from our team of talented people who live our promise of being a relationship-based community bank focused on providing innovative products and services that are value driven,” stated Molepske. “The following senior leaders have advanced into additional roles and responsibilities within the organization, and their new titles better align with those responsibilities.”
• Michael Dempsey has been promoted to President at Bank First. Dempsey is responsible for all offices within our branch network. He is also charged with leading the sales culture within the organization. He joined the bank in June 2010 as Executive Vice President and Chief Operating Officer. Mike has over 32 years of community and commercial banking experience, including 15 years at Associated Bank, where he served as Regional President and CEO. Mike holds both his MBA and bachelor’s degree from the University of Wisconsin-Oshkosh.
• Joan Woldt, Regional President, has been promoted from Senior Vice President to Executive Vice President. She is responsible for the development of the bank’s business analysts and future business bankers within our organization. Woldt joined Bank First in July 2010 after spending 16 years with Associated Bank. She previously held the position of Commercial Banking Group Leader at Associated Bank in the Fox Valley and Fond du Lac markets, where she also managed Associated Bank’s Private Banking Services. Joan earned her bachelor’s degree from UW-Green Bay with an emphasis in finance.
• Jason Krepline, Regional President and Senior Loan Officer, has also been promoted from Senior Vice President to Executive Vice President. He leads the bank’s southern region, which is also the largest and fastest growing region in the organization. In addition, Krepline is responsible for maintaining the bank’s overall credit culture. Krepline joined Bank First in 2005. He holds a masters of business administration degree, with an emphasis in finance, from Concordia University. He holds his undergraduate degree from the University of Wisconsin-Eau Claire, where he completed majors in both business finance and economics.
• Kelly Fischer has been promoted to Chief Operating Officer at Bank First. Fischer is responsible for developing our customer service culture within our loan and deposit operations. She has been employed with the bank since 1999, most recently serving as Senior Vice President / Director of Operations. In addition to Operations, Fischer is responsible for the bank’s Treasury Management, Card Services, and IT departments. Fischer holds a bachelor's degree in accounting from Silver Lake College, Manitowoc.
Balge promoted to Sheboygan Market President at Bank First
SHEBOYGAN, WI – October 21, 2015 – Jason Krepline, Executive Vice President and Senior Loan Officer, proudly announces the promotion of Rich Balge as the new Sheboygan Market President at Bank First. “Rich has been committed to growing relationships at our Sheboygan office over the past several years,” stated Krepline. “He has also demonstrated great leadership in Sheboygan during this period of rapid growth, making him the ideal candidate to become Market President in Sheboygan.”
Balge joined the bank in 2010 after spending nearly 29 years with M&I Bank. He received his bachelor’s degree in finance from UW-Milwaukee, and his master’s degree in management from Cardinal Stritch University. He is also a graduate of the Graduate School of Banking, Madison.
Bridget Bonde promoted to Corporate Secretary at Bank First
Manitowoc, WI - October 14, 2015 - Mike Molepske, President and CEO of Bank First (BFNC), is pleased to announce the promotion of Bridget Bonde to the position of Corporate Secretary and member of the bank’s Senior Management team. Bridget joined Bank First in 2005 as a bank teller in Kiel, was promoted to administrative assistant in the Sheboygan office in 2009, further promoted as executive assistant to the CEO in 2010 and accepted the position of assistant executive officer earlier this year.
In Bridget’s new role she will continue to support the Senior Management team and CEO, along with managing investor relations for the corporation. In addition, she will be responsible for maintaining efficient administration of the bank and its holding company with statutory and corporate governance requirements and ensuring that decisions of the Board of Directors are implemented.
Bridget graduated with honors from the University of Wisconsin Oshkosh, with a bachelor’s degree in finance. She resides in Kiel with her husband, Phil, and their daughter, Olivia.