Bank First reports first quarter net income of $3.5 million, increases its dividend by 8.3%
APRIL 22, 2015 - Bank First National Corporation (BFNC) reported net income for the first quarter of 2015 of $3.5 million, or $0.55 per share, as compared to $3.2 million, or $0.50 per share, for the first quarter of 2014. The 10.0% year-over-year increase in earnings per share was the result of 8.2% earnings growth compounded by the impact of the Corporation’s share repurchase program.
“After experiencing several quarters of declining residential mortgage loan origination, which was felt industry wide, we saw volume in this area pick up during the first quarter of 2015, leading to an increase of nearly $.27 million in revenue from the sale and servicing of residential mortgage loans year-over-year,” said Mike Molepske, President and Chief Executive Officer at Bank First. “We also benefited from a strong quarter in revenues from our subsidiary, UFS LLC. The first quarter of 2015 was the first full quarter of operations by this subsidiary after it was restructured to make it a more tax efficient entity. This restructuring along with overall solid operating results by UFS LLC led to an increase in contributed revenues of $.42 million year-over-year. These positive trends in noninterest income have allowed us to increase profitability while net interest income remained relatively flat.”
Noninterest income was $2.5 million for the quarter ended March 31, 2015, compared to $1.9 million in the prior year quarter. Noninterest expense was $5.6 million for the first quarter of 2015, down $23,000 from the first quarter of 2014.
“Interest rates remain at historic lows requiring the Bank to look outside of interest margins for profitability. We have the Bank well positioned to realize positive earnings momentum from the anticipated improvement in the interest rate environment in future quarters,” added Molepske.
Total assets were $1.17 billion at March 31, 2015, up 10.5% from $1.06 billion at March 31, 2014.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.13 per common share, an 8.3% increase from the previous quarter and an increase of 18.2% from the dividend declared one year earlier. The dividend is payable on July 3, 2015, to shareholders of record as of June 19, 2015. “The increase in our quarterly cash dividend reflects the confidence that our Board of Directors and Management have in our ability to provide continuing strong financial returns to our shareholders,” stated Molepske.
Bank First moving to new office in Two Rivers on April 6
APRIL 3, 2015 - Mike Molepske, President and CEO of Bank First (BFNC), is pleased to announce the move of the bank’s Two Rivers office from 1509 Washington Street to 1703 Lake Street. The official first day of business at the new location will be Monday, April 6, 2015.
“We are eager to share an even better banking experience with our customers in our new Two Rivers office, which aesthetically aligns with our remaining branch network,” said Molepske. “The efficient interior layout will allow us to better serve our customers. Also, customers will experience improved traffic flow in our drive thru area.”
The Two Rivers office hours will remain the same, which are: Monday-Thursday 8:30 a.m. to 4:30 p.m., Friday 8:30 a.m. to 6:00 p.m., and Saturday 9:00 a.m. to 12 Noon.
A.C.E. Building Service served as general contractor for the 4,600 square foot project. A grand opening celebration will take place in June.
Bank First Announces Officer Promotions
JANUARY 28, 2015 - Mike Molepske, President and CEO of Bank First (BFNC), is pleased to announce the following Bank Officer promotions:
Rebecca Harrison has been promoted to Security Officer, BSA and Compliance Specialist. In this role, Harrison is responsible for overseeing the day-to-day functions of the Bank’s security, the Bank’s Bank Secrecy Act (BSA) compliance program, and monitors compliance with state and federal USA Patriot Act, anti-money laundering activities (AML), and Office of Foreign Assets Control (OFAC) laws and regulations.
Harrison has been with the Bank since 2001 serving in a variety of capacities. She is a Roncalli High School graduate and earned her Bachelor Degree in Psychology/Sociology from the University of Wisconsin Madison. She currently serves as president of the Jefferson Elementary School PTA and resides in Manitowoc with her husband, Lux, and their four children. In her spare time, she enjoys family activities, watching sports, crafts, and enjoying the outdoors. She is also active in her church outreach program.
Bridget Bonde has been promoted to Assistant Executive Officer where she is responsible for the execution of numerous executive duties, and providing support to, the President and CEO, and to the Bank’s senior management team. Bonde joined the Bank in 2005 where she served in roles as a teller, loan processor, administrative assistant, and most recently as executive assistant. She is a Kiel High School graduate and went on to earn her Bachelor of Business Administration Degree from the University of Wisconsin Oshkosh, majoring in finance with an emphasis on cost management. Bonde resides in Kiel with her husband, Phil, and their daughter, Olivia. She enjoys camping and spending time with family and friends in her spare time.
Neil Koch has been promoted to Facilities Management Officer at the Bank. In this role, he is responsible for overall management of the Bank’s facilities, including overseeing and coordinating maintenance, repairs, and construction projects. He joined the Bank in 2002 as maintenance/grounds keeper for the 8th Street office in Manitowoc and was later promoted to facilities manager in 2009. He is a Manitowoc Lincoln High School graduate and a graduate of UW Manitowoc County. His hobbies include playing guitar, reading, disk golf, chess, growing roses, and dog geriatric care.
Crystal Wood has been promoted to Branch Manager – Officer at the Bank’s Mishicot office. Wood joined the bank in 2001 as an intern and was promoted to branch manager in 2013. She earned a diploma in retail banking from the American Bankers Association and is currently working towards her Bachelor’s Degree in Business Administration from the University of Wisconsin Green Bay. Active in her community, Wood is involved with Mishicot youth sports, Larrabee Sportsmen’s Club, and the Make-A-Wish Foundation. She also enjoys racing stock cars throughout the Midwest. She resides in Whitelaw with her husband, Don, and their twin daughters, Courtney and Josie.
Bank First reports fourth quarter net income of $3.1 million, declares cash dividend of $0.12 per common share
JANUARY 22, 2015 - Bank First National Corporation (BFNC) reported net income for the fourth quarter of 2014 of $3.1 million, or $0.49 per share, as compared to $2.9 million, or $0.45 per share, for the fourth quarter of 2013. For the year ended December 31, 2014, Bank First reported net income of $12.6 million, or $1.99 per share, as compared to $11.6 million, or $1.79 per share, for the year ended December 31, 2013. This represents an 11.2% year-over-year increase in earnings per share.
“Our net income growth is directly related to our continued core deposit and loan growth, particularly in business banking services. The revenue growth we experienced from adding new banking relationships and expanding services to existing relationships was offset by a $1.2 million decrease in revenue from the sale and servicing of residential mortgage loans. This decline was felt industry wide as mortgage refinancing slowed during 2014,” said Mike Molepske, President and Chief Executive Officer at Bank First. “Our strong asset quality trends and consistent loan growth continue to provide significant value to our shareholders.”
Noninterest income was $7.8 million for 2014, up from $6.7 million in 2013. Noninterest expense was $21.9 million for 2014, down from $22.8 million in 2013. This combination led to a decrease in our efficiency ratio from 54.1% in 2013 to 49.7% in 2014, indicating a very efficient use of resources by the Bank. Total assets are $1.11 billion at December 31, 2014, up 5% from $1.06 billion at December 31, 2013.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.12 per common share payable on April 3, 2015, to shareholders of record on March 20, 2015.