Bank First reports 10.9% increase in earnings per share, declares a per share cash dividend of $0.13
Manitowoc, WI – July 22, 2015 - Bank First National Corporation (BFNC) reported net income for the second quarter of 2015 of $3.4 million, or $0.54 per share, as compared to $3.1 million, or $0.48 per share, for the second quarter of 2014, representing a 10.9% year-over-year increase.
Net interest income after provision for loan losses was $8.8 million for the quarter ended June 30, 2015, compared to $8.1 million for the prior year quarter, representing an 8.95% increase year-over-year.
“The increase in net interest margin is a reflection of continued growth in customer relationships cultivated by the dedicated Bank First team. In an environment that is very unfavorable to margin growth we continue to outpace peers in our industry as we affirm our reputation as a relationship-based community bank focused on providing innovative products and services that are value driven,” said Mike Molepske, President and Chief Executive Officer at Bank First.
Noninterest income was $1.6 million for the quarter ended June 30, 2015, compared to $1.8 million in the prior year quarter. The Bank experienced a 32% increase year-over-year in income produced by residential mortgage origination. This increase was offset by a $0.44 million decrease in revenues contributed by the Bank’s investment in Ansay & Associates, LLC as they absorb one-time expenses from a current year business acquisition.
Noninterest expense was $5.3 million for the second quarter of 2015, down from $5.4 million for the second quarter of 2014.
Total assets were $1.13 billion at June 30, 2015, up 3.4% from $1.09 billion at June 30, 2014.
The Corporation’s Board of Directors approved a quarterly cash dividend of $0.13 per common share, an increase of 8.3% from the dividend declared one year earlier. The dividend is payable on October 2, 2015, to shareholders of record as of September 18, 2015.
Bank First National breaks ground in the Town of Grand Chute
JUNE 4, 2015 - Bank First National representatives recently held a groundbreaking ceremony for their new banking facility located off Wisconsin Avenue in the Town of Grand Chute, near the Fox River Mall. Representatives from A.C.E. Building Service, Bray Architects, and the Fox Cities Chamber of Commerce also joined in on the celebration.
A.C.E. Building Service is the general contractor of the $2.3 million project, which is expected to be completed in late 2015. The new building will span more than 5,400 square feet.
“While we already have a presence in the Fox Cities with many customers who are serviced from our other locations, we are eager to have a physical location to service those relationships, as well as develop new ones,” stated Joan Woldt, Regional President at Bank First. “Our office will emulate the contemporary design of our recently constructed offices. The flow allows for an efficient service layout, while also providing the opportunity for customers to enjoy a longer conversation with our bankers.”