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Bank First reports 10.9% increase in earnings per share, declares a per share cash dividend of $0.13
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PR Newswire
MANITOWOC, Wis., July 22, 2015
MANITOWOC, Wis., July 22, 2015 /PRNewswire/ -- 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 Corporation (BFNC) provides financial services through its sole subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 11 banking locations in Manitowoc, Brown, Sheboygan, and Winnebago counties. The Bank has grown through both acquisitions and de novo branch expansion. The Bank offers loan, deposit and treasury management products at each of its banking offices. Insurance services are available through our bond with Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the Bank's partnership with Legacy Private Trust, an alliance with Morgan Stanley and an affiliation with McKenzie Financial Services, LLC. The Bank is a co-member of a data processing subsidiary, United Financial Services LLC, which provides data services for over 56 Midwest banks. The Company employs approximately 156 full-time equivalent staff and has assets of $1.13 billion as of June 30, 2015. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.
Forward Looking Statements: This news release may contain certain "forward-looking statements" that represent Bank First National Corporation's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by Bank First National Corporation or on its behalf. Bank First National Corporation disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of or guarantees of future price performance.
For further information, contact:
Kevin M. LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
klemahieu@bankfirstnational.com
| BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets | | ||||||||
| | | | | | | | | | |
| ASSETS | 6/30/2015 | | 12/31/2014 | | 6/30/2013 | | 6/30/2014 | | YOY Change |
| Cash and due from Banks | $ 20,955,364 | | $ 27,583,639 | | $ 20,086,758 | | $ 32,716,409 | | $ (11,761,045) |
| Interest-bearing deposits | 13,440,344 | | 34,158,343 | | 9,369,466 | | 5,940,795 | | $ 7,499,549 |
| Federal funds sold | 1,597,141 | | 111,055 | | 31,000 | | - | | 1,597,141 |
| Cash and cash equivalents | 35,992,849 | | 61,853,037 | | 29,487,223 | | 38,657,204 | | (2,664,355) |
| | | | | | | | | | |
| Securities available for sale, at fair value | 125,056,541 | | 111,160,704 | | 113,145,025 | | 111,316,389 | | 13,740,152 |
| Other investments, at cost | 2,958,417 | | 2,958,417 | | 2,958,417 | | 2,958,417 | | - |
| | | | | | | | | | |
| Loans held for sale | 443,000 | | - | | 405,000 | | 281,600 | | 161,400 |
| Loans | 903,941,654 | | 873,057,666 | | 787,673,901 | | 865,298,108 | | 38,643,546 |
| Allowance for loan loss | (9,544,533) | | (9,257,863) | | (8,359,727) | | (8,951,629) | | (592,904) |
| Loans, net | 894,397,121 | | 863,799,803 | | 779,314,175 | | 856,346,479 | | 38,050,642 |
| | | | | | | | | | |
| Premises and equipment, net | 11,437,482 | | 11,152,610 | | 10,028,209 | | 9,894,169 | | 1,543,313 |
| Goodwill | 7,983,933 | | 7,983,933 | | 7,983,933 | | 7,983,933 | | - |
| Intangible assets, net | 30,268 | | 39,349 | | 66,590 | | 48,429 Werbung Mehr Nachrichten zur BANK FIRST CORP. Aktie kostenlos abonnieren
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