P.O. Box 10 Manitowoc, WI 54221-0010
For further information, contact:Kevin M. LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
klemahieu@bankfirstnational.com
FOR IMMEDIATE RELEASE
Bank First National Corporation (BFNC) reported net income for the year ended December 31, 2015, of $13.4 million, or $2.13 per share, up 7.0% from 2014. For the three months ended December 31, 2015, Bank First earned $3.1 million or $0.49 per share.
Net interest income after provision for loan losses was $35.0 million for the year ended December 31, 2015, compared to $32.9 million for 2014, representing a 6.4% increase year-over-year. For the three months ended December 31, 2015, net interest income after provision for loan losses grew by 13.2% compared to the same period during 2014, rising from $7.9 million to $9.0 million.
Bank First reported total loan growth of $83.6 million, or 9.6%, from December 2014 to December 2015. This was funded by an increase in core deposits of $107.8 million over that same period, up 11.3%. Demand deposit accounts grew by $57.8 million over the course of 2015 and represent 28.3% of core deposits as of December 31, 2015. Total assets of the Corporation increased by 12.0% year-over-year to $1.24 billion at December 31, 2015. The Corporation ended 2015 with $3.48 million in non- performing assets, a decrease of $1.99 million from $5.47 million at the end of 2014. This represents a non-performing assets to total assets ratio of 0.28% for the Corporation as of December 31, 2015.
Noninterest income was $7.5 million during 2015, compared to $7.9 million during 2014. The primary cause of the decrease in noninterest income was a decline in revenues contributed by the Bank's investment in Ansay & Associates, LLC (Ansay) as they absorbed one-time expenses from a current year business acquisition leading to a year-over-year negative variance of $0.63 million. During 2014 the Corporation sold several municipal securities which were classified as available-for-sale leading to a gain
on sale of investments during that year of $0.51 million. No securities available-for-sale were sold during 2015, leading to a decrease in this area of noninterest income.
Noninterest expense was $22.3 million during 2015, compared to $21.9 million during the prior year, an increase of 1.8%. Increases in salaries and benefits were offset by lower occupancy costs and favorable trends in gains and losses on sales of other real estate owned, leading to a very nominal year-over-year increase in noninterest expense.
"We are very pleased to report record earnings for Bank First for the year ended December 31, 2015. As we look toward 2016 we anticipate our investment in Ansay will return historic profitability. January 2016 saw the opening of our office location in Appleton," stated Mike Molepske, Chief Executive Officer at Bank First. "These events, along with the strong foundation we have in our established markets, gives us great confidence in our ability to continue to deliver on our goal of creating value for the communities we serve, resulting in exceptional returns for our shareholders."
The Corporation's Board of Directors approved a quarterly cash dividend of $0.14 per common share, a 7.7% increase from the previous quarter. The dividend is payable on April 6, 2016, to shareholders of record as of March 23, 2016.
Bank First National Corporation (BFNC) provides financial services through its subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, Sheboygan, Outagamie, 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 50 Midwest banks. The Company employs approximately 160 full-time equivalent staff and has assets of $1.24 billion as of December 31, 2015. Further information about Bank First National Corporation is available by clicking on the Investor Relations tab at www.BankFirstNational.com.
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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.
BANK FIRST NATIONAL CORPORATION AND SUBSIDIARIES Consolidated Balance Sheets (thousands, except per share data)ASSETS | 12/31/2015 | 12/31/2014 | YOY Change | |||
Cash and due from Banks | $ 21,257 | $ 27,584 | $ (6,327) | |||
Interest-bearing deposits | 6,813 | 13,471 | (6,658) | |||
Federal funds sold | 57,574 | 20,798 | 36,776 | |||
Cash and cash equivalents | 85,644 | 61,853 | 23,791 | |||
Securities available for sale, at fair value | 97,358 | 74,933 | 22,425 | |||
Securities held to maturity, at amortized cost | 34,316 | 36,229 | (1,913) | |||
Other investments, at cost | 5,338 | 2,958 | 2,380 | |||
Loans held for sale | 368 | - | 368 | |||
Loans | 956,637 | 873,058 | 83,579 | |||
Allowance for loan loss | (10,011) | (9,258) | (753) | |||
Loans, net | 946,626 | 863,800 | 82,826 | |||
Premises and equipment, net | 12,960 | 11,152 | 1,808 | |||
Goodwill | 7,984 | 7,984 | - | |||
Intangible assets, net | 21 | 39 | (18) | |||
Mortgage Servicing Rights | 2,304 | 2,388 | (84) | |||
Investment in minority owned subsidiaries | 17,373 | 16,052 | 1,321 | |||
Other real estate owned | 1,855 | 2,943 | (1,088) | |||
Cash value of life insurance | 20,015 | 19,486 | 529 | |||
Other assets | 5,513 | 5,191 | 322 | |||
Total Assets | $ 1,237,675 | $ 1,105,008 | $ 132,667 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Deposits | $ 1,062,575 | $ 954,742 | $ 107,833 | |||
Securities sold under repurchase agreements | 45,617 | 30,513 | 15,104 | |||
Dividend Payable | 817 | 753 | 64 | |||
Other liabilities | 9,738 | 9,938 | (200) | |||
Total liabilities | 1,118,747 | 995,946 | 122,801 | |||
Stockholders' Equity | ||||||
Common stock--$0.01 par value: Authorized-- 20,000,000 shares Issued--6,714,252 | 67 | 67 | - | |||
Additional paid-in-capital | 2,691 | 2,606 | 85 | |||
Retained earnings | 123,526 | 113,339 | 10,187 | |||
Accumulated other comprehensive income | 1,224 | 1,435 | (211) | |||
Treasury stock, at cost | (8,580) | (8,385) | (195) | |||
Total stockholders' equity | 118,928 | 109,062 | 9,866 | |||
Total Liabilities and Stockholders' Equity | $ 1,237,675 | $ 1,105,008 | $ 132,667 |
YTD 12/31/2015 | YTD 12/31/2014 | YOY Change | ||||
Interest/Dividend income: Loans, including fees | $ 37,946 | $ 36,964 | $ 982 | |||
Federal funds sold Securities: Taxable | 150 1,686 | 4 1,164 | 146 522 | |||
Tax-exempt | 1,280 | 1,577 | (297) | |||
Total interest income | 41,062 | 39,709 | 1,353 | |||
Interest expense: Deposits | 4,932 | 4,619 | 313 | |||
Securities sold under repurchase agreements | 72 | 97 | (25) | |||
Borrowed funds | 59 | 67 | (8) | |||
Total interest expense | 5,063 | 4,783 | 280 | |||
Net interest income | 35,999 | 34,926 | 1,073 | |||
Provision for loan losses | 1,008 | 2,030 | (1,022) | |||
Net interest income after provision | 34,991 | 32,896 | 2,095 | |||
Noninterest income: Wealth Management Revenue | 113 | 119 | (6) | |||
Service charges | 2,411 | 2,044 | 367 | |||
Income from Ansay | 538 | 1,163 | (625) | |||
Loan servicing income | 812 | 842 | (30) | |||
Income from UFS | 2,165 | 1,300 | 865 | |||
Net gain on sales of mortgage loans | 674 | 523 | 151 | |||
Net gain on sales of securities | - | 513 | (513) | |||
Other | 750 | 1,389 | (639) | |||
Total Noninterest income | 7,463 | 7,893 | (430) |
Noninterst expense:
Salaries, commissions, and employee benefits Occupancy
Data processing
Net (gain) loss on sales of OREO Postage, stationery, and supplies Advertising
Outside service fees Amortization of intangibles Other
Total Noninterest expense Income before provision for income taxes Provision for income taxes
12,193 11,302 891
2,575 2,889 (314)
1,777 1,775 2
(3) 137 (140)
353 358 (5)
177 185 (8)
2,225 2,282 (57)
18 18 -
2,990 2,964 26
22,305 21,910 395
20,149 18,879 1,270
6,754 6,259 495
Net income $ 13,395 $ 12,620 $ 775YTD Average Shares outstanding | 6,291,319 | 6,338,077 | (46,758) |
Earnings per share--common shareholders | $ 2.13 | $ 1.99 | $ 0.14 |
First Manitowoc Bancorp Inc. issued this content on 2016-01-21 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 00:19:06 UTC
Original Document: http://www.snl.com/irweblinkx/file.aspx?IID=1021435&FID=1001206054