Bank First reports 6.1 percent increase in earnings during first quarter

Special to The Freeman

April 17, 2014

MANITOWOC – Bank First, a subsidiary of the parent company First Manitowoc Bancorp, Inc., reported its first quarter net income as $3.2 million on Thursday, an increase of 6.1 percent compared to the net income of $3 million during the first quarter of 2013.

Earnings per share increased 8.7 percent, according to the announcement, to $0.50 from $0.46 over the same period as the company continued its share repurchase program.

“Our first quarter results were fueled by the continued growth of our core banking business with loans increasing by 9.6 percent to $840 million and core deposits increasing by 9.9 percent to $918 million. Most importantly, our asset quality trends continue to be strong with nonperforming assets to total assets improving to 0.61 percent at quarter-end 2014, down from 0.94 percent in the prior year quarter,” said Mike Molepske, president and chief executive officer of Bank First, in a statement. “We continue to experience strong organic growth in loans and deposits in all of our markets. Over the past year, we’ve experienced increased lending activity to our existing customers.”

Total non-interest income was $1.9 million for the quarter ended March 31, 2014, compared to $2.2 million in the prior year quarter. The decline in non-interest income is due to a decline in secondary market mortgage activities, according to the company. Revenue from the sale of mortgages and related fees declined by $325,000 to $107,000 in the first quarter of 2014, compared to the prior year quarter.

First Manitowoc Bancorp, Inc. provides financial services through its sole subsidiary, Bank First National, which was incorporated in 1894. The Bank is an independent community bank with 12 banking locations in Manitowoc, Brown, and Sheboygan and Winnebago counties.