Bank First reports third quarter 2017 net income of $3.8 million, or $0.62 per share, declares a cash dividend of $0.16 per share

MANITOWOC, Wis., Oct. 18, 2017 /PRNewswire/ -- Bank First National Corporation (OTC-PINK:BFNC) reported net income for the third quarter of 2017 of $3.8 million, or $0.62 per share, up 2.9% from the same period in 2016. For the nine months ended September 30, 2017, Bank First earned $12.0 million or $1.95 per share, up 6.8% from the first nine months of 2016. Included in the results for the third quarter of 2017 was $0.72 million in nonrecurring expenses related to the acquisition of Waupaca Bancorporation, Inc., negatively impacting earnings per share by $0.12.

Net interest income after provision for loan losses was $10.4 million for the quarter ended September 30, 2017, compared to $9.7 million for the prior year third quarter, representing a 6.1% increase year-over-year. Through nine months ended September 30, 2017, net interest income after provision for loan losses totaled $30.0 million, up 5.0% from $28.5 million through the first nine months of 2016.

Noninterest expense was $7.0 million in the third quarter of 2017, compared to $6.3 million during the third quarter of 2016. The primary reason for the increase in noninterest expense is the aforementioned expenses related to our acquisition transaction scheduled for the fourth quarter of 2017. Included in these expenses is $0.37 million in outside services, $0.18 million in data processing, and $0.12 million in occupancy costs. For the nine months ended September 30, 2017 noninterest expense was $20.0 million, up 8.5% from $18.4 million in the prior year period. Bank First's efficiency ratio was 50.5% through the first nine months of 2017, compared to 50.2% through the first nine months of 2016.

"We were able to increase year-over-year profitability during the third quarter of 2017 even while expending significant resources working towards our acquisition of Waupaca Bancorporation, Inc.," stated Mike Molepske, Chief Executive Officer. "We look forward to adding this new market to the Bank First family of relationships. We anticipate this transaction will have an immediate positive impact on our profitability."

Bank First experienced total loan growth of $77.8 million, or 7.6%, from September 2016 to September 2017, ending the period at $1.10 billion in total loans. This loan growth was primarily funded by an increase in core deposits of $60.8 million, or 5.6% from September 2016 to September 2017. Demand deposit accounts, a very low-cost source of funding, composed $42.0 million, or 69.1%, of the overall core deposit growth.

Asset quality remained very strong as of September 30, 2017. Nonperforming assets to total assets finished the quarter at 0.20%. Through nine months of 2017 Bank First has realized a net loan charge off of only $119,200, representing 0.01% of our overall loan portfolio.

The Corporation's Board of Directors approved a quarterly cash dividend of $0.16 per common share, payable on January 4, 2018, to shareholders of record as of December 28, 2017.

For further information, contact:
Kevin M LeMahieu, Chief Financial Officer
Phone: (920) 652-3200
klemahieu@bankfirstnational.com

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SOURCE Bank First National Corporation