First Manitowoc Bancorp, Inc. (BFNC: OTCQB) | Bank First reports third quarter 2013 net income of $2.5 million, or $0.39 per share, up 13% over third quarter 2012

Bank First reports third quarter 2013 net income of $2.5 million, or $0.39 per share, up 13% over third quarter 2012

Oct 16, 2013

OTC Disclosure News Service

Manitowoc, WI

Bank First, subsidiary of the parent company First Manitowoc Bancorp, Inc. (OTCQB: BFNC), reported net income for the third quarter of 2013 of $2.5 million, or $0.39 per share, up 13% compared to $0.34 per share in the prior year quarter of 2012. For the nine months ended September 30, 2013, First Manitowoc Bancorp, Inc. earned $8.7 million or $1.34 per share, up 5% over the same period in 2012.

?Our relationship-based model of growing one relationship at a time has yielded 11% loan growth and 12% core deposit growth on a year-over-year basis. The growth of our core bank has resulted in 13% growth in quarter earnings per share as compared to last year?s quarter,? said Mike Molepske, President and Chief Executive Officer at Bank First. ?Our continued strong asset quality trends are also positively contributing to our profitability with a reduced provision for loan loss. Net interest income grew by $613,000, or 8%, for the third quarter.?

Total other income was $1.6 million in the third quarter 2013, down from $2.1 million in the third quarter 2012. For the nine months ended September 30, 2013, total other income was $5.7 million compared to $6.4 million in the prior year period and includes an anticipated decrease in other income for 2013 compared to 2012. Gains on sales of mortgage loans were $935,000, down 30% compared to $1.3 million in the prior nine month period. ?The slowdown in mortgage refinancing activity has been anticipated. More importantly, we are pleased that our core banking model is generating growing profitability,? Molepske stated.

Noninterest expense was $6.4 million in the third quarter, down from $6.7 million in the prior year quarter. For the nine months ended September 30, 2013, other expenses were $17.3 million, up 2% compared to $16.9 million in the prior year period. ?The increase in noninterest expense reflects our focus of investing in our core banking model to enable our strategy of continued growth in our footprint, as well as exploring opportunities for growth outside our footprint. Our profitability and sound capital base provide us with the opportunity for investment in talent, technology and resources as a recipe to deliver our Bank First service model in current and new markets,? added Molepske. ?We remain focused on growing high quality market share one relationship at a time in our footprint and in geographies adjacent to our footprint. This disciplined approach has translated into core revenue growth and sustained profitability,? Molepske stated.

This release includes additional documents. Select the link(s) below to view.

9-30-2013 earnings press release.pdf

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/BFNC/news?id=69950

Leave a Reply

WP2FB Auto Publish Powered By : XYZScripts.com
Bunk Beds