Bank First National Corporation Approves Quarterly Cash Dividend, Payable on April 4, 2018; Reports Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017
January 17, 2018 at 05:00 pm
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The Board of Directors of Bank First National Corporation approved a quarterly cash dividend of $0.16 per common share, payable on April 4, 2018, to shareholders of record as of March 28, 2018.
The company reported earnings results for the fourth quarter and full year ended of December 31, 2017. For the quarter, the company reported net income for the fourth quarter of 2017 of $3.3 million, or $0.50 per share, down 7.8% from the same period in 2016. Net interest income after provision for loan losses was $14.7 million compared to $9.9 million for the prior year fourth quarter, representing a 48.1% increase year-over-year. Net income was adversely impacted by $2.0 million ($1.4 million after tax) in expenses related to the acquisition of Waupaca Bancorporation Inc. The two nonrecurring expense items reduced fourth quarter earnings per share by $0.31. without these two items, fourth quarter 2017 earnings per share would have been $0.81, up 40.6% from the same period in 2016.
For the year ended December 31, 2017, the company earned $15.3 million or $2.44 per share, up 2.7% from the year ended December 31, 2016. Net interest income after provision for loan losses totaled $44.7 million, up 16.1% from $38.5 million for the year ended December 31, 2016.
Bank First Corporation serves as the holding company of Bank First, N.A. (the Bank). The Bank has about 26 offices, including its headquarters, in Brown, Columbia, Dane, Fond du Lac, Jefferson, Manitowoc, Monroe, Outagamie, Ozaukee, Shawano, Sheboygan, Waupaca, Waushara, and Winnebago counties in the State of Wisconsin. The Bank serves businesses, professionals, and consumers with a variety of financial services, including retail and commercial banking. The Bank offers products, including checking accounts, savings accounts, money market accounts, cash management accounts, certificates of deposit, commercial and industrial loans, commercial real estate loans, construction and development loans, residential mortgages, consumer loans, online banking, telephone banking and mobile banking. The Bank has three subsidiaries: Bank First Investments, Inc., TVG Holdings, Inc. (TVG) and BFC Title, LLC. Bank First Investments, Inc. provides investment and safekeeping services to the Bank.
Bank First National Corporation Approves Quarterly Cash Dividend, Payable on April 4, 2018; Reports Earnings Results for the Fourth Quarter and Full Year Ended of December 31, 2017