Bank First National Corporation (BFNC) announced that its board of directors approved a quarterly common stock cash dividend of $0.12 per common share, a $0.01 increase from the previous quarter. The dividend is payable on October 3, 2014, to shareholders of record as of September 19, 2014. “The increase in the quarterly cash dividend is a reflection of our strategy to provide returns to our shareholders consistent with our financial performance through quarterly cash dividends and appreciation of our stock price,” stated Mike Molepske, President and Chief Executive Officer.
In addition, Bank First reported net income for the second quarter of 2014 of $3.1 million, compared to net income of $3.2 million in the prior year quarter of 2013. Earnings per share remained steady at $0.49 over the same period.
“Our second quarter results were mixed as we continued the growth of our core banking business with loans increasing by 9.9% to $866 million and core deposits increasing by 9.4% to $904 million. However, our mortgage origination business remains soft with gains on our sales of mortgages declining to $138,000 in the second quarter of 2014, compared to $383,000 in the prior year quarter of 2013,” said Mr. Molepske.
“We continue to invest in our facilities and personnel. We began construction of our new Two Rivers office in the second quarter, and will open our new Valders office on August 1,” added Molepske.
