Bank First, subsidiary of the parent company First Manitowoc Bancorp, Inc. (OTCQB: FMWC), reported net income for the first quarter of 2013 of $3.0 million, or $0.46 per share, compared to net income of $3.3 million, or $0.50 per share in the prior year quarter of 2012. Return on average assets was 1.22% for the quarter ended March 31, 2013, compared to 1.43% in the prior year quarter.
“Our first quarter results reflect continued growth of our core banking business with loans increasing by 10% to $767 million and core deposits increasing by 9% to $834 million. Most importantly, our asset quality trends continue to be strong with nonperforming assets to total assets improving to 0.94% at quarter-end 2013, down from 1.11% in the prior year quarter,” said Mike Molepske, President and Chief Executive Officer of Bank First. “We continue to experience strong organic growth in loans and deposits, which has translated into 4% growth in net interest income after provision on a year-over-year basis.”
Total other income was $2.2 million for the quarter ended March 31, 2013, compared to $2.3 million in the prior year quarter and includes an anticipated decrease in contingent fee insurance income for 2013 compared to 2012. Gains on sales of mortgage loans were $432,000 up 14% compared to $379,000 in the prior year quarter.
Noninterest expense was $5.6 million up 12% compared to $5.0 million in the prior year quarter. “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 in addition to continuing to explore opportunities for growth outside our footprint. Our profitability and sound capital base provides us with the opportunity for investment in talent, technology and resources as a recipe to deliver our Bank First service model,” added Molepske. “We remain focused on growing high quality market share one relationship at a time.This disciplined approach has translated into core revenue growth and sustained profitability.”
First Manitowoc Bancorp, Inc. (FMWC) 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. The Bank has grown through both acquisitions and de novo branch expansion. The Bank offers loan, deposit, investment advisory and trust products at each of its banking offices. Insurance products are available through Ansay & Associates, LLC. Trust, investment advisory and other financial services are offered through the Bank’s partnership with Legacy Private Trust and through an alliance with Morgan Stanley Smith Barney. The Bank is a co-owner of a data processing subsidiary, United Financial Services, Inc., which provides data services for over 40 Wisconsin banks. The Bank employs approximately 159 full-time equivalent staff and has assets of $972 million as of March 31, 2013. Further information about First Manitowoc Bancorp, Inc. is available by clicking on the Investor Relations tab at www.BankFirstNational.com .
First Manitowoc Bancorp is traded on the OTCQB marketplace under the symbol FMWC. The FMWC stock is traded on the OTC Markets Group platform that links to a diverse network of broker-dealers that provide liquidity and execution services in almost 10,000 equity and debt securities. To learn more about the OTC Markets Group visit www.otcmarkets.com
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Forward Looking Statements: This news release may contain certain “forward-looking statements” that represent First Manitowoc Bancorp’s expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Because of the risks and uncertainties inherent in forward looking statements, readers are cautioned not to place undue reliance on them, whether included in this news release or made elsewhere from time to time by First Manitowoc Bancorp or on its behalf. First Manitowoc Bancorp disclaims any obligation to update such forward-looking statements. In addition, statements regarding historical stock price performance are not indicative of or guarantees of future price performance.
