By P.O. Box 10
Manitowoc, WI 54221-0010
For further information, contact:Lisa M. O'Neill, Chief Financial Officer Phone: (920) 892-3362 loneill@bankfirstnational.com
FOR IMMEDIATE RELEASE - January 15, 2013
Bank First reports record earnings for 2012 of $10.4 million, an increase of 22% over 2011Bank First, subsidiary of the parent company First Manitowoc Bancorp, Inc. ( OTCQB: FMW C), reported a 22% increase in consolidated net income for the year ended December 31, 2012, as compared to the prior year. Net income for 2012 rose to $10.4 million, or $1.59 per share, compared to net income of $8.5 million, or $1.30 per share in
2011. Fourth quarter 2012 net income was $2.0 million, or $0.30 per share, compared to
$1.9 million, or $0.28 per share in the prior year fourth quarter, an improvement of 7%. Return on average assets was 1.11% for the year ended December 31, 2012, compared to 1.00% in the prior year.
"In 2012 we met one of our important milestones, when Bank First's total assets surpassed the $1 billion mark. We are proud of our accomplishments in 2012, but most importantly, our asset quality trends continue to be strong with nonperforming assets to total assets improving to 1.01% at year-end 2012, down from 1.09% in 2011," said Mike Molepske, President and Chief Executive Officer of Bank First. Total gross loans increased by 8% to $732 million, and core deposits increased by 15% to $872 million year-over-year. "We continue to experience strong organic growth in loans and deposits, which has translated into 6% growth in net interest income on a year-over-year basis. In addition, our mortgage origination volumes continue to be high, with revenue on mortgage sales increasing by $1.1 million to $1.9 million as compared to $772,000 last year."
Noninterest expense was lower by 4% year-over-year, and the efficiency ratio improved from 62% to 56% for the year ended December 31, 2012. "During 2012, we added experienced bankers to our team and also focused on our mission of growing one
relationship at a time. We also invested in the roll-out of innovative banking technology for our customers and increased our wealth management referral activity," said Mike Molepske. "Our improved profitability and capital base provided us the opportunity to pay a special dividend of $0.44 per share in late December 2012 to our shareholders while maintaining a strong capital position."
The capital ratios of the company continue to exceed the well-capitalized threshold. The company's excess capital provides capacity for continued growth. Molepske also stated, "We are growing one relationship at a time with a focus on high-quality loan growth. Our relationship-based focus and credit discipline has translated into improved financial performance for Bank First."
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 166 full-time equivalent staff and has assets of $1.0 billion as of December 31, 2012. 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
# # #
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.
First Manitowoc Bancorp, Inc.
Financial Data
Net Income and per share data
Net Income (Bank) Net Income (Consol) Earnings per Share (Consol) Change over prior period Branch closing expense Dividends (Holding Co.)
Dividend Payout Ratio (DPS/EPS) Dividend Yield (DPS/Stock Price) Book Value
Tangible Book Value less AFS impact
Tangible Book Value Price Earnings Ratio Book Value Multiple Market Value
Period End Shares
Market Capitalization
Performance Ratios (1)
Net Interest Margin (YTD)
Fee Income to Total Revenue
Efficiency Ratio
ROA ROE
FTE - period end Avg. number of FTE Earnings per Avg Employee
Avg Assets per Avg Employee
Selected Financial Condition (EOP)
Fed Funds Sold Total Securities Total Loans
Allowance for loan losses
Goodwill Total Assets Average Assets Core Deposits Total Deposits
Brokered Deposits (includes CDARS one-way buys) CDARS Core Deposits
Other Borrowings
Repos
Total Wholesale Funding Fed Funds Purchased Total Equity
Average Stockholder's Equity
Dec 2012
Actual YTD
$10,870,333
$10,419,981
$1.59
22.5%
$0
$5,779,132
55%
5.68%
$14.71
$13.02
$13.49
9.76
1.05
15.50
6,531,121
101,232,376
3.92%
20.57%
55.57%
1.11%
10.69%
165.750
165.985
62,777
5,664,030
$453,532
$121,032,787
$731,616,145
$7,949,992
$7,983,933
$1,020,425,758
$940,144,007
$871,882,242
$871,882,242
$0
$14,337,112
$2,820,040
$43,098,904
$45,918,944
$0
$96,093,453
$97,446,304
Dec 2011
Actual YTD
$9,334,825
$8,547,386
$1.30
$607,768
$2,769,666
32%
3.00%
$14.09
$12.39
$12.88
10.80
0.99
14.00
6,587,879
92,230,306
4.11%
19.45%
62.04%
1.00%
9.59%
166.220
168.610
50,693
5,063,391
$910,423
$134,868,890
$678,631,857
$7,480,263
$7,983,933
$911,518,115
$853,738,327
$755,092,093
$755,092,093
$0
$16,469,117
$3,700,020
$51,933,043
$55,633,063
$0
$92,822,622
$89,158,361
(1) Interim amounts are for bank only, annual amounts are consolidated
Balance Sheet Ratios
Loans to Deposits
Investments to Total Assets
Avg Earnings to Avg Bearing Liabilities Brokered Deposits to Total Deposits CDARS Deposits to Total Deposits Repos to Total Deposits plus repos Wholesale funding to total Liabilities Wholesale funding to Risk Based Capital
83%
12%
130%
0%
2%
5%
5%
49%
89%
15%
126%
0%
2%
6%
7%
63%
First Manitowoc Bancorp, Inc.
Financial Data
Dec 2012
Actual YTD
Dec 2011
Actual YTD
Asset Quality
Allowance for probable credit losses to toal loans | 1.09% | 1.10% |
Net charge-offs to average total loans | 0.33% | 0.14% |
Non Accrual loans to total loans | 0.54% | 0.46% |
Loans past due 30 days to total loans | 0.03% | 0.13% |
Non-performing assets to total assets | 1.01% | 1.09% |
Non accrual loans | 3,959,183 | 3,096,388 |
Loans 90 days past due | 825,492 | 155,153 |
OREO | 5,567,117 | 6,639,322 |
Non-performing assets | $10,351,792 | $9,890,863 |
Provision for loan losses $2,900,000 | $2,110,334 | |
Gross charge-offs 2,596,008 | 1,263,401 | |
Recoveries (165,737) | (286,624) | |
Net Charge-offs $2,430,271 | $976,777 | |
Provision less charge-offs $469,729 | $1,133,557 | |
Condensed Income Statement | ||
Short-term investment income | 28,531 | 11,587 |
Investment securities income | 3,613,966 | 4,374,002 |
Loan income | 34,514,509 | 33,354,391 |
Total Interest Income | $38,157,005 | $37,739,980 |
Deposit interest expense | 5,185,739 | 6,484,131 |
Repo interest expense | 483,809 | 653,339 |
Other borrowings interest expense | 143,330 | 214,198 |
Total Interest Expense | $5,812,919 | $7,351,668 |
Net interest income | 32,344,086 | 30,388,312 |
Provision for loan losses | 2,900,000 | 2,110,334 |
Net interest income after provision for loan loss | $29,444,086 | $28,277,978 |
Noninterest income | 8,376,443 | 7,337,637 |
Noninterest expense | 23,331,240 | 24,212,606 |
Net Income before Taxes | $14,489,289 | $11,403,009 |
Taxes | $4,069,308 | $2,855,622 |
NET INCOME | $10,419,981 | $8,547,386 |
FIRST MANITOWOC BANCORP, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets
ASSETS
12/31/2012 12/31/2011 YOY change
Cash and Due from Banks
$ 38,598,912 $
35,776,499 $
2,822,413
Interest-bearing deposits
Federal funds sold
Cash and cash equivalents
Securities available for sale, at fair value
Other investments (at cost)
Loans held for sale
Loans
Allowance for loan loss
Loans, net
Premises and equipment
Goodwill
Intangible assets
Mortgage Servicing Rights
Investment in Subsidiary (UFS & Ansay) Deferred Tax
Other Real Estate Owned
Officer Life Insurance
Other assets
72,562,389 4,252,519 68,309,870
453,532 910,423 (456,891)
111,614,834 40,939,441 70,675,392
117,954,713 131,448,791 (13,494,079)
2,958,417 3,538,615 (580,198)
542,300 1,877,450 (1,335,150)
731,073,845 676,517,423 54,556,422 (7,949,992) (7,480,263) (469,729)
723,123,854 669,037,160 54,086,693
10,050,581 9,572,834 477,747
7,983,933 7,983,933 -
75,670 93,831 (18,161)
2,010,928 1,703,793 307,135
14,170,254 14,824,444 (654,190)
- - -
5,567,117 6,639,322 (1,072,205)
19,752,669 17,201,597 2,551,072
4,620,489 5,166,584 (546,095)
Total Assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
$ 1,020,425,758 $
$ 869,162,768 $
910,027,795 $
752,486,214 $
110,397,963
116,676,554
Fed Funds Purchased
Securities sold under repurchase agreements
Borrowed funds Notes Payable Other liabilities
- - -
43,098,904 51,933,043 (8,834,139)
- - -
2,820,040 3,700,020 (879,980)
9,250,593 9,085,896 164,697
Total liabilities
Shareholders' Equity
Common stock--$0.01 par value: Authorized--
20,000,000 shares Issued--6,714,252
$ 924,332,305 $
$ 67,146 $
817,205,173 $
67,146 $
107,127,132
-
Additional Paid-in-Capital
Retained earnings
Accumulated other comprehensive income
Restricted Shares
Treasury stock at cost
2,451,266 2,451,266 -
93,472,830 88,831,977 4,640,853
3,058,177 3,214,307 (156,131) (302,643) - (302,643) (2,653,322) (1,742,074) (911,249)
Total shareholders' equity
Total Liabilities and Shareholders' Equity
$ 96,093,453 $
$ 1,020,425,758 $
92,822,622 $
910,027,795 $
3,270,831
110,397,963
FIRST MANITOWOC BANCORP, INC. AND SUBSIDIARIES Consolidated Statements of Income YTD
Loans, including fees Federal funds sold Securities:
Taxable
Tax-exempt
Other
Total interest income
Interest expense: Deposits
Securities sold under repurchase agreements
Borrowed funds
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Other income:
Trust service fees
Service charges
Ansay Insurance Revenue Loan servicing income Dividend Income
UFS Income
Loss on sales of OREO
Gain on sales of mortgage loans
Gain on sales of securities
Other
Total other income
Other expenses:
Salaries, commissions, and employee benefits
Occupancy
Data processing
Loss on sales of OREO
Postage, stationery, and supplies
Advertising
Professional Fees
Amortization of goodwill and other intangibles
Branch Closing Expense
Other
Total other expenses
Income before provision for income taxes
Provision for income taxes
Net income
Preferred Stock, Series A, Accretion
Preferred Stock Dividends
Net Income Available to Common Stockholders
Average Shares outstanding
YTD YTD YOY
12/31/2012 12/31/2011 Change
34,514,509 33,354,391 1,160,118
28,532 11,588 16,944
1,668,938 2,249,650 (580,712)
1,948,241 2,114,036 (165,795) (3,215) 10,315 (13,530)
38,157,005 37,739,980 417,025
5,185,738 6,484,131 (1,298,393)
487,420 664,757 (177,337)
139,761 202,779 (63,019)
5,812,919 7,351,668 (1,538,749)
32,344,086 30,388,312 1,955,774
2,900,000 2,110,334 789,666
29,444,086 28,277,978 1,166,108
79,484 690,857 (611,373)
2,868,642 2,196,031 672,611
1,196,235 856,754 339,481
967,074 23,439 943,636
- - -
682,848 876,519 (193,671)
- - -
1,874,471 771,500 1,102,971 (68) 724,925 (724,993)
707,758 1,219,838 (512,080)
8,376,443 7,359,863 1,016,581
11,580,440 11,753,939 (173,499)
2,540,671 2,493,254 47,417
1,454,050 1,365,952 88,097
823,578 2,543,409 (1,719,831)
410,533 467,265 (56,732)
159,879 208,440 (48,562)
1,796,580 2,122,477 (325,897)
18,161 43,157 (24,996)
- - -
4,547,350 3,236,940 1,310,410
23,331,242 24,234,833 (903,591)
14,489,288 11,403,008 3,086,280
4,069,308 2,855,622 1,213,686
10,419,980 8,547,386 1,872,594
- - -
- - -
10,419,980 8,547,387 1,872,593
6,550,272 6,593,759 (43,487)
-
Earnings per share--common shareholders
$ 1.59 $
1.30 $
0.29
FIRST MANITOWOC BANCORP, INC.
AND SUBSIDIARIES Consolidated Quarterly Statements of Income
Interest/Dividend income:
12/31/2012 12/31/2011
Quarter change
Loans, including fees Federal funds sold Securities:
Taxable
Tax-exempt
Other
Total interest income
Interest expense: Deposits
Securities sold under repurchase agreements
Borrowed funds
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision
Other income:
Trust service fees
Service charges
Ansay Insurance Revenue Loan servicing income UFS Income
Loss on sales of OREO
Gain on sales of mortgage loans
Gain on sales of securities
Other
Total other income
Other expenses:
Salaries, commissions, and employee benefits
Occupancy
Data processing
Loss on sales of OREO
Postage, stationery, and supplies
Advertising
Outside service fees
Amortization of goodwill and other intangibles
Other
Total other expenses
Income before provision for income taxes
Provision for income taxes
Net income
Average Shares outstanding
8,644,577 8,529,662 114,915
11,148 6,219 4,929
- - -
361,967 556,402 (194,435)
470,878 419,492 51,387
2,471 2,200 271
9,491,041 9,513,974 (22,934)
1,245,448 1,500,321 (254,873)
72,842 149,722 (76,880)
34,660 38,847 (4,188)
1,352,949 1,688,890 (335,941)
8,138,091 7,825,084 313,007
1,200,000 250,000 950,000
6,938,091 7,575,084 (636,993)
29,472 109,820 (80,348)
678,904 674,243 4,660
33,683 (61,240) 94,923
272,236 238,740 33,496
166,774 183,738 (16,965)
- - -
576,173 381,857 194,316
- - -
182,768 519,920 (337,152)
1,940,009 2,047,079 (107,070)
2,917,754 2,742,761 174,994
607,215 641,182 (33,967)
381,150 371,055 10,096
687,815 1,797,740 (1,109,925)
95,186 116,071 (20,884)
28,503 45,422 (16,919)
593,350 334,752 258,599
4,540 10,789 (6,249)
1,080,219 1,342,446 (262,227)
6,395,732 7,402,217 (1,006,485)
2,482,369 2,219,947 262,422
519,695 347,537 172,158
1,962,674 1,872,409 90,264
6,550,272 6,593,759 (43,487)
Earnings per share--common shareholders
$ 0.31 $
0.28 $
0.02
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