First Manitowoc Bancorp, parent company of Bank First, reported a 33% increase in net income for the first quarter of 2012, compared to the same period last year. Net income rose to $3.3 million, or $0.50 per share, for the first quarter, compared to net income of $2.5 million, or $0.37 per share, for the same period in 2011.
Michael B. Molepske, president and Chief Executive Officer of First Manitowoc Bancorp, noted that profitability grew along with year-over-year growth in core deposits and loans. Total gross loans grew have grown 15% to $700 million, and core deposits have risen 18% to $766 million, during the past year.
Molepske said the company’s expansion into Sheboygan and Oshkosh counties is providing avenues for the bank’s continued growth.
For more information on First Manitowoc Bancorp’s financial results, visit the company website.
