MANITOWOC - Bank First, subsidiary of First Manitowoc Bancorp, reported net income of $2 million, or 30 cents per share, for the fourth quarter, compared to net income of $1.9 million, or 28 cents per share, in the fourth quarter of 2011.
Net income was 22-percent higher for the year at $10.4 million, or $1.58 per share. Net income was $8.5 million, or $1.30 per share in 2011.
The bank achieved $1 billion in assets during the year, and nonperforming loans to total assets decreased to .96 percent from 1.09 percent. Loans increased 8 percent to $732 million.
Bank First has 12 offices in Manitowoc, Brown, Sheboygan and Winnebago counties.