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Denmark Banchsares income up 9.3%

8:43 PM, Apr. 23, 2013  |  Comments
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Denmark Bancshares Inc. reported net income of $928,000, or $7.82 per share, for the first quarter.

That was a 9.3-percent increase from the first quarter of 2012.

Among factors resulting in the improvement were a decline in costs related to foreclosures, said Chief Credit Officer Carl Laveck. Such expenses were reduced by $63,000, to $15,000.

"Our continued focus on the improvement of asset quality is showing up as a reduction in the costs related to administering this area," he said.

At quarter's end, total assets were $426.3 million. Total deposits were $332 million. Total loans were $297 million. The Tier 1 capital ratio was 13.98 percent.

The parent of Denmark State Bank, the company operates six offices in Brown and Manitowoc counties.

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