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Denmark Bancshares increases dividend

7:17 PM, Jul. 23, 2013  |  Comments
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Denmark Bancshares Inc. raised its semi-annual dividend to $7.30 per share, a 5-cent per share increase, and reported higher second-quarter earnings.

The parent company of Denmark State Bank said it earned $1.07 million, or $9.05 per share in the second quarter, compared to $821,000, or $6.93 per share, in the second quarter of 2012. Income for the six months was $2 million, or $16.87 per share, compared to $1.67 million, or $14.07 per share, the previous year.

The earnings increase was due in part to a reduction in income tax expense and fewer losses on the disposition of foreclosed properties, the bank said.

The dividend increase was the first since 2007, said John Olsen, president.

Denmark Bancshares had assets of $432.7 million. It operates six offices in Brown and Manitowoc counties.

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