DENMARK BANCSHS FOR IMMEDIATE RELEASE
Denmark Bancshares, Inc.
103 E. Main St.
P.O. Box 130
Denmark, WI 54208‐0130
Phone: (920) 863‐2161
Fax: (920) 863‐6159
DenmarkState.com
For more information, contact:
Scot G. Thompson, President and CEO
Jacqui A. Engebos, Senior Vice President and Chief Financial Officer
Phone: (920) 863‐2161, DenmarkState.com
Denmark Bancshares, Inc. First Quarter 2022 Earnings
DENMARK, Wis. (June 8, 2022) - Denmark Bancshares, Inc. ("DBI") has reported the following earnings for the first quarter of 2022. It is important to understand that DBI's pending merger with Bank First Corporation, which is expected to close in the 3rd quarter of 2022, had a material impact on DBI's results of operations for the first quarter of 2022.
SELECTED FINANCIAL DATA | March 31, | December 31, | March 31, | ||||
(In thousands, except per share data) | 2022 | 2021 | 2021 | ||||
Financial Condition (1) | |||||||
Total Loans | $472,170 | $479,057 | $476,986 | ||||
Allowance for credit losses | 7,721 | 7,741 | 7,750 | ||||
Investment securities | 32,840 | 36,462 | 33,383 | ||||
Assets | 682,670 | 687,644 | 654,112 | ||||
Deposits | 610,995 | 614,497 | 578,331 | ||||
Other borrowed funds | 899 | 933 | 6,034 | ||||
Stockholders' equity | 67,671 | 68,026 | 66,504 | ||||
Book value per share | $21.81 | $21.99 | $21.11 | ||||
Financial Ratios | |||||||
Average equity to average assets | 10.09% | 10.22% | 10.21% | ||||
Tier 1 capital to average assets (leverage) | 10.11% | 10.15% | 10.18% | ||||
Tier 1 capital to risk-weighted assets | 13.61% | 13.37% | 13.98% | ||||
Total capital to risk-weighted assets | 14.86% | 14.62% | 15.24% | ||||
Allowance for credit losses to total loans (1) | 1.64% | 1.62% | 1.56% | ||||
Loans past due 30 to 90 days to total loans | 0.54% | 0.00% | 0.00% | ||||
Nonaccrual loans to total loans | 0.07% | 0.09% | 0.10% | ||||
Non-performing loans to allowance for credit losses | 4.02% | 5.82% | 6.28% |
For the Three Months | |||||
Ended March 31, | |||||
Operating Results | 2022 | 2021 | |||
Interest income | $5,204 | $5,974 | |||
Interest expense | 431 | 1,126 | |||
Net interest income | 4,773 | 4,848 | |||
Provision for credit losses | 0 | 75 | |||
Noninterest income | 782 | 1,558 | |||
Noninterest expense | 4,532 | 4,188 | |||
Income tax expense | 279 | 545 | |||
Net income | 744 | 1,598 | |||
Net income per share | $0.24 | $0.51 | |||
Operating Ratios | |||||
Return on average equity | 4.35% | 9.65% | |||
Return on average assets | 0.44% | 0.98% | |||
Interest rate spread (tax equivalent) | 2.96% | 2.91% |
(1) As of the period ending
About Denmark Bancshares, Inc.
DBI, headquartered in Denmark, Wisconsin, is a diversified one‐bank holding company. Denmark State Bank, DBI's subsidiary bank, is an independent community bank that offers full‐service banking offices in Denmark, Bellevue, Howard, Lawrence, Reedsville, Shawano and Whitelaw, Wisconsin, serving primarily Brown, Kewaunee, Manitowoc, Outagamie, Shawano and Sheboygan Counties. DSB offers a wide variety of financial products and services including loans, deposits, mortgage banking, and investment services. For more information about DSB, visit www.DenmarkState.com.
DISCLAIMER:
The financial information presented in this news release is unaudited and does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
In addition, this news release contains forward‐looking statements about the financial condition, results of operations and business of DBI and DSB. Forward‐looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "would," "should," "could" or "may."
Forward‐looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the control of DBI, could cause actual conditions, events or results to differ significantly from those indicated by the forward‐looking statements. These factors include certain credit, market, operational, liquidity and interest rate risks associated with the company's business and operations. Other factors include changes in general business and economic conditions, developments (including collection efforts) relating to the identified non‐performing loans and other problem loans and assets, world events, competition, fiscal and monetary policies and legislation.
Forward‐looking statements speak only as of the date they are made, and DBI does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.
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Denmark Bancshares Inc. published this content on 09 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 16:21:11 UTC.
