Denmark Bancshares, Inc. Announces Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
Denmark Bancshares Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the third quarter, net income was $944,000, or $8.06 per share compared to $882,000, or $7.48 per share for the same period a year ago. Results reflected an improvement of approximately 7.0% over net income of $882,000, or $7.48 per share, recorded in the third quarter of 2014. Net interest income was $3,849,000 compared to $3,603,000 a year ago. This was primarily the result of a $0.16 million, or 26.8%, decline in interest expense during the third quarter of 2015 versus the third quarter of 2014 due to the reduction in long- term borrowings during the fourth quarter of 2014. Return on average equity was 6.16% compared to 5.70% a year ago. Return on average assets was 0.87% compared to 0.79% a year ago. Interest income was $4,274,000 compared to $4,184,000 for the same period a year ago.
For the first nine months, net income was $2,807,000 or $23.86 per share, an increase of 4.8% compared with $2,677,000 or $22.68 per share in 2014. Return on assets and return on equity were 0.86% and 6.13% respectively, compared to 0.80% and 5.77%, respectively, for the same period one year ago. Net interest income was $11,303,000 compared to $10,544,000 a year ago. As on September 30, 2015 book value per share was $528.49. Interest income was $12,536,000 compared to $12,356,000 for the same period a year ago.