Denmark Bancshares, Inc. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
Denmark Bancshares, Inc. announced consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company announced consolidated net income of $1.0 million, or $0.32 per share. Results reflected an increase of $0.3 million, or 54.0%, from net income of $0.7 million, or $0.21 per share, recorded in the second quarter of 2017. Interest income was $5,102,000 compared to $4,670,000 a year ago. Return on assets and return on equity were 0.86% and 6.84%, respectively, compared to 0.59% and 4.47%, respectively, for the period one year prior.
For the six months ended June 30, 2018, net income was $2.1 or $0.64 per share, compared to $1,329,000 or $0.41 per share for the comparable period in 2017. Return on assets and return on equity for the first six months of 2018 were 0.87% and 6.87%, respectively, compared to 0.58% and 4.43%, respectively, for the period one year prior. Net interest income increased $0.6 million, or 7.6%, in the first six months of 2018 to $8.8 million compared to $8.2 million for the same period in 2017. This was primarily the result of an increase in loan volume of $39.3 million, or 10.7%, to $405.9 million as of June 30, 2018 from $366.6 million as of the same date one year ago. Interest income was $10,041,000 compared to $9,111,000 a year ago.