Baylake 4Q earnings up 67%, aided by tax benefit [Milwaukee Journal Sentinel]By Paul Gores, Milwaukee Journal SentinelMcClatchy-Tribune Information Services
Jan. 22--Net income for the parent company of Baylake Bank rose 67% in the fourth quarter as interest expense decreased and the company had a $660,000 tax benefit.
Baylake Corp. posted net income of more than $2.9 million, or 31 cents a share, up from $1.7 million, or 22 cents, in fourth quarter 2011.
For the year, Sturgeon Bay-based Baylake had net income of $7.6 million, or 84 cents a share. In 2011, Baylake had net income of almost $4.5 million, or 57 cents a share.
"Continued improvements in asset quality and loan growth remain our highest priorities for 2013," Robert J. Cera, president and chief executive, said in a statement announcing the earnings. "With a focus on our most productive assets, we believe the bank is well positioned to explore growth opportunities that maximize the organization's capabilities and our talented, experienced management team."
Baylake said it intends to grow by adding new branches and loan-production offices or through acquisitions in existing or new markets.
"Historically, the bank has been predominantly consumer and small business banking focused." Cera said. "While we are still strongly committed to that segment of our customer base, we are implementing a number of strategic initiatives to diversify our asset mix through an expansion on the commercial lending side of our business. We feel this commitment to capturing a greater share of customers' total banking business can help us grow further in the markets we currently serve and in strategically selected new markets in Wisconsin."
Baylake has assets of about $1 billion.
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