Baylake Corporation recently reported a 2012 second quarter net profit of $1.3 million, or $0.15 per fully-diluted common share, compared to the second quarter of 2011 net profit of $0.8 million, or $0.10 per fully-diluted common share. The second quarter results represent an increase in net income of $0.5 million, or $.05 per fully-diluted common share.
“The second quarter results were very encouraging with regards to earnings momentum and asset quality improvement,” said Robert Cera, Baylake Corp. President and Chief Executive Officer. “We also anticipate that significantly lower credit costs, valuation adjustments and costs of operations of foreclosed properties will be the catalyst for increased net earnings in the second half of fiscal 2012.”
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