DenmarkBancshares Inc. is authorized to buy back up to 15,000 commonshares pursuant to a discretionary stock repurchase policy that its boardapproved July 27.
The repurchase price currently established by the board is$17.75 per share. Unless extended by further resolution of the board, theDenmark, Wis.-based company's authority to repurchase shares under the policyis currently set to expire June 30, 2017.
In an earnings release, the company also said that duringthe second quarter, its stockholders authorized additional shares of class Aand class B common stock, and approved a 30-for-1 stock split for shareholdersof record April 26.
The company also disclosed the addition of two new branchesin Lawrence and Howard, which it said will help better serve customers acrossNortheast Wisconsin. They are set to open in early 2017.
Denmark Bancshares reported second-quarter net income of$993,000, or 29 cents per share, compared to $921,000, or 26 cents per share,for the year-ago period. The per-share net income figures have been adjustedfor the 30-for-1 stock split.