Baylake Corp. Annual Meeting Highlights Fiscal 2014 Performance Results and Key Strategic Accomplishments

STURGEON BAY, Wis., June 5, 2015 /PRNewswire/ -- Baylake Corp. (the "Company") (NASDAQ: BYLK), the holding company for Baylake Bank (the "Bank"), held its annual shareholder meeting recently at Stone Harbor Resort and Conference Center in Sturgeon Bay. 

A total of 79.43% of eligible voting shares were represented in person or by proxy.  Three Class II Board of Director nominees were elected to three-year terms: Robert J. Cera, Terrence R. Fulwiler and William D. Murphy.  In addition, shareholders approved the advisory non-binding proposal with respect to executive compensation, and ratified Baker Tilly Virchow Krause, LLP as Baylake Corp.'s independent registered public accounting firm for the fiscal year ending December 31, 2015.

Robert J. Cera, President and CEO, presented an overview of Baylake Corp. 2014 year-end results as well as noted key performance highlights for shareholders. 

Key performance indicators were outlined including net income, loan growth, and improved credit quality indicators for the year ended December 31, 2014.  Net income of $8.9 million in 2014 was up 11.3% from net income of $8.0 million in 2013.  Total loans of $679.4 million at year-end 2014 were up $61.4 million from $618.0 million at year-end 2013.  Improved credit quality indicators from year-end 2013 to year-end 2014 included: non-performing assets declined $3.6 million to $9.0 million; the allowance for loan losses to non-performing loans increased 21.8% to 136.8%; and the pass graded loans in the loan portfolio improved from 89.7% to 90.2%.

An additional performance highlight was Baylake Bank's 49.8% ownership interest in United Financial Services, a data processing company serving community banks in five Midwestern and South Central states, which showed a 29.1% income growth in 2014 to $1.2 million.

Cera commented that the Bank's 9.9% loan growth for 2014 was a critical factor in driving earnings growth for the year.  "The increase in loans reflects the Bank's continued focus on growing its commercial lending business, and in particular, the exciting opportunities and success we are enjoying in the recently launched professional practice specialty business line," said Cera. 

Some of the key strategic accomplishments discussed by Cera for 2014 included expansion into the Appleton market in February of 2014, additions of commercial banking and wealth management team talent, the launch of a professional practice initiative within the commercial and private banking sector and enhanced client investment choices through Admiral Asset Management, LLC ("Admiral").

Admiral was established in 2013 to serve individual clients as well as charitable groups and institutions who value or require the additional regulatory oversight of an RIA. The company announced the opening of a new office on May 1, 2015 in Sturgeon Bay at 228 N. Third Avenue. This new office location is in addition to the current Admiral office in Green Bay at 301 N. Adams Street, Suite 140. 

The presentation also cited the recent Company announcement of the signing of a definitive agreement to acquire NEW Bancshares, Inc. ("NEW") in a cash and stock transaction.  NEW, headquartered in Kewaunee, Wisconsin, is the parent company of Union State Bank, a Wisconsin state-chartered bank, which operates four banking locations in the Kewaunee (2), Two Rivers and Green Bay markets. The transaction is expected to close late third quarter or early fourth quarter.

Cera concluded his presentation by introducing Ken Lammersfeld, Chief Strategy and Development Officer, who outlined strategic planning work underway to improve brand strategy including talent management, training, development and technology.

In other business, Cera recognized and presented certificates of appreciation to two longtime Baylake Corp. directors.   Richard A. Braun and William C. Parsons officially retired from the board of directors. 

Baylake Bank is a subsidiary of Baylake Corp., a one-bank holding company headquartered in Sturgeon Bay, Wisconsin.  Baylake Bank provides banking and financial services from community financial centers located throughout Northeast Wisconsin.  Baylake Bank, Member FDIC.  An equal housing lender.

Admiral is an RIA and subsidiary of Baylake Corp.  Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Admiral, a registered investment advisor.  Admiral and Baylake Bank are separate entities from LPL Financial. 

SOURCE Baylake Corp.

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http://www.baylake.com