UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q/A



[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2001



OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______



Commission file number 0-21554



DENMARK BANCSHARES, INC.

(Exact name of registrant as specified in its charter)



|Wisconsin                                                      | 39-1472124                          
|-------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of
incorporation or organization) | (I.R.S. Employer Identification No.)

103 East Main Street, Denmark, Wisconsin 54208-0130

(Address of principal executive offices)



(920) 863-2161

(Registrants telephone number, including area code)





---

(Former name, address and former fiscal year, if changed since last report)



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.



Yes [X]  No [  ]



APPLICABLE ONLY TO CORPORATE ISSUERS:



As of April 27, 2001, there were 54,796 shares of the registrant's Common Stock (no par value) issued and outstanding.

















DENMARK BANCSHARES, INC.

TABLE OF CONTENTS

Quarterly Report On Form 10-Q/A

For The Quarter Ended March 31, 2001





|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Page No.                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|PART I.Financial Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Item 1.    Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Consolidated Statements of Financial Condition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 3                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Consolidated Statements of Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 4                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Consolidated Statements of Cash Flows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Notes to Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 6                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Item 2.    Management's Discussion and Analysis of Financial Condition
and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 8                                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Item 3.    Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|SIGNATURES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 11                                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|EXPLANATORY NOTEThe Companys largest subsidiary, Denmark State Bank, has restated its Consolidated Report of Condition and Income as of March 31, 2001 ("Call Report"), as filed with the Federal Deposit Insurance Corporation ("FDIC") and the State of Wisconsin Department of Financial Institutions, Division of Banking.  This amended 10-Q reflects the changes made to the Banks Call Report as of March 31, 2001.  The changes relate primarily to the Banks Allowance for Loan and Lease Losses ("ALLL").

The Company is simultaneously submitting the following amended filings:

December 31, 2000 Form 10-K/A

June 30, 2001 Form 10-Q/A

September 30, 2001 Form 10-Q/ADenmark Bancshares, Inc. and Subsidiaries
|Consolidated Statements of Financial Condition                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Cash and due from banks                          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Federal funds sold                               
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Investment Securities                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Available-for-sale, at fair value                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Held-to-maturity, at cost                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Total Investment Securities                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Loans                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Real Estate                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Commercial                                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Installment                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Other                                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Total Loans                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Allowance for credit losses                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Net Loans                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Premises and equipment, net                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Accrued interest receivable                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Other assets                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | TOTAL ASSETS                                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Deposits                                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Noninterest-bearing                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Interest-bearing                                 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Total Deposits                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Short-term borrowings                            
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Accrued interest payable                         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Other liabilities                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Long-term debt                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Total Liabilities                                
|Stockholders' Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Common stock, no par value,                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | authorized 320,000 shares;                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | issued 54,823 and 54,784 outstanding respectively
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Treasury stock                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Paid in capital                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Retained earnings                                
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Accumulated other comprehensive income           
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Unrealized (losses) gains on securities          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Total Stockholders' Equity                       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|The accompanying notes are an integral part of these financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                  
|3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

|Denmark Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)



For the Quarter Ended



March 31,

March 31,



2001

2000

Interest Income





Loans including fees
$5,967,942

$5,307,985


Investment securities:





Taxable
234,968

261,239


Exempt from federal tax
399,867

387,500


Interest on federal funds sold
136,771

13,415


Other interest income
180,508

112,041



$6,920,056

$6,082,180

Interest Expense





Deposits
$2,980,239

$2,270,421


Short-term borrowings
618,093

893,115


Long-term debt
410,209

239,026



$4,008,541

$3,402,562


Net interest income
$2,911,515

$2,679,618

Provision for Credit Losses
111,000

82,500


Net interest income after





provision for credit losses
$2,800,515

$2,597,118

Other Income





Service fees and commissions
$208,339

$161,214


Investment security gains
6,384

0


Other
67,069

60,637



$281,792

$221,851

Other Expense





Salaries and employee benefits
$1,253,048

$1,170,184


Occupancy expenses
231,973

195,971


Data processing expenses
131,405

145,130


Amortization of intangibles
52,834

52,834


Other operating expenses
298,542

276,123



$1,967,802

$1,840,242


Income before income taxes
$1,114,505

$978,727


Income tax expense
288,792

250,156


NET INCOME
$825,713

$728,571








Per Share





Net income
$15.07

$13.26


Dividends declared
$10.75

$9.75


Weighted average shares outstanding
54,796

54,931







The accompanying notes are an integral part of these financial statements.








4
Denmark Bancshares, Inc. and Subsidiaries
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Consolidated Statements of Cash Flows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|(Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Cash Flows from Operating Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Cash Flows from Investing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Cash Flows from Financing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Noncash Investing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



|Denmark Bancshares, Inc. and Subsidiaries                                                    
|---------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                   
|(Unaudited)                                                                                  
|                                                                                             
|NOTE 1 - FINANCIAL STATEMENTS                                                                
|The consolidated financial statements included herein are unaudited.  In the opinion         
|of management, these statements contain all adjustments necessary to present fairly the      
|financial position of Denmark Bancshares, Inc. (the "Company"), the results of               
|operations and cash flows for the periods presented.  All adjustments necessary for the      
|fair presentation of the financial statements are of a normal recurring nature.  These       
|consolidated financial statements should be read in conjunction with the consolidated        
|financial statements and the notes thereto included in the Company's latest annual           
|report on Form 10-K.                                                                         
|                                                                                             
|NOTE 2 - INVESTMENT SECURITIES                                                               
|The amortized cost and estimated fair value of securities available-for-sale were as follows:
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|The amortized cost and estimated fair value of securities held-to-maturity were as follows:  
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|                                                                                             
|6                                                                                            





|Denmark Bancshares, Inc. and Subsidiaries                                                                    
|-------------------------------------------------------------------------------------------------------------
|Notes to Consolidated Financial Statements                                                                   
|(Unaudited)                                                                                                  
|                                                                                                             
|                                                                                                             
|The amortized cost and estimated fair values of securities at March 31, 2001, by maturity were as follows:A93
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|NOTE 3 - ALLOWANCE FOR LOAN LOSSES                                                                           
|Changes in the allowance for loan losses were as follows:                                                    
|                                                                                                             
|                                                                                                             
|                                                                                                             
|                                                                                                             
|Balance, beginning of period                                                                                 
|Provision charged to operations                                                                              
|Recoveries                                                                                                   
|Charge-offs                                                                                                  
|Balance, end of period                                                                                       
|                                                                                                             
|                                                                                                             
|                                                                                                             











































|Denmark Bancshares, Inc. and Subsidiaries                                            
|-------------------------------------------------------------------------------------
|Management's Discussion and Analysis of Financial Condition and Results of Operations
|(Unaudited)                                                                          
|                                                                                     
|                                                                                     
|                                                                                     
|Financial Highlights                                                                 
|                                                                                     
|                                                                                     
|(In thousands)                                                                       
|                                                                                     
|Operating Results                                                                    
|Interest income                                                                      
|Interest expense                                                                     
|Net interest income                                                                  
|Provision for credit losses                                                          
|Noninterest income                                                                   
|Noninterest expense                                                                  
|Net income                                                                           
|                                                                                     
|Per Share Data                                                                       
|Net income per share                                                                 
|                                                                                     
|(In thousands)                                                                       
|                                                                                     
|Financial Condition (1)                                                              
|Loans                                                                                
|Allowance for credit losses                                                          
|Investment securities                                                                
|Assets                                                                               
|Deposits                                                                             
|Other borrowed funds                                                                 
|Stockholders' equity                                                                 
|                                                                                     
|                                                                                     
|Financial Ratios                                                                     
|Return on average equity                                                             
|Return on average assets                                                             
|Interest rate spread                                                                 
|Average equity to average assets                                                     
|Allowance for credit losses                                                          
|to total loans (1)                                                                   
|                                                                                     
|                                                                                     
|(1)  As of the period ending.                                                        



8





















Management's Discussion and Analysis of Financial Condition and Results of Operations



Results of Operations



Net income for the quarter ended March 31, 2001, was $825,713, or $15.07 per share, an increase of $97,142 or 13%, compared to $728,571, or $13.26 per share, for the corresponding period in 2000.  This increase was the result of higher net interest income and higher noninterest income, which more than offset an increase in the provision for loan losses and higher noninterest expenses.



Net interest income for the quarter ended March 31, 2001, was $2,911,515, an increase of $231,897 over the corresponding period in the prior year.  The following table sets forth a summary of the changes in interest earned and interest paid resulting from changes in volume and changes in rates:





|                    | Increase Due to Change In |             
|------------------- | ------------------------- | ------------
|(In thousands)      | Average
Balance           | Average
Rate
|Interest Income     | $581                      | $257        
|Interest Expense    | 351                       | 255         
|Net interest income | $230                      | $2          



The increase in net interest income is primarily attributable to higher volume. Average earning assets increased by $30.0 million or 10% during the first quarter of 2001 compared to the first quarter of 2000.  Average interest-bearing liabilities increased by $24.5 million or 9.3% compared to the first quarter of 2000.  The increases in volume resulted in an increase in net interest income of $230,000.



In the first quarter of 2001 the Company's provision for credit losses was $111,000 compared to $82,500 for the first quarter of 2000.  Net charge-offs were $85,223 in the first quarter of 2001 compared to net charge-offs of $39,012 during the first quarter of 2000.



Noninterest income for the three months ended March 31, 2001, was $281,792, an increase of $59,941 over the corresponding period in 2000.  This increase is primarily the result of an increase of $45,094 in commissions from insurance sales.  The higher commissions are mostly attributable to bonuses received based on volume and loss experience from previous years.  Investment security gains increased by $6,384 during the first quarter of 2001 compared to the corresponding period in the prior year.  Appraisal fees were $4,375 higher in the first quarter of 2001 compared to the first quarter of 2000.



Noninterest expense increased by $127,560 or 7% during the three months ended March 31, 2001, over the corresponding period in 2000.  Salaries and benefits expense increased $82,864 or 7% over the corresponding period in 2000.  This increase is the result of higher salaries and wages, which increased by $35,639 primarily as a result of regular salary increases and higher group health insurance expenses, which increased by $44,060 or 28%.  Occupancy expenses increased by $36,002 or 18% compared to the first quarter of 2000.   This increase is the result of major equipment repairs totaling $12,655, an increase in depreciation of $12,300 and an increase in utility expenses amounting to $5,397.   Other operating expenses increased by $22,419 or 8%.  This increase was primarily the result of higher legal expenses, which increased by  $12,230 compared to the first quarter of 2000.  The Company paid $10,756 in legal fees for the review and negotiation of a long-term data processing contract.



Return on average assets in the first quarter of 2001 was .95%, compared to .92% for the corresponding period in 2000.  Return on average equity in the first quarter of 2001 was 10.2%, compared to 9.0% for the corresponding period in the prior year.





9



Financial Condition



Total assets increased by $3,492,121 between December 31, 2000, and March 31, 2001.  Federal funds sold increased by $13.7 million during the first quarter.  Investment securities and loans decreased by $9.5 million and $1.8 million, respectively, during the first quarter of 2001.  During the quarter $11.5 million of U.S. Government agency securities were called.  The funds were used to increase the tax-exempt portfolio, which increased by $1.8 million and to increase federal funds sold.  The Bank sold $3.3 million of fixed rate mortgages to the secondary mortgage market.  Other borrowed funds increased by $4.4 million during the first three months of 2001.



The allowance for credit losses increased by $25,777 during the quarter ended March 31, 2001. The allowance equals 2.36% of total loans at March 31, 2001, compared to 2.34% at December 31, 2000.  Nonaccrual loans totaled $8,331,073 at March 31, 2001, an increase of $185,554 over December 31, 2000.  The Companys ratio of loans more than 30 days past due (including nonaccrual loans) to total loans was 5.0% at March 31, 2001 compared to 4.0% at December 31, 2000.  Loans 30 days past due but still accruing totaled $5.7 million at March 31, 2001, an increase of $2.6 million compared to year-end.  The increase in past due loans is concentrated in commercial and agriculture loans.  As of March 31, 2001, management has identified $15.5 million of potential problem loans.  Potential problem loans are loans that are performing but have a greater risk of nonperformance.



Demand deposits decreased $6,210,390 or 18.5% during the first quarter of 2001.  Management attributes the decrease in demand deposits to a normal seasonal fluctuation.  Interest bearing deposits increased by $4,680,460 between December 31, 2000, and March 31, 2001.



Stockholders' equity increased by $370,278 to $32,242,491 as of March 31, 2001.  As of March 31, 2001, the Company's leverage ratio was 9.2%, the risk-based core capital ratio was 12.2% and the risk-based total capital ratio was 13.5%.  The Company and the Bank continue to maintain capital levels well above the regulatory minimum levels.



On March 27, 2001, the Company's board of directors declared a semiannual $10.75 per share dividend payable on July 2, 2001, to all shareholders of record on June 12, 2001.



Liquidity



Liquidity refers to the ability of the Company to generate adequate amounts of cash to meet the Company's needs for cash.  Cash and cash equivalents increased by $907,622 during the first quarter of 2001.  The major sources and uses of cash are detailed in the accompanying Consolidated Statements of Cash Flows. The federal funds sold totaling $19.0 million and the available-for-sale investment portfolio amounting to $5.1 million as of March 31, 2001, are readily convertible to cash if needed for liquidity purposes.



In addition to on-balance sheet sources of funds the Company also has off-balance sheet sources available to meet liquidity needs.  The Company has unused lines of credit of $26.9 million as of March 31, 2001.  Management believes the Company's liquidity position as of March 31, 2001, is adequate under current economic conditions.



Item 3.  Quantitative and Qualitative Disclosures About Market Risk



The Company's primary market risk position has not materially changed from that disclosed in the Company's 2000 Form 10-K Annual Report.





10





SIGNATURES





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.









|                       | DENMARK BANCSHARES, INC.



s/s Darrell R. Lemmens
|---------------------- | --------------------------------------------------
|Date:  January 2, 2002 | Darrell R. Lemmens,                               
|                       | Principal Executive Officer,                      
|                       | Chairman of the Board,                            
|                       | and President



s/s Dennis J. Heim               
|Date:  January 2, 2002 | Dennis J. Heim                                    
|                       | Vice President and Treasurer,                     
|                       | Principal Financial and                           
|                       | Accounting Officer                                













































11