Baylake Corp. announced net income of $678,000, or $0.09 per diluted share, for the fourth quarter of 2009. This was the fourth consecutive quarter of profitability for the company and represents a strong improvement from the fourth quarter of 2008 when the company lost $9.9 million.

Baylake Corp reported a full year profit in 2009 of $4.3 million, or $0.55 per diluted share. In 2008, the company lost $9.9 million.

Asset quality is also improving, with non-performing loans declining from $44.1 million at the end of 2008, to $28.7 million at the end of 2009. The 2009 total represents 4.38% of total loans. The company also reported a Tier 1 risk based capital ratio of 10.22% at the end of 2009.

The company reported a book value per share of $9.43 at 12/31/2009, up from $8.72 at the end of 2008. The stock is trading at $4.00 per share.

Baylake Corp is a bank holding company that owns the Baylake Bank, which operates 28 branches in Wisconsin. The bank reported total assets of $1.04 billion at the end of 2009.