Mid-Wisconsin Financial Services Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported a net loss to common shareholders of $833,000, or $0.51 per basic and diluted share, for the quarter ended September 30, 2009. This compares to net income of $291,000, or $0.18 per basic and diluted share, for the third quarter of 2008. The company reported return on average assets of negative 0.66% and return on average equity of negative 7.38% compared to return on average assets of 0.24% and return on average equity of 3.28% for the same period of last year. The company reported loss before income taxes of $1.289 million on total interest and dividend income of $6.665 million and net interest income of $4.111 million compared to income before income taxes of $0.349 million on total interest and dividend income of $7.356 million and net interest income of $4.138 million for the same period of last year. Net loss was $1,878,000 or $1.14 per basic and diluted share, for the nine months ending September 30, 2009, compared to net income of $1,194,000, or $0.73 per basic and diluted share, for the first nine months of 2008. Book value per common share was $21.05 as of September 30, 2009 compared to book value per common share of $21.64 as of September 30, 2008. The company reported return on average assets of negative 0.51% and return on average equity of negative 5.73% compared to return on average assets of 0.34% and return on average equity of 4.52% for the same period of last year. The company reported loss before income taxes of $2.928 million on total interest and dividend income of $20.309 million and net interest income of $12.265 million compared to income before income taxes of $1.144 million on total interest and dividend income of $22.573 million and net interest income of $12.388 million for the same period of last year. Net charge offs for the quarter were $1,330,000 compared to $432,000 for the third quarter of 2008. The increase in the level of net charge offs for the third quarter was primarily due to a partial charge-off of $680,000 taken on a previously disclosed participation loan. The company recorded total impairment of $289,000 for the third quarter of 2009.

Mid-Wisconsin Financial Services Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net loss available to common stock of $1,252,000 or $0.76 per diluted share on total interest and dividend income of $6,822,000 compared to net income available to common stock of $500,000 or $0.30 per diluted share on total interest and dividend income of $7,479,000 for the same period a year ago. The company reported other operating income of $268,000, loss before income taxes of $2,017,000 and net interest income after provision for loan losses of $1,371,000 compared to other operating income of $280,000, income before income taxes of $690,000 and net interest income after provision for loan losses of $3,470,000 for the same period a year ago. Return on average assets was negative 1.00% and return on average equity was negative 10.84% compared to return on average assets of 0.42% and return on average equity of 5.70% for the same period a year ago. A major factor contributing to this loss was the need to take an additional loan loss provision of $2,000,000 during the second quarter, which equates to $0.73 of the loss. For the six months, the company reported net loss available to common stock of $1,045,000 or $0.64 per diluted share on total interest and dividend income of $13,644,000 compared to net income available to common stock of $903,000 or $0.55 per diluted share on total interest and dividend income of $15,217,000 for the same period a year ago. The company reported other operating income of $452,000, loss before income taxes of $1,640,000 and net interest income after provision for loan losses of $4,654,000 compared to other operating income of $531,000, income before income taxes of $795,000 and net interest income after provision for loan losses of $6,615,000 for the same period a year ago. Return on average assets was negative 0.42% and return on average equity was negative 4.86% compared to return on average assets of 0.38% and return on average equity of 5.15% for the same period a year ago. Book value per common share as on June 30, 2009 was $21.02 compared to book value per common share as on June 30, 2008 was $21.26. The company reported total impairment of $12,000 for the second quarter of 2009.

On April 28, 2009, the shareholders of Mid-Wisconsin Financial Services Inc., at the company's annual meeting, approved restated articles of incorporation of the company, which streamlined the company's charter document by removing certain provisions that are no longer applicable. The Restated Articles also provide the company's Board of Directors with more flexibility in determining the exact size of the board, within a minimum and maximum range of three to eleven directors. The restated articles were signed on behalf of the company on May 27, 2009, and the company caused the restated articles to be filed with the Wisconsin Department of Financial Institutions on May 27, 2009.