Bank reports 50 percent earnings increase for quarter BELOIT, Wis.,
Feb. 18 /PRNewswire-FirstCall/ -- Blackhawk Bancorp, Inc.
(OTC:BHWB) (BULLETIN BOARD: BHWB) today reported a 50% increase in
earnings for the quarter ended December 31, 2009 to $582,000
compared to the $388,000 earned in the fourth quarter of 2008. The
increase reflects net interest margin improvement and higher levels
of non-interest income. Earnings per share for the quarter
increased to $0.19 compared to $0.18 per diluted share for the
fourth quarter of 2008. Total assets increased to $523.3 million as
of December 31, 2009 compared with $500.4 million at year end 2008.
The increase was due to strong deposit growth, which has reduced
the Company's reliance on wholesale funding sources, substantially
improving the company's liquidity position. For the year ended
December 31, 2009 Blackhawk reported net income of $1.95 million, a
23% decrease compared to $2.55 million earned in 2008. Earnings per
share for the year decreased 43% to $0.67 per diluted share
compared to the $1.17 per diluted share in 2008. The decrease in
earnings was primarily the result of an increase in loan loss
provision and higher operating expenses, such as FDIC insurance
premiums. These expense increases were substantially offset by
improvements in net interest margin and other income. The more
significant percentage decrease in earnings per share for the year
compared to the decrease in net income reflects dividend payments
on preferred stock that was issued in the first quarter of 2009. In
March of 2009 the company received a $10 million capital investment
under the U.S. Treasury's voluntary Capital Purchase Plan, a part
of the Emergency Economic Stabilization Act of 2008, designed to
provide capital to healthy financial institutions to promote
confidence and stabilization in the economy. The cost of that
capital is not considered an expense when determining net income,
but it is deducted from earnings available to common shareholders
when calculating earnings per share. "Participation in the U.S.
Treasury's Capital Purchase Plan, which bolstered the company's
capital ratios, was just one component of our strategic priority to
fortify the bank's balance sheet," said Rick Bastian, president and
CEO. "We were also successful in maintaining relatively strong
credit quality and enhancing the bank's liquidity position.
Capital, asset quality and liquidity are three critical areas where
deficiencies have been the primary cause of nearly 200 bank
failures since the beginning of 2008," he added. The following
table summarizes key performance and asset quality measures for the
quarter ended December 31, 2009 compared to the previous four
quarters. Key Performance and 4th 3rd 2nd 1st 4th Asset Quality Qtr
Qtr Qtr Qtr Qtr Measures 2009 2009 2009 2009 2008 ---- ---- ----
---- ---- Diluted Earnings per share $0.19 $0.01 $0.17 $0.29 $0.18
Return on average assets .44% .14% .39% .53% .31% Return on common
equity 4.68% .43% 5.68% 9.62% 6.32% Net interest margin 3.86% 3.62%
3.61% 3.46% 3.39% Efficiency ratio 73.7% 69.6% 75.5% 70.9% 78.9%
Nonperforming loans to total loans 1.90% 2.11% 2.20% 2.24% 1.50%
Nonperforming assets to total loans 2.09% 2.44% 2.63% 2.41% 1.64%
Allowance for loan losses to total loans 1.67% 1.57% 1.18% 1.08%
.90% Allowance for loan losses to nonperforming loans 88% 75% 54%
48% 60% Subsidiary bank total risk based capital 12.92% 12.80%
12.46% 12.75% 10.41% "I am proud that Blackhawk has remained
profitable, despite the challenges of the current economic
environment," said Bastian. "The loan loss provision we recorded in
2009 has was substantially more than our actual losses charged-off,
which allows us to go into 2010 with much stronger reserves," he
added. Net Interest Income Net interest income for the fourth
quarter increased 21% to $4.6 million compared to $3.8 million in
the fourth quarter 2008. Both the average balance of total earning
assets and the net interest margin realized on those assets
increased in the fourth quarter compared to the same quarter the
year before. Average earning assets for the fourth quarter
increased 6.1% compared to the fourth quarter of 2008 and the net
interest margin increased 47 basis points to 3.86% compared to
3.39% in the fourth quarter of 2008. Total average loans decreased
by $1.9 million, or .6%, compared to the prior year fourth quarter.
The increase in average earning assets was in investment securities
and other short-term investments, providing for an improved
liquidity position. For the full year net interest income was up
15% to $17.3 million, compared to $15.0 million for 2008. Average
earning assets and the net interest margin both increased for the
full year as well. Total average earning assets increased over 2008
by $41.5 million, or 9.4%. The increase in average earning assets
included a $17.8 million, or 5.8% increase in average total loans,
with the remainder of the growth in investment securities and
short-term investments. The net interest margin increased 21 basis
points to 3.66% for the year ended December 31, 2009 compared to
3.45% the year before. The earning asset growth and improvement in
the net interest margin reflect the bank's success in generating
core deposit growth. Average total deposits for the fourth quarter
increased by $34.3 million, or 9.2% compared to the fourth quarter
of 2008. For the year average deposits increased $41.0 million, or
11.5% over 2008. All of the deposit growth occurred in non-maturity
deposit products such as DDA, interest checking and money market.
This growth has resulted in less reliance on borrowings, as the
average balance of borrowing for the fourth quarter of 2009
decreased by $15.4 million, or 19.6% compared to the average
balance in the fourth quarter of the prior year. Non-Interest
Income and Operating Expenses Noninterest income for the fourth
quarter increased 50% to $1.4 million compared to $.9 million the
fourth quarter of the prior year. For the year non-interest income
increased 46% to $7.6 million compared to $5.2 million in 2008. The
increase in non-interest income was primarily driven by mortgage
banking activity. For the year gain on sale of mortgage loans
increased by $2.6 million, or 183%, to $4.0 million compared to
$1.4 million in 2008. "We have assembled a great mortgage
origination staff," said Bastian. "We were well positioned to
benefit from historically low interest rates in 2009, as many of
the mortgage brokers we used to compete against had gone out of
business," he added. Operating expenses increased by $0.7 million,
or 18%, to $4.5 million in the fourth quarter of 2009 compared to
$3.8 million the prior year. For the year operating expenses were
up $2.8 million, or 18%, to $18.3 million compared to $15.5 million
in 2008. The increase in operating expenses was driven by
escalating FDIC insurance premiums, including a special assessment
that was accrued in the second quarter. The bank also saw an
increase in compensation expense, primarily due to higher mortgage
loan production, which is generated by commission-based employees.
Provision for Loan Losses and Credit Quality Nonperforming assets
equaled $6.8 million, or 2.09% of total loans, at December 31, 2009
compared to $7.9 million, or 2.44% of total loans, at September 30,
2009 and $5.4 million, or 1.64% of total loans, at December 31,
2008. "We're pleased to have made progress reducing the level of
nonperforming loans during the fourth quarter; however many of the
bank's customers who are current on their loan obligations continue
to be challenged by the on-going economic recession," said Bastian.
"For that reason we expect nonperforming assets to remain above
historical levels throughout 2010." The provision for loan losses
in the fourth quarter increased by 26% to $0.7 million compared to
$0.5 million in fourth quarter 2008. For the year Blackhawk
recorded a provision for loan losses of $4.1 million, a 209%
increase over the $1.3 million provision recorded in 2008. Loan
charge-offs also increased in 2009, but to a lesser extent than the
provision. This allowed the company to significantly strengthen the
ratio of allowance for loan losses to total loans, which was to
1.67% at December 31, 2009 compared to .90% at December 31, 2008.
It also increased the ratio of the allowance for loan losses to
nonperforming loans to 88% at December 31, 2009 compared to 60% at
December 31, 2008. The following table summarizes the activity in
the allowance for loan losses for 2009 and 2008. Activity in
Allowance for Loan Losses 2009 2008 ---- ---- Beginning allowance
for loan losses $2,970,000 $2,411,000 Provision for loan losses
4,090,000 1,322,000 Charge-offs (1,779,000) (988,000) Recoveries
190,000 225,000 ------- ------- Ending allowance for loan losses
$5,471,000 $2,970,000 ========== ========== Net charge-offs to
average total loans .49% .26% === === Outlook Blackhawk has created
a strong credit culture and the processes to support it, but the
potential for continuing economic weakness presents a heightened
level of risk. For that reason the company expects to continue
fortifying its balance sheet by conserving capital, strengthening
the allowance for loan losses and maintaining ample liquidity to
meet the demands of its customer base. The company will however
continue to seek profitable growth opportunities in its Wisconsin
and Illinois markets, without sacrificing profitability or credit
quality. Blackhawk emphasizes the value of its personal attention
and the service it provides that remain unmatched by larger
competitors. About Blackhawk Bancorp Blackhawk Bancorp, Inc. is
headquartered in Beloit, Wisconsin and is the parent company of
Blackhawk Bank, which operates eight banking centers in south
central Wisconsin and north central Illinois, along the I-90
corridor from Belvidere, Illinois to Beloit, Wisconsin. Blackhawk's
locations serve individuals and small businesses, primarily with
fewer than 200 employees. The company offers a variety of
value-added consultative services to small businesses and their
employees related to its banking products such as health savings
accounts and investment management. The bank has received numerous
accolades for its work with the fast-growing Hispanic population in
the markets it serves. Forward-Looking Statements When used in this
communication, the words "believes," "expects," and similar
expressions are intended to identify forward-looking statements.
The company's actual results may differ materially from those
described in the forward-looking statements. Factors which could
cause such a variance to occur include, but are not limited to:
heightened competition; adverse state and federal regulation;
failure to obtain new or retain existing customers; ability to
attract and retain key executives and personnel; changes in
interest rates; unanticipated changes in industry trends;
unanticipated changes in credit quality and risk factors, including
general economic conditions; success in gaining regulatory
approvals when required; changes in the Federal Reserve Board
monetary policies; unexpected outcomes of new and existing
litigation in which Blackhawk or its subsidiaries, officers,
directors or employees is named defendants; technological changes;
changes in accounting principles generally accepted in the United
States; changes in assumptions or conditions affecting the
application of "critical accounting policies"; and the inability of
third party vendors to perform critical services for the company or
its customers. Further information is available on the Company's
website at http://www.blackhawkbank.com/. BLACKHAWK BANCORP, INC.
AND SUBSIDIARY CONDENSED STATEMENTS OF INCOME (Unaudited) Three
Months Ended December 31, (Dollars in thousands, except per share
data) 2009 2008 2009 2008 ---------------------- ---- ---- ----
---- Interest and Dividend Income $6,843 $6,957 $27,698 $27,807
Interest Expense 2,205 3,137 10,430 12,781 ----- ----- ------
------ Net Interest and Dividend Income 4,638 3,820 17,268 15,026
Provision for loan losses 675 537 4,090 1,322 Non-Interest Income
1,405 934 7,580 5,196 Non-Interest Expense 4,521 3,819 18,285
15,484 ----- ----- ------ ------ Income Before Income Taxes 847 398
2,473 3,416 Income Taxes 265 10 520 864 --- -- --- --- Net Income
$582 $388 $1,953 $2,552 ==== ==== ====== ====== Key Ratios
---------- Diluted Earnings Per Common Share $0.19 $0.18 $0.67
$1.17 Dividends Per Common Share - 0.09 0.27 0.36 Average
Outstanding Common Shares 2,163,678 2,154,504 2,162,446 2,161,605
Ending Outstanding Common Shares 2,163,678 2,154,504 2,163,678
2,154,504 Net Interest Margin 3.86% 3.39% 3.66% 3.45% Efficiency
Ratio 73.69% 78.92% 72.18% 75.45% Return on Assets 0.44% 0.31%
0.37% 0.53% Return on Common Equity 4.68% 6.32% 5.55% 10.39%
CONDENSED BALANCE SHEETS (Unaudited) December 31, December 31,
(Dollars in thousands) 2009 2008 ---------------------- ---- ----
Assets: ------- Cash and cash equivalents $30,886 $18,558
Interest-bearing deposits in banks 1,197 1,080 Trading securities
7,428 19,603 Securities available-for-sale 126,643 103,274 Federal
Home Loan Bank Stock, at cost 4,085 4,085 Loans, net of allowances
for loan losses 321,353 326,358 Office buildings and equipment, net
8,370 9,042 Intangible assets, net 7,696 6,739 Cash surrender value
of bank-owned life insurance 8,136 7,915 Other assets 7,555 3,787
----- ----- Total Assets $523,349 $500,441 ======== ========
Liabilities and Stockholders' Equity:
------------------------------------- Deposits $411,343 $376,995
Borrowings 66,662 88,369 Subordinated debentures 4,958 5,158 Other
liabilities 3,167 3,569 ----- ----- Total liabilities 486,130
474,091 Preferred Stock 10,083 - Common Stockholders' equity 27,136
26,350 ------ ------ Total Stockholders' equity 37,219 26,350
------ ------ Total liabilities and stockholders' equity $523,349
$500,441 ======== ======== BLACKHAWK BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND DECEMBER 31, 2008
(UNAUDITED) December 31, December 31, Assets 2009 2008 ------ ----
---- (Amounts in thousands, except share and per share data) Cash
and due from banks $9,714 $9,960 Federal funds sold and securities
purchased under agreements to resell 21,172 8,598 ------ -----
Total cash and cash equivalents 30,886 18,558 ------ ------
Interest-bearing deposits in banks 1,197 1,080 Trading securities
7,428 19,603 Securities available-for-sale 126,643 103,274 Federal
Home Loan Bank (FHLB) Stock, at cost 4,085 4,085 Loans, less
allowance for loan losses of $5,471 and $2,970 at December 31, 2009
and December 31, 2008, respectively 321,353 326,358 Office
buildings and equipment, net 8,370 9,042 Intangible assets, net
7,696 6,739 Cash surrender value of bank-owned life insurance 8,136
7,915 Other assets 7,555 3,787 ----- ----- Total assets $523,349
$500,441 ======== ======== Liabilities and Stockholders' Equity
Liabilities Deposits: Noninterest-bearing $52,087 $46,774
Interest-bearing (including $0 and $5,610 at fair value at December
31, 2009 and December 31, 2008, respectively) 359,256 330,221
------- ------- Total deposits 411,343 376,995 Short-term
borrowings 8,400 9,222 Long-term borrowings (including $19,274 and
$15,535 at fair value at December 31, 2009 and December 31, 2008,
respectively) 58,262 79,147 Subordinated debentures (including $834
and $1,034 at fair value at December 31, 2009 and December 31,
2008, respectively) 4,958 5,158 Other liabilities 3,167 3,569 -----
----- Total liabilities 486,130 474,091 ------- -------
Stockholders' equity Preferred stock, $0.01 par value, 1,000,000
shares authorized; 10,500 and 0 shares issued as of December 31,
2009 and December 31, 2008, respectively 10,083 - Common stock,
$0.01 par value, 10,000,000 shares authorized; 2,248,930 and
2,239,756 shares issued as of December 31, 2009 and December 31,
2008, respectively 22 22 Surplus 9,279 9,279 Retained earnings
19,495 18,357 Treasury stock, 85,252 shares at cost as of December
31, 2009 and December 31, 2008, respectively (931) (931)
Accumulated other comprehensive income (loss) (729) (377) ---- ----
Total stockholders' equity 37,219 26,350 ------ ------ Total
liabilities and stockholders' equity $523,349 $500,441 ========
======== BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) 2009 2008 ---- ---- (Amounts in
thousands, except share and per share data) Interest Income:
Interest and fees on loans $20,147 $20,712 Interest on trading
securities 755 1,223 Interest and dividends on securities: Taxable
5,493 4,858 Tax-exempt 757 586 Interest on federal funds sold and
securities purchased under agreements to resell 537 393 Interest on
interest-bearing deposits in banks 9 35 - -- Total interest and
dividend income 27,698 27,807 ------ ------ Interest Expenses:
Interest on deposits 6,800 8,656 Interest on short-term borrowings
25 33 Interest on long-term borrowings 3,293 3,477 Interest on
subordinated debentures 312 345 --- --- Total interest expense
10,430 12,781 ------ ------ Net interest and dividend income 17,268
15,026 Provision for loan losses 4,090 1,322 ----- ----- Net
interest and dividend income after provision for loan losses 13,178
13,704 ------ ------ Noninterest Income: Service charges on
deposits accounts 2,577 2,749 Net gain on sale of loans 4,019 1,420
Debit card interchange fees 1,161 879 Net gains (losses) on trading
activities (403) (401) Net gains (losses) on available-for-sale
securities 39 (601) Net other gains (losses) (524) (5) Increase in
cash value of bank-owned life insurance 318 279 Other 393 876 ---
--- Total noninterest income 7,580 5,196 ----- ----- Noninterest
Expenses: Salaries and employee benefits 9,119 8,263 Occupancy and
equipment 2,509 2,278 Data processing 1,863 1,612 Advertising and
marketing 413 455 Amortization of intangibles 222 263 Professional
fees 839 575 Office Supplies 332 289 Telephone 253 232 Other 2,735
1,517 ----- ----- Total noninterest expenses 18,285 15,484 ------
------ Income before income taxes 2,473 3,416 Income Taxes 520 864
--- --- Net income $1,953 $2,552 ====== ====== Key Ratios
---------- Basic Earnings Per Common Share $0.67 $1.18 Diluted
Earnings Per Common Share 0.67 1.17 Dividends Per Common Share 0.27
0.36 BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS
OF INCOME (UNAUDITED) Three Months Ended December 31, 2009 2008
---- ---- (Amounts in thousands, except share and per share data)
Interest Income: Interest and fees on loans $5,026 $5,197 Interest
on trading securities 115 264 Interest and dividends on securities:
Taxable 1,396 1,272 Tax-exempt 178 165 Interest on federal funds
sold and securities purchased under agreements to resell 126 56
Interest on interest-bearing deposits in banks 2 3 -- -- Total
interest and dividend income 6,843 6,957 ----- ----- Interest
Expenses: Interest on deposits 1,401 2,146 Interest on short-term
borrowings 8 8 Interest on long-term borrowings 723 896 Interest on
subordinated debentures 73 87 -- -- Total interest expense 2,205
3,137 ----- ----- Net interest and dividend income 4,638 3,820
Provision for loan losses 675 537 --- --- Net interest and dividend
income after provision for loan losses 3,963 3,283 ----- -----
Noninterest Income: Service charges on deposits accounts 693 655
Net gain on sale of loans 694 305 Debit card interchange fees 305
245 Net gains (losses) on trading activities 13 78 Net gains
(losses) on available-for-sale securities (178) (601) Net other
gains (losses) (272) 18 Increase in cash value of bank-owned life
insurance 45 69 Other 105 165 --- --- Total noninterest income
1,405 934 ----- --- Noninterest Expenses: Salaries and employee
benefits 2,120 2,035 Occupancy and equipment 663 560 Data
processing 489 437 Advertising and marketing 81 119 Amortization of
intangibles 62 66 Professional fees 231 100 Office Supplies 79 94
Telephone 69 61 Other 727 347 --- --- Total noninterest expenses
4,521 3,819 ----- ----- Income before income taxes 847 398 Income
Taxes 265 10 --- -- Net income $582 $388 ==== ==== Key Ratios
---------- Basic Earnings Per Common Share $0.19 $0.18 Diluted
Earnings Per Common Share 0.19 0.18 Dividends Per Common Share -
0.09 BLACKHAWK BANCORP, INC. AND SUBSIDIARY AVERAGE BALANCE SHEET
WITH RESULTANT INTEREST AND RATES Average Balance Sheet with
Resultant Interest and Rates (Amounts in thousands) Twelve months
ended (Yields on a tax-equivalent basis) December 31, 2009
------------------- Average Average Balance Interest Rate -------
-------- ------- Interest Earning Assets: Interest-bearing deposits
in banks $1,546 $9 0.62% Federal funds sold & securities
purchased under agreements to resell 30,504 537 1.76% Investment
securities: Taxable investment securities 108,634 6,248 5.75%
Tax-exempt investment securities 20,142 757 6.17% ------ --- ----
Total Investment securities 128,776 7,005 5.82% Loans 324,333
20,147 6.21% ------- ------ ---- Total Earning Assets $485,159
$27,698 5.81% ------- ---- Allowance for loan losses (4,307) Cash
and due from banks 10,776 Other Assets 29,220 ------ Total Assets
$520,848 ======== Interest Bearing Liabilities: Interest bearing
checking accounts $108,445 $2,106 1.94% Savings and money market
deposits 121,347 1,218 1.00% Time deposits 114,578 3,476 3.03%
------- ----- ---- Total interest bearing deposits 344,370 6,800
1.97% Short-term borrowings 6,911 25 0.35% Subordinated debentures
5,006 312 6.24% Long-term borrowings 73,568 3,293 4.48% ------
----- ---- Total Interest-Bearing Liabilities $429,855 $10,430
2.43% ------- ---- Interest Rate Spread 3.38% ==== Noninterest
checking accounts 53,455 Other liabilities 3,596 ----- Total
liabilities 486,906 Stockholders' equity 33,942 ------ Total
Liabilities and Stockholders' Equity $520,848 ======== Net Interest
Income/Margin $17,268 3.66% ======= ==== Twelve months ended
December 31, 2008 ------------------- Average Average Balance
Interest Rate ------- -------- ------- Interest Earning Assets:
Interest-bearing deposits in banks $1,297 $35 2.68% Federal funds
sold & securities purchased under agreements to resell 13,239
393 2.97% Investment securities: Taxable investment securities
107,173 6,081 5.67% Tax-exempt investment securities 15,513 586
5.72% ------ --- ---- Total Investment securities 122,686 6,667
5.68% Loans 306,448 20,712 6.76% ------- ------ ---- Total Earning
Assets $443,670 $27,807 6.34% ------- ---- Allowance for loan
losses (2,693) Cash and due from banks 11,962 Other Assets 26,610
------ Total Assets $479,549 ======== Interest Bearing Liabilities:
Interest bearing checking accounts $62,157 $1,511 2.43% Savings and
money market deposits 122,856 2,335 1.90% Time deposits 122,604
4,810 3.92% ------- ----- ---- Total interest bearing deposits
307,617 8,656 2.81% Short-term borrowings 13,666 303 2.22%
Subordinated debentures 5,158 345 6.69% Long-term borrowings 76,629
3,477 4.54% ------ ----- ---- Total Interest-Bearing Liabilities
$403,070 $12,781 3.17% ------- ---- Interest Rate Spread 3.17% ====
Noninterest checking accounts 49,189 Other liabilities 2,807 -----
Total liabilities 455,066 Stockholders' equity 24,483 ------ Total
Liabilities and Stockholders' Equity $479,549 ======== Net Interest
Income/Margin $15,026 3.45% ======= ==== BLACKHAWK BANCORP, INC.
AND SUBSIDIARY AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND
RATES Average Balance Sheet with Resultant Interest and Rates
(Amounts in thousands) Three months ended (yields on a
tax-equivalent basis) December 31, 2009 ------------------- Average
Average Balance Interest Rate ------- -------- ---- Interest
Earning Assets: Interest-bearing deposits in banks $1,372 $2 0.55%
Federal funds sold & securities purchased under agreements to
resell 28,838 126 1.73% Investment securities: Taxable investment
securities 116,337 1,511 5.15% Tax-exempt investment securities
18,381 178 5.84% ------ --- ---- Total Investment securities
134,718 1,689 5.24% Loans 321,304 5,026 6.21% ------- ----- ----
Total Earning Assets $486,232 $6,843 5.66% ------ ---- Allowance
for loan losses (5,287) Cash and due from banks 10,152 Other Assets
30,289 ------ Total Assets $521,386 ======== Interest Bearing
Liabilities: Interest bearing checking accounts $123,973 $496 1.59%
Savings and money market deposits 125,274 237 0.75% Time deposits
103,186 668 2.57% ------- --- ---- Total interest bearing deposits
352,433 1,401 1.58% Short-term borrowings 6,981 8 0.43%
Subordinated debentures 4,958 73 5.83% Long-term borrowings 63,401
723 4.52% ------ --- ---- Total Interest-Bearing Liabilities
$427,773 $2,205 2.04% ------ ---- Interest Rate Spread 3.62% ====
Noninterest checking accounts 54,591 Other liabilities 3,561 -----
Total liabilities 485,925 Stockholders' equity 35,461 ------ Total
Liabilities and Stockholders' Equity $521,386 ======== Net Interest
Income/Margin $4,638 3.86% ====== ==== Three months ended December
31, 2008 ------------------ Average Average Balance Interest Rate
------- -------- ---- Interest Earning Assets: Interest-bearing
deposits in banks $966 $3 1.28% Federal funds sold & securities
purchased under agreements to resell 10,073 56 2.21% Investment
securities: Taxable investment securities 106,322 1,536 5.75%
Tax-exempt investment securities 17,565 165 5.65% ------ --- ----
Total Investment securities 123,887 1,701 5.73% Loans 323,120 5,197
6.40% ------- ----- ---- Total Earning Assets $458,046 $6,957 6.12%
------ ---- Allowance for loan losses (2,911) Cash and due from
banks 11,057 Other Assets 28,133 ------ Total Assets $494,325
======== Interest Bearing Liabilities: Interest bearing checking
accounts $68,989 $459 2.65% Savings and money market deposits
123,478 535 1.73% Time deposits 130,402 1,152 3.51% ------- -----
---- Total interest bearing deposits 322,869 2,146 3.64% Short-term
borrowings 10,523 8 0.31% Subordinated debentures 5,158 87 6.69%
Long-term borrowings 78,846 896 4.52% ------ --- ---- Total
Interest-Bearing Liabilities $417,396 $3,137 2.99% ------ ----
Interest Rate Spread 3.13% ==== Noninterest checking accounts
49,815 Other liabilities 2,779 ----- Total liabilities 469,990
Stockholders' equity 24,335 ------ Total Liabilities and
Stockholders' Equity $494,325 ======== Net Interest Income/Margin
$3,820 3.39% ====== ==== For further information: Blackhawk
Bancorp, Inc. R. Richard Bastian, III, President & CEO Todd J.
James, EVP & CFO Phone: (608) 364-8911 DATASOURCE: Blackhawk
Bancorp, Inc. CONTACT: R. Richard Bastian, III, President &
CEO, , or Todd J. James, EVP & CFO, , both of Blackhawk
Bancorp, Inc., +1-608-364-8911 Web Site:
http://www.blackhawkbank.com/
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