Blackhawk Bancorp Announces 2017 Fourth Quarter Earnings

BELOIT, WI / ACCESSWIRE / January 26, 2018 / Blackhawk Bancorp, Inc. (OTCQX: BHWB) reported net income of $6.20 million for the year ended December 31, 2017, a 4% increase over the $5.98 million earned in 2016. Fully diluted earnings per share for the year was $2.01 compared to $2.59 for the year ended December 31, 2016. The prior year results include a $1.81 million after-tax gain related to the recovery of a prior year fraud loss, which added $0.78 per diluted share to the 2016 earnings. Excluding the 2016 gain, net income for 2017 increased by $2.03 million, or 49% and diluted earnings per share increased by $0.20 per share or 11%.

“Our improvement in core earnings for 2017 was driven by loan and deposit growth,” said Rick Bastian, the company’s Chairman & CEO. “The capital raise we completed in the first quarter was critical to supporting last year’s growth and puts Blackhawk in a great position to capitalize on opportunities we anticipate from disruptions in our market due to bank consolidation,” he added.

Total assets increased by $54.7 million, or 8%, to $720.5 million at December 31, 2017 compared to $665.7 million as of December 31, 2016. Net loans increased by $72.2 million, or 18%, to $479.5 million compared to $407.3 million at the end of the prior year. Total deposits increased by $44.5 million, or 8%, to $616.9 million compared to $572.4 million at the end of 2016.

Net income for the fourth quarter of 2017 was $1.37 million, a 29% decrease compared to the most recent quarter ended September 30, 2017, and a 2% decrease compared to the fourth quarter of 2016. Fully diluted earnings per share for the quarter was $0.42 compared to $0.59 for the most recent quarter and $0.60 for same quarter last year.

The decrease in fourth quarter earnings compared to the most recent quarter included a $350 thousand increase in the provision for loan losses, a $263 thousand decrease in gain (loss) on sale of securities, and a $473 thousand increase in salary and benefits. The increase in the provision for loan losses was recorded to accommodate the strong loan growth achieved in the second half of the year. The increase in salaries and benefits included $200 thousand for a special bonus paid to all employees. The remainder of the increase reflects increased benefit costs and additions to staff to generate and support the growth anticipated in 2018.

“Our board approved a special bonus for all employees of 3% of their 2017 compensation, up to $1,500,” said Bastian. “We had a great year and are optimistic about our prospects for 2018. It only makes sense to share our success with the dedicated and hardworking employees who make it happen.”

The following table summarizes the net income and the high-level performance measures for the last five quarters:

Quarter Ended

(dollars in thousands, except per share data)

Dec 31,

2017

Sep 30,

2017

Jun 30,

2017

Mar 31,

2017

Dec 31,

2016

Net income

$
1,371

$
1,932

$
1,745

$
1,151

$
1,397

Diluted EPS

$
0.42

$
0.59

$
0.53

$
0.46

$
0.60

ROAA

.77
%

1.09
%

1.01
%

.70
%

.89
%

ROAE

7.66
%

10.01
%

9.39
%

8.49
%

10.87
%

Net interest margin (1)

3.79
%

3.77
%

3.68
%

3.55
%

3.42
%

Efficiency ratio (1) (2)

72.5
%

65.8
%

66.2
%

74.7
%

68.5
%

Net interest margin and efficiency ratio are calculated on a tax-equivalent basis
Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)

Net Interest Income

Net interest income totaled $6.05 million for the quarter ended December 31, 2017, increasing $75 thousand, or 1%, compared to $5.97 million for the quarter ended September 30, 2017, and by $858 thousand, or 17%, compared to $5.19 million for the quarter ended December 31, 2016. The net interest margin for the quarter ended December 31, 2017 was 3.79%, a two basis point increase compared to the net interest margin of 3.77% for the quarter ended September 30, 2017 and a thirty-seven basis point increase over the 3.42% net interest margin for the fourth quarter of last year.

The growth in net interest income and the improvement in the net interest margin for the fourth quarter compared to the most recent quarter ended September 30, 2017 reflects a $24.4 million increase in average total loans. The loan growth was funded by an $8.7 million increase in average total deposits, and an $11.1 million decrease in average securities available for sale. The growth in net interest income and improvement in the net interest margin compared to the fourth quarter of last year includes the reduction in interest expense on senior and subordinated debt at the holding, which was redeemed with the proceeds of the capital raised in the first quarter of 2017. In addition, average total loans for the quarter increased by $69.8 million, or 17%, compared to the fourth quarter of last year. The loan growth was funded by a $20.4 million, or 3%, increase in average total deposits, a $22.6 million decrease in interest earning cash equivalents and $13.4 million decrease in securities available for sale compared to the fourth quarter of 2016.

Net interest income for the year ended December 31, 2017 increased by $2.42 million, or 12%, to $22.88 million compared to $20.46 million the year before. The year-to-date net interest margin was 3.70%, a thirty basis point increase over the 3.40% net interest margin for 2016. Total average earning assets for the year ended December 31, 2017 increased by $22.5 million, or 4%, to $642.5 million compared to $620.0 million for 2016. Average total loans increased by $38.0 million, or 9%, to $440.7 million compared to $402.8 million for 2016. Total average deposits for the year ended December 31, 2017 increased by $10.8 million, or 2% compared to 2016.

Provision for Loan Losses and Credit Quality

The provision for loan losses for the quarter ended December 31, 2017 totaled $710 thousand, compared to $360 thousand for quarter ended September 30, 2017 and $475 thousand for the third quarter of 2016. The provision for loan losses for the year ended December 31, 2017 totaled $1.79 million compared to $1.88 million for 2016. Loan charge-offs, net of recoveries, were $1.07 million for the year ended December 31, 2017, compared to $1.58 million the prior year.

Total nonperforming assets, which include troubled debt restructures that are performing in accordance with their modified terms, equaled $8.65 million as of December 31, 2017 compared to $11.08 million as of September 30, 2017 and $11.92 million at December 31, 2016. At December 31, 2017, the ratio of nonperforming assets to total assets equaled 1.20% compared to 1.57% at September 30, 2017 and 1.79% at December 31, 2016. The ratio of the allowance for loan losses to total loans was 1.13% at December 31, 2017 compared to 1.26% at September 30, 2017 and 1.23% at December 31, 2016.

Non-Interest Income and Operating Expenses

Non-interest income for the quarter ended December 31, 2017 totaled $2.53 million, a $247 thousand decrease compared to $2.78 million for the quarter ended September 30, 2017 and a $24 thousand increase over $2.51 million for the fourth quarter of 2016. The decrease in noninterest income compared to the most recent quarter ended September 30, 2017 was primarily due to a decrease of $263 thousand in net gain (loss) on the sale of securities. The increase compared to the fourth quarter of last year includes growth in deposit service charges, debit card interchange and loan servicing income, which was offset by a $315 thousand decrease in net gain (loss) on the sale of securities.

Non-interest income for the year ended December 31, 2017 was $10.06 million, a $2.35 million decrease compared to $12.41 million for 2016. The 2016 results include a $2.97 million recovery of a prior year fraud loss. Excluding the non-recurring recovery, non-interest income for 2017 increased $623 thousand, or 7%, over the prior year.

Operating expenses for the quarter ended December 31, 2017 totaled $6.50 million, increasing $660 thousand compared to the quarter ended September 30, 2017, and by $1.19 million compared to the fourth quarter of 2016. Operating expenses for the year ended December 31, 2017 totaled $23.62 million, increasing by $1.07 million, or 5%, compared to $22.55 million for 2016. The increases for the quarter and for the year reflect increases in salary and benefits as the company has been adding talent and capacity in its commercial and mortgage banking areas.

Income Taxes

The provision for income taxes was a net benefit of $3 thousand dollars for the fourth quarter compared to a $618 thousand expense for the quarter ended September 30, 2017 and $512 thousand expense the fourth quarter of 2016. The provision for income taxes for the year ended December 31, 2017 was $1.33 million, or 18% of pre-tax income, compared to $2.46 million, or 29% of pre-tax income, for 2016. The effective tax differs from statutory tax rates due to tax exempt income from municipal securities, increases in cash surrender value of life insurance, tax benefits of a captive insurance company, and tax credits related to a Low Income Housing Tax Credit investment. In addition, during the fourth quarter of 2017, the company reversed a valuation allowance related to a state net operating loss carryover, reducing the provision for income taxes by $310 thousand. The tax benefit from the reversal of the valuation allowance was partially offset by a charge of $92 thousand as a result of the enactment of The Tax Cuts and Jobs Act of 2017.

Capital

On March 14, 2017, the company netted $21.7 million in a capital raise that substantially improved the consolidated regulatory capital ratios. As of December 31, 2017, the company’s tier 1 leverage and total risk based capital ratios were 11.05% and 14.74%, compared to 7.47% and 12.36%, respectively, at December 31, 2016.

Outlook

Blackhawk expects to grow by pursuing creditworthy and profitable business and consumer relationships in its Wisconsin and Illinois markets, emphasizing the value of its personal attention and service that remains unmatched by larger competitors. Growth, combined with ongoing strengthening of the company’s credit quality, is expected to lead to improved earnings. Growth and earnings could, however, be tempered by uncertain economic conditions, competitive pressures, regulatory burden and the interest rate environment.

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 Janesville, 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 the financial products it provides.

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”; inability to recover previously recorded losses as anticipated, 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 www.blackhawkbank.com.

For further information:

Blackhawk Bancorp, Inc.

R. Richard Bastian, III, Chairman & CEO
rbastian@blackhawkbank.com
Phone: (608) 364-8911

Todd J. James, EVP & CFO
tjames@blackhawkbank.com

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2017 AND DECEMBER 31, 2016

(UNAUDITED)

December 31,

Assets

2017

2016

(Amounts in thousands, except

share and per share data)

Cash and due from banks

$
19,326

$
16,402

Interest-bearing deposits in banks and other

2,215

7,640

Total cash and cash equivalents

21,541

24,042

Securities available-for-sale

176,350

191,815

Loans held for sale

747

1,053

Federal Home Loan Bank stock, at cost

654

1,086

Loans, less allowance for loan losses of $5,864 and $5,093

at December 31, 2017 and December 31, 2016, respectively

479,539

407,331

Premises and equipment, net

11,120

8,242

Goodwill

5,037

Mortgage Servicing rights

2,508

2,189

Cash surrender value of bank-owned life insurance

10,512

10,208

Other assets

12,492

14,725

Total assets

$
720,500

$
665,728

Liabilities and Stockholders’ Equity

Liabilities

Deposits:

Noninterest-bearing

$
115,603

$
117,785

Interest-bearing

501,271

454,581

Total deposits

616,874

572,366

Subordinated debentures and notes (including $1,031 at fair value at

December 31, 2017 and December 31, 2016)

5,155

11,255

Senior secured term note

–

7,500

Other borrowings

16,228

21,200

Other liabilities

4,109

3,857

Total liabilities

642,366

616,178

Stockholders’ equity

Common stock, $0.01 par value, 10,000,000 shares authorized;

3,347,552 and 2,376,750 shares issued as of December 31, 2017 and

December 31, 2016, respectively

Additional paid-in capital

32,874

10,664

Retained earnings

45,114

39,990

Treasury stock, 95,065 and 90,844 shares at cost as of December 31, 2017

and December 31, 2016, respectively

(1,124)

(1,020)

Accumulated other comprehensive income (loss)

1,236

(108)

Total stockholders’ equity

78,134

49,550

Total liabilities and stockholders’ equity

$
720,500

$
665,728

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

Twelve months ended December 31,

2017

2016

(Amounts in thousands, except per share data)

Interest Income:

Interest and fees on loans

$
20,683

$
18,823

Interest on available-for-sale securities:

Taxable

3,056

2,785

Tax-exempt

1,546

1,214

Interest on interest-bearing deposits and other

118

275

Total interest income

25,403

23,097

Interest Expense:

Interest on deposits

2,001

1,651

Interest on subordinated debentures and notes

342

633

Interest on senior secured term note

345

Interest on other borrowings

113

Total interest expense

2,523

2,641

Net interest income before provision for loan losses

22,880

20,456

Provision for loan losses

1,790

1,880

Net interest income after provision for loan losses

21,090

18,576

Noninterest Income:

Service charges on deposits accounts

2,976

2,845

Net gain on sale of loans

2,439

2,402

Net loan servicing income

732

289

Debit card interchange fees

2,412

2,285

Net gains (losses) on sales of securities available-for-sale

(68
)

156

Net other gains (losses)

(32
)

2,781

Increase in cash surrender value of bank-owned life insurance

305

306

Other

1,296

1,347

Total noninterest income

10,060

12,411

Noninterest Expenses:

Salaries and employee benefits

13,493

12,360

Occupancy and equipment

2,577

2,561

Data processing

1,516

1,388

Debit card processing and issuance

1,183

1,226

Advertising and marketing

493

406

Professional fees

1,119

1,160

Office Supplies

287

322

Telephone

469

431

Other

2,484

2,693

Total noninterest expenses

23,621

22,547

Income before income taxes

7,529

8,440

Provision for income taxes

1,329

2,462

Net income

$
6,200

$
5,978

Key Ratios

Basic Earnings Per Common Share

$
2.02

$
2.60

Diluted Earnings Per Common Share

2.01

2.59

Dividends Per Common Share

0.28

0.16

Net Interest Margin (1)

3.70
%

3.40
%

Efficiency Ratio (1)(2)

69.64
%

73.75
%

Return on Assets

0.89
%

0.90
%

Return on Common Equity

8.73
%

11.95
%

(1) Net interest margin and the efficiency ratio are calculated on a taxable-equivalent basis

(2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

For the Quarter Ended

December 31,

September 30,

June 30,

March 31,

December 31,

2017

2016

(Amounts in thousands, except per share data)

Interest Income:

Interest and fees on loans

$
5,659

$
5,357

$
4,980

$
4,688

$
4,749

Interest on available-for-sale securities:

Taxable

685

806

802

764

758

Tax-exempt

402

384

389

371

315

Interest on interest-bearing deposits and other

Total interest income

6,759

6,591

6,216

5,837

5,856

Interest Expense:

Interest on deposits

635

527

438

401

416

Interest on subordinated debentures and notes

162

161

Interest on senior secured term note

–

Interest on other borrowings

Total interest expense

711

618

555

639

666

Net interest income before provision for loan losses

6,048

5,973

5,661

5,198

5,190

Provision for loan losses

710

360

475

Net interest income after provision for loan losses

5,338

5,613

5,301

4,838

4,715

Noninterest Income:

Service charges on deposits accounts

787

791

730

668

715

Net gain on sale of loans

695

687

679

378

702

Net loan servicing income

175

179

186

192

Debit card interchange fees

623

608

605

576

557

Net gains on sales of securities available-for-sale

(159
)

104

(13
)

–

156

Net other gains (losses)

(7
)

(12
)

(14
)

(51
)

Increase in cash surrender value of bank-owned life insurance

Other

337

344

303

311

288

Total noninterest income

2,533

2,780

2,552

2,194

2,509

Noninterest Expenses:

Salaries and employee benefits

3,828

3,355

3,129

3,182

3,040

Occupancy and equipment

709

637

625

606

592

Data processing

362

382

374

398

384

Debit card processing and issuance

300

309

301

272

258

Advertising and marketing

180

111

101

114

Professional fees

305

250

259

252

Office Supplies

Telephone

122

118

116

112

115

Other

615

560

644

665

481

Total noninterest expenses

6,503

5,843

5,599

5,676

5,315

Income before income taxes

1,368

2,550

2,254

1,356

1,909

Provision for income taxes

(3
)

618

509

205

512

Net income

$
1,371

$
1,932

$
1,745

$
1,151

$
1,397

Key Ratios

Basic Earnings Per Common Share

$
0.42

$
0.59

$
0.53

$
0.46

$
0.61

Diluted Earnings Per Common Share

0.42

0.59

0.53

0.46

0.60

Dividends Per Common Share

0.08

0.04

Net Interest Margin (1)

3.79
%

3.77
%

3.68
%

3.55
%

3.42
%

Efficiency Ratio (1)(2)

72.45
%

65.77
%

66.23
%

74.66
%

68.48
%

Return on Assets

0.77
%

1.09
%

1.01
%

0.70
%

0.89
%

Return on Common Equity

7.66
%

10.01
%

9.38
%

8.49
%

10.87
%

(1) Net interest margin and the efficiency ratio are calculated on a taxable-equivalent basis

(2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

As of

December 31,

September 30,

June 30,

March 31,

December 31,

2017

2016

(Amounts in thousands, except per share data)

Cash and due from banks

$
19,326

$
16,633

$
17,251

$
18,863

$
16,402

Interest-bearing deposits in banks and other

2,215

7,415

7,368

13,448

7,640

Securities

176,350

177,702

195,409

191,928

191,815

Net loans/leases

480,286

460,684

428,827

407,425

408,384

Goodwill

5,037

Other assets

37,286

37,165

36,561

35,998

36,450

Total assets

$
720,500

$
704,636

$
690,453

$
672,699

$
665,728

Deposits

$
616,874

$
606,539

$
591,949

$
585,116

$
572,366

Subordinated debentures

5,155

11,255

Borrowings

16,228

11,858

14,583

311

28,700

Other liabilities

4,109

3,815

3,120

2,906

3,120

Stockholders’ equity

78,134

77,269

75,646

73,111

49,550

Total liabilities and stockholders’ equity

$
720,500

$
704,636

$
690,453

$
672,699

$
664,991

ASSET QUALITY DATA
(Amounts in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2017

2016

Non-accrual loans

$
3,657

$
5,852

$
5,679

$
8,867

$
4,775

Accruing loans past due 90 days or more

–

1,198

Troubled debt restructures – accruing

4,527

4,886

5,177

5,125

5,072

Total nonperforming loans

$
8,184

$
10,738

$
10,856

$
14,007

$
11,045

Other real estate owned

470

343

442

597

871

Total nonperforming assets

$
8,654

$
11,081

$
11,298

$
14,604

$
11,916

Total loans

$
485,789

$
465,929

$
434,657

$
412,695

$
413,477

Allowance for loan losses

$
5,503

$
5,864

$
5,613

$
5,307

$
5,093

Nonperforming Assets to total Assets

1.20
%

1.57
%

1.64
%

2.17
%

1.79
%

Nonperforming loans to total loans

1.68
%

2.30
%

2.50
%

3.39
%

2.67
%

Allowance for loan losses to total loans

1.13
%

1.26
%

1.29
%

1.23
%

Allowance for loan losses to nonperforming loans

67.2
%

54.6
%

51.7
%

37.9
%

46.1
%

For the Quarter Ended

December 31,

September 30,

June 30,

March 31,

December 31,

ROLLFORWARD OF ALLOWANCE

2017

2016

Beginning Balance

$
5,864

$
5,613

$
5,307

$
5,093

$
5,338

Provision

710

360

475

Loans charged off

1,326

156

224

199

1,170

Loan recoveries

255

170

450

Net charge-offs

1,071

109

146

720

Ending Balance

$
5,503

$
5,864

$
5,613

$
5,307

$
5,093

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES

(Amounts in thousands)

(Yields on a tax-equivalent basis)

For the Quarter Ended

December 31, 2017

September 30, 2017

December 31, 2016

Average

Balance

Interest

Rate

Balance

Interest

Rate

Balance

Interest

Rate

Interest Earning Assets:

Interest-bearing deposits and other

$
4,259

$
13

1.24
%

$
14,318

$
44

1.23
%

$
26,940

$
34

0.53
%

Investment securities:

Taxable investment securities

124,189

685

2.19
%

137,483

806

2.33
%

149,309

758

2.02
%

Tax-exempt investment securities

55,044

402

4.61
%

52,838

384

4.61
%

43,299

315

4.42
%

Total Investment securities

179,233

1,087

2.93
%

190,321

1,190

2.96
%

192,608

1,073

2.56
%

Loans

473,820

5,659

4.74
%

449,410

5,357

4.74
%

403,937

4,749

4.68
%

Total Earning Assets

$
657,312

$
6,759

4.22
%

$
654,049

$
6,591

4.15
%

$
623,485

$
5,856

3.84
%

Allowance for loan losses

(5,945
)

(5,766
)

(5,309
)

Cash and due from banks

16,608

14,254

15,080

Other assets

33,951

41,504

37,820

Total Assets

$
701,926

$
704,041

$
671,076

Interest Bearing Liabilities:

Interest bearing checking accounts

$
191,654

$
199

0.41
%

$
210,082

$
270

0.40
%

$
209,515

$
160

0.30
%

Savings and money market deposits

200,754

172

0.34
%

183,826

0.19
%

174,517

0.15
%

Time deposits

97,037

264

1.08
%

91,072

183

1.00
%

88,267

190

0.86
%

Total interest bearing deposits

489,445

635

0.51
%

484,980

527

0.43
%

472,299

416

0.35
%

Subordinated debentures and notes

5,155

3.64
%

5,155

3.65
%

11,255

161

5.69
%

Borrowings

8,851

1.26
%

14,203

1.22
%

12,268

2.87
%

Total Interest-Bearing Liabilities

$
503,451

$
711

0.56
%

$
504,338

$
618

0.49
%

$
495,822

$
666

0.53
%

Interest Rate Spread

3.66
%

3.31
%

Noninterest checking accounts

122,981

118,748

119,749

Other liabilities

4,455

4,382

4,353

Total liabilities

630,887

627,468

619,924

Total Stockholders’ equity

71,039

76,573

51,152

Total Liabilities and

Stockholders’ Equity

$
701,926

$
704,041

$
671,076

Net Interest Income/Margin

$
6,048

3.79
%

$
5,973

3.77
%

$
5,190

3.42
%

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES

(Amounts in thousands)

(yields on a tax-equivalent basis)

For the Twelve Months Ended

December 31, 2017

December 31, 2016

Average

Balance

Interest

Rate

Balance

Interest

Rate

Interest Earning Assets:

Interest-bearing deposits and other

$
11,180

$
118

1.06
%

$
40,014

$
275

0.52
%

Investment securities:

Taxable investment securities

137,545

3,056

2.22
%

136,398

2,785

2.04
%

Tax-exempt investment securities

53,035

1,546

4.57
%

40,821

1,214

4.55
%

Total Investment securities

190,580

4,602

2.88
%

177,219

3,999

2.62
%

Loans

440,728

20,683

4.69
%

402,757

18,823

4.67
%

Total Earning Assets

$
642,488

$
25,403

4.09
%

$
619,990

$
23,097

3.83
%

Allowance for loan losses

(5,589
)

(5,046
)

Cash and due from banks

15,960

14,439

Other assets

40,892

36,119

Total Assets

$
693,751

$
665,502

Interest Bearing Liabilities:

Interest bearing checking accounts

$
206,824

$
738

0.36
%

$
221,779

$
681

0.31
%

Savings and money market deposits

184,973

403

0.22
%

172,110

252

0.15
%

Time deposits

88,524

860

0.97
%

83,440

718

0.86
%

Total interest bearing deposits

480,321

2,001

0.42
%

477,329

1,651

0.35
%

Subordinated debentures

7,077

342

4.83
%

11,255

633

5.63
%

Borrowings

11,682

180

1.55
%

11,001

357

3.24
%

Total Interest-Bearing Liabilities

$
499,080

$
2,523

0.51
%

$
499,585

$
2,641

0.53
%

Interest Rate Spread

3.58
%

3.30
%

Noninterest checking accounts

119,560

111,781

Other liabilities

4,072

4,127

Total liabilities

622,712

615,493

Total Stockholders’ equity

71,039

50,009

Total Liabilities and

Stockholders’ Equity

$
693,751

$
665,502

Net Interest Income/Margin

$
22,880

3.70
%

$
20,456

3.40
%

SOURCE: Blackhawk Bancorp, Inc.

ReleaseID: 487038

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