Blackhawk Bancorp Announces 2017 Third Quarter Earnings
BELOIT, Wis., Oct. 17, 2017 /PRNewswire/ -- Blackhawk Bancorp, Inc. (OTCQX: BHWB) today announced net income of $1.93 million for the quarter ended September 30, 2017, a $187 thousand, or 11%, increase over the $1.75 million earned in the quarter ended June 30, 2017 and an $876 thousand, or 83%, increase over the $1.06 million earned in the third quarter of 2016. Diluted earnings per share (EPS) for the quarter ended September 30, 2017 was $0.59, 11% and 28% increases over the $0.53 and $0.46 EPS for the quarters ended June 30, 2017 and September 30, 2016, respectively.
For the nine months ended September 30, 2017, the company reported net income of $4.83 million, a $247 thousand, or 5%, increase compared to the $4.58 million reported for the first nine months of 2016. Diluted EPS for the nine months ended September 30, 2017 was $1.60, a 19% decrease compared to $1.98 for the first three quarters of 2016. The prior year results include a $1.78 million (after-tax), or $0.78 per share, non-recurring recovery.
"Our financial performance this year has exceeded our own expectations," said Rick Bastian, the company's Chairman and Chief Executive Officer. "Excluding the non-recurring recovery realized in 2016, net income for the first nine months of 2017 is up by 72% and EPS is up 33% over the first three quarters of last year. We're proud to have achieved the growth and performance improvements to more than offset the potential EPS dilution of the capital raise we completed earlier in the year," he added.
Total loans grew by $52.9 million, or 13%, during the first nine months of the year to $465.4 compared to $412.4 million at the end of 2016. Total deposits have grown by $34.2 million, or 6%, to $606.5 million during the first nine months of 2017 compared to $572.4 million at December 31, 2016.
The following table summarizes the net income and the high-level performance measures for the last five quarters:
| Quarter Ended |
|||||
| (dollars in thousands) |
Sep 30, 2017 |
Jun 30, 2017 |
Mar 31, 2017 |
Dec 31, 2016 |
Sep 30, |
| Net income |
1,932 |
$1,745 |
$1,151 |
$1,397 |
$1,056 |
| Diluted EPS |
$0.59 |
$0.53 |
$0.46 |
$0.61 |
$0.46 |
| ROAA |
1.09% |
1.01% |
.70% |
.83% |
.67% |
| ROAE |
10.01% |
9.39% |
8.49% |
10.87% |
8.25% |
| Net interest margin (1) |
3.77% |
3.68% |
3.55% |
3.42% |
3.40% |
| Efficiency ratio (1) (2) |
65.8% |
66.2% |
74.7% |
68.5% |
75.1% |
| (1) Net interest margin and efficiency ratio are calculated on a tax-equivalent basis |
|
| (2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses) |
|
"The more dramatic improvement in net income and Return on Average Assets (ROAA) compared to the increases in diluted EPS and Return on Average Equity (ROAE) reflects the impact of the capital raise that was completed in March of this year," explained Todd James, the company's Chief Financial Officer. "The added capital helped improve ROAA and other metrics such as the net interest margin and efficiency ratio, plus it gives the company more flexibility in pursuing organic growth and other strategic opportunities," he added.
Net Interest Income
Net interest income totaled $5.97 million for the quarter ended September 30, 2017, increasing by $312 thousand, or 5%, compared to $5.66 million for the quarter ended June 30,2017 and by $750 thousand, or 14%, compared to $5.22 million for the quarter ended September 30, 2016. The net interest margin for the quarter ended September 30, 2017 was 3.77%, a nine basis point increase compared to the net interest margin of 3.68% for the quarter ended June 30, 2017 and a thirty-seven basis point increase over the 3.40% net interest margin for the third quarter of last year.
The growth in net interest income and the improvement in the net interest margin for the third quarter compared to the most recent quarter ended June 30, 2017 reflects a $26.0 million increase in average total loans. The loan growth was funded by an $8.5 million increase in average total deposits, a $1.6 million increase in average borrowings and a $13.6 million reduction in average investment securities and cash equivalents. Average total loans for the quarter increased by $41.2 million, or 10%, compared to the third quarter of last year. The loan growth was funded by an 8.3 million, or 1%, increase in total deposits, a $19.8 million decrease in cash equivalents and by a $25.6 million increase in average common equity compared to the third quarter of 2016.
Net interest income for the nine months ended September 30, 2017 was $16.83 million, a $1.57 million, or 10%, increase over the first nine months of 2016. The year-to-date net interest margin was 3.66%, a twenty-six basis point increase over the 3.40% net interest margin for the first three quarters of 2016.
Total average earning assets for the nine months ended September 30, 2017 increased by $18.7 million, or 3%, to $637.5 million compared to $618.9 million the first nine months of 2016. Average total loans increased by $27.2 million, or 7%, to $429.6 million compared to $402.3 for the first nine months of 2016. Total average deposits for the first three quarters of 2017 increased by $7.5 million, or 1% compared to the first nine months of 2016. In addition to the growth in loans and deposits, the improvement in the year-to-date net interest income and net interest margin, compared to the first three quarters of last year, reflects a $30.9 million reduction in cash equivalent investments, which funded part of the loan growth and a $22.3 million increase in average investment securities.
Provision for Loan Losses and Credit Quality
The provision for loan losses for the quarter ended September 30, 2017 totaled $360 thousand, compared to $360 thousand for quarter ended June 30, 2017 and $435 thousand for the third quarter of 2016. The provision for loan losses for the nine months ended September 30, 2017 totaled $1.08 million compared to $1.41 million the first nine months of 2016. Loan charge-offs, net of recoveries, were $309 thousand for the first nine months of 2017 compared to $856 thousand for the first three quarters of 2016.
Total nonperforming assets, which includes troubled debt restructures that are performing in accordance with their modified terms, equaled $11.08 million as of September 30, 2017 compared to $11.92 million as of December 31,2016. At September 30, 2017, the ratio of nonperforming assets to total assets equaled 1.60% compared to 1.64% at June 30, 2017, 1.79% at December 31, 2016 and 1.81% at September 30, 2016. The ratio of the allowance for loan losses to total loans was 1.26% at September 30, 2017 compared to 1.23% at December 31, 2016 and 1.31% at September 30, 2016.
Non-Interest Income and Operating Expenses
Non-interest income for the quarter ended September 30, 2017 totaled $2.78 million, a $228 thousand, or 9%, increase compared to $2.55 million for the quarter ended June 30, 2017 and a $192 thousand increase over $2.59 million for the third quarter of 2016.
Non-interest income for the nine months ended September 30, 2017 was $7.53 million, a $2.38 million decrease compared to $9.90 million for the first nine months of 2016. Excluding the non-recurring fraud recovery realized in the prior year, non-interest income for the first nine months of 2017 increased $546 thousand, or 8%, over the first three quarters of 2016.
Operating expenses for the quarter ended September 30, 2017 totaled $5.84 million, increasing $244 thousand compared to the quarter ended June 30, 2017, but decreasing by $180 thousand compared to the third quarter of 2016. Operating expenses for the nine months ended September 30, 2017 totaled $17.12 million, decreasing by $114,000, or less than 1%, compared to $17.23 million for the first three quarters of 2016.
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 September 30, 2017, the company's tier 1 leverage and total risk based capital ratios were 10.88% and 14.99%, compared to 7.47% and 12.39%, 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.
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||
| CONSOLIDATED BALANCE SHEETS |
|||
| SEPTEMBER 30, 2017 AND DECEMBER 31, 2016 |
|||
| (UNAUDITED) |
|||
| September 30, |
December 31, |
||
| Assets |
2017 |
2016 |
|
| (Amounts in thousands, except |
|||
| share and per share data) |
|||
| Cash and due from banks |
$ 16,633 |
$ 16,402 |
|
| Interest-bearing deposits in banks and other |
7,415 |
7,640 |
|
| Total cash and cash equivalents |
24,048 |
24,042 |
|
| Securities available-for-sale |
177,702 |
191,815 |
|
| Loans held for sale |
1,153 |
1,053 |
|
| Federal Home Loan Bank stock, at cost |
534 |
1,086 |
|
| Loans, less allowance for loan losses of $5,864 and $5,093 |
|||
| at September 30, 2017 and December 31, 2016, respectively |
459,531 |
407,331 |
|
| Premises and equipment, net |
10,425 |
8,242 |
|
| Goodwill |
5,037 |
5,037 |
|
| Mortgage Servicing rights |
2,420 |
2,189 |
|
| Cash surrender value of bank-owned life insurance |
10,438 |
10,208 |
|
| Other assets |
13,348 |
14,725 |
|
| Total assets |
$ 704,636 |
$ 665,728 |
|
| Liabilities and Stockholders' Equity |
|||
| Liabilities |
|||
| Deposits: |
|||
| Noninterest-bearing |
$ 120,895 |
$ 117,785 |
|
| Interest-bearing |
485,644 |
454,581 |
|
| Total deposits |
606,539 |
572,366 |
|
| Subordinated debentures and notes (including $1,031 at fair value at |
|||
| September 30, 2017 and December 31, 2016) |
5,155 |
11,255 |
|
| Senior secured term note |
- |
7,500 |
|
| Other borrowings |
11,858 |
21,200 |
|
| Other liabilities |
3,815 |
3,857 |
|
| Total liabilities |
627,367 |
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 September 30, 2017 and |
|||
| December 31, 2016, respectively |
34 |
24 |
|
| Additional paid-in capital |
32,741 |
10,664 |
|
| Retained earnings |
44,206 |
39,990 |
|
| Treasury stock, 95,065 and 90,844 shares at cost as of September 30, 2017 |
|||
| and December 31, 2016, respectively |
(1,124) |
(1,020) |
|
| Accumulated other comprehensive income (loss) |
1,412 |
(108) |
|
| Total stockholders' equity |
77,269 |
49,550 |
|
| Total liabilities and stockholders' equity |
$ 704,636 |
$ 665,728 |
|
| CONSOLIDATED STATEMENTS OF INCOME |
|||||
| (UNAUDITED) |
For the Quarter Ended |
||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
| 2017 |
2017 |
2017 |
2016 |
2016 |
|
| (Amounts in thousands, except per share data) |
|||||
| Interest Income: |
|||||
| Interest and fees on loans |
$ 5,357 |
$ 4,980 |
$ 4,688 |
$ 4,749 |
$ 4,786 |
| Interest on available-for-sale securities: |
|||||
| Taxable |
806 |
802 |
764 |
758 |
742 |
| Tax-exempt |
384 |
389 |
371 |
315 |
300 |
| Interest on interest-bearing deposits and other |
44 |
45 |
14 |
34 |
64 |
| Total interest income |
6,591 |
6,216 |
5,837 |
5,856 |
5,892 |
| Interest Expense: |
|||||
| Interest on deposits |
527 |
438 |
401 |
416 |
423 |
| Interest on subordinated debentures and notes |
47 |
85 |
162 |
161 |
159 |
| Interest on senior secured term note |
- |
- |
67 |
83 |
84 |
| Interest on other borrowings |
44 |
32 |
9 |
6 |
3 |
| Total interest expense |
618 |
555 |
639 |
666 |
669 |
| Net interest income before provision for loan losses |
5,973 |
5,661 |
5,198 |
5,190 |
5,223 |
| Provision for loan losses |
360 |
360 |
360 |
475 |
435 |
| Net interest income after provision for loan losses |
5,613 |
5,301 |
4,838 |
4,715 |
4,788 |
| Noninterest Income: |
|||||
| Service charges on deposits accounts |
791 |
730 |
668 |
715 |
738 |
| Net gain on sale of loans |
687 |
679 |
378 |
702 |
649 |
| Net loan servicing income |
179 |
186 |
192 |
67 |
71 |
| Debit card interchange fees |
608 |
605 |
576 |
557 |
566 |
| Net gains on sales of securities available-for-sale |
104 |
(13) |
- |
156 |
- |
| Net other gains (losses) |
(7) |
(12) |
(14) |
(51) |
(50) |
| Increase in cash surrender value of bank-owned life insurance |
74 |
74 |
83 |
75 |
74 |
| Other |
344 |
303 |
311 |
288 |
540 |
| Total noninterest income |
2,780 |
2,552 |
2,194 |
2,509 |
2,588 |
| Noninterest Expenses: |
|||||
| Salaries and employee benefits |
3,355 |
3,129 |
3,182 |
3,040 |
3,107 |
| Occupancy and equipment |
637 |
625 |
606 |
592 |
663 |
| Data processing |
382 |
374 |
398 |
384 |
329 |
| Debit card processing and issuance |
309 |
301 |
272 |
258 |
435 |
| Advertising and marketing |
111 |
101 |
101 |
114 |
76 |
| Professional fees |
305 |
250 |
259 |
252 |
435 |
| Office Supplies |
66 |
59 |
81 |
79 |
72 |
| Telephone |
118 |
116 |
112 |
115 |
107 |
| Other |
560 |
644 |
665 |
481 |
799 |
| Total noninterest expenses |
5,843 |
5,599 |
5,676 |
5,315 |
6,023 |
| Income before income taxes |
2,550 |
2,254 |
1,356 |
1,909 |
1,353 |
| Provision for income taxes |
618 |
509 |
205 |
512 |
297 |
| Net income |
$ 1,932 |
$ 1,745 |
$ 1,151 |
$ 1,397 |
$ 1,056 |
| Key Ratios |
|||||
| Basic Earnings Per Common Share |
$ 0.59 |
$ 0.53 |
$ 0.46 |
$ 0.61 |
$ 0.46 |
| Diluted Earnings Per Common Share |
0.59 |
0.53 |
0.46 |
0.60 |
0.46 |
| Dividends Per Common Share |
0.08 |
0.08 |
0.04 |
0.04 |
0.04 |
| Net Interest Margin (1) |
3.77% |
3.68% |
3.55% |
3.42% |
3.40% |
| Efficiency Ratio (1)(2) |
65.77% |
66.23% |
74.66% |
68.48% |
75.10% |
| Return on Assets |
1.09% |
1.01% |
0.70% |
0.89% |
0.67% |
| Return on Common Equity |
10.01% |
9.38% |
8.49% |
10.87% |
8.25% |
| (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 |
||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
| 2017 |
2017 |
2017 |
2016 |
2016 |
|
| (Amounts in thousands, except per share data) |
|||||
| Cash and due from banks |
$ 16,633 |
$ 17,251 |
$ 18,863 |
$ 16,402 |
$ 16,078 |
| Interest-bearing deposits in banks and other |
7,415 |
7,368 |
13,448 |
7,640 |
14,775 |
| Securities |
177,702 |
195,409 |
191,928 |
191,815 |
192,636 |
| Net loans/leases |
460,684 |
428,827 |
407,425 |
408,384 |
400,955 |
| Goodwill |
5,037 |
5,037 |
5,037 |
5,037 |
5,037 |
| Other assets |
37,165 |
36,561 |
35,998 |
36,450 |
30,060 |
| Total assets |
$ 704,636 |
$ 690,453 |
$ 672,699 |
$ 665,728 |
$ 659,541 |
| Deposits |
$ 606,539 |
$ 591,949 |
$ 585,116 |
$ 572,366 |
$ 573,528 |
| Subordinated debentures |
5,155 |
5,155 |
11,255 |
11,255 |
11,255 |
| Borrowings |
11,858 |
14,583 |
311 |
28,700 |
19,475 |
| Other liabilities |
3,815 |
3,120 |
2,906 |
3,120 |
4,103 |
| Stockholders' equity |
77,269 |
75,646 |
73,111 |
49,550 |
51,180 |
| Total liabilities and stockholders' equity |
$ 704,636 |
$ 690,453 |
$ 672,699 |
$ 664,991 |
$ 659,541 |
| ASSET QUALITY DATA |
|||||
| (Amounts in thousands) |
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
| 2017 |
2017 |
2017 |
2016 |
2016 |
|
| Non-accrual loans |
$ 5,852 |
$ 5,679 |
$ 8,867 |
$ 4,775 |
$ 5,464 |
| Accruing loans past due 90 days or more |
- |
- |
15 |
1,198 |
19 |
| Troubled debt restructures - accruing |
4,886 |
5,177 |
5,125 |
5,072 |
5,327 |
| Total nonperforming loans |
$ 10,738 |
$ 10,856 |
$ 14,007 |
$ 11,045 |
$ 10,810 |
| Other real estate owned |
343 |
442 |
597 |
871 |
1,115 |
| Total nonperforming assets |
$ 11,081 |
$ 11,298 |
$ 14,604 |
$ 11,916 |
$ 11,925 |
| Total loans |
$ 465,929 |
$ 434,657 |
$ 412,695 |
$ 413,477 |
$ 406,295 |
| Allowance for loan losses |
$ 5,864 |
$ 5,613 |
$ 5,307 |
$ 5,093 |
$ 5,339 |
| Nonperforming Assets to total Assets |
1.60% |
1.64% |
2.17% |
1.79% |
1.81% |
| Nonperforming loans to total loans |
2.30% |
2.50% |
3.39% |
2.67% |
2.66% |
| Allowance for loan losses to total loans |
1.26% |
1.29% |
1.29% |
1.23% |
1.31% |
| Allowance for loan losses to nonperforming loans |
54.6% |
51.7% |
37.9% |
46.1% |
49.4% |
| For the Quarter Ended |
|||||
| September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|
| ROLLFORWARD OF ALLOWANCE |
2017 |
2017 |
2017 |
2016 |
2016 |
| Beginning Balance |
$ 5,613 |
$ 5,307 |
$ 5,093 |
$ 5,338 |
$ 4,974 |
| Provision |
360 |
360 |
360 |
475 |
435 |
| Loans charged off |
156 |
224 |
199 |
1,170 |
306 |
| Loan recoveries |
47 |
170 |
53 |
450 |
235 |
| Net charge-offs |
109 |
54 |
146 |
720 |
71 |
| Ending Balance |
$ 5,864 |
$ 5,613 |
$ 5,307 |
$ 5,093 |
$ 5,338 |
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||
| CONSOLIDATED STATEMENTS OF INCOME |
|||
| (UNAUDITED) |
Nine months ended September 30, |
||
| 2017 |
2016 |
||
| (Amounts in thousands, except per share data) |
|||
| Interest Income: |
|||
| Interest and fees on loans |
$ 15,025 |
$ 14,074 |
|
| Interest on available-for-sale securities: |
|||
| Taxable |
2,372 |
2,027 |
|
| Tax-exempt |
1,144 |
900 |
|
| Interest on interest-bearing deposits and other |
103 |
240 |
|
| Total interest income |
18,644 |
17,241 |
|
| Interest Expense: |
|||
| Interest on deposits |
1,366 |
1,235 |
|
| Interest on subordinated debentures and notes |
294 |
473 |
|
| Interest on senior secured term note |
67 |
261 |
|
| Interest on other borrowings |
85 |
7 |
|
| Total interest expense |
1,812 |
1,976 |
|
| Net interest income before provision for loan losses |
16,832 |
15,265 |
|
| Provision for loan losses |
1,080 |
1,405 |
|
| Net interest income after provision for loan losses |
15,752 |
13,860 |
|
| Noninterest Income: |
|||
| Service charges on deposits accounts |
2,189 |
2,131 |
|
| Net gain on sale of loans |
1,744 |
1,700 |
|
| Net loan servicing income |
557 |
222 |
|
| Debit card interchange fees |
1,789 |
1,728 |
|
| Net gains on sales of securities available-for-sale |
91 |
- |
|
| Net other gains (losses) |
(33) |
2,832 |
|
| Increase in cash surrender value of bank-owned life insurance |
231 |
232 |
|
| Other |
958 |
1,058 |
|
| Total noninterest income |
7,526 |
9,903 |
|
| Noninterest Expenses: |
|||
| Salaries and employee benefits |
9,666 |
9,320 |
|
| Occupancy and equipment |
1,868 |
1,969 |
|
| Data processing |
1,154 |
1,004 |
|
| Debit card processing and issuance |
882 |
968 |
|
| Advertising and marketing |
313 |
291 |
|
| Professional fees |
814 |
908 |
|
| Office Supplies |
206 |
244 |
|
| Telephone |
346 |
315 |
|
| Other |
1,869 |
2,213 |
|
| Total noninterest expenses |
17,118 |
17,232 |
|
| Income before income taxes |
6,160 |
6,531 |
|
| Provision for income taxes |
1,332 |
1,950 |
|
| Net income |
$ 4,828 |
$ 4,581 |
|
| Key Ratios |
|||
| Basic Earnings Per Common Share |
$ 1.60 |
$ 1.99 |
|
| Diluted Earnings Per Common Share |
1.60 |
1.98 |
|
| Dividends Per Common Share |
0.20 |
0.12 |
|
| Net Interest Margin (1) |
3.77% |
3.40% |
|
| Efficiency Ratio (1)(2) |
69.23% |
75.53% |
|
| Return on Assets |
0.92% |
0.92% |
|
| Return on Common Equity |
8.43% |
12.51% |
|
| (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) |
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||||||||||
| AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES |
|||||||||||
| Average Balance Sheet with Resultant Interest and Rates |
|||||||||||
| (Amounts in thousands) |
|||||||||||
| (Yields on a tax-equivalent basis) |
For the Quarter Ended |
||||||||||
| September 30, 2017 |
June 30, 2017 |
September 30, 2016 |
|||||||||
| Average |
Average |
Average |
Average |
Average |
Average |
||||||
| Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||
| Interest Earning Assets: |
|||||||||||
| Interest-bearing deposits and other |
$ 14,318 |
$ 44 |
1.23% |
$ 17,945 |
$ 45 |
1.00% |
$ 34,143 |
$ 64 |
0.75% |
||
| Investment securities: |
|||||||||||
| Taxable investment securities |
137,483 |
806 |
2.33% |
146,999 |
802 |
2.19% |
147,500 |
742 |
2.00% |
||
| Tax-exempt investment securities |
52,838 |
384 |
4.61% |
53,339 |
389 |
4.56% |
40,130 |
300 |
4.55% |
||
| Total Investment securities |
190,321 |
1,190 |
2.96% |
200,338 |
1,191 |
2.82% |
187,630 |
1,042 |
2.55% |
||
| Loans |
449,410 |
5,357 |
4.74% |
423,430 |
4,980 |
4.73% |
408,258 |
4,786 |
4.66% |
||
| Total Earning Assets |
$ 654,049 |
$ 6,591 |
4.15% |
$ 641,713 |
$ 6,216 |
4.03% |
$ 630,031 |
$ 5,892 |
3.82% |
||
| Allowance for loan losses |
(5,766) |
(5,473) |
(5,008) |
||||||||
| Cash and due from banks |
14,254 |
15,204 |
13,596 |
||||||||
| Other assets |
41,504 |
41,452 |
33,929 |
||||||||
| Total Assets |
$ 704,041 |
$ 692,896 |
$ 672,548 |
||||||||
| Interest Bearing Liabilities: |
|||||||||||
| Interest bearing checking accounts |
$ 210,082 |
$ 270 |
0.40% |
$ 216,514 |
$ 181 |
0.34% |
$ 230,440 |
$ 188 |
0.31% |
||
| Savings and money market deposits |
183,826 |
74 |
0.19% |
179,203 |
74 |
0.17% |
171,705 |
59 |
0.14% |
||
| Time deposits |
91,072 |
183 |
1.00% |
80,043 |
183 |
0.95% |
83,877 |
176 |
0.87% |
||
| Total interest bearing deposits |
484,980 |
527 |
0.43% |
475,760 |
438 |
0.37% |
486,022 |
423 |
0.35% |
||
| Subordinated debentures and notes |
5,155 |
47 |
3.65% |
6,831 |
85 |
5.01% |
11,255 |
159 |
5.61% |
||
| Borrowings |
14,203 |
44 |
1.22% |
12,595 |
32 |
1.04% |
10,271 |
87 |
3.37% |
||
| Total Interest-Bearing Liabilities |
$ 504,338 |
$ 618 |
0.49% |
$ 495,186 |
$ 555 |
0.45% |
$ 507,548 |
$ 669 |
0.52% |
||
| Interest Rate Spread |
3.66% |
3.58% |
3.30% |
||||||||
| Noninterest checking accounts |
118,748 |
119,466 |
109,445 |
||||||||
| Other liabilities |
4,382 |
3,665 |
4,603 |
||||||||
| Total liabilities |
627,468 |
618,317 |
621,596 |
||||||||
| Total Stockholders' equity |
76,573 |
74,579 |
50,952 |
||||||||
| Total Liabilities and |
|||||||||||
| Stockholders' Equity |
$ 704,041 |
$ 692,896 |
$ 672,548 |
||||||||
| Net Interest Income/Margin |
$ 5,973 |
3.77% |
$ 5,661 |
3.68% |
$ 5,223 |
3.40% |
|||||
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||||||
| AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES |
|||||||
| Average Balance Sheet with Resultant Interest and Rates |
|||||||
| (Amounts in thousands) |
|||||||
| (yields on a tax-equivalent basis) |
For the Nine Months Ended |
||||||
| September 30, 2017 |
September 30, 2016 |
||||||
| Average |
Average |
Average |
Average |
||||
| Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
||
| Interest Earning Assets: |
|||||||
| Interest-bearing deposits and other |
$ 13,513 |
$ 103 |
1.03% |
$ 44,404 |
$ 240 |
0.51% |
|
| Investment securities: |
|||||||
| Taxable investment securities |
142,046 |
2,372 |
2.23% |
132,063 |
2,027 |
2.05% |
|
| Tax-exempt investment securities |
52,358 |
1,144 |
4.56% |
39,989 |
900 |
4.60% |
|
| Total Investment securities |
194,404 |
3,516 |
2.86% |
172,052 |
2,927 |
2.64% |
|
| Loans |
429,576 |
15,025 |
4.68% |
402,361 |
14,074 |
4.67% |
|
| Total Earning Assets |
$ 637,493 |
$ 18,644 |
4.04% |
$ 618,817 |
$ 17,241 |
3.82% |
|
| Allowance for loan losses |
(5,469) |
(4,958) |
|||||
| Cash and due from banks |
15,742 |
14,224 |
|||||
| Other assets |
40,973 |
34,916 |
|||||
| Total Assets |
$ 688,739 |
$ 662,999 |
|||||
| Interest Bearing Liabilities: |
|||||||
| Interest bearing checking accounts |
$ 211,936 |
$ 539 |
0.34% |
$ 225,896 |
$ 521 |
0.31% |
|
| Savings and money market deposits |
179,654 |
231 |
0.17% |
171,302 |
187 |
0.15% |
|
| Time deposits |
85,656 |
596 |
0.93% |
81,819 |
527 |
0.86% |
|
| Total interest bearing deposits |
477,246 |
1,366 |
0.38% |
479,017 |
1,235 |
0.34% |
|
| Subordinated debentures |
7,725 |
294 |
5.10% |
11,255 |
473 |
5.61% |
|
| Borrowings |
12,636 |
152 |
1.61% |
10,575 |
268 |
3.39% |
|
| Total Interest-Bearing Liabilities |
$ 497,607 |
$ 1,812 |
0.49% |
$ 500,847 |
$ 1,976 |
0.53% |
|
| Interest Rate Spread |
3.55% |
3.29% |
|||||
| Noninterest checking accounts |
118,408 |
109,106 |
|||||
| Other liabilities |
3,944 |
4,116 |
|||||
| Total liabilities |
619,959 |
614,069 |
|||||
| Common Stockholders' equity |
68,780 |
48,930 |
|||||
| Total Stockholders' equity |
68,780 |
48,930 |
|||||
| Total Liabilities and |
|||||||
| Stockholders' Equity |
$ 688,739 |
$ 662,999 |
|||||
| Net Interest Income/Margin |
$ 16,832 |
3.66% |
$ 15,265 |
3.40% |
|||
SOURCE Blackhawk Bancorp, Inc.
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