Blackhawk Bancorp Announces Second Quarter 2011 Results
BELOIT, Wis., July 28, 2011 /PRNewswire/ -- Blackhawk Bancorp, Inc. (OTCBB: BHWB) today reported earnings of $439,000 for the quarter ended June 30, 2011, a 34% decrease compared to $664,000 earned in the second quarter of 2010. Net income for the six months ended June 30, 2011 was $1,078,000, an 18% decrease compared to the first six months of 2010. Modest increases in revenue for both the three and six month periods ended June 30, 2011 were more than offset by increases in credit and collection related costs and other operating expenses when compared to the same three and six months periods of 2010.
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Earnings per diluted share for the quarter decreased to $0.13 compared to $0.23 the second quarter of 2010. The Company earned $0.34 per diluted share for the six month period ended June 30, 2011 compared to $0.46 per share the first six months of 2010. The Company's assets totaled $538.5 million at June 30, 2011 compared to $539.9 million at December 31, 2010.
The following table summarizes key performance and asset quality measures for the quarter ended June 30, 2011 compared to the previous four quarters.
Key Performance and Asset Quality Measures |
2nd Qtr 2011 |
1st Qtr 2011 |
4th Qtr 2010 |
3rd Qtr 2010 |
2nd Qtr 2010 |
|
Diluted Earnings per share |
$0.13 |
$0.22 |
$0.33 |
$0.30 |
$0.23 |
|
Return on average assets |
.32% |
.47% |
.62% |
.60% |
.51% |
|
Return on common equity |
3.50% |
6.29% |
9.62% |
8.91% |
7.08% |
|
Net interest margin |
3.83% |
3.97% |
4.12% |
4.07% |
3.97% |
|
Efficiency ratio |
73.19% |
71.86% |
67.93% |
63.34% |
68.24% |
|
Nonaccrual loans to total loans |
2.31% |
1.99% |
1.73% |
2.30% |
2.45% |
|
Nonaccrual loans and OREO to total loans |
3.12% |
2.73% |
2.61% |
2.68% |
2.70% |
|
Allowance for loan losses to total loans |
1.83% |
1.86% |
1.82% |
1.88% |
1.79% |
|
Allowance for loan losses to nonaccrual loans |
79% |
94% |
105% |
82% |
73% |
|
Subsidiary bank total risk-based capital |
13.78% |
13.57% |
13.57% |
13.05% |
13.16% |
|
"We continue to realize growth in core deposits, adding hundreds of new customer relationships each month," said Rick Bastian, the Company's president and chief executive officer. "However, borrower caution and intense competition for high quality credits have constrained loan growth and put downward pressure on the net interest margin. In addition, credit related expenses continue to stress earnings, and are expected to remain at elevated levels for the remainder of the year," he added.
Net Interest Income
Net interest income for the second quarter increased 1% to $4.8 million compared to $4.7 million in the second quarter 2010. Total average earning assets for the quarter were $511.2 million, a 3.9% increase compared to $492.0 million the same quarter last year. The net interest margin for the quarter decreased 14 basis points to 3.83% compared to 3.97% the second quarter of 2010. The increase in earning assets includes a $9.8 million, or 3%, increase in average loans and a $9.3 million, or 6% increases in investment securities and short-term investments. Average total deposits for the second quarter increased $32.8 million, or 7%, compared to the second quarter of 2010. The increase includes a $3.3 million, or 1% increase in non-maturity deposits such as checking, savings, and money market accounts. The remainder of the increase in total average deposits was in time deposits. Strong deposit growth allowed for a $14.3 million, or 32%, decrease in the average total borrowings to $30.0 million for the quarter compared to $44.4 million the second quarter of 2010.
Net interest income for the first six months increased 3% to $9.6 million compared to $9.4 million the first six months of 2010. Average earning assets for the first six months of 2011 increased 4% to $508.8 million compared to $488.4 million for the six month period ended June 30, 2010. The net interest margin for the first half of 2011 decreased by 7 basis points to 3.90% compared to 3.97% for the first half of 2010. The increase in earning assets includes a $12.3 million, or 4%, increase in total average loans and an $8.1 million, or 5%, increase in investment securities and short-term investments. Average total deposits for the six months ended June 30, 2011 increased $42.0 million, or 8.8%, compared to average total deposits the first half of 2010. Average total borrowings decreased by $22.5 million, or 46%, for the six months ended June 30, 2011 compared to the first six months of the prior year.
Non-Interest Income and Operating Expenses
Noninterest income for the second quarter increased 3% to $1.8 million compared to $1.7 million the second quarter of the prior year. Noninterest income for the first six months increased 3% to $3.6 million compared to $3.5 million for first half of 2010. Increases in deposit service charges and debit card revenue for both the quarter and the six month period ended June 30, 2011 offset a reduction in gain on sale of mortgage loans compared to the same periods in 2010.
Operating expenses for the second quarter increased 8% to $4.9 million compared to $4.5 million in the second quarter of 2010. For the six months ended June 30, 2011 operating expenses increased 9% to $9.7 million compared to $8.9 million for the first six months of 2010. The increase in operating expenses for both the quarter and six month period reflect higher compensation and benefits, data processing costs and credit related expenses.
Provision for Loan Losses and Credit Quality
The provision for loan losses in the second quarter increased 9% to $1,154,000 compared to $1,061,000 in second quarter 2010. During the second quarter the Company had net loan charge-offs of $1,309,000 compared to $1,171,000 for the second quarter of the previous year. For the six months ended June 30, 2011 the provision for loan losses increased 2% to $2,054,000 compared to $2,022,000 the first six months of 2010. Net charge-offs for the six months ended June 30, 2011 were $2,128,000 compared to $1,607,000 for the first six months of 2010. "While certain sectors of the local economy have recovered from the recession, the collapse of the housing and construction market, high unemployment and depressed real estate values continue to drive loan losses and other credit and collection related expenses," said Bastian.
Nonaccrual loans and other real estate owned totaled $10.4 million, or 3.12% of total loans, at June 30, 2011 compared to $8.8 million, or 2.61% of total loans, at December 31, 2010 and $8.9 million, or 2.70% of total loans, at June 30, 2010.
The ratio of allowance for loan losses to total loans was 1.83% at June 30, 2011 compared to 1.82% at December 31, 2010, and 1.79% at June 30, 2010. The ratio of the allowance for loan losses to nonaccrual loans was 79% at June 30, 2011 down from 105% at December 31, 2010, but up from 73% at June 30, 2010.
The following table summarizes the activity in the allowance for loan losses for the six months ended June 30, 2011 and 2010, and the year ended December 31, 2010.
Activity in Allowance for Loan Losses |
Six Months Ended June 30, |
Year Ended December 31, |
||||
2011 |
2010 |
2010 |
||||
Beginning allowance for loan losses |
$ 6,142,000 |
$ 5,471,000 |
$ 5,471,000 |
|||
Provision for loan losses |
2,054,000 |
2,022,000 |
4,544,000 |
|||
Charge-offs |
(2,404,000) |
(1,692,000) |
(4,116,000) |
|||
Recoveries |
276,000 |
85,000 |
243,000 |
|||
Ending allowance for loan losses |
$ 6,068,000 |
$ 5,886,000 |
$ 6,142,000 |
|||
Net charge-offs to average total loans, annualized |
1.29% |
1.01% |
1.18% |
|||
Outlook
Blackhawk has created a strong credit culture and the processes to support it, but the on-going 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 which 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 offices 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 www.blackhawkbank.com.
BLACKHAWK BANCORP, INC. AND SUBSIDIARY |
||||
CONSOLIDATED BALANCE SHEETS |
||||
JUNE 30, 2011 AND DECEMBER 31, 2010 |
||||
(UNAUDITED) |
||||
June 30, |
December 31, |
|||
Assets |
2011 |
2010 |
||
(Amounts in thousands, except |
||||
share and per share data) |
||||
Cash and due from banks |
$ 11,402 |
$ 7,877 |
||
Federal funds sold and securities purchased under agreements to resell |
13,847 |
23,751 |
||
Total cash and cash equivalents |
25,249 |
31,628 |
||
Interest-bearing deposits in banks |
435 |
639 |
||
Trading securities |
2,874 |
3,559 |
||
Securities available-for-sale |
143,144 |
132,858 |
||
Loans held for sale |
2,729 |
5,301 |
||
Federal Home Loan Bank (FHLB) Stock, at cost |
4,085 |
4,085 |
||
Loans, less allowance for loan losses of $6,068 and $6,142 |
||||
at June 30, 2011 and December 31, 2010, respectively |
325,904 |
326,833 |
||
Office buildings and equipment, net |
8,989 |
9,136 |
||
Intangible assets, net |
8,020 |
8,172 |
||
Cash surrender value of bank-owned life insurance |
8,578 |
8,440 |
||
Other assets |
8,458 |
9,266 |
||
Total assets |
$ 538,465 |
$ 539,917 |
||
Liabilities and Stockholders' Equity |
||||
Liabilities |
||||
Deposits: |
||||
Noninterest-bearing |
$ 67,829 |
$ 62,282 |
||
Interest-bearing (including $2,243 and $4,238 at fair value at |
||||
June 30, 2011 and December 31, 2010, respectively) |
393,501 |
411,583 |
||
Total deposits |
461,330 |
473,865 |
||
Short-term borrowings |
4,900 |
- |
||
Long-term borrowings (including $2,213 and $2,172 at fair value at |
||||
June 30, 2011 and December 31, 2010, respectively) |
21,929 |
17,535 |
||
Subordinated debentures (including $834 and $834 at fair value at |
||||
June 30, 2011 and December 31, 2010, respectively) |
4,958 |
4,958 |
||
Other liabilities |
2,905 |
3,091 |
||
Total liabilities |
496,022 |
499,449 |
||
Stockholders’ equity |
||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized; |
||||
10,500 shares issued as of June 30, 2011 and |
||||
December 31, 2010, respectively |
10,233 |
10,183 |
||
Common stock, $0.01 par value, 10,000,000 shares authorized; |
||||
2,279,004 and 2,258,047 shares issued as of June 30, 2011 and |
||||
December 31, 2010, respectively |
23 |
22 |
||
Surplus |
9,397 |
9,359 |
||
Retained earnings |
22,603 |
21,848 |
||
Treasury stock, 83,252 and 85,252 shares at cost as of June 30, 2011 and |
||||
December 31, 2010, respectively |
(914) |
(931) |
||
Accumulated other comprehensive income (loss) |
1,101 |
(13) |
||
Total stockholders' equity |
42,443 |
40,468 |
||
Total liabilities and stockholders' equity |
$ 538,465 |
$ 539,917 |
||
BLACKHAWK BANCORP, INC. AND SUBSIDIARY |
||||
CONSOLIDATED STATEMENTS OF INCOME |
||||
(UNAUDITED) |
||||
Three months ended June 30, |
||||
2011 |
2010 |
|||
(Amounts in thousands, except |
||||
share and per share data) |
||||
Interest Income: |
||||
Interest and fees on loans |
$ 4,877 |
$ 4,922 |
||
Interest on trading securities |
15 |
7 |
||
Interest and dividends on securities: |
||||
Taxable |
1,031 |
1,357 |
||
Tax-exempt |
246 |
218 |
||
Interest on federal funds sold and securities purchased under agreements to resell |
59 |
52 |
||
Interest on interest-bearing deposits in banks |
1 |
1 |
||
Total interest and dividend income |
6,229 |
6,557 |
||
Interest Expenses: |
||||
Interest on deposits |
1,175 |
1,323 |
||
Interest on short-term borrowings |
4 |
3 |
||
Interest on long-term borrowings |
233 |
441 |
||
Interest on subordinated debentures |
34 |
35 |
||
Total interest expense |
1,446 |
1,802 |
||
Net interest and dividend income |
4,783 |
4,755 |
||
Provision for loan losses |
1,154 |
1,061 |
||
Net interest and dividend income after provision for loan losses |
3,629 |
3,694 |
||
Noninterest Income: |
||||
Service charges on deposits accounts |
685 |
623 |
||
Net gain on sale of loans |
451 |
593 |
||
Net mortgage servicing income |
29 |
18 |
||
Debit card interchange fees |
444 |
362 |
||
Net gains (losses) on trading activities |
(223) |
34 |
||
Net gains (losses) on available-for-sale securities |
209 |
(59) |
||
Net other gains (losses) |
(82) |
(26) |
||
Increase in cash value of bank-owned life insurance |
70 |
70 |
||
Other |
221 |
142 |
||
Total noninterest income |
1,804 |
1,757 |
||
Noninterest Expenses: |
||||
Salaries and employee benefits |
2,428 |
2,268 |
||
Occupancy and equipment |
568 |
593 |
||
Data processing |
561 |
481 |
||
FDIC assessment |
225 |
232 |
||
Advertising and marketing |
122 |
112 |
||
Amortization of intangibles |
35 |
62 |
||
Professional fees |
221 |
213 |
||
Office Supplies |
91 |
66 |
||
Telephone |
70 |
75 |
||
Other |
573 |
418 |
||
Total noninterest expenses |
4,894 |
4,520 |
||
Income before income taxes |
539 |
931 |
||
Income Taxes |
100 |
267 |
||
Net income |
$ 439 |
$ 664 |
||
Key Ratios |
||||
Basic Earnings Per Common Share |
$ 0.13 |
$ 0.23 |
||
Diluted Earnings Per Common Share |
0.13 |
0.23 |
||
Net Interest Margin (FTE) |
3.83% |
3.97% |
||
Efficiency Ratio (FTE) |
73.19% |
68.24% |
||
Return on Assets |
0.32% |
0.51% |
||
Return on Common Equity |
3.50% |
7.08% |
||
BLACKHAWK BANCORP, INC. AND SUBSIDIARY |
||||
CONSOLIDATED STATEMENTS OF INCOME |
||||
(UNAUDITED) |
||||
June 30, |
||||
2011 |
2010 |
|||
(Amounts in thousands, except |
||||
share and per share data) |
||||
Interest Income: |
||||
Interest and fees on loans |
$ 9,731 |
$ 9,802 |
||
Interest on trading securities |
49 |
65 |
||
Interest and dividends on securities: |
||||
Taxable |
2,134 |
2,666 |
||
Tax-exempt |
496 |
413 |
||
Interest on federal funds sold and securities purchased under agreements to resell |
136 |
128 |
||
Interest on interest-bearing deposits in banks |
2 |
3 |
||
Total interest and dividend income |
12,548 |
13,077 |
||
Interest Expenses: |
||||
Interest on deposits |
2,364 |
2,612 |
||
Interest on short-term borrowings |
5 |
13 |
||
Interest on long-term borrowings |
467 |
976 |
||
Interest on subordinated debentures |
67 |
105 |
||
Total interest expense |
2,903 |
3,706 |
||
Net interest and dividend income |
9,645 |
9,371 |
||
Provision for loan losses |
2,054 |
2,022 |
||
Net interest and dividend income after provision for loan losses |
7,591 |
7,349 |
||
Noninterest Income: |
||||
Service charges on deposits accounts |
1,331 |
1,214 |
||
Net gain on sale of loans |
834 |
1,158 |
||
Net mortgage servicing income |
60 |
27 |
||
Debit card interchange fees |
830 |
696 |
||
Net gains (losses) on trading activities |
(204) |
(10) |
||
Net gains (losses) on available-for-sale securities |
290 |
(65) |
||
Net other gains (losses) |
(204) |
(107) |
||
Increase in cash value of bank-owned life insurance |
139 |
150 |
||
Other |
483 |
392 |
||
Total noninterest income |
3,559 |
3,455 |
||
Noninterest Expenses: |
||||
Salaries and employee benefits |
4,867 |
4,419 |
||
Occupancy and equipment |
1,162 |
1,215 |
||
Data processing |
1,095 |
967 |
||
FDIC assessment |
464 |
460 |
||
Advertising and marketing |
226 |
216 |
||
Amortization of intangibles |
97 |
125 |
||
Professional fees |
428 |
400 |
||
Office Supplies |
185 |
145 |
||
Telephone |
140 |
148 |
||
Other |
1,055 |
822 |
||
Total noninterest expenses |
9,719 |
8,917 |
||
Income before income taxes |
1,431 |
1,887 |
||
Income Taxes |
353 |
570 |
||
Net income |
$ 1,078 |
$ 1,317 |
||
Key Ratios |
||||
Basic Earnings Per Common Share |
$ 0.34 |
$ 0.46 |
||
Diluted Earnings Per Common Share |
0.34 |
0.46 |
||
Net Interest Margin (FTE) |
3.90% |
3.97% |
||
Efficiency Ratio (FTE) |
72.52% |
68.27% |
||
Return on Assets |
0.40% |
0.51% |
||
Return on Common Equity |
4.87% |
7.10% |
||
BLACKHAWK BANCORP, INC. AND SUBSIDIARY |
||||||||
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) |
Three months ended June 30, 2011 |
Three months ended June 30, 2010 |
||||||
Average |
Average |
Average |
Average |
|||||
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||
Interest Earning Assets: |
||||||||
Interest-bearing deposits in banks |
$ 948 |
$ 1 |
0.51% |
$ 915 |
$ 1 |
0.63% |
||
Federal funds sold & securities |
||||||||
purchased under agreements to |
||||||||
resell |
19,057 |
59 |
1.23% |
13,531 |
52 |
1.55% |
||
Investment securities: |
||||||||
Taxable investment securities |
134,102 |
1,046 |
3.13% |
133,000 |
1,364 |
4.11% |
||
Tax-exempt investment securities |
23,947 |
246 |
5.79% |
21,277 |
218 |
6.23% |
||
Total Investment securities |
158,049 |
1,292 |
3.53% |
154,277 |
1,582 |
4.40% |
||
Loans |
333,162 |
4,877 |
5.87% |
323,341 |
4,922 |
6.11% |
||
Total Earning Assets |
$ 511,216 |
$ 6,229 |
4.97% |
$ 492,064 |
$ 6,557 |
5.44% |
||
Allowance for loan losses |
(6,386) |
(6,015) |
||||||
Cash and due from banks |
10,301 |
10,541 |
||||||
Other Assets |
35,346 |
30,984 |
||||||
Total Assets |
$ 550,477 |
$ 527,574 |
||||||
Interest Bearing Liabilities: |
||||||||
Interest bearing checking accounts |
$ 132,658 |
$ 434 |
1.31% |
$ 150,818 |
$ 555 |
1.48% |
||
Savings and money market deposits |
139,567 |
122 |
0.35% |
126,403 |
188 |
0.60% |
||
Time deposits |
131,139 |
619 |
1.89% |
101,651 |
580 |
2.29% |
||
Total interest bearing deposits |
403,364 |
1,175 |
1.17% |
378,872 |
1,323 |
1.40% |
||
Short-term borrowings |
4,230 |
4 |
0.39% |
2,613 |
3 |
0.50% |
||
Subordinated debentures |
4,958 |
34 |
2.75% |
4,958 |
35 |
2.79% |
||
Long-term borrowings |
20,866 |
233 |
4.47% |
36,827 |
441 |
4.81% |
||
Total Interest-Bearing Liabilities |
$ 433,418 |
$ 1,446 |
1.34% |
$ 423,270 |
$ 1,802 |
1.71% |
||
Interest Rate Spread |
3.63% |
3.73% |
||||||
Noninterest checking accounts |
70,211 |
61,914 |
||||||
Other liabilities |
4,301 |
4,244 |
||||||
Total liabilities |
507,930 |
489,428 |
||||||
Preferred Stock |
10,221 |
10,121 |
||||||
Common Stockholders' equity |
32,326 |
28,025 |
||||||
Total Stockholders' equity |
42,547 |
38,146 |
||||||
Total Liabilities and |
||||||||
Stockholders' Equity |
$ 550,477 |
$ 527,574 |
||||||
Net Interest Income/Margin |
$ 4,783 |
3.83% |
$ 4,755 |
3.97% |
||||
BLACKHAWK BANCORP, INC. AND SUBSIDIARY |
||||||||
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) |
Six months ended June 30, 2011 |
Six months ended June 30, 2010 |
||||||
Average |
Average |
Average |
Average |
|||||
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||
Interest Earning Assets: |
||||||||
Interest-bearing deposits in banks |
$ 842 |
$ 2 |
0.57% |
$ 1,034 |
$ 3 |
0.51% |
||
Federal funds sold & securities |
||||||||
purchased under agreements to |
||||||||
resell |
23,218 |
136 |
1.18% |
18,562 |
128 |
1.39% |
||
Investment securities: |
||||||||
Taxable investment securities |
128,223 |
2,183 |
3.43% |
127,623 |
2,731 |
4.31% |
||
Tax-exempt investment securities |
23,493 |
496 |
5.95% |
20,482 |
413 |
6.38% |
||
Total Investment securities |
151,716 |
2,679 |
3.82% |
148,105 |
3,144 |
4.60% |
||
Loans |
333,000 |
9,731 |
5.89% |
320,649 |
9,802 |
6.16% |
||
Total Earning Assets |
$ 508,776 |
$ 12,548 |
5.05% |
$ 488,350 |
$ 13,077 |
5.50% |
||
Allowance for loan losses |
(6,385) |
(5,835) |
||||||
Cash and due from banks |
10,999 |
12,035 |
||||||
Other Assets |
35,480 |
31,328 |
||||||
Total Assets |
$ 548,870 |
$ 525,878 |
||||||
Interest Bearing Liabilities: |
||||||||
Interest bearing checking accounts |
$ 131,100 |
$ 846 |
1.30% |
$ 147,382 |
$ 1,063 |
1.45% |
||
Savings and money market deposits |
144,084 |
261 |
0.37% |
125,106 |
393 |
0.63% |
||
Time deposits |
133,217 |
1,257 |
1.90% |
101,380 |
1,156 |
2.30% |
||
Total interest bearing deposits |
408,401 |
2,364 |
1.17% |
373,868 |
2,612 |
1.41% |
||
Short-term borrowings |
2,633 |
5 |
0.42% |
2,256 |
13 |
1.51% |
||
Subordinated debentures |
4,958 |
67 |
2.74% |
4,958 |
105 |
4.26% |
||
Long-term borrowings |
19,205 |
467 |
4.90% |
42,092 |
976 |
4.68% |
||
Total Interest-Bearing Liabilities |
$ 435,197 |
$ 2,903 |
1.34% |
$ 423,174 |
$ 3,706 |
1.77% |
||
Interest Rate Spread |
3.71% |
3.73% |
||||||
Noninterest checking accounts |
68,223 |
60,798 |
||||||
Other liabilities |
3,397 |
3,957 |
||||||
Total liabilities |
506,817 |
487,929 |
||||||
Preferred Stock |
10,209 |
10,108 |
||||||
Common Stockholders' equity |
31,844 |
27,841 |
||||||
Total Stockholders' equity |
42,053 |
37,949 |
||||||
Total Liabilities and |
||||||||
Stockholders' Equity |
$ 548,870 |
$ 525,878 |
||||||
Net Interest Income/Margin |
$ 9,645 |
3.90% |
$ 9,371 |
3.97% |
||||
SOURCE Blackhawk Bancorp, Inc.
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