Blackhawk Bancorp Announces Second Quarter 2012 Results
BELOIT, Wis., July 16, 2012 /PRNewswire/ -- Blackhawk Bancorp, Inc. (OTCBB: BHWB) today reported earnings of $745,000 for the quarter ended June 30, 2012, a 70% increase compared to $439,000 earned in the second quarter of 2011. For the six months ended June 30, 2012 the company's net income was $1,423,000, a 32% increase compared to $1,078,000 earned the first six months of 2011. Growth in mortgage banking revenue and other non-interest income more than offset increases in the provision for loan losses for both the quarter and six month period ended June 30, 2012.
(Logo: http://photos.prnewswire.com/prnh/20110728/CG42912LOGO)
Earnings per diluted share for the quarter increased $0.13, or 108%, to $0.27 compared to $0.13 per diluted share the second quarter of 2011. For the first half of 2012 the company earned $0.50 per diluted share, a 47% increase compared to the $0.34 per diluted share earned the first half of 2011. The company had total assets of $557.9 million at June 30, 2012, a $1.1 million decrease compared to $559.0 million at December 31, 2011.
"We are extremely pleased to be reporting another quarter of positive earnings," said Rick Bastian, president & CEO. "Growth in mortgage banking revenue and other non-interest income has allowed us to increase profitability despite heavy additions to the provision for loan losses as we vigorously address asset quality issues," he added.
The following table summarizes key performance and asset quality measures for the quarter ended June 30, 2012 compared to the previous four quarters.
|
Key Performance and Asset Quality Measures |
2nd Qtr 2012 |
1st Qtr 2012 |
4th Qtr 2011 |
3rd Qtr 2011 |
2nd Qtr 2011 |
| Diluted Earnings per share |
$0.27 |
$0.24 |
$0.26 |
$0.21 |
$0.13 |
| Return on average assets |
.53% |
.49% |
.52% |
.45% |
.32% |
| Return on common equity |
6.82% |
6.03% |
6.74% |
5.49% |
3.50% |
| Net interest margin |
3.80% |
3.75% |
3.79% |
3.71% |
3.83% |
| Efficiency ratio |
67.37% |
69.94% |
67.19% |
70.17% |
73.61% |
| Nonaccrual loans to total loans |
3.01% |
4.19% |
3.67% |
2.61% |
2.31% |
| Nonaccrual loans and OREO to total loans |
3.76% |
4.41% |
4.11% |
3.38% |
3.12% |
| Allowance for loan losses to total loans |
1.98% |
2.13% |
2.05% |
1.78% |
1.83% |
| Allowance for loan losses to nonaccrual loans |
65.8% |
50.8% |
55.9% |
68% |
79% |
| Subsidiary bank total risk-based capital |
13.58% |
13.83% |
13.90% |
13.71% |
13.78% |
Net Interest Income
Net interest income for the second quarter increased 1% to $4,809,000 compared to $4,783,000 in the second quarter 2011. Average total earning assets for the second quarter increased by $13.0 million to $524.2 compared to $511.2 million in the second quarter of 2011. The growth in earning assets includes an $18.0 million, or 5%, increase in average total loans, which was partially offset with a net decrease in available for sale securities and other short term investments. The net interest margin realized on earning assets decreased 3 basis points to 3.80% for the quarter ended June 30, 2012 compared to 3.83% for the second quarter of 2011.
Average total deposits for the second quarter increased by $14.1 million, or 3%, to $487.7 million compared to $473.6 million the second quarter of last year. The increase in average total deposits includes a $37.1 million, or 11%, increase in average non-maturity deposits such as demand deposit, interest checking, savings and money market accounts, which was offset by a $23.0 million decrease in the average balance of certificates of deposits. The majority of the reduction in average certificates of deposits is due to the maturity or call of brokered deposits. In addition, strong deposit growth continues to reduce reliance on borrowings, with the average balance of borrowings declining by $5.6 million.
Net interest income for the six months ended June 30, 2012 decreased by $145,000, or 2%, to $9,500,000 compared to $9,645,000 for the first half of 2011. Average total earning assets for the first half of the 2012 increased by $12.1 million to $520.8 million compared to $508.7 million for the first half of 2011. The earning asset growth included a $12.5 million, or 4%, increase in average loans. The net interest margin for the first six months of 2012 declined by 13 basis points to 3.77% compared to 3.90% for the first half of last year.
Average total deposits for the first half of 2012 increased by $8.2 million, or 2%, to $484.8 million compared to $476.6 million in the first six months of 2011. The increase in average total deposits includes an increase of $30.3 million, or 9%, in average non-maturity deposits such as demand deposit, interest checking, savings and money market accounts. The increase in average non-maturity deposits was partially offset with a $22.1 million reduction in average certificates of deposit. The majority of the reduction in average certificates of deposit is due to the maturity or call of brokered deposits.
Non-Interest Income and Operating Expenses
Noninterest income for the second quarter of 2012 increased by $1,004,000, or 53%, to $2,916,000 compared to $1,912,000 the second quarter of the prior year. The increase was attributable to a $646,000 increase in mortgage banking revenues. Other increases in non-interest income include a $283,000 increase in the net gain on sale of securities and other trading activity.
For the six months ended June 30, 2012 noninterest income increased $1,695,000 to $5,472,000 compared to $3,777,000 the first half of 2011. The increase includes a $1,051,000 increase in mortgage banking revenue and a $393,000 increase in the gain on sale of securities and other trading activity.
Operating expenses for the second quarter increased $295,000, or 6%, to $5,297,000 compared to $5,002,000 in the second quarter of 2011. For the six months ended June 30, 2012 operating expenses increased by $522,000, or 5% to $10,459,000 compared to $9,937,000 the first half of 2011. The increase in operating expenses for both the three and six month periods ended June 30, 2012 was due to increased compensation expense, reflecting increased variable compensation related to mortgage production, an increase in the cost of employee health benefits and staff additions in the business banking area.
Provision for Loan Losses and Credit Quality
The provision for loan losses in the second quarter increased by $386,000, or 33%, to $1,540,000 compared to $1,154,000 in second quarter 2011. For the six months ended June 30, 2012 the provision for loan losses increased by $746,000, or 36%, to $2,800,000 compared to $2,054,000 for the first half of 2011. The company had net loan charge-offs of $2,665,000 in the first six months of 2012, compared to $2,128,000 for the first half of 2011. Nonaccrual loans and other real estate owned totaled $13.4 million, or 3.76% of total loans, at June 30, 2012 compared to $15.1 million, or 4.41% of total loans, at March 31, 2011, and $13.9 million, or 4.11% of total loans, at December 31, 2011.
The following table summarizes the activity in the allowance for loan losses for the six months ended June 30, 2012 and 2011, and the year ended December 31, 2011.
| Activity in Allowance for Loan Losses |
Quarter Ended March 31, |
Year Ended December 31, |
|||
| 2012 |
2011 |
2011 |
|||
| Beginning allowance for loan losses |
$ 6,943,000 |
$ 6,142,000 |
$ 6,142,000 |
||
| Provision for loan losses |
2,800,000 |
2,054,000 |
4,803,000 |
||
| Charge-offs |
(2,852,000) |
(2,404,000) |
(4,407,000) |
||
| Recoveries |
187,000 |
276,000 |
405,000 |
||
| Ending allowance for loan losses |
$ 7,078,000 |
$ 6,068,000 |
$ 6,943,000 |
||
|
Net charge-offs to average total loans, annualized |
1.51% |
1.29% |
1.20% |
||
The ratio of allowance for loan losses to total loans was 1.98% as of June 30, 2012 compared to 2.13% at March 31, 2012, and 2.05% at December 31, 2011. The ratio of the allowance for loan losses to nonaccrual loans was 66% at June 30, 2012, compared to 51% at March 31, 2012 and 56% at December 31, 2011.
Outlook
Blackhawk has created a strong credit culture and the processes to support it; however, the economic recession and depressed real estate values have resulted in an elevated level of nonperforming loans. The level of nonperforming loans and 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.
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 SUBSIDIARIES |
|||
| CONSOLIDATED BALANCE SHEETS |
|||
| JUNE 30, 2012 AND DECEMBER 31, 2011 |
|||
| (UNAUDITED) |
|||
| June 30, |
December 31, |
||
| Assets |
2012 |
2011 |
|
| (Amounts in thousands, except |
|||
| share and per share data) |
|||
| Cash and due from banks |
$ 12,268 |
$ 13,056 |
|
| Federal funds sold and securities purchased under agreements to resell |
18,647 |
31,964 |
|
| Total cash and cash equivalents |
30,915 |
45,020 |
|
| Interest-bearing deposits in banks |
5,471 |
1,097 |
|
| Trading securities |
1,983 |
2,449 |
|
| Securities available-for-sale |
132,390 |
142,788 |
|
| Loans held for sale |
5,010 |
4,140 |
|
| Federal Home Loan Bank (FHLB) Stock, at cost |
2,550 |
4,085 |
|
| Loans, less allowance for loan losses of $7,086 and $6,943 |
|||
| at June 30, 2012 and December 31, 2011, respectively |
345,671 |
326,935 |
|
| Office buildings and equipment, net |
8,420 |
8,772 |
|
| Intangible assets, net |
8,138 |
8,102 |
|
| Cash surrender value of bank-owned life insurance |
8,873 |
8,720 |
|
| Other assets |
8,453 |
6,879 |
|
| Total assets |
$ 557,874 |
$ 558,987 |
|
| Liabilities and Stockholders' Equity |
|||
| Liabilities |
|||
| Deposits: |
|||
| Noninterest-bearing |
$ 74,949 |
$ 70,578 |
|
| Interest-bearing |
418,833 |
405,049 |
|
| Total deposits |
493,782 |
475,627 |
|
| Short-term borrowings |
- |
16,000 |
|
| Other borrowings (including $2,264 and $2,255 at fair value at |
|||
| June 30, 2012 and December 31, 2011, respectively) |
10,689 |
16,326 |
|
| Subordinated debentures (including $834 and $834 at fair value at |
|||
| June 30, 2012 and December 31, 2011, respectively) |
4,958 |
4,958 |
|
| Other liabilities |
2,602 |
2,040 |
|
| Total liabilities |
512,031 |
514,951 |
|
| Stockholders' equity |
|||
| Preferred stock, $0.01 par value, 1,000,000 shares authorized; |
|||
| 10,500 shares issued as of June 30, 2012 and |
|||
| December 31, 2011, respectively |
10,333 |
10,283 |
|
| Common stock, $0.01 par value, 10,000,000 shares authorized; |
|||
| 2,279,004 and 2,279,004 shares issued as of June 30, 2012 and |
|||
| December 31, 2011, respectively |
23 |
23 |
|
| Surplus |
9,533 |
9,477 |
|
| Retained earnings |
24,730 |
23,629 |
|
| Treasury stock, 83,252 and 85,252 shares at cost as of June 30, 2012 and December 31, 2011, respectively |
|||
| (909) |
(909) |
||
| Accumulated other comprehensive income (loss) |
2,133 |
1,533 |
|
| Total stockholders' equity |
45,843 |
44,036 |
|
| Total liabilities and stockholders' equity |
$ 557,874 |
$ 558,987 |
|
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||
| CONSOLIDATED STATEMENTS OF INCOME |
|||
| (UNAUDITED) |
|||
| Three months ended June 30, |
|||
| 2012 |
2011 |
||
| (Amounts in thousands, except |
|||
| share and per share data) |
|||
| Interest Income: |
|||
| Interest and fees on loans |
$ 4,908 |
$ 4,877 |
|
| Interest on trading securities |
22 |
15 |
|
| Interest and dividends on securities: |
|||
| Taxable |
710 |
1,031 |
|
| Tax-exempt |
289 |
246 |
|
| Interest on federal funds sold and securities purchased under agreements to resell |
70 |
59 |
|
| Interest on interest-bearing deposits in banks |
4 |
1 |
|
| Total interest and dividend income |
6,003 |
6,229 |
|
| Interest Expenses: |
|||
| Interest on deposits |
922 |
1,175 |
|
| Interest on short-term borrowings |
2 |
4 |
|
| Interest on long-term borrowings |
234 |
233 |
|
| Interest on subordinated debentures |
36 |
34 |
|
| Total interest expense |
1,194 |
1,446 |
|
| Net interest and dividend income |
4,809 |
4,783 |
|
| Provision for loan losses |
1,540 |
1,154 |
|
| Net interest and dividend income after provision for loan losses |
3,269 |
3,629 |
|
| Noninterest Income: |
|||
| Service charges on deposits accounts |
682 |
685 |
|
| Net gain on sale of loans |
1,168 |
451 |
|
| Net mortgage servicing income |
(42) |
29 |
|
| Debit card interchange fees |
587 |
552 |
|
| Net gains (losses) on trading activities |
(27) |
(223) |
|
| Net gains (losses) on available-for-sale securities |
296 |
209 |
|
| Net other gains (losses) |
(43) |
(82) |
|
| Increase in cash value of bank-owned life insurance |
71 |
70 |
|
| Other |
224 |
221 |
|
| Total noninterest income |
2,916 |
1,912 |
|
| Noninterest Expenses: |
|||
| Salaries and employee benefits |
2,711 |
2,428 |
|
| Occupancy and equipment |
598 |
568 |
|
| Data processing |
634 |
669 |
|
| FDIC assessment |
185 |
225 |
|
| Advertising and marketing |
89 |
122 |
|
| Amortization of intangibles |
35 |
35 |
|
| Professional fees |
301 |
221 |
|
| Office Supplies |
100 |
91 |
|
| Telephone |
77 |
70 |
|
| Other |
567 |
573 |
|
| Total noninterest expenses |
5,297 |
5,002 |
|
| Income before income taxes |
888 |
539 |
|
| Income Taxes |
143 |
100 |
|
| Net income |
$ 745 |
$ 439 |
|
| Key Ratios |
|||
| Basic Earnings Per Common Share |
$ 0.27 |
$ 0.13 |
|
| Diluted Earnings Per Common Share |
0.27 |
0.13 |
|
| Net Interest Margin (FTE) |
3.80% |
3.83% |
|
| Efficiency Ratio (FTE) |
67.37% |
73.61% |
|
| Return on Assets |
0.53% |
0.32% |
|
| Return on Common Equity |
6.82% |
3.50% |
|
| BLACKHAWK BANCORP, INC. AND SUBSIDIARIES |
|||
| CONSOLIDATED STATEMENTS OF INCOME |
|||
| (UNAUDITED) |
|||
| Six months ended June 30, |
|||
| 2012 |
2011 |
||
| (Amounts in thousands, except |
|||
| share and per share data) |
|||
| Interest Income: |
|||
| Interest and fees on loans |
$ 9,639 |
$ 9,731 |
|
| Interest on trading securities |
33 |
49 |
|
| Interest and dividends on securities: |
|||
| Taxable |
1,499 |
2,134 |
|
| Tax-exempt |
577 |
496 |
|
| Interest on federal funds sold and securities purchased under agreements to resell |
149 |
136 |
|
| Interest on interest-bearing deposits in banks |
6 |
2 |
|
| Total interest and dividend income |
11,903 |
12,548 |
|
| Interest Expenses: |
|||
| Interest on deposits |
1,875 |
2,364 |
|
| Interest on short-term borrowings |
3 |
5 |
|
| Interest on long-term borrowings |
452 |
467 |
|
| Interest on subordinated debentures |
73 |
67 |
|
| Total interest expense |
2,403 |
2,903 |
|
| Net interest and dividend income |
9,500 |
9,645 |
|
| Provision for loan losses |
2,800 |
2,054 |
|
| Net interest and dividend income after provision for loan losses |
6,700 |
7,591 |
|
| Noninterest Income: |
|||
| Service charges on deposits accounts |
1,297 |
1,331 |
|
| Net gain on sale of loans |
2,067 |
834 |
|
| Net mortgage servicing income |
(122) |
60 |
|
| Debit card interchange fees |
1,148 |
1,048 |
|
| Net gains (losses) on trading activities |
(43) |
(204) |
|
| Net gains (losses) on available-for-sale securities |
522 |
290 |
|
| Net other gains (losses) |
(17) |
(204) |
|
| Increase in cash value of bank-owned life insurance |
153 |
139 |
|
| Other |
467 |
483 |
|
| Total noninterest income |
5,472 |
3,777 |
|
| Noninterest Expenses: |
|||
| Salaries and employee benefits |
5,427 |
4,867 |
|
| Occupancy and equipment |
1,204 |
1,162 |
|
| Data processing |
1,254 |
1,313 |
|
| FDIC assessment |
370 |
464 |
|
| Advertising and marketing |
179 |
226 |
|
| Amortization of intangibles |
70 |
97 |
|
| Professional fees |
555 |
428 |
|
| Office Supplies |
196 |
185 |
|
| Telephone |
152 |
140 |
|
| Other |
1,052 |
1,055 |
|
| Total noninterest expenses |
10,459 |
9,937 |
|
| Income before income taxes |
1,713 |
1,431 |
|
| Income Taxes |
290 |
353 |
|
| Net income |
$ 1,423 |
$ 1,078 |
|
| Key Ratios |
|||
| Basic Earnings Per Common Share |
$ 0.50 |
$ 0.34 |
|
| Diluted Earnings Per Common Share |
0.50 |
0.34 |
|
| Net Interest Margin (FTE) |
3.77% |
3.90% |
|
| Efficiency Ratio (FTE) |
68.61% |
72.96% |
|
| Return on Assets |
0.51% |
0.40% |
|
| Return on Common Equity |
6.42% |
4.87% |
|
| 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) |
Three months ended June 30, 2012 |
Three months ended June 30, 2011 |
|||||
| Average |
Average |
Average |
Average |
||||
| Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
||
| Interest Earning Assets: |
|||||||
| Interest-bearing deposits in banks |
$ 6,020 |
$ 4 |
0.28% |
$ 948 |
$ 1 |
0.51% |
|
| Federal funds sold & securities |
|||||||
| purchased under agreements to |
|||||||
| resell |
22,466 |
70 |
1.25% |
19,057 |
59 |
1.23% |
|
| Investment securities: |
|||||||
| Taxable investment securities |
111,520 |
732 |
2.64% |
134,102 |
1,046 |
3.13% |
|
| Tax-exempt investment securities |
33,021 |
289 |
5.20% |
23,947 |
246 |
5.79% |
|
| Total Investment securities |
144,541 |
1,021 |
3.22% |
158,049 |
1,292 |
3.53% |
|
| Loans |
351,171 |
4,908 |
5.62% |
333,162 |
4,877 |
5.87% |
|
| Total Earning Assets |
$ 524,198 |
$ 6,003 |
4.71% |
$ 511,216 |
$ 6,229 |
4.97% |
|
| Allowance for loan losses |
(6,999) |
(6,386) |
|||||
| Cash and due from banks |
11,981 |
10,301 |
|||||
| Other assets |
33,611 |
35,346 |
|||||
| Total Assets |
$ 562,791 |
$ 550,477 |
|||||
| Interest Bearing Liabilities: |
|||||||
| Interest bearing checking accounts |
$ 156,180 |
$ 360 |
0.93% |
$ 132,658 |
$ 434 |
1.31% |
|
| Savings and money market deposits |
143,583 |
97 |
0.27% |
139,567 |
122 |
0.35% |
|
| Time deposits |
108,123 |
465 |
1.73% |
131,139 |
619 |
1.89% |
|
| Total interest bearing deposits |
407,886 |
922 |
0.91% |
403,364 |
1,175 |
1.17% |
|
| Short-term borrowings |
1,123 |
2 |
0.66% |
4,230 |
4 |
0.39% |
|
| Subordinated debentures |
4,958 |
36 |
2.92% |
4,958 |
34 |
2.75% |
|
| Long-term borrowings |
18,325 |
234 |
5.14% |
20,866 |
233 |
4.47% |
|
| Total Interest-Bearing Liabilities |
$ 432,292 |
$ 1,194 |
1.11% |
$ 433,418 |
$ 1,446 |
1.34% |
|
| Interest Rate Spread |
3.60% |
3.63% |
|||||
| Noninterest checking accounts |
79,812 |
70,211 |
|||||
| Other liabilities |
5,150 |
4,301 |
|||||
| Total liabilities |
517,254 |
507,930 |
|||||
| Preferred Stock |
10,311 |
10,221 |
|||||
| Common Stockholders' equity |
35,226 |
32,326 |
|||||
| Total Stockholders' equity |
45,537 |
42,547 |
|||||
| Total Liabilities and |
|||||||
| Stockholders' Equity |
$ 562,791 |
$ 550,477 |
|||||
| Net Interest Income/Margin |
$ 4,809 |
3.80% |
$ 4,783 |
3.83% |
|||
| 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) |
Six months ended June 30, 2012 |
Six months ended June 30, 2011 |
|||||
| Average |
Average |
Average |
Average |
||||
| Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
||
| Interest Earning Assets: |
|||||||
| Interest-bearing deposits in banks |
$ 4,905 |
$ 6 |
0.27% |
$ 842 |
$ 2 |
0.57% |
|
| Federal funds sold & securities |
|||||||
| purchased under agreements to |
|||||||
| resell |
24,857 |
149 |
1.21% |
23,218 |
136 |
1.18% |
|
| Investment securities: |
|||||||
| Taxable investment securities |
112,791 |
1,532 |
2.73% |
128,223 |
2,183 |
3.43% |
|
| Tax-exempt investment securities |
32,807 |
577 |
5.20% |
23,493 |
496 |
5.95% |
|
| Total Investment securities |
145,598 |
2,109 |
3.29% |
151,716 |
2,679 |
3.82% |
|
| Loans |
345,472 |
9,639 |
5.61% |
333,000 |
9,731 |
5.89% |
|
| Total Earning Assets |
$ 520,832 |
$ 11,903 |
4.70% |
$ 508,776 |
$ 12,548 |
5.05% |
|
| Allowance for loan losses |
(7,044) |
(6,385) |
|||||
| Cash and due from banks |
12,371 |
10,999 |
|||||
| Other assets |
33,572 |
35,480 |
|||||
| Total Assets |
$ 559,731 |
$ 548,870 |
|||||
| Interest Bearing Liabilities: |
|||||||
| Interest bearing checking accounts |
$ 153,247 |
$ 715 |
0.94% |
$ 131,100 |
$ 846 |
1.30% |
|
| Savings and money market deposits |
143,304 |
217 |
0.31% |
144,084 |
261 |
0.37% |
|
| Time deposits |
111,138 |
943 |
1.70% |
133,217 |
1,257 |
1.90% |
|
| Total interest bearing deposits |
407,689 |
1,875 |
0.92% |
408,401 |
2,364 |
1.17% |
|
| Short-term borrowings |
1,313 |
3 |
0.51% |
2,633 |
5 |
0.42% |
|
| Subordinated debentures |
4,958 |
73 |
2.96% |
4,958 |
67 |
2.74% |
|
| Long-term borrowings |
19,945 |
452 |
4.55% |
19,205 |
467 |
4.90% |
|
| Total Interest-Bearing Liabilities |
$ 433,905 |
$ 2,403 |
1.11% |
$ 435,197 |
$ 2,903 |
1.34% |
|
| Interest Rate Spread |
3.59% |
3.71% |
|||||
| Noninterest checking accounts |
77,142 |
68,223 |
|||||
| Other liabilities |
3,393 |
3,397 |
|||||
| Total liabilities |
514,440 |
506,817 |
|||||
| Preferred Stock |
10,307 |
10,209 |
|||||
| Common Stockholders' equity |
34,984 |
31,844 |
|||||
| Total Stockholders' equity |
45,291 |
42,053 |
|||||
| Total Liabilities and |
|||||||
| Stockholders' Equity |
$ 559,731 |
$ 548,870 |
|||||
| Net Interest Income/Margin |
$ 9,500 |
3.77% |
$ 9,645 |
3.90% |
|||
SOURCE Blackhawk Bancorp, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article