Blackhawk Bancorp Declares 74th Consecutive Cash Dividend
August 28 2008 - 11:00AM
PR Newswire (US)
BELOIT, Wis., Aug. 28 /PRNewswire-FirstCall/ -- The Board of
Directors of Blackhawk Bancorp, Inc. has declared the company's
74th consecutive quarterly cash dividend. Shareholders of record
September 19, 2008 will be paid $0.09 per share on October 2, 2008.
This amounts to 36 cents per share on an annualized basis,
representing a yield of approximately 3.6% on the stock's recent
trading price, announced Blackhawk's President and Chief Executive
Officer, R. Richard Bastian, III. He commented, "Importantly, we
are declaring our regular quarterly cash dividend when many in the
industry are reducing or eliminating theirs. Since $.09 per share
amounts to only 25% of second quarter earnings, our dividend
coverage remains strong." In second quarter 2008, the company
reported increased net income of $812,000, or 37 cents per fully
diluted share, up from $613,000, or 27 cents per diluted share in
second quarter 2007. For the first six months of 2008, net income
rose to $1,409,000, or 65 cents per fully diluted share, compared
with $1,084,000, or 48 cents per diluted share for the same period
in 2007. Blackhawk Bancorp, Inc., with total assets of
approximately $472 million, is the parent company of Blackhawk
State Bank, which operates seven offices in south central Wisconsin
and north central Illinois. The stock of Blackhawk Bancorp, Inc. is
publicly traded on the Over the Counter Market under the symbol
BHWB. When used in this communication, the words "believe",
"expect", "anticipate", "plan", "estimate", "may", "will" or
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. DATASOURCE: Blackhawk Bancorp, Inc. CONTACT: Todd
James, CFO, or R. Richard Bastian III, President & CEO, both of
Blackhawk Bancorp, Inc., +1-608-364-8911, Fax, +1-608-363-6186; or
Diane Hettwer, or Woody Wallace, both of The Investor Relations
Company, +1-312-245-2700, for Blackhawk Bancorp, Inc.
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