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.
(Logo:
http://photos.prnewswire.com/prnh/20110728/CG42912LOGO)
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.