BELOIT, Wis., Feb. 15, 2012 /PRNewswire/ -- Blackhawk Bancorp,
Inc. (OTCBB: BHWB) today reported net income of $731,000 for the quarter ended December 31, 2011, an 18% decrease compared to
the $886,000 earned in the fourth
quarter of 2010. Earnings per share for the quarter decreased
21% to $0.26 compared to $0.33 per share for the fourth quarter of 2010.
For the year ended December 31,
2011, Blackhawk reported net income of $2.4 million, a 20% decrease compared to
$3.03 million earned in 2010.
Earnings per share for the year decreased 26% to $.81 compared to the $1.10 per share earned in 2010. Total assets
increased to $559.3 million as of
December 31, 2011, compared with
$539.9 million at year end 2010.
"The decrease in earnings for both the quarter and full year
reflect the economic realities of our market," said Rick Bastian, president & CEO. "Weak
loan demand and intense competition for qualified borrowers has
compressed net interest income. Earnings continue to be
negatively impacted by elevated credit losses from businesses and
consumers hurt by the tough economy and depressed real estate
values."
(Logo:
http://photos.prnewswire.com/prnh/20110728/CG42912LOGO)
The following table summarizes key performance and asset quality
measures for the quarter ended December 31,
2011 compared to the previous four quarters.
|
|
Key
Performance and Asset Quality Measures
|
4th
Qtr
2011
|
3rd
Qtr
2011
|
2nd
Qtr
2011
|
1st
Qtr
2011
|
4th
Qtr
2010
|
|
|
|
|
|
|
|
|
Diluted Earnings per
share
|
$0.26
|
$0.21
|
$0.13
|
$0.22
|
$0.33
|
|
Return on average
assets
|
.52%
|
.45%
|
.32%
|
.47%
|
.63%
|
|
Return on common
equity
|
6.74%
|
5.49%
|
3.50%
|
6.29%
|
9.57%
|
|
Net interest
margin
|
3.79%
|
3.71%
|
3.83%
|
3.97%
|
4.12%
|
|
Efficiency
ratio
|
67.19%
|
70.17%
|
73.19%
|
71.86%
|
67.93%
|
|
Nonaccrual loans to total
loans
|
3.67%
|
2.61%
|
2.31%
|
1.99%
|
1.73%
|
|
Nonaccrual loans and OREO
to total loans
|
4.11%
|
3.38%
|
3.12%
|
2.73%
|
2.61%
|
|
Allowance for loan losses
to total loans
|
2.05%
|
1.78%
|
1.83%
|
1.86%
|
1.82%
|
|
Allowance for loan losses
to nonaccrual loans
|
55.9%
|
68%
|
79%
|
94%
|
105%
|
|
Subsidiary bank total
risk-based capital
|
13.90%
|
13.71%
|
13.78%
|
13.57%
|
13.57%
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income for the fourth quarter decreased 7% to
$4.85 million compared to
$5.23 million in the fourth quarter
2010. The net interest margin for the quarter decreased to
3.79% compared to 4.12% for the fourth quarter of 2010. For
the full year net interest income was down 3% to $19.1 million, compared to $19.8 million for 2010. The net interest
margin decreased 23 basis points to 3.82% for the year ended
December 31, 2011 compared to 4.05%
the year before. Average total loans for 2011 increased by
$5.7 million, or 2%, to $334.8 million compared to $329.1 in 2010. Average total deposits for
2011 grew by $20.2 million, or 4%, to
$475.6 million compared to
$455.4 in 2010. The deposit
growth in excess of loan growth was used to purchase additional
short-term investments and further reduce borrowing.
Non-Interest Income and Operating Expenses
Noninterest income for the fourth quarter totaled $2.1 million, a 25% decrease compared to the
$2.8 million generated in the fourth
quarter of 2010. For the year, non-interest income decreased
7% to $7.9 million compared to
$8.4 million in 2010. The
$0.5 million decrease in non-interest
income for the year reflects a $1.2
million decrease in mortgage banking revenue, which was
partially offset by increases in deposit service fees and debit
card interchange income.
Operating expenses decreased by $0.8
million, or 15%, to $4.8
million in the fourth quarter of 2011 compared to
$5.6 million the prior year.
For the year operating expenses were up $0.2 million, less than 1%, to $19.4 million compared to $19.2 million in 2010.
Provision for Loan Losses and Credit Quality
The provision for loan losses in the fourth quarter increased by
44% to $1.6 million compared to
$1.1 million in fourth quarter 2010.
For the year, Blackhawk recorded a provision for loan losses
of $4.8 million, a 6% increase over
the $4.5 million provision recorded
in 2010. Loans charged off in 2011, net of recoveries,
equaled $4.0 million compared to
$3.9 million in 2010. The ratio
of allowance for loan losses to total loans was 2.05% at
December 31, 2011 compared to 1.82%
at December 31, 2010.
The following table summarizes the activity in the allowance for
loan losses for 2011 and 2010.
|
|
Activity in Allowance for Loan
Losses
|
2011
|
2010
|
|
|
|
|
|
|
|
Beginning allowance for loan
losses
|
$
6,142,000
|
$
5,471,000
|
|
|
Provision for loan
losses
|
4,803,000
|
4,544,000
|
|
|
Charge-offs
|
(4,407,000)
|
(4,116,000)
|
|
|
Recoveries
|
405,000
|
243,000
|
|
|
Ending allowance for loan
losses
|
$
6,943,000
|
$
6,142,000
|
|
|
Net charge-offs to average
total loans
|
1.20%
|
1.18%
|
|
|
|
|
|
|
|
|
Nonperforming assets equaled $13.9
million, or 4.11% of total loans, at December 31, 2011, compared to $11.4 million, or 3.38% of total loans, at
September 30, 2011, and $8.8 million, or 2.61% of total loans, at
December 31, 2010. As of
December 31, 2011, the ratio of the
allowance for loan losses to nonperforming loans equals 56%,
compared to 68% as of September 30,
2011 and 105% at December 31,
2010.
Outlook
Blackhawk has created a strong credit culture and the processes
to support it, but 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 SUBSIDIARY
|
|
CONDENSED
STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
Three Months
Ended December 31,
|
|
Twelve
Months Ended December 31,
|
|
(Dollars in thousands, except
per share data)
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Interest and Dividend
Income
|
$
6,137
|
|
$
6,824
|
|
$
24,822
|
|
$
26,847
|
|
Interest Expense
|
1,292
|
|
1,596
|
|
5,671
|
|
7,050
|
|
Net Interest and
Dividend Income
|
4,845
|
|
5,228
|
|
19,151
|
|
19,797
|
|
Provision for loan
losses
|
1,600
|
|
1,111
|
|
4,803
|
|
4,544
|
|
Non-Interest Income
|
2,116
|
|
2,827
|
|
7,866
|
|
8,416
|
|
Non-Interest Expense
|
4,754
|
|
5,558
|
|
19,354
|
|
19,196
|
|
Income Before
Income Taxes
|
607
|
|
1,386
|
|
2,860
|
|
4,473
|
|
Income Taxes
|
(124)
|
|
500
|
|
434
|
|
1,448
|
|
Net
Income
|
$
731
|
|
$
886
|
|
$
2,426
|
|
$
3,025
|
|
|
|
|
|
|
|
|
|
|
Key
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common
Share
|
$
0.26
|
|
$
0.33
|
|
$
0.81
|
|
$
1.10
|
|
Average Outstanding Common
Shares
|
2,195,752
|
|
2,172,795
|
|
2,192,692
|
|
2,171,596
|
|
Ending Outstanding Common
Shares
|
2,195,752
|
|
2,172,795
|
|
2,195,752
|
|
2,172,795
|
|
Net Interest Margin
|
3.79%
|
|
4.12%
|
|
3.82%
|
|
4.05%
|
|
Efficiency Ratio
|
67.19%
|
|
67.93%
|
|
70.56%
|
|
66.83%
|
|
Return on Assets
|
0.52%
|
|
0.63%
|
|
0.44%
|
|
0.56%
|
|
Return on Common
Equity
|
6.74%
|
|
9.57%
|
|
5.52%
|
|
8.25%
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
BALANCE SHEETS
|
|
(Unaudited)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
(Dollars in
thousands)
|
|
|
|
|
2011
|
|
2010
|
|
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
45,020
|
|
$
31,628
|
|
Interest-bearing deposits in
banks
|
|
|
|
|
1,097
|
|
639
|
|
Trading securities
|
|
|
|
|
2,449
|
|
3,559
|
|
Securities
available-for-sale
|
|
|
|
|
142,788
|
|
132,858
|
|
Loans held for sale
|
|
|
|
|
4,140
|
|
5,301
|
|
Federal Home Loan Bank Stock, at
cost
|
|
|
|
|
4,085
|
|
4,085
|
|
Loans, net of allowances for
loan losses
|
|
|
|
|
326,935
|
|
326,833
|
|
Office buildings and equipment,
net
|
|
|
|
|
8,772
|
|
9,136
|
|
Intangible assets,
net
|
|
|
|
|
8,102
|
|
8,172
|
|
Cash surrender value of
bank-owned life insurance
|
|
|
|
|
8,720
|
|
8,440
|
|
Other assets
|
|
|
|
|
7,179
|
|
9,266
|
|
Total
Assets
|
|
|
|
|
$
559,287
|
|
$
539,917
|
|
Liabilities and Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
$
475,627
|
|
$
473,865
|
|
Borrowings
|
|
|
|
|
32,326
|
|
17,535
|
|
Subordinated
debentures
|
|
|
|
|
4,958
|
|
4,958
|
|
Other liabilities
|
|
|
|
|
2,376
|
|
3,091
|
|
Total
liabilities
|
|
|
|
|
515,287
|
|
499,449
|
|
Preferred Stock
|
|
|
|
|
10,283
|
|
10,183
|
|
Common Stockholders'
equity
|
|
|
|
|
33,717
|
|
30,285
|
|
Total Stockholders'
equity
|
|
|
|
|
44,000
|
|
40,468
|
|
Total liabilities
and stockholders' equity
|
|
|
|
|
$
559,287
|
|
$
539,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKHAWK BANCORP, INC. AND
SUBSIDIARIES
|
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
DECEMBER 31, 2011 AND DECEMBER
31, 2010
|
|
(UNAUDITED)
|
|
|
|
December
31,
|
|
December
31,
|
|
Assets
|
2011
|
|
2010
|
|
|
(Amounts in
thousands, except
|
|
|
share and
per share data)
|
|
Cash and due from
banks
|
$
13,056
|
|
$
7,877
|
|
Federal funds sold and
securities purchased under agreements to resell
|
31,964
|
|
23,751
|
|
Total cash and cash equivalents
|
45,020
|
|
31,628
|
|
Interest-bearing deposits in
banks
|
1,097
|
|
639
|
|
Trading securities
|
2,449
|
|
3,559
|
|
Securities
available-for-sale
|
142,788
|
|
132,858
|
|
Loans held for sale
|
4,140
|
|
5,301
|
|
Federal Home Loan Bank (FHLB)
Stock, at cost
|
4,085
|
|
4,085
|
|
Loans, less allowance for loan
losses of $6,943 and $6,142
|
|
|
|
|
at December 31,
2011 and December 31, 2010, respectively
|
326,935
|
|
326,833
|
|
Office buildings and equipment,
net
|
8,772
|
|
9,136
|
|
Intangible assets,
net
|
8,102
|
|
8,172
|
|
Cash surrender value of
bank-owned life insurance
|
8,720
|
|
8,440
|
|
Other assets
|
7,179
|
|
9,266
|
|
Total
assets
|
$
559,287
|
|
$
539,917
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Noninterest-bearing
|
$
70,578
|
|
$
62,282
|
|
Interest-bearing
(including $0 and $4,238 at fair value at
|
|
|
|
|
December
31, 2011 and December 31, 2010, respectively)
|
405,049
|
|
411,583
|
|
Total deposits
|
475,627
|
|
473,865
|
|
Short-term borrowings
|
9,000
|
|
-
|
|
Other borrowings (including
$2,255 and $2,172 at fair value at
|
|
|
|
|
December 31, 2011 and
December 31, 2010, respectively)
|
23,326
|
|
17,535
|
|
Subordinated debentures
(including $834 and $834 at fair value at
|
|
|
|
|
December 31, 2011 and
December 31, 2010, respectively)
|
4,958
|
|
4,958
|
|
Other liabilities
|
2,376
|
|
3,091
|
|
Total liabilities
|
515,287
|
|
499,449
|
|
|
|
|
|
|
Stockholders’
equity
|
|
|
|
|
Preferred stock, $0.01 par
value, 1,000,000 shares authorized;
|
|
|
|
|
10,500 shares issued as
of December 31, 2011 and
|
|
|
|
|
December 31, 2010,
respectively
|
10,283
|
|
10,183
|
|
Common stock, $0.01 par
value, 10,000,000 shares authorized;
|
|
|
|
|
2,279,004 and 2,258,047
shares issued as of December 31, 2011 and
|
|
|
|
|
December 31, 2010,
respectively
|
23
|
|
22
|
|
Surplus
|
9,446
|
|
9,359
|
|
Retained
earnings
|
23,629
|
|
21,848
|
|
Treasury stock, 83,252 and
85,252 shares at cost as of December 31, 2011 and
|
|
|
|
|
December 31, 2010,
respectively
|
(914)
|
|
(931)
|
|
Accumulated other
comprehensive income (loss)
|
1,533
|
|
(13)
|
|
Total
stockholders' equity
|
44,000
|
|
40,468
|
|
Total liabilities
and stockholders' equity
|
$
559,287
|
|
$
539,917
|
|
|
|
|
|
BLACKHAWK BANCORP, INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
(UNAUDITED)
|
|
|
Three months
ended December 31,
|
|
|
2011
|
|
2010
|
|
|
(Amounts in
thousands, except
|
|
|
share and
per share data)
|
|
Interest Income:
|
|
|
|
|
Interest and fees
on loans
|
$ 4,958
|
|
$ 5,233
|
|
Interest on
trading securities
|
16
|
|
33
|
|
Interest and
dividends on securities:
|
|
|
|
|
Taxable
|
822
|
|
1,227
|
|
Tax-exempt
|
249
|
|
246
|
|
Interest on
federal funds sold and securities purchased under agreements to
resell
|
89
|
|
84
|
|
Interest on
interest-bearing deposits in banks
|
3
|
|
1
|
|
Total interest and dividend income
|
6,137
|
|
6,824
|
|
Interest Expenses:
|
|
|
|
|
Interest on
deposits
|
1,028
|
|
1,284
|
|
Interest on
short-term borrowings
|
1
|
|
5
|
|
Interest on
long-term borrowings
|
227
|
|
273
|
|
Interest on
subordinated debentures
|
36
|
|
34
|
|
Total interest expense
|
1,292
|
|
1,596
|
|
Net interest and dividend income
|
4,845
|
|
5,228
|
|
Provision for loan
losses
|
1,600
|
|
1,111
|
|
Net interest and dividend income after provision for loan
losses
|
3,245
|
|
4,117
|
|
|
|
|
|
|
Noninterest Income:
|
|
|
|
|
Service charges on
deposits accounts
|
710
|
|
680
|
|
Net gain on sale
of loans
|
1,155
|
|
1,749
|
|
Net mortgage
servicing income
|
(133)
|
|
(144)
|
|
Debit card
interchange fees
|
419
|
|
383
|
|
Net gains (losses)
on trading activities
|
(20)
|
|
(88)
|
|
Net gains (losses)
on available-for-sale securities
|
9
|
|
242
|
|
Net other gains
(losses)
|
(248)
|
|
(223)
|
|
Increase in cash
value of bank-owned life insurance
|
71
|
|
82
|
|
Other
|
153
|
|
146
|
|
Total noninterest income
|
2,116
|
|
2,827
|
|
|
|
|
|
|
Noninterest Expenses:
|
|
|
|
|
Salaries and
employee benefits
|
2,421
|
|
2,812
|
|
Occupancy and
equipment
|
578
|
|
520
|
|
Data
processing
|
526
|
|
511
|
|
FDIC
assessment
|
180
|
|
330
|
|
Advertising and
marketing
|
102
|
|
98
|
|
Amortization of
intangibles
|
35
|
|
62
|
|
Professional
fees
|
200
|
|
222
|
|
Office
Supplies
|
97
|
|
100
|
|
Telephone
|
77
|
|
72
|
|
Other
|
538
|
|
831
|
|
Total noninterest expenses
|
4,754
|
|
5,558
|
|
Income before income taxes
|
607
|
|
1,386
|
|
Income Taxes
|
(124)
|
|
500
|
|
Net income
|
$ 731
|
|
$ 886
|
|
|
|
|
|
|
Key
Ratios
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common
Share
|
$ 0.26
|
|
$ 0.33
|
|
Diluted Earnings Per Common
Share
|
0.26
|
|
0.33
|
|
|
|
|
|
|
Net Interest Margin
(FTE)
|
3.79%
|
|
4.12%
|
|
Efficiency Ratio
(FTE)
|
67.19%
|
|
67.93%
|
|
Return on Assets
|
0.52%
|
|
0.63%
|
|
Return on Common
Equity
|
6.74%
|
|
9.57%
|
|
|
|
|
|
BLACKHAWK BANCORP, INC. AND
SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF
INCOME
|
|
(UNAUDITED)
|
|
|
Twelve
months ended December 31,
|
|
|
2011
|
|
2010
|
|
|
(Amounts in
thousands, except
|
|
|
share and
per share data)
|
|
Interest Income:
|
|
|
|
|
Interest and fees
on loans
|
$ 19,591
|
|
$ 20,173
|
|
Interest on
trading securities
|
86
|
|
340
|
|
Interest and
dividends on securities:
|
|
|
|
|
Taxable
|
3,859
|
|
5,145
|
|
Tax-exempt
|
979
|
|
900
|
|
Interest on
federal funds sold and securities purchased under agreements to
resell
|
300
|
|
284
|
|
Interest on
interest-bearing deposits in banks
|
7
|
|
5
|
|
Total interest and dividend income
|
24,822
|
|
26,847
|
|
Interest Expenses:
|
|
|
|
|
Interest on
deposits
|
4,603
|
|
5,240
|
|
Interest on
short-term borrowings
|
8
|
|
20
|
|
Interest on
long-term borrowings
|
923
|
|
1,615
|
|
Interest on
subordinated debentures
|
137
|
|
175
|
|
Total interest expense
|
5,671
|
|
7,050
|
|
Net interest and dividend income
|
19,151
|
|
19,797
|
|
Provision for loan
losses
|
4,803
|
|
4,544
|
|
Net interest and dividend income after provision for loan
losses
|
14,348
|
|
15,253
|
|
|
|
|
|
|
Noninterest Income:
|
|
|
|
|
Service charges on
deposits accounts
|
2,811
|
|
2,633
|
|
Net gain on sale
of loans
|
2,733
|
|
4,073
|
|
Net mortgage
servicing income
|
(135)
|
|
(240)
|
|
Debit card
interchange fees
|
1,688
|
|
1,428
|
|
Net gains (losses)
on trading activities
|
(251)
|
|
(410)
|
|
Net gains (losses)
on available-for-sale securities
|
396
|
|
308
|
|
Net other gains
(losses)
|
(518)
|
|
(401)
|
|
Increase in cash
value of bank-owned life insurance
|
280
|
|
303
|
|
Other
|
862
|
|
722
|
|
Total noninterest income
|
7,866
|
|
8,416
|
|
|
|
|
|
|
Noninterest Expenses:
|
|
|
|
|
Salaries and
employee benefits
|
9,722
|
|
9,649
|
|
Occupancy and
equipment
|
2,296
|
|
2,340
|
|
Data
processing
|
2,216
|
|
1,953
|
|
FDIC
assessment
|
825
|
|
1,030
|
|
Advertising and
marketing
|
445
|
|
445
|
|
Amortization of
intangibles
|
167
|
|
249
|
|
Professional
fees
|
852
|
|
813
|
|
Office
Supplies
|
377
|
|
339
|
|
Telephone
|
286
|
|
288
|
|
Other
|
2,168
|
|
2,090
|
|
Total noninterest expenses
|
19,354
|
|
19,196
|
|
Income before income taxes
|
2,860
|
|
4,473
|
|
Income Taxes
|
434
|
|
1,448
|
|
Net income
|
$ 2,426
|
|
$ 3,025
|
|
|
|
|
|
|
Key
Ratios
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common
Share
|
$ 0.81
|
|
$ 1.10
|
|
Diluted Earnings Per Common
Share
|
0.81
|
|
1.10
|
|
|
|
|
|
|
Net Interest Margin
(FTE)
|
3.82%
|
|
4.05%
|
|
Efficiency Ratio
(FTE)
|
70.56%
|
|
66.83%
|
|
Return on Assets
|
0.44%
|
|
0.56%
|
|
Return on Common
Equity
|
5.52%
|
|
8.25%
|
|
|
|
|
|
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 December 31, 2011
|
|
Three months
ended December 31, 2010
|
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Interest Earning
Assets:
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
in banks
|
$ 6,642
|
$
3
|
0.18%
|
|
$
942
|
$
1
|
0.51%
|
|
Federal funds sold &
securities
|
|
|
|
|
|
|
|
|
purchased under
agreements to
|
|
|
|
|
|
|
|
|
resell
|
27,499
|
89
|
1.28%
|
|
18,790
|
84
|
1.78%
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
Taxable
investment securities
|
117,567
|
838
|
2.83%
|
|
129,875
|
1,260
|
3.85%
|
|
Tax-exempt
investment securities
|
28,015
|
249
|
5.15%
|
|
22,427
|
246
|
6.60%
|
|
Total Investment securities
|
145,582
|
1,087
|
3.28%
|
|
152,302
|
1,506
|
4.25%
|
|
Loans
|
339,189
|
4,958
|
5.80%
|
|
343,087
|
5,233
|
6.05%
|
|
|
|
|
|
|
|
|
|
|
Total Earning
Assets
|
$ 518,912
|
$ 6,137
|
4.78%
|
|
$ 515,121
|
$ 6,824
|
5.35%
|
|
Allowance for loan
losses
|
(6,591)
|
|
|
|
(6,273)
|
|
|
|
Cash and due from
banks
|
10,657
|
|
|
|
20,433
|
|
|
|
Other Assets
|
34,502
|
|
|
|
34,921
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$ 557,480
|
|
|
|
$ 564,202
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
Interest bearing checking
accounts
|
$ 138,972
|
$ 403
|
1.15%
|
|
$ 136,649
|
$ 414
|
1.20%
|
|
Savings and money market
deposits
|
139,942
|
125
|
0.36%
|
|
156,232
|
198
|
0.50%
|
|
Time deposits
|
119,223
|
500
|
1.66%
|
|
132,725
|
672
|
2.01%
|
|
Total
interest bearing deposits
|
398,137
|
1,028
|
1.02%
|
|
425,606
|
1,284
|
1.20%
|
|
Short-term
borrowings
|
1,135
|
1
|
0.34%
|
|
3,595
|
5
|
0.56%
|
|
Subordinated
debentures
|
4,958
|
36
|
2.90%
|
|
4,958
|
34
|
2.72%
|
|
Long-term
borrowings
|
30,458
|
227
|
2.96%
|
|
20,999
|
273
|
5.15%
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing
Liabilities
|
$ 434,688
|
$ 1,292
|
1.18%
|
|
$ 455,158
|
$ 1,596
|
1.39%
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
Spread
|
|
|
3.60%
|
|
|
|
3.96%
|
|
|
|
|
|
|
|
|
|
|
Noninterest checking
accounts
|
71,474
|
|
|
|
64,289
|
|
|
|
Other
liabilities
|
6,927
|
|
|
|
4,694
|
|
|
|
Total
liabilities
|
513,089
|
|
|
|
524,141
|
|
|
|
Preferred Stock
|
10,273
|
|
|
|
10,172
|
|
|
|
Common Stockholders'
equity
|
34,118
|
|
|
|
29,889
|
|
|
|
Total Stockholders'
equity
|
44,391
|
|
|
|
40,061
|
|
|
|
Total Liabilities
and
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
$ 557,480
|
|
|
|
$ 564,202
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income/Margin
|
|
$ 4,845
|
3.79%
|
|
|
$ 5,228
|
4.12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
Twelve
months ended December 31, 2011
|
|
Twelve
months ended December 31, 2010
|
|
|
Average
|
|
Average
|
|
Average
|
|
Average
|
|
|
Balance
|
Interest
|
Rate
|
|
Balance
|
Interest
|
Rate
|
|
Interest Earning
Assets:
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
in banks
|
$ 2,771
|
$
7
|
0.24%
|
|
$
947
|
$
5
|
0.55%
|
|
Federal funds sold &
securities
|
|
|
|
|
|
|
|
|
purchased under
agreements to
|
|
|
|
|
|
|
|
|
resell
|
24,787
|
300
|
1.21%
|
|
18,551
|
284
|
1.44%
|
|
Investment
securities:
|
|
|
|
|
|
|
|
|
Taxable
investment securities
|
124,442
|
3,945
|
3.17%
|
|
129,149
|
5,485
|
4.39%
|
|
Tax-exempt
investment securities
|
24,864
|
979
|
5.60%
|
|
21,341
|
900
|
6.52%
|
|
Total Investment securities
|
149,306
|
4,924
|
3.58%
|
|
150,490
|
6,385
|
4.68%
|
|
Loans
|
334,807
|
19,591
|
5.85%
|
|
329,079
|
20,173
|
6.16%
|
|
|
|
|
|
|
|
|
|
|
Total Earning
Assets
|
$ 511,671
|
$ 24,822
|
4.93%
|
|
$ 499,067
|
$ 26,847
|
5.52%
|
|
Allowance for loan
losses
|
(6,296)
|
|
|
|
(6,042)
|
|
|
|
Cash and due from
banks
|
10,641
|
|
|
|
13,930
|
|
|
|
Other Assets
|
35,110
|
|
|
|
32,169
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$ 551,126
|
|
|
|
$ 539,124
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing
Liabilities:
|
|
|
|
|
|
|
|
|
Interest bearing checking
accounts
|
$ 134,354
|
$ 1,671
|
1.24%
|
|
$ 143,133
|
$ 1,947
|
1.41%
|
|
Savings and money market
deposits
|
144,115
|
516
|
0.36%
|
|
135,446
|
784
|
0.61%
|
|
Time deposits
|
128,079
|
2,416
|
1.89%
|
|
115,655
|
2,509
|
2.23%
|
|
Total
interest bearing deposits
|
406,548
|
4,603
|
1.13%
|
|
394,234
|
5,240
|
1.38%
|
|
Short-term
borrowings
|
1,912
|
8
|
0.44%
|
|
2,399
|
20
|
0.98%
|
|
Subordinated
debentures
|
4,958
|
137
|
2.77%
|
|
4,958
|
175
|
3.80%
|
|
Long-term
borrowings
|
22,109
|
923
|
4.18%
|
|
33,825
|
1,615
|
4.71%
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing
Liabilities
|
$ 435,527
|
$ 5,671
|
1.30%
|
|
$ 435,416
|
$ 7,050
|
1.70%
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
Spread
|
|
|
3.63%
|
|
|
|
3.82%
|
|
|
|
|
|
|
|
|
|
|
Noninterest checking
accounts
|
69,100
|
|
|
|
61,226
|
|
|
|
Other
liabilities
|
3,452
|
|
|
|
3,498
|
|
|
|
Total
liabilities
|
508,079
|
|
|
|
500,140
|
|
|
|
Preferred Stock
|
10,234
|
|
|
|
10,134
|
|
|
|
Common Stockholders'
equity
|
32,813
|
|
|
|
28,850
|
|
|
|
Total Stockholders'
equity
|
43,047
|
|
|
|
38,984
|
|
|
|
Total Liabilities
and
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
$ 551,126
|
|
|
|
$ 539,124
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income/Margin
|
|
$ 19,151
|
3.82%
|
|
|
$ 19,797
|
4.05%
|
|
|
|
|
|
|
|
|
|
SOURCE Blackhawk Bancorp, Inc.