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.
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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.