Skip to main content

Blackhawk Bancorp Announces 2021 First Quarter Earnings

BELOIT, WI / ACCESSWIRE / April 8, 2021 / Blackhawk Bancorp, Inc. (OTCQX:BHWB) reported net income of $3.43 million for the quarter ended March 31, 2021, a 2% increase over the $3.35 million earned the previous quarter, and a 65% increase compared to the $2.07 million earned the first quarter of 2020. Fully diluted earnings per share (EPS) for the quarter was $1.02, an increase of $0.02 as compared to $1.00 for the quarter ended December 31, 2020 and an increase of $0.39, or 62%, as compared to $0.63 reported for the quarter ended March 31, 2020. The first quarter 2021 results produced a Return on Average Equity (ROAE) of 12.44% and a Return on Average Assets (ROAA) of 1.16%.

The increase in earnings compared to the most recent quarter included a $1.22 million decrease in the provision for loan losses and a $0.28 million increase in net interest income. These earnings gains were offset by a $0.66 million decrease in revenue from the sale and servicing of mortgage loans, a $0.43 million decrease in net gains from the sale of securities and a $0.39 million increase in operating expenses.

The increase in net income for the first quarter of 2021 compared to the first quarter of the prior year reflects a $1.1 million increase in net interest income and a $1.7 million increase in revenue from the sale and servicing of mortgage loans. These increases were partially offset by a $1.22 million increase in operating expenses.

"We are extremely pleased with our first quarter results" said Todd James, the Company's Chairman and CEO. "While the uncertain path and speed of the post-pandemic recovery creates elevated risk, credit quality is holding up well and supports the reduction in provision expense. In addition, despite the decrease from the fourth quarter of 2020, mortgage banking activity remained strong, and exceeded our expectations for the first quarter."

Total assets of the company increased by $66 million, or 6%, to $1.2 billion as of March 31, 2021 compared to $1.1 billion as of December 31, 2020. Total gross loans increased by $32.4 million, or 5%, and total investment securities increased $27.1 million, or 8%, during the first three months of 2021. Total Deposits increased by $81.0 million, or 8%, to $1.1 billion compared to $987.3 million at the end of 2020.

Net Interest Income

Net interest income for the first quarter of 2021 totaled $9.72 million, an increase of $0.28 million, or 3%, compared to the fourth quarter of 2020, and up $1.10 million, or 13%, compared to the first quarter of last year. The net interest margin was 3.52% for the first quarter of 2021 as compared to 3.63% for the quarter ended December 31, 2020, and 3.83% for the first quarter of the prior year.

The increase in net interest income compared to the first quarter of last year was due to an increase in average total earning assets, which increased by $220.8 million, or 24%, to $1.13 billion compared to $911.9 million the first quarter of 2020. The increase included a $56.9 million increase in average total loans, a $127.5 million increase in average investment securities and a $36.4 increase in interest bearing deposits at other financial institutions. The $56.9 million increase in average total loans includes $85.8 million in average Paycheck Protection Program (PPP) loans. During the first quarter of 2021 $0.79 million of PPP fees were recognized, resulting in a 4.77% annualized yield on average PPP loans for three months ended March 31, 2021. The PPP, pandemic-related stimulus payments and an overall influx of deposits drove a $204.5 million, or 24%, increase in total average deposits for the first quarter of 2021 compared to the first quarter of last year. With the majority of this liquidity being deployed in the investment securities portfolio or held in interest-bearing deposit accounts at other financial institutions, the net interest margin dropped thirty-one basis points to 3.52% compared to 3.83% for the first quarter of the prior year. Further decreases in the net interest margin were mitigated by Blackhawk's ability to react quickly, lowering overall cost of interest-bearing liabilities by fifty basis points for the first quarter compared to the first quarter of last year.

Provision for Loan Losses and Asset Quality

The provision for loan losses for the quarter ended March 31, 2021 totaled $0.50 million, as compared to $1.72 million for the quarter ended December 31, 2020, and $0.77 million for the first quarter of 2020. The decreased provision reflects an improved outlook, especially as it relates to pandemic related losses. Net charge-offs for the first quarter equaled $0.15 million.

Total nonperforming assets, which include troubled debt restructures performing in accordance with their modified terms, equaled $8.4 million as of March 31, 2021, as compared to $9.1 million as of December 31, 2020, and $13.4 million at March 31, 2020. At March 31, 2021, the ratio of nonperforming loans to total loans equaled 1.17%, as compared to 1.34% at December 31, 2020, and 2.09% at March 31, 2020. The allowance for loan losses to total loans was 1.56% as of March 31, 2020, as compared to 1.59% at December 31, 2020, and 1.29% as of March 31, 2020. The ratio of the allowance for loan losses to nonperforming loans increased to 133.0% as of March 31, 2021, as compared to 118.7% at December 31, 2020, and 61.4% at March 31, 2020.

While non-performing asset levels have decreased, management believes that there is still a high level of uncertainty as to the path and breadth of the economic recovery, elevating the risk of losses in future quarters. Many borrowers have taken advantage of PPP, other stimulus programs, and the loan modifications provided by Blackhawk, which has the potential to mask underlying issues. Management continues to work closely with borrowers to ensure credit issues are identified and addressed as early as possible, improving the overall probability of repayment.

Blackhawk has provided payment relief to borrowers negatively affected by the COVID-19 pandemic, including full payment deferrals, principal payment deferrals and other modifications providing payment relief since the beginning of the pandemic. While many of those customers have returned to normal payments, as of March 31, 2021 loans totaling $21.8 million are performing under the original or extended modified terms, including $10.3 million in hospitality and food service sectors.

Non-Interest Income and Operating Expenses

Non-interest income for the quarter ended March 31, 2021 totaled $5.03 million, a $0.93 million decrease compared to $5.97 million the prior quarter, and a $1.83 million increase over the $3.20 million recorded in the first quarter of 2020. The decrease compared to the fourth quarter of 2020 includes decreases of $0.66 million in net revenue from the sale and servicing of mortgage loans, $0.09 million in deposit service charges and $0.43 million in net gains on sales of securities. The increase in non-interest income compared to the first quarter of 2020 is primarily due to a $1.72 million increase in revenue from the sale and servicing of mortgage loans.

Operating expenses for the quarter ended March 31, 2021 totaled $9.71 million, increasing by $0.39 million, or 4%, compared to the quarter ended December 31, 2020, and increasing by $1.22 million, or 14%, compared to the first quarter of 2020. Other expense for the first quarter of 2021 included a $0.26 million penalty related to the prepayment of a Federal Home Loan Bank advance accounting for much of the increase compared to the most recent quarter. The increase compared to the first quarter of 2020 also included a $0.70 million increase in compensation expense, which was partially due to an increase in variable compensation related to mortgage loan production.

Outlook

The outlook for Blackhawk, like much of the banking industry, is clouded by uncertainty related to the COVID-19 pandemic crisis. Blackhawk believes there continues to be risk of elevated credit losses in future quarters as the economic impact of the crisis plays out, and will continue taking steps to increase revenue, implement government stimulus programs and work with credit customers to offset and mitigate losses to the extent possible. Management believes the Company's financial position is strong and it has ample resources to withstand a potentially severe and protracted recession. Blackhawk will continue to pursue creditworthy and profitable business and consumer relationships in its Wisconsin and Illinois markets, emphasizing the value of its personal attention and service that remains unmatched by larger competitors. In addition to organic growth opportunities, Blackhawk may also pursue growth through selective acquisitions. Ability to grow or maintain profitability may be affected by uncertain economic conditions, competitive pressures, changes in regulatory burden and the interest rate environment.

About Blackhawk Bancorp

Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank. The combined entity operates eleven full-service banking centers and a dedicated commercial office, which are located in Rock County, Wisconsin and the Illinois counties of Winnebago, Boone, McHenry, Lake, and Kane. The Company's footprint stretches along the I-90 corridor from Janesville, Wisconsin to Elgin, Illinois and into the Northwest collar counties of the Chicagoland area. The company offers a variety of value-added consultative services to its business customers and their employees related to the financial products it provides.

Disclosures Regarding non-GAAP Measures

This report refers to financial measures that are identified as non-GAAP that the Company believes help to evaluate and measure the Company's performance, including the presentation of the net interest margin ratio and efficiency ratio calculations on a taxable-equivalent basis. Non-GAAP measures are also used to assist investor comparison by identifying nonrecurring events such as acquisition-related expenses, nonrecurring securities gains and the impact such items have on the performance measures of return on average assets, return on average equity, diluted earnings per share, and the efficiency ratio. This supplemental information should not be considered in isolation or as a substitute for the related GAAP measures.

Forward-Looking Statements

When used in this communication, the words "believes," "expects," "likely", "would", 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 particularly in the Company's markets; potential deterioration in real estate values, 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"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

Further information is available on the company's website at www.blackhawkbank.com.

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2021 AND DECEMBER 31, 2020
(UNAUDITED)
 
  March 31,     December 31,  
Assets
  2021     2020  
 
  (Dollars in thousands, except  
 
  share and per share data)  
Cash and due from banks
  $ 15,108     $ 12,012  
Interest-bearing deposits in banks and other institutions
    46,284       42,119  
Total cash and cash equivalents
    61,392       54,131  
 
               
Certificates of deposit in banks and other institutions
    3,915       4,159  
Equity securities at fair value
    2,501       2,517  
Securities available-for-sale
    376,686       349,565  
Loans held for sale
    6,304       6,096  
Federal Home Loan Bank stock, at cost
    2,150       2,150  
Loans, less allowance for loan losses of $11,116 and $10,764
               
at March 31, 2021 and December 31, 2020, respectively
    694,095       662,225  
Premises and equipment, net
    19,919       20,254  
Goodwill and core deposit intangible
    11,914       12,018  
Mortgage servicing rights
    3,746       3,409  
Cash surrender value of bank-owned life insurance
    11,213       11,126  
Other assets
    13,798       13,949  
Total assets
  $ 1,207,633     $ 1,141,599  
 
               
Liabilities and Stockholders' Equity
               
 
               
Liabilities
               
Deposits:
               
Noninterest-bearing
  $ 321,830     $ 268,866  
Interest-bearing
    746,367       718,388  
Total deposits
    1,068,197       987,254  
Subordinated debentures and notes (including $1,031 at fair value at
               
March 31, 2021 and December 31, 2020)
    5,155       5,155  
Senior secured term note
    12,445       12,833  
Other borrowings
    4,000       14,000  
Other liabilities
    7,138       10,602  
Total liabilities
    1,096,935       1,029,844  
 
               
Stockholders' equity
               
Common stock, $0.01 par value, 10,000,000 shares authorized;
               
3,464,917 and 3,435,348 shares issued as of March 31, 2021 and
               
December 31, 2020, respectively
    35       35  
Additional paid-in capital
    35,267       35,062  
Retained earnings
    72,736       69,676  
Treasury stock, 105,304 and 62,999 shares at cost as of March 31, 2021
               
and December 31, 2020, respectively
    (2,130 )     (941 )
Accumulated other comprehensive income (loss)
    4,790       7,923  
Total stockholders' equity
    110,698       111,755  
Total liabilities and stockholders' equity
  $ 1,207,633     $ 1,141,599  

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
    Three Months Ended March 31,  
 
  2021     2020  
 
  (Amounts in thousands, except per share data)  
 
           
Interest Income:
           
Interest and fees on loans
  $ 8,155     $ 8,033  
Interest and dividends on available-for-sale securities:
               
Taxable
    1,721       1,505  
Tax-exempt
    384       323  
Interest on deposits in other financial institutions
    41       162  
Total interest income
    10,301       10,023  
Interest Expense:
               
Interest on deposits
    415       1,177  
Interest on subordinated debentures
    41       53  
Interest on senior secured term note
    107       156  
Interest on other borrowings
    20       22  
Total interest expense
    583       1,408  
Net interest income before provision for loan losses
    9,718       8,615  
Provision for loan losses
    500       765  
Net interest income after provision for loan losses
    9,218       7,850  
 
               
Noninterest Income:
               
Service charges on deposits accounts
    690       897  
Net gain on sale of loans
    2,362       905  
Net loan servicing income
    369       110  
Debit card interchange fees
    1,027       832  
Net gains on sales of securities available-for-sale
    -       99  
Net other gains (losses)
    42       -  
Increase in cash surrender value of bank-owned life insurance
    87       85  
Change in value of equity securities
    (35 )     (70 )
Other
    493       343  
Total noninterest income
    5,035       3,201  
 
               
Noninterest Expenses:
               
Salaries and employee benefits
    5,734       5,035  
Occupancy and equipment
    1,182       1,083  
Data processing
    591       510  
Debit card processing and issuance
    425       397  
Advertising and marketing
    99       97  
Amortization of core deposit intangible
    104       115  
Professional fees
    390       367  
Office Supplies
    77       90  
Telephone
    141       150  
Other
    968       646  
Total noninterest expenses
    9,711       8,490  
Income before income taxes
    4,542       2,561  
Provision for income taxes
    1,112       487  
Net income
  $ 3,430     $ 2,074  
 
               
Key Ratios
               
 
               
Basic Earnings Per Common Share
  $ 1.02     $ 0.63  
Diluted Earnings Per Common Share
    1.02       0.63  
Dividends Per Common Share
    0.11       0.11  
 
               
Net Interest Margin (1)
    3.52 %     3.83 %
Efficiency Ratio (1)(2)
    65.53 %     71.89 %
Return on Assets
    1.16 %     0.85 %
Return on Common Equity
    12.44 %     8.31 %

(1) Non-GAAP Presentations: Management discloses certain non-GAAP financial measures to evaluate and measure the Company's performance, including the presentation of the net interest margin and efficiency ratio calculations on a taxable equivalent basis ("TE"). The net interest margin ratio is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Management believes this measure provides investors with information regarding comparative balance sheet profitability.

(2) The efficiency ratio is calculated as noninterest expense divided by the sum of net interest income on a TE basis, noninterest income less any securities gains (losses) or other gains (losses), and also includes a TE adjustment on the increases in cash surrender value of bank-owned life insurance.

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
                             
CONSOLIDATED STATEMENTS OF INCOME
                             
(UNAUDITED)
 
 
                             
 
 
For the Quarter Ended
 
 
 
March 31,
 
 
December 31,
 
 
September 30,
 
 
June 30,
 
 
March 31,
 
 
 
2021
 
 
2020
 
 
2020
 
 
2020
 
 
2020
 
 
  (Dollars in thousands, except per share data)  
Interest Income:
                             
Interest and fees on loans
  $ 8,155     $ 8,079     $ 8,671     $ 8,658     $ 8,033  
Interest on available-for-sale securities:
                                       
Taxable
    1,721       1,598       1,607       1,618       1,505  
Tax-exempt
    384       384       372       371       323  
Interest on deposits in other financial institutions
    41       33       41       40       162  
Total interest income
    10,301       10,094       10,691       10,687       10,023  
Interest Expense:
                                       
Interest on deposits
    415       458       565       639       1,177  
Interest on subordinated debentures
    41       41       42       45       53  
Interest on senior secured term note
    107       113       119       111       156  
Interest on other borrowings
    20       40       47       19       22  
Total interest expense
    583       652       773       814       1,408  
Net interest income before provision for loan losses
    9,718       9,442       9,918       9,873       8,615  
Provision for loan losses
    500       1,715       2,615       2,505       765  
Net interest income after provision for loan losses
    9,218       7,727       7,303       7,368       7,850  
 
                                       
Noninterest Income:
                                       
Service charges on deposits accounts
    690       781       747       610       897  
Net gain on sale of loans
    2,362       3,572       3,412       3,192       905  
Net loan servicing income
    369       (177 )     26       (389 )     110  
Debit card interchange fees
    1,027       979       1,002       924       832  
Net gains on sales of securities available-for-sale
    -       428       -       8       99  
Net other gains (losses)
    42       -       58       6       -  
Increase in cash surrender value of bank-owned life insurance
    87       75       76       74       85  
Other
    458       310       344       425       273  
Total noninterest income
    5,035       5,968       5,665       4,850       3,201  
 
                                       
Noninterest Expenses:
                                       
Salaries and employee benefits
    5,734       5,851       5,585       5,477       5,035  
Occupancy and equipment
    1,182       986       1,137       1,074       1,083  
Data processing
    591       683       629       561       510  
Debit card processing and issuance
    425       384       409       394       397  
Advertising and marketing
    99       75       87       38       97  
Amortization of intangibles
    104       107       107       107       115  
Professional fees
    390       373       386       405       367  
Office Supplies
    77       90       94       88       90  
Telephone
    141       140       138       149       150  
Other
    968       637       714       659       646  
Total noninterest expenses
    9,711       9,326       9,286       8,952       8,490  
Income before income taxes
    4,542       4,369       3,682       3,266       2,561  
Provision for income taxes
    1,112       1,021       819       704       487  
Net income
  $ 3,430     $ 3,348     $ 2,863     $ 2,562     $ 2,074  
 
                                       
Key Ratios
                                       
 
                                       
Basic Earnings Per Common Share
  $ 1.02     $ 1.00     $ 0.86     $ 0.77     $ 0.63  
Diluted Earnings Per Common Share
    1.02       1.00       0.86       0.77       0.63  
Dividends Per Common Share
    0.11       0.11       0.11       0.11       0.11  
 
                                       
Net Interest Margin (1)
    3.52 %     3.63 %     3.83 %     3.99 %     3.83 %
Efficiency Ratio (1)(2)
    65.53 %     61.80 %     59.39 %     60.43 %     71.89 %
Return on Assets
    1.16 %     1.20 %     1.03 %     0.96 %     0.85 %
Return on Common Equity
    12.44 %     12.08 %     10.64 %     10.16 %     8.31 %

(1) Non-GAAP Presentations: Management discloses certain non-GAAP financial measures to evaluate and measure the Company's performance, including the presentation of net interest income, net interest margin and efficiency ratio calculations on a taxable equivalent basis ("TE"). The net interest margin is calculated by dividing net interest income on a TE basis by average earning assets for the period. Management believes this measure provides investors with information regarding comparative balance sheet profitability.

(2) The efficiency ratio is calculated as noninterest expense divided by the sum of net interest income on an TE basis, noninterest income less any securities gains (losses) or other gains (losses), and also includes a TE adjustment on interest on tax-exempt securities, loans, and the increases in cash surrender value of bank-owned life insurance.

(UNAUDITED)
  As of  
 
  March 31,     December 31,     September 30,     June 30,     March 31,  
 
  2021     2020     2020     2020     2020  
 
  (Amounts in thousands, except per share data)  
Cash and due from banks
  $ 15,108     $ 12,012     $ 17,403     $ 14,527     $ 15,240  
Interest-bearing deposits in banks and other
    50,199       46,278       47,848       25,246       6,775  
Securities
    379,187       352,082       317,761       301,726       265,165  
Net loans/leases
    700,399       668,321       681,060       697,881       626,797  
Goodwill and core deposit intangible
    11,914       12,018       12,125       12,232       12,340  
Other assets
    50,826       50,888       50,105       49,485       50,688  
Total assets
  $ 1,207,633     $ 1,141,599     $ 1,126,302     $ 1,101,097     $ 977,005  
 
                                       
Deposits
  $ 1,068,197     $ 987,254     $ 960,773     $ 939,066     $ 843,061  
Subordinated debentures
    5,155       5,155       5,155       5,155       5,155  
Senior secured term note
    12,445       12,833       13,222       13,611       14,000  
Borrowings
    4,000       14,000       29,000       29,000       10,000  
Other liabilities
    7,138       10,602       10,161       9,758       6,083  
Stockholders' equity
    110,698       111,755       107,991       104,507       98,706  
Total liabilities and stockholders' equity
  $ 1,207,633     $ 1,141,599     $ 1,126,302     $ 1,101,097     $ 977,005  
 
                                       
 
                                       
ASSET QUALITY DATA
                                       
(Amounts in thousands)
  March 31,     December 31,     September 30,     June 30,     March 31,  
 
    2021       2020       2020       2020       2020  
 
                                       
Non-accrual loans
  $ 6,361     $ 7,013     $ 8,584     $ 8,427     $ 9,680  
Accruing loans past due 90 days or more
    -       -       196       -       845  
Troubled debt restructures - accruing
    1,996       2,057       2,176       2,361       2,770  
Total nonperforming loans
  $ 8,357     $ 9,070     $ 10,956     $ 10,788     $ 13,295  
Other real estate owned
    -       1       1       762       123  
Total nonperforming assets
  $ 8,357     $ 9,071     $ 10,957     $ 11,550     $ 13,418  
 
                                       
Total loans
  $ 711,515     $ 679,085     $ 691,003     $ 707,983     $ 634,957  
Allowance for loan losses
  $ 11,116     $ 10,764     $ 9,943     $ 10,102     $ 8,160  
 
  $ 700,399     $ 668,321     $ 681,060     $ 697,881     $ 626,797  
Nonperforming Assets to total Assets
    0.69 %     0.79 %     0.97 %     1.05 %     1.37 %
Nonperforming loans to total loans
    1.17 %     1.34 %     1.59 %     1.52 %     2.09 %
Allowance for loan losses to total loans
    1.56 %     1.59 %     1.44 %     1.43 %     1.29 %
Allowance for loan losses to nonperforming loans
    133.0 %     118.7 %     90.8 %     93.6 %     61.4 %
 
  For the Quarter Ended  
 
  March 31,     December 31,     September 30,     June 30,     March 31,  
ROLLFORWARD OF ALLOWANCE
  2021     2020     2020     2020     2020  
 
                             
Beginning Balance
  $ 10,764     $ 9,943     $ 10,102     $ 8,160     $ 7,941  
Provision
    500       1,715       2,615       2,505       765  
Loans charged off
    582       1,334       2,892       639       633  
Loan recoveries
    434       440       118       76       87  
Net charge-offs
    148       894       2,774       563       546  
Ending Balance
  $ 11,116     $ 10,764     $ 9,943     $ 10,102     $ 8,160  


BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
ANALYSIS of AVERAGE BALANCES & TAX EQUIVALENT INTEREST RATES

Average Balance Sheet with Resultant Interest and Rates
                                                     
(Dollars in thousands - unaudited)
                                                     
(Yields on a tax-equivalent basis) (1)
  For the Quarter Ended  
 
  March 31, 2021     December 31, 2020     March 31, 2020  
 
  Average           Average     Average           Average     Average           Average  
 
  Balance     Interest     Rate     Balance     Interest     Rate     Balance     Interest     Rate  
Interest Earning Assets:
                                                     
Interest-bearing deposits and other
  74,108     41       0.22 %   30,058     32       0.43 %   37,668     162       1.74 %
Investment securities:
                                                                       
Taxable investment securities
    320,740       1,721       2.18 %     285,167       1,598       2.23 %     204,526       1,505       2.96 %
Tax-exempt investment securities
    52,122       384       3.83 %     51,902       384       3.78 %     40,876       323       4.09 %
Total Investment securities
    372,862       2,105       2.41 %     337,069       1,982       2.47 %     245,402       1,828       3.15 %
Loans
    685,654       8,155       4.82 %     678,335       8,079       4.74 %     628,802       8,033       5.14 %
 
                                                                       
Total Earning Assets
  1,132,624     10,301       3.73 %   1,045,462     10,093       3.88 %   911,872     10,023       4.46 %
Allowance for loan losses
    (11,075 )                     (10,313 )                     (8,015 )                
Cash and due from banks
    16,052                       16,032                       15,623                  
Other assets
    58,706                       58,663                       58,984                  
 
                                                                       
Total Assets
  1,196,307                     1,109,844                     978,464                  
 
                                                                       
Interest Bearing Liabilities:
                                                                       
Interest bearing checking accounts
  284,527     161       0.23 %   261,739     150       0.23 %   270,849     334       0.50 %
Savings and money market deposits
    356,615       84       0.10 %     349,028       98       0.11 %     282,113       362       0.52 %
Time deposits
    81,807       170       0.84 %     84,166       210       0.99 %     113,865       481       1.70 %
Total interest bearing deposits
    722,949       415       0.23 %     694,933       458       0.26 %     666,827       1,177       0.71 %
Subordinated debentures and notes
    5,155       41       3.23 %     5,155       41       3.19 %     5,155       53       4.15 %
Borrowings
    26,369       127       1.96 %     30,186       152       2.01 %     24,601       178       2.91 %
 
                                                                       
Total Interest-Bearing Liabilities
  754,473     583       0.31 %   730,274     651       0.36 %   696,583     1,408       0.81 %
 
                                                                       
Interest Rate Spread
                    3.42 %                     3.52 %                     3.65 %
 
                                                                       
Noninterest checking accounts
    322,667                       261,182                       174,607                  
Other liabilities
    7,373                       8,202                       6,868                  
Total liabilities
    1,084,513                       999,658                       878,058                  
Total Stockholders' equity
    111,794                       110,186                       100,406                  
Total Liabilities and
                                                                       
Stockholders' Equity
  1,196,307                     1,109,844                     978,464                  
 
                                                                       
Net Interest Income/Margin
          9,718       3.52 %           9,442       3.63 %           8,615       3.83 %

(1) Management discloses certain non-GAAP financial measures to evaluate and measure the Company's performance including a presentation of net interest income with a net interest margin ratio on a tax-equivalent (TE) basis. The net interest margin is calculated by dividing net interest income on a TE basis by average earning assets for the period. Management believes this measure provides investors with information regarding comparative balance sheet profitability. Nonaccrual loans are included in the above-stated average balances.


Blackhawk Bancorp, Inc.
Todd J. James, Chairman & CEO
tjames@blackhawkbank.com

Matthew McDonnell, SVP & CFO
mmcdonnell@blackhawkbank.com

Phone: (608) 364-8911

SOURCE: Blackhawk Bancorp, Inc.



View source version on accesswire.com:
https://www.accesswire.com/639579/Blackhawk-Bancorp-Announces-2021-First-Quarter-Earnings

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.