(MENAFNEditorial) BELOIT, WI / ACCESSWIRE / October 16, 2018 / Blackhawk Bancorp, Inc. (OTCQX: BHWB) reported net income of $2.58 million for the quarter ended September 30, 2018, which was a $562 thousand, or 28%, increase over the $2.02 million earned the previous quarter of 2018, and a $646,000, or 33%, increase over the $1.93 million earned in the third quarter of 2017. Fully diluted earnings per share ( "EPS") for the third quarter increased $0.17, to $0.78, as compared to $0.61, for the quarter ended June 30, 2018, and increased by $0.19, as compared to $0.59, for the quarter ended September 30, 2017. The quarterly results produced a return on average assets of 1.29% and a return on average equity of 12.67%.
For the nine months ended September 30, 2018, the company reported net income of $6.0 million, which was a $1.2 million, or 25%, increase over the $4.8 million reported for the first nine months of 2017. Diluted earnings per share for the first nine months of 2018 increased 14%, to $1.83, as compared to $1.60 the first nine months of 2017. The nine-month results produced a return on average assets ("ROAA") of 1.06% and a return on average equity ( "ROAE") of 10.21%.
Total assets increased by $51.7 million, or 7%, to $772.4 million at September 30, 2018, as compared to $720.6 million as of December 31, 2017. Gross loans increased by $23.9 million, or 5%, during the first nine months of 2018, to $509.7 million, as compared to $485.8 million at December 31, 2017. At the same time, total deposits increased by $63.1 million, or 10%, to $680.1 million, as compared to $617.0 million as of December 31, 2017.
The following table summarizes the net income and includes other key ratios for the last five quarters:
Quarter Ended
(dollars in thousands, except per share data) Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017
Net income $ 2,578 $ 2,016 $ 1,452 $ 1,371 $ 1,932
Diluted EPS $ 0.78 $ 0.61 $ 0.44 $ 0.42 $ 0.59
ROAA 1.29%
1.06%
.81%
.77%
1.09%
ROAE 12.67%
10.25%
7.56%
7.00%
10.01%
Net interest margin(1) 3.91%
3.91%
3.83%
3.79%
3.77%
Efficiency ratio(1) (2) 66.6%
70.4%
73.8%
72.5%
65.8%
"We continue to invest in our people, strategically expand our business footprint, and leverage the use of technology that will best serve our marketplace and provide opportunities for sustained revenue growth and those decisions are being reflected in our performance results", said Todd James the company's Chief Executive Officer. "We remain grateful for the leadership of Rick Bastian, who recently announced his retirement but has instilled an entrepreneurial culture at Blackhawk that is focused on delivering personalized attention and value-added products and services that enhance the financial success of our customers," he added.
Net Interest Income
Net interest income for the third quarter totaled $7.19 million, increasing $406 thousand, or 6%, compared to $6.78 million for the quarter ended June 30, 2018, and by $1.22 million, or 20%, as compared to $5.97 million for the third quarter of last year. The net interest margin for the quarter ended September 30, 2018, was 3.91%, which is a fourteen basis point increase over the 3.77% net interest margin for the third quarter of 2017, and was unchanged from the second quarter of 2018.
Net interest income for the nine months ended September 30, 2018, increased by $3.4 million, or 20%, as compared to the first nine months of 2017. The net interest margin ratio increased by twenty-two basis points for the first nine months of 2018, to 3.88%, as compared to 3.66% for the first nine months of 2017.
The Company's strong 2018 financial performance has been driven by 20% increases in net interest income for both the third quarter and year-to-date periods ending September 30, 2018, as compared to the same respective periods in 2017. The increases in net interest income and the net interest margin ratios substantially reflect the strong growth in average earning assets, particularly loans, which were funded by deposit growth with a simultaneous reduction in borrowings.
"We remain bullish on our ability to continue our profitable growth momentum within our expanded footprint," said David Adkins, the company's Chief Operating Officer and CEO of the bank subsidiary. "The economy remains robust and interest rates remain favorable despite the recent increase by the Federal Open Market Committee. We are attracting customers in our expanded market areas and expect additional opportunities in our traditional footprint as recent consolidation has customers seeking more responsive service levels and local decision making that only a true community bank can provide," he added.
Average total loans for the first nine months of this year increased $75.2 million, or 18%, to $504.8 million as compared to $429.6 million the first nine months of 2017. Total average total deposits increased $73.1 million, or 12%, to $668.7 million as compared to $595.7 million for the first nine months of 2017.
Provision for Loan Losses and Credit Quality
The provision for loan losses for the quarter ended September 30, 2018, totaled $150 thousand, as compared to $370 thousand for the quarter ended June 30, 2018, and $360 thousand for the third quarter of 2017. The provision for loan losses for the first nine months of 2018 totaled $1.03 million, which was a decrease of $50,000, or 4.6%, as compared to the $1.08 million provision expense recorded in the first nine months of 2017. As of September 30, 2018, the company has continued to record a loan loss provision to accommodate loan growth despite continued improvement in credit metrics.
Total nonperforming assets, which includes impaired loans, troubled debt restructurings that performed in accordance with their modified terms, and a small other-real-estate portfolio, decreased $1.09 million, to $7.47 million as of September 30, 2018, as compared to $8.56 million as of June 30, 2018, and $11.1 million at September 30, 2017. As a result, the ratio of non-performing assets to total assets as of September 30, 2018, was .97%, as compared to 1.10% at June 30, 2018, and 1.57% at September 30, 2017.
In addition to the reduction in non-performing assets at September 30, 2018, other measures of credit quality also showed improvement. The company realized net loan recoveries of $678 thousand for the first nine months of 2018. Those net recoveries, combined with the $1.03 million provision for loan losses, increased the ratio of the allowance for loan losses to total loans to 1.41%, as of September 30, 2018, as compared to 1.30% at June 30, 2018, and 1.13% as of December 31, 2017. The ratio of the allowance for loan losses to nonperforming loans increased to 99.7% as of September 30, 2018, as compared to 79.2% at June 30, 2018, and 67.2% as of December 31, 2017.
Non-Interest Income and Operating Expenses
Non-interest income for the quarter ended September 30, 2018, totaled $3.14 million, a $103 thousand increase, as compared to $3.04 million for the quarter ended June 30, 2018, and a $361 thousand increase over the $2.78 million reported for the third quarter of 2017. The increase compared to the most recent quarter included a $110 thousand increase in gain on sale of loans. The increase in non-interest income compared to the third quarter of 2017 is primarily attributable to growth in gain on sale of loans and debit card revenue.
Operating expenses for the quarter ended September 30, 2018, totaled $6.91 million, a decrease of $55 thousand as compared to the quarter ended June 30, 2018, and was an increase of $1.06 million, or 18%, as compared to the third quarter of 2017. The increase in expenses compared to the third quarter of last year included a $726 thousand increase in salary and benefit related expenditures and a $189 thousand increase in occupancy and equipment expense.
Operating expenses for the nine-month period, ended September 30, 2018, totaled $20.4 million, which was a $3.3 million, or 19%, increase over the first nine months of 2017. That increase included a $2.3 million increase in salary and benefit costs, a $681 thousand increase in occupancy and equipment expenses, and a $109 thousand increase in marketing expenses. These increases are the primarily the result of the talent added to increase capacity in the company's business and mortgage banking units. The increases also include costs related to the Janesville, Wisconsin full-service branch, which opened in the fourth quarter of 2017 and the Elgin, Illinois loan production office, which opened during the first quarter of 2018.
Income Taxes
The provision for income taxes for the first nine months of the year increased by $90 thousand, or 7%, as compared to the first nine months of 2017 despite a 21% increase in pre-tax income. The company has realized approximately $650 thousand of savings in the first nine of the year due to the reduction in the federal income tax rate that was included in the Tax Cuts and Jobs Act of 2017.
Outlook
Blackhawk expects to grow by pursuing creditworthy and profitable business and consumer relationships in its Wisconsin and Illinois markets and by emphasizing the value of its personal attention and service delivery that remains unmatched by larger competitors. Growth, combined with an ongoing strengthening of the company's credit quality, is expected to lead to improved earnings. Growth and earnings could, however, be tempered by factors outside of company control including uncertain economic conditions, competitive pressures, 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, which operates eight banking centers and a dedicated commercial office that together services south central Wisconsin and north central Illinois along the I-90 corridor from Elgin, Illinois, to Janesville, Wisconsin. The company offers a variety of value-added consultative services to its business customers and their employees related to the financial products it provides.
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"; 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.
Further information:
www.blackhawkbank.com
Blackhawk Bancorp, Inc.
Todd James
Phone: (608) 364-8911
BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2018 AND DECEMBER 31, 2017
(UNAUDITED)
September 30, December 31,
Assets 2018 2017
(Amounts in thousands, except
share and per share data)
Cash and due from banks $ 19,526 $ 19,326
Interest-bearing deposits in banks and other 5,878 2,215
Total cash and cash equivalents 25,404 21,541
Securities available-for-sale 197,507 176,350
Loans held for sale 4,623 747
Federal Home Loan Bank stock, at cost 540 654
Loans, less allowance for loan losses of $7,211 and $5,503
at September 30, 2018 and December 31, 2017, respectively 497,840 479,539
Premises and equipment, net 13,131 11,120
Goodwill 5,037 5,037
Mortgage Servicing rights 2,871 2,508
Cash surrender value of bank-owned life insurance 10,738 10,512
Other assets 14,663 12,613
Total assets $ 772,354 $ 720,621
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Noninterest-bearing $ 129,376 $ 115,724
Interest-bearing 550,760 501,271
Total deposits 680,136 616,995
Subordinated debentures and notes (including $1,031 at fair value at
September 30, 2018 and December 31, 2017) 5,155 5,155
Other borrowings - 16,228
Other liabilities 6,241 4,109
Total liabilities 691,532 642,487
Stockholders' equity
Common stock, $0.01 par value, 10,000,000 shares authorized;
3,366,192 and 3,364,092 shares issued as of September 30, 2018 and
December 31, 2017, respectively 34 34
Additional paid-in capital 33,339 32,874
Retained earnings 50,215 45,114
Treasury stock, 91,613 and 91,043 shares at cost as of September 30, 2018
and December 31, 2017, respectively (1,032 ) (1,124 )
Accumulated other comprehensive income (loss) (1,734 ) 1,236
Total stockholders' equity 80,822 78,134
Total liabilities and stockholders' equity $ 772,354 $ 720,621
BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Nine months ended September 30,
2018 2017
(Amounts in thousands, except per share data)
Interest Income:
Interest and fees on loans $ 19,369 $ 15,025
Interest on available-for-sale securities:
Taxable 2,591 2,372
Tax-exempt 1,123 1,144
Interest on interest-bearing deposits and other 340 103
Total interest income 23,423 18,644
Interest Expense:
Interest on deposits 2,956 1,366
Interest on subordinated debentures and notes 171 294
Interest on senior secured term note - 67
Interest on other borrowings 46 85
Total interest expense 3,173 1,812
Net interest income before provision for loan losses 20,250 16,832
Provision for loan losses 1,030 1,080
Net interest income after provision for loan losses 19,220 15,752
Noninterest Income:
Service charges on deposits accounts 2,339 2,189
Net gain on sale of loans 2,500 1,744
Net loan servicing income 521 557
Debit card interchange fees 2,033 1,789
Net gains (losses) on sales of securities available-for-sale 65 91
Net other gains (losses) 46 (33 )
Increase in cash surrender value of bank-owned life insurance 226 231
Other 943 958
Total noninterest income 8,673 7,526
Noninterest Expenses:
Salaries and employee benefits 11,998 9,666
Occupancy and equipment 2,549 1,868
Data processing 1,240 1,154
Debit card processing and issuance 968 882
Advertising and marketing 422 313
Professional fees 922 814
Office Supplies 266 206
Telephone 375 346
Other 1,685 1,869
Total noninterest expenses 20,425 17,118
Income before income taxes 7,468 6,160
Provision for income taxes 1,422 1,332
Net income $ 6,046 $ 4,828
Key Ratios
Basic Earnings Per Common Share $ 1.83 $ 1.60
Diluted Earnings Per Common Share 1.83 1.60
Dividends Per Common Share 0.28 0.20
Net Interest Margin (1) 3.88 % 3.66 %
Efficiency Ratio (1)(2) 70.07 % 68.64 %
Return on Assets 1.06 % 0.94 %
Return on Common Equity 10.21 % 9.39 %
(1) Net interest margin and the efficiency ratio are calculated on a taxable-equivalent basis
(2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)
FINISH THE BELOW
BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
For the Quarter Ended
September 30, June 30, March 31, December 31, September 30,
2018 2018 2018 2017 2017
(Amounts in thousands, except per share data)
Interest Income:
Interest and fees on loans $ 6,884 $ 6,610 $ 5,875 $ 5,659 $ 5,357
Interest on available-for-sale securities:
Taxable 980 839 772 685 806
Tax-exempt 389 359 375 402 384
Interest on interest-bearing deposits and other 208 59 73 13 44
Total interest income 8,461 7,867 7,095 6,759 6,591
Interest Expense:
Interest on deposits 1,213 991 752 635 527
Interest on subordinated debentures and notes 59 59 53 47 47
Interest on senior secured term note - - - - -
Interest on other borrowings - 34 12 29 44
Total interest expense 1,272 1,084 817 711 618
Net interest income before provision for loan losses 7,189 6,783 6,278 6,048 5,973
Provision for loan losses 150 370 510 710 360
Net interest income after provision for loan losses 7,039 6,413 5,768 5,338 5,613
Noninterest Income:
Service charges on deposits accounts 829 769 741 787 791
Net gain on sale of loans 1,070 960 470 695 687
Net loan servicing income 171 173 177 175 179
Debit card interchange fees 663 675 695 623 608
Net gains on sales of securities available-for-sale - 59 6 (159 ) 104
Net other gains (losses) 69 (17 ) (6 ) 1 (7 )
Increase in cash surrender value of bank-owned life insurance 72 73 81 74 74
Other 267 346 330 337 344
Total noninterest income 3,141 3,038 2,494 2,533 2,780
Noninterest Expenses:
Salaries and employee benefits 4,081 4,050 3,867 3,828 3,355
Occupancy and equipment 826 891 832 709 637
Data processing 428 417 395 362 382
Debit card processing and issuance 339 336 293 300 309
Advertising and marketing 126 143 153 180 111
Professional fees 350 316 256 305 305
Office Supplies 77 79 110 82 66
Telephone 125 126 124 122 118
Other 555 604 526 615 560
Total noninterest expenses 6,907 6,962 6,556 6,503 5,843
Income before income taxes 3,273 2,489 1,706 1,368 2,550
Provision for income taxes 695 473 254 (3 ) 618
Net income $ 2,578 $ 2,016 $ 1,452 $ 1,371 $ 1,932
Key Ratios
Basic Earnings Per Common Share $ 0.78 $ 0.61 $ 0.44 $ 0.42 $ 0.59
Diluted Earnings Per Common Share 0.78 0.61 0.44 0.42 0.59
Dividends Per Common Share 0.10 0.10 0.08 0.08 0.08
Net Interest Margin (1) 3.91 % 3.91 % 3.83 % 3.79 % 3.77 %
Efficiency Ratio (1)(2) 66.55 % 70.41 % 73.79 % 72.45 % 65.77 %
Return on Assets 1.29 % 1.06 % 0.81 % 0.77 % 1.09 %
Return on Common Equity 12.67 % 10.25 % 7.56 % 7.00 % 10.01 %
(1) Net interest margin and the efficiency ratio are calculated on a taxable-equivalent basis
(2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
As of
September 30, June 30, March 31, December 31, September 30,
2018 2018 2018 2017 2017
(Amounts in thousands, except per share data)
Cash and due from banks $ 19,526 $ 16,942 $ 16,727 $ 19,326 $ 16,633
Interest-bearing deposits in banks and other 5,878 43,001 13,503 2,215 7,415
Securities 197,507 181,466 171,814 176,350 177,702
Net loans/leases 502,463 495,005 497,630 480,286 460,684
Goodwill 5,037 5,037 5,037 5,037 5,037
Other assets 41,943 39,978 37,743 37,407 37,165
Total assets $ 772,354 $ 781,429 $ 742,454 $ 720,621 $ 704,636
Deposits $ 680,136 $ 692,968 $ 656,114 $ 616,995 $ 606,539
Subordinated debentures 5,155 5,155 5,155 5,155 5,155
Borrowings - - - 16,228 11,858
Other liabilities 6,241 3,856 3,185 4,109 3,815
Stockholders' equity 80,822 79,450 78,000 78,134 77,269
Total liabilities and stockholders' equity $ 772,354 $ 781,429 $ 742,454 $ 720,621 $ 704,636
ASSET QUALITY DATA
(Amounts in thousands) September 30, June 30, March 31, December 31, September 30,
2018 2018 2018 2017 2017
Non-accrual loans $ 3,362 $ 3,539 $ 3,511 $ 3,657 $ 5,852
Accruing loans past due 90 days or more - 388 139 - -
Troubled debt restructures - accruing 3,873 4,283 4,456 4,527 4,886
Total nonperforming loans $ 7,235 $ 8,210 $ 8,106 $ 8,184 $ 10,738
Other real estate owned 237 350 511 470 343
Total nonperforming assets $ 7,472 $ 8,560 $ 8,617 $ 8,654 $ 11,081
Total loans $ 509,674 $ 501,504 $ 503,779 $ 485,789 $ 466,548
Allowance for loan losses $ 7,211 $ 6,499 $ 6,149 $ 5,503 $ 5,864
$ 502,463 $ 495,005 $ 497,630 $ 480,286 $ 460,684
Nonperforming Assets to total Assets 0.97 % 1.10 % 1.16 % 1.20 % 1.57 %
Nonperforming loans to total loans 1.42 % 1.64 % 1.61 % 1.68 % 2.30 %
Allowance for loan losses to total loans 1.41 % 1.30 % 1.22 % 1.13 % 1.26 %
Allowance for loan losses to nonperforming loans 99.7 % 79.2 % 75.9 % 67.2 % 54.6 %
For the Quarter Ended
September 30, June 30, March 31, December 31, September 30,
ROLLFORWARD OF ALLOWANCE 2018 2018 2018 2017 2017
Beginning Balance $ 6,499 $ 6,149 $ 5,503 $ 5,864 $ 5,613
Provision 150 370 510 710 360
Loans charged off 105 178 52 1,326 156
Loan recoveries 667 158 188 255 47
Net charge-offs (562 ) 20 (136 ) 1,071 109
Ending Balance $ 7,211 $ 6,499 $ 6,149 $ 5,503 $ 5,864
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) For the Quarter Ended
September 30, 2018 June 30, 2018 September 30, 2017
Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
Interest Earning Assets:
Interest-bearing deposits and other $ 41,362 $ 208 1.99 % $ 14,326 $ 59 1.64 % $ 14,318 $ 44 1.23 %
Investment securities:
Taxable investment securities 136,841 980 2.84 % 127,448 839 2.64 % 137,483 806 2.33 %
Tax-exempt investment securities 51,527 389 3.90 % 47,889 359 3.92 % 52,838 384 4.61 %
Total Investment securities 188,368 1,369 3.13 % 175,337 1,198 2.99 % 190,321 1,190 2.96 %
Loans 511,279 6,884 5.34 % 517,412 6,610 5.12 % 449,410 5,357 4.74 %
Total Earning Assets $ 741,009 $ 8,461 4.59 % $ 707,075 $ 7,867 4.52 % $ 654,049 $ 6,591 4.15 %
Allowance for loan losses (7,092 ) (6,403 ) (5,766 )
Cash and due from banks 16,755 17,228 14,254
Other assets 40,487 41,613 41,504
Total Assets $ 791,159 $ 759,513 $ 704,041
Interest Bearing Liabilities:
Interest bearing checking accounts $ 245,050 $ 338 0.55 % $ 225,104 $ 294 0.52 % $ 210,082 $ 270 0.40 %
Savings and money market deposits 234,935 496 0.84 % 225,411 397 0.71 % 183,826 74 0.19 %
Time deposits 94,937 379 1.58 % 90,779 300 1.33 % 91,072 183 1.00 %
Total interest bearing deposits 574,922 1,213 0.84 % 541,294 991 0.73 % 484,980 527 0.43 %
Subordinated debentures and notes 5,155 59 4.52 % 5,155 59 4.59 % 5,155 47 3.65 %
Borrowings 160 - 2.32 % 6,999 34 1.95 % 14,203 44 1.22 %
Total Interest-Bearing Liabilities $ 580,237 $ 1,272 0.87 % $ 553,448 $ 1,084 0.79 % $ 504,338 $ 618 0.49 %
Interest Rate Spread 3.72 % 3.73 % 3.66 %
Noninterest checking accounts 125,074 123,689 118,748
Other liabilities 5,126 3,472 4,382
Total liabilities 710,437 680,609 627,468
Total Stockholders' equity 80,722 78,904 76,573
Total Liabilities and
Stockholders' Equity $ 791,159 $ 759,513 $ 704,041
Net Interest Income/Margin $ 7,189 3.91 % $ 6,783 3.91 % $ 5,973 3.77 %
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) For the Nine Months Ended
September 30, 2018 September 30, 2017
Average Average Average Average
Balance Interest Rate Balance Interest Rate
Interest Earning Assets:
Interest-bearing deposits and other $ 25,308 $ 340 1.80 % $ 13,513 $ 103 1.03 %
Investment securities:
Taxable investment securities 128,330 2,591 2.70 % 142,046 2,372 2.23 %
Tax-exempt investment securities 50,142 1,123 3.90 % 52,358 1,144 4.56 %
Total Investment securities 178,472 3,714 3.04 % 194,404 3,516 2.86 %
Loans 504,754 19,369 5.13 % 429,576 15,025 4.68 %
Total Earning Assets $ 708,534 $ 23,423 4.48 % $ 637,493 $ 18,644 4.04 %
Allowance for loan losses (6,436 ) (5,469 )
Cash and due from banks 17,350 15,742
Other assets 41,128 40,973
Total Assets $ 760,576 $ 688,739
Interest Bearing Liabilities:
Interest bearing checking accounts $ 231,636 $ 873 0.50 % $ 211,936 $ 539 0.34 %
Savings and money market deposits 222,692 1,143 0.69 % 179,654 231 0.17 %
Time deposits 92,010 940 1.37 % 85,656 596 0.93 %
Total interest bearing deposits 546,338 2,956 0.72 % 477,246 1,366 0.38 %
Subordinated debentures 5,155 171 4.43 % 7,725 294 5.10 %
Borrowings 3,455 46 1.83 % 12,636 152 1.61 %
Total Interest-Bearing Liabilities $ 554,948 $ 3,173 0.76 % $ 497,607 $ 1,812 0.49 %
Interest Rate Spread 3.72 % 3.55 %
Noninterest checking accounts 122,404 118,408
Other liabilities 4,035 3,944
Total liabilities 681,387 619,959
Total Stockholders' equity 79,189 68,780
Total Liabilities and
Stockholders' Equity $ 760,576 $ 688,739
Net Interest Income/Margin $ 20,250 3.88 % $ 16,832 3.66 %
SOURCE: Blackhawk Bancorp, Inc.
MENAFN1610201800703708ID1097577682