Blackhawk Bancorp Announces Fourth Quarter and Annual 2009 Results

Share Name	Share Symbol	Market	Type
Blackhawk Bancorp Inc (QX)	USOTC:BHWB	OTCMarkets	Common Stock

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	0.00	0.00%	33.35	32.10	33.99				0.00	01:00:00

Blackhawk Bancorp (QX) (USOTC:BHWB)
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Bank reports 50 percent earnings increase for quarter BELOIT, Wis., Feb. 18 /PRNewswire-FirstCall/ -- Blackhawk Bancorp, Inc. (OTC:BHWB) (BULLETIN BOARD: BHWB) today reported a 50% increase in earnings for the quarter ended December 31, 2009 to $582,000 compared to the $388,000 earned in the fourth quarter of 2008. The increase reflects net interest margin improvement and higher levels of non-interest income. Earnings per share for the quarter increased to $0.19 compared to $0.18 per diluted share for the fourth quarter of 2008. Total assets increased to $523.3 million as of December 31, 2009 compared with $500.4 million at year end 2008. The increase was due to strong deposit growth, which has reduced the Company's reliance on wholesale funding sources, substantially improving the company's liquidity position. For the year ended December 31, 2009 Blackhawk reported net income of $1.95 million, a 23% decrease compared to $2.55 million earned in 2008. Earnings per share for the year decreased 43% to $0.67 per diluted share compared to the $1.17 per diluted share in 2008. The decrease in earnings was primarily the result of an increase in loan loss provision and higher operating expenses, such as FDIC insurance premiums. These expense increases were substantially offset by improvements in net interest margin and other income. The more significant percentage decrease in earnings per share for the year compared to the decrease in net income reflects dividend payments on preferred stock that was issued in the first quarter of 2009. In March of 2009 the company received a $10 million capital investment under the U.S. Treasury's voluntary Capital Purchase Plan, a part of the Emergency Economic Stabilization Act of 2008, designed to provide capital to healthy financial institutions to promote confidence and stabilization in the economy. The cost of that capital is not considered an expense when determining net income, but it is deducted from earnings available to common shareholders when calculating earnings per share. "Participation in the U.S. Treasury's Capital Purchase Plan, which bolstered the company's capital ratios, was just one component of our strategic priority to fortify the bank's balance sheet," said Rick Bastian, president and CEO. "We were also successful in maintaining relatively strong credit quality and enhancing the bank's liquidity position. Capital, asset quality and liquidity are three critical areas where deficiencies have been the primary cause of nearly 200 bank failures since the beginning of 2008," he added. The following table summarizes key performance and asset quality measures for the quarter ended December 31, 2009 compared to the previous four quarters. Key Performance and 4th 3rd 2nd 1st 4th Asset Quality Qtr Qtr Qtr Qtr Qtr Measures 2009 2009 2009 2009 2008 ---- ---- ---- ---- ---- Diluted Earnings per share $0.19 $0.01 $0.17 $0.29 $0.18 Return on average assets .44% .14% .39% .53% .31% Return on common equity 4.68% .43% 5.68% 9.62% 6.32% Net interest margin 3.86% 3.62% 3.61% 3.46% 3.39% Efficiency ratio 73.7% 69.6% 75.5% 70.9% 78.9% Nonperforming loans to total loans 1.90% 2.11% 2.20% 2.24% 1.50% Nonperforming assets to total loans 2.09% 2.44% 2.63% 2.41% 1.64% Allowance for loan losses to total loans 1.67% 1.57% 1.18% 1.08% .90% Allowance for loan losses to nonperforming loans 88% 75% 54% 48% 60% Subsidiary bank total risk based capital 12.92% 12.80% 12.46% 12.75% 10.41% "I am proud that Blackhawk has remained profitable, despite the challenges of the current economic environment," said Bastian. "The loan loss provision we recorded in 2009 has was substantially more than our actual losses charged-off, which allows us to go into 2010 with much stronger reserves," he added. Net Interest Income Net interest income for the fourth quarter increased 21% to $4.6 million compared to $3.8 million in the fourth quarter 2008. Both the average balance of total earning assets and the net interest margin realized on those assets increased in the fourth quarter compared to the same quarter the year before. Average earning assets for the fourth quarter increased 6.1% compared to the fourth quarter of 2008 and the net interest margin increased 47 basis points to 3.86% compared to 3.39% in the fourth quarter of 2008. Total average loans decreased by $1.9 million, or .6%, compared to the prior year fourth quarter. The increase in average earning assets was in investment securities and other short-term investments, providing for an improved liquidity position. For the full year net interest income was up 15% to $17.3 million, compared to $15.0 million for 2008. Average earning assets and the net interest margin both increased for the full year as well. Total average earning assets increased over 2008 by $41.5 million, or 9.4%. The increase in average earning assets included a $17.8 million, or 5.8% increase in average total loans, with the remainder of the growth in investment securities and short-term investments. The net interest margin increased 21 basis points to 3.66% for the year ended December 31, 2009 compared to 3.45% the year before. The earning asset growth and improvement in the net interest margin reflect the bank's success in generating core deposit growth. Average total deposits for the fourth quarter increased by $34.3 million, or 9.2% compared to the fourth quarter of 2008. For the year average deposits increased $41.0 million, or 11.5% over 2008. All of the deposit growth occurred in non-maturity deposit products such as DDA, interest checking and money market. This growth has resulted in less reliance on borrowings, as the average balance of borrowing for the fourth quarter of 2009 decreased by $15.4 million, or 19.6% compared to the average balance in the fourth quarter of the prior year. Non-Interest Income and Operating Expenses Noninterest income for the fourth quarter increased 50% to $1.4 million compared to $.9 million the fourth quarter of the prior year. For the year non-interest income increased 46% to $7.6 million compared to $5.2 million in 2008. The increase in non-interest income was primarily driven by mortgage banking activity. For the year gain on sale of mortgage loans increased by $2.6 million, or 183%, to $4.0 million compared to $1.4 million in 2008. "We have assembled a great mortgage origination staff," said Bastian. "We were well positioned to benefit from historically low interest rates in 2009, as many of the mortgage brokers we used to compete against had gone out of business," he added. Operating expenses increased by $0.7 million, or 18%, to $4.5 million in the fourth quarter of 2009 compared to $3.8 million the prior year. For the year operating expenses were up $2.8 million, or 18%, to $18.3 million compared to $15.5 million in 2008. The increase in operating expenses was driven by escalating FDIC insurance premiums, including a special assessment that was accrued in the second quarter. The bank also saw an increase in compensation expense, primarily due to higher mortgage loan production, which is generated by commission-based employees. Provision for Loan Losses and Credit Quality Nonperforming assets equaled $6.8 million, or 2.09% of total loans, at December 31, 2009 compared to $7.9 million, or 2.44% of total loans, at September 30, 2009 and $5.4 million, or 1.64% of total loans, at December 31, 2008. "We're pleased to have made progress reducing the level of nonperforming loans during the fourth quarter; however many of the bank's customers who are current on their loan obligations continue to be challenged by the on-going economic recession," said Bastian. "For that reason we expect nonperforming assets to remain above historical levels throughout 2010." The provision for loan losses in the fourth quarter increased by 26% to $0.7 million compared to $0.5 million in fourth quarter 2008. For the year Blackhawk recorded a provision for loan losses of $4.1 million, a 209% increase over the $1.3 million provision recorded in 2008. Loan charge-offs also increased in 2009, but to a lesser extent than the provision. This allowed the company to significantly strengthen the ratio of allowance for loan losses to total loans, which was to 1.67% at December 31, 2009 compared to .90% at December 31, 2008. It also increased the ratio of the allowance for loan losses to nonperforming loans to 88% at December 31, 2009 compared to 60% at December 31, 2008. The following table summarizes the activity in the allowance for loan losses for 2009 and 2008. Activity in Allowance for Loan Losses 2009 2008 ---- ---- Beginning allowance for loan losses $2,970,000 $2,411,000 Provision for loan losses 4,090,000 1,322,000 Charge-offs (1,779,000) (988,000) Recoveries 190,000 225,000 ------- ------- Ending allowance for loan losses $5,471,000 $2,970,000 ========== ========== Net charge-offs to average total loans .49% .26% === === 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. The bank has received numerous accolades for its work with the fast-growing Hispanic population in the markets it serves. Forward-Looking Statements When used in this communication, the words "believes," "expects," and similar expressions are intended to identify forward-looking statements. The company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions; success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; and the inability of third party vendors to perform critical services for the company or its customers. Further information is available on the Company's website at http://www.blackhawkbank.com/. BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended December 31, (Dollars in thousands, except per share data) 2009 2008 2009 2008 ---------------------- ---- ---- ---- ---- Interest and Dividend Income $6,843 $6,957 $27,698 $27,807 Interest Expense 2,205 3,137 10,430 12,781 ----- ----- ------ ------ Net Interest and Dividend Income 4,638 3,820 17,268 15,026 Provision for loan losses 675 537 4,090 1,322 Non-Interest Income 1,405 934 7,580 5,196 Non-Interest Expense 4,521 3,819 18,285 15,484 ----- ----- ------ ------ Income Before Income Taxes 847 398 2,473 3,416 Income Taxes 265 10 520 864 --- -- --- --- Net Income $582 $388 $1,953 $2,552 ==== ==== ====== ====== Key Ratios ---------- Diluted Earnings Per Common Share $0.19 $0.18 $0.67 $1.17 Dividends Per Common Share - 0.09 0.27 0.36 Average Outstanding Common Shares 2,163,678 2,154,504 2,162,446 2,161,605 Ending Outstanding Common Shares 2,163,678 2,154,504 2,163,678 2,154,504 Net Interest Margin 3.86% 3.39% 3.66% 3.45% Efficiency Ratio 73.69% 78.92% 72.18% 75.45% Return on Assets 0.44% 0.31% 0.37% 0.53% Return on Common Equity 4.68% 6.32% 5.55% 10.39% CONDENSED BALANCE SHEETS (Unaudited) December 31, December 31, (Dollars in thousands) 2009 2008 ---------------------- ---- ---- Assets: ------- Cash and cash equivalents $30,886 $18,558 Interest-bearing deposits in banks 1,197 1,080 Trading securities 7,428 19,603 Securities available-for-sale 126,643 103,274 Federal Home Loan Bank Stock, at cost 4,085 4,085 Loans, net of allowances for loan losses 321,353 326,358 Office buildings and equipment, net 8,370 9,042 Intangible assets, net 7,696 6,739 Cash surrender value of bank-owned life insurance 8,136 7,915 Other assets 7,555 3,787 ----- ----- Total Assets $523,349 $500,441 ======== ======== Liabilities and Stockholders' Equity: ------------------------------------- Deposits $411,343 $376,995 Borrowings 66,662 88,369 Subordinated debentures 4,958 5,158 Other liabilities 3,167 3,569 ----- ----- Total liabilities 486,130 474,091 Preferred Stock 10,083 - Common Stockholders' equity 27,136 26,350 ------ ------ Total Stockholders' equity 37,219 26,350 ------ ------ Total liabilities and stockholders' equity $523,349 $500,441 ======== ======== BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND DECEMBER 31, 2008 (UNAUDITED) December 31, December 31, Assets 2009 2008 ------ ---- ---- (Amounts in thousands, except share and per share data) Cash and due from banks $9,714 $9,960 Federal funds sold and securities purchased under agreements to resell 21,172 8,598 ------ ----- Total cash and cash equivalents 30,886 18,558 ------ ------ Interest-bearing deposits in banks 1,197 1,080 Trading securities 7,428 19,603 Securities available-for-sale 126,643 103,274 Federal Home Loan Bank (FHLB) Stock, at cost 4,085 4,085 Loans, less allowance for loan losses of $5,471 and $2,970 at December 31, 2009 and December 31, 2008, respectively 321,353 326,358 Office buildings and equipment, net 8,370 9,042 Intangible assets, net 7,696 6,739 Cash surrender value of bank-owned life insurance 8,136 7,915 Other assets 7,555 3,787 ----- ----- Total assets $523,349 $500,441 ======== ======== Liabilities and Stockholders' Equity Liabilities Deposits: Noninterest-bearing $52,087 $46,774 Interest-bearing (including $0 and $5,610 at fair value at December 31, 2009 and December 31, 2008, respectively) 359,256 330,221 ------- ------- Total deposits 411,343 376,995 Short-term borrowings 8,400 9,222 Long-term borrowings (including $19,274 and $15,535 at fair value at December 31, 2009 and December 31, 2008, respectively) 58,262 79,147 Subordinated debentures (including $834 and $1,034 at fair value at December 31, 2009 and December 31, 2008, respectively) 4,958 5,158 Other liabilities 3,167 3,569 ----- ----- Total liabilities 486,130 474,091 ------- ------- Stockholders' equity Preferred stock, $0.01 par value, 1,000,000 shares authorized; 10,500 and 0 shares issued as of December 31, 2009 and December 31, 2008, respectively 10,083 - Common stock, $0.01 par value, 10,000,000 shares authorized; 2,248,930 and 2,239,756 shares issued as of December 31, 2009 and December 31, 2008, respectively 22 22 Surplus 9,279 9,279 Retained earnings 19,495 18,357 Treasury stock, 85,252 shares at cost as of December 31, 2009 and December 31, 2008, respectively (931) (931) Accumulated other comprehensive income (loss) (729) (377) ---- ---- Total stockholders' equity 37,219 26,350 ------ ------ Total liabilities and stockholders' equity $523,349 $500,441 ======== ======== BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) 2009 2008 ---- ---- (Amounts in thousands, except share and per share data) Interest Income: Interest and fees on loans $20,147 $20,712 Interest on trading securities 755 1,223 Interest and dividends on securities: Taxable 5,493 4,858 Tax-exempt 757 586 Interest on federal funds sold and securities purchased under agreements to resell 537 393 Interest on interest-bearing deposits in banks 9 35 - -- Total interest and dividend income 27,698 27,807 ------ ------ Interest Expenses: Interest on deposits 6,800 8,656 Interest on short-term borrowings 25 33 Interest on long-term borrowings 3,293 3,477 Interest on subordinated debentures 312 345 --- --- Total interest expense 10,430 12,781 ------ ------ Net interest and dividend income 17,268 15,026 Provision for loan losses 4,090 1,322 ----- ----- Net interest and dividend income after provision for loan losses 13,178 13,704 ------ ------ Noninterest Income: Service charges on deposits accounts 2,577 2,749 Net gain on sale of loans 4,019 1,420 Debit card interchange fees 1,161 879 Net gains (losses) on trading activities (403) (401) Net gains (losses) on available-for-sale securities 39 (601) Net other gains (losses) (524) (5) Increase in cash value of bank-owned life insurance 318 279 Other 393 876 --- --- Total noninterest income 7,580 5,196 ----- ----- Noninterest Expenses: Salaries and employee benefits 9,119 8,263 Occupancy and equipment 2,509 2,278 Data processing 1,863 1,612 Advertising and marketing 413 455 Amortization of intangibles 222 263 Professional fees 839 575 Office Supplies 332 289 Telephone 253 232 Other 2,735 1,517 ----- ----- Total noninterest expenses 18,285 15,484 ------ ------ Income before income taxes 2,473 3,416 Income Taxes 520 864 --- --- Net income $1,953 $2,552 ====== ====== Key Ratios ---------- Basic Earnings Per Common Share $0.67 $1.18 Diluted Earnings Per Common Share 0.67 1.17 Dividends Per Common Share 0.27 0.36 BLACKHAWK BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended December 31, 2009 2008 ---- ---- (Amounts in thousands, except share and per share data) Interest Income: Interest and fees on loans $5,026 $5,197 Interest on trading securities 115 264 Interest and dividends on securities: Taxable 1,396 1,272 Tax-exempt 178 165 Interest on federal funds sold and securities purchased under agreements to resell 126 56 Interest on interest-bearing deposits in banks 2 3 -- -- Total interest and dividend income 6,843 6,957 ----- ----- Interest Expenses: Interest on deposits 1,401 2,146 Interest on short-term borrowings 8 8 Interest on long-term borrowings 723 896 Interest on subordinated debentures 73 87 -- -- Total interest expense 2,205 3,137 ----- ----- Net interest and dividend income 4,638 3,820 Provision for loan losses 675 537 --- --- Net interest and dividend income after provision for loan losses 3,963 3,283 ----- ----- Noninterest Income: Service charges on deposits accounts 693 655 Net gain on sale of loans 694 305 Debit card interchange fees 305 245 Net gains (losses) on trading activities 13 78 Net gains (losses) on available-for-sale securities (178) (601) Net other gains (losses) (272) 18 Increase in cash value of bank-owned life insurance 45 69 Other 105 165 --- --- Total noninterest income 1,405 934 ----- --- Noninterest Expenses: Salaries and employee benefits 2,120 2,035 Occupancy and equipment 663 560 Data processing 489 437 Advertising and marketing 81 119 Amortization of intangibles 62 66 Professional fees 231 100 Office Supplies 79 94 Telephone 69 61 Other 727 347 --- --- Total noninterest expenses 4,521 3,819 ----- ----- Income before income taxes 847 398 Income Taxes 265 10 --- -- Net income $582 $388 ==== ==== Key Ratios ---------- Basic Earnings Per Common Share $0.19 $0.18 Diluted Earnings Per Common Share 0.19 0.18 Dividends Per Common Share - 0.09 BLACKHAWK BANCORP, INC. AND SUBSIDIARY AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES Average Balance Sheet with Resultant Interest and Rates (Amounts in thousands) Twelve months ended (Yields on a tax-equivalent basis) December 31, 2009 ------------------- Average Average Balance Interest Rate ------- -------- ------- Interest Earning Assets: Interest-bearing deposits in banks $1,546 $9 0.62% Federal funds sold & securities purchased under agreements to resell 30,504 537 1.76% Investment securities: Taxable investment securities 108,634 6,248 5.75% Tax-exempt investment securities 20,142 757 6.17% ------ --- ---- Total Investment securities 128,776 7,005 5.82% Loans 324,333 20,147 6.21% ------- ------ ---- Total Earning Assets $485,159 $27,698 5.81% ------- ---- Allowance for loan losses (4,307) Cash and due from banks 10,776 Other Assets 29,220 ------ Total Assets $520,848 ======== Interest Bearing Liabilities: Interest bearing checking accounts $108,445 $2,106 1.94% Savings and money market deposits 121,347 1,218 1.00% Time deposits 114,578 3,476 3.03% ------- ----- ---- Total interest bearing deposits 344,370 6,800 1.97% Short-term borrowings 6,911 25 0.35% Subordinated debentures 5,006 312 6.24% Long-term borrowings 73,568 3,293 4.48% ------ ----- ---- Total Interest-Bearing Liabilities $429,855 $10,430 2.43% ------- ---- Interest Rate Spread 3.38% ==== Noninterest checking accounts 53,455 Other liabilities 3,596 ----- Total liabilities 486,906 Stockholders' equity 33,942 ------ Total Liabilities and Stockholders' Equity $520,848 ======== Net Interest Income/Margin $17,268 3.66% ======= ==== Twelve months ended December 31, 2008 ------------------- Average Average Balance Interest Rate ------- -------- ------- Interest Earning Assets: Interest-bearing deposits in banks $1,297 $35 2.68% Federal funds sold & securities purchased under agreements to resell 13,239 393 2.97% Investment securities: Taxable investment securities 107,173 6,081 5.67% Tax-exempt investment securities 15,513 586 5.72% ------ --- ---- Total Investment securities 122,686 6,667 5.68% Loans 306,448 20,712 6.76% ------- ------ ---- Total Earning Assets $443,670 $27,807 6.34% ------- ---- Allowance for loan losses (2,693) Cash and due from banks 11,962 Other Assets 26,610 ------ Total Assets $479,549 ======== Interest Bearing Liabilities: Interest bearing checking accounts $62,157 $1,511 2.43% Savings and money market deposits 122,856 2,335 1.90% Time deposits 122,604 4,810 3.92% ------- ----- ---- Total interest bearing deposits 307,617 8,656 2.81% Short-term borrowings 13,666 303 2.22% Subordinated debentures 5,158 345 6.69% Long-term borrowings 76,629 3,477 4.54% ------ ----- ---- Total Interest-Bearing Liabilities $403,070 $12,781 3.17% ------- ---- Interest Rate Spread 3.17% ==== Noninterest checking accounts 49,189 Other liabilities 2,807 ----- Total liabilities 455,066 Stockholders' equity 24,483 ------ Total Liabilities and Stockholders' Equity $479,549 ======== Net Interest Income/Margin $15,026 3.45% ======= ==== BLACKHAWK BANCORP, INC. AND SUBSIDIARY AVERAGE BALANCE SHEET WITH RESULTANT INTEREST AND RATES Average Balance Sheet with Resultant Interest and Rates (Amounts in thousands) Three months ended (yields on a tax-equivalent basis) December 31, 2009 ------------------- Average Average Balance Interest Rate ------- -------- ---- Interest Earning Assets: Interest-bearing deposits in banks $1,372 $2 0.55% Federal funds sold & securities purchased under agreements to resell 28,838 126 1.73% Investment securities: Taxable investment securities 116,337 1,511 5.15% Tax-exempt investment securities 18,381 178 5.84% ------ --- ---- Total Investment securities 134,718 1,689 5.24% Loans 321,304 5,026 6.21% ------- ----- ---- Total Earning Assets $486,232 $6,843 5.66% ------ ---- Allowance for loan losses (5,287) Cash and due from banks 10,152 Other Assets 30,289 ------ Total Assets $521,386 ======== Interest Bearing Liabilities: Interest bearing checking accounts $123,973 $496 1.59% Savings and money market deposits 125,274 237 0.75% Time deposits 103,186 668 2.57% ------- --- ---- Total interest bearing deposits 352,433 1,401 1.58% Short-term borrowings 6,981 8 0.43% Subordinated debentures 4,958 73 5.83% Long-term borrowings 63,401 723 4.52% ------ --- ---- Total Interest-Bearing Liabilities $427,773 $2,205 2.04% ------ ---- Interest Rate Spread 3.62% ==== Noninterest checking accounts 54,591 Other liabilities 3,561 ----- Total liabilities 485,925 Stockholders' equity 35,461 ------ Total Liabilities and Stockholders' Equity $521,386 ======== Net Interest Income/Margin $4,638 3.86% ====== ==== Three months ended December 31, 2008 ------------------ Average Average Balance Interest Rate ------- -------- ---- Interest Earning Assets: Interest-bearing deposits in banks $966 $3 1.28% Federal funds sold & securities purchased under agreements to resell 10,073 56 2.21% Investment securities: Taxable investment securities 106,322 1,536 5.75% Tax-exempt investment securities 17,565 165 5.65% ------ --- ---- Total Investment securities 123,887 1,701 5.73% Loans 323,120 5,197 6.40% ------- ----- ---- Total Earning Assets $458,046 $6,957 6.12% ------ ---- Allowance for loan losses (2,911) Cash and due from banks 11,057 Other Assets 28,133 ------ Total Assets $494,325 ======== Interest Bearing Liabilities: Interest bearing checking accounts $68,989 $459 2.65% Savings and money market deposits 123,478 535 1.73% Time deposits 130,402 1,152 3.51% ------- ----- ---- Total interest bearing deposits 322,869 2,146 3.64% Short-term borrowings 10,523 8 0.31% Subordinated debentures 5,158 87 6.69% Long-term borrowings 78,846 896 4.52% ------ --- ---- Total Interest-Bearing Liabilities $417,396 $3,137 2.99% ------ ---- Interest Rate Spread 3.13% ==== Noninterest checking accounts 49,815 Other liabilities 2,779 ----- Total liabilities 469,990 Stockholders' equity 24,335 ------ Total Liabilities and Stockholders' Equity $494,325 ======== Net Interest Income/Margin $3,820 3.39% ====== ==== For further information: Blackhawk Bancorp, Inc. R. Richard Bastian, III, President & CEO Todd J. James, EVP & CFO Phone: (608) 364-8911 DATASOURCE: Blackhawk Bancorp, Inc. CONTACT: R. Richard Bastian, III, President & CEO, , or Todd J. James, EVP & CFO, , both of Blackhawk Bancorp, Inc., +1-608-364-8911 Web Site: http://www.blackhawkbank.com/

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BHWB Blackhawk Bancorp Inc (QX)