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Blackhawk Bancorp Earns $2.62 Million in First Quarter 2022; First Quarter Results Highlighted by Strong Loan Growth

BELOIT, WI / ACCESSWIRE / April 20, 2022 / Blackhawk Bancorp, Inc. (OTCQX:BHWB), (the "Company") parent company of Blackhawk Bank (the "Bank"), today reported net income of $2.62 million for the quarter ended March 31, 2022, a 10% decrease from the $2.91 million earned the in the preceding quarter, and a 24% decrease compared to the $3.43 million earned during the first quarter of 2021. Diluted Earnings per Share (EPS) for the current quarter was $0.92, a decrease of $0.10, or 10%, compared to both the linked quarter and the quarter ended March 31, 2021. The first quarter of 2022 results produced a Return on Average Equity (ROAE) of 10.82% and a Return on Average Assets (ROAA) of 0.80%.

The decrease in earnings during the current quarter, compared to the linked quarter, included a $503,000 decrease in income from the sale and servicing of mortgage loans as a result of rising interest rates and a slowing housing market. This was partially offset by a $181,000 decrease in salaries and employee benefits.

The decrease in net income for the first quarter of 2022, compared to the first quarter of the prior year, included a $1.18 million decrease in income from the sale and servicing of mortgage loans and a $460,000 increase in operating expenses, which was partially offset by a $500,000 decrease in provision for loan losses.

"Our first quarter results reflect the continued successful implementation of our growth strategies, which resulted in the expansion of the loan portfolio," said Todd James, Chairman and CEO. "Operating results for the first quarter were strong, benefitting from Paycheck Protection Program ("PPP") loan fee income and low credit costs. As we continue to wind down from the unprecedented events of the pandemic, and PPP loan forgiveness nears its conclusion, we have shifted our efforts towards our strategic growth plan of enhancing product offerings, improving the effectiveness and efficiency of delivery channels and pursuing organic growth opportunities within our markets."

"We had another solid quarter of loan production, with good growth in commercial and CRE loan categories," James continued. "As a result, loans held for investment excluding PPP grew by $31.3 million during the quarter, or 18.4% annualized. We are achieving strong growth in our target markets of RV parks and campgrounds and local manufacturers. While our pipeline remains strong and we are optimistic about our business outlook in the near term, we remain cautious about our growth prospects in the long term, as inflation concerns and a possible recession could impact loan growth towards the end of the year."

First Quarter 2022 Financial Highlights (at or for the three months ended March 31, 2022)

  • Net income of $2.62 million, or $0.92 per diluted share, compared to $3.43 million, or $1.02 per diluted share, in the first quarter of 2021.
  • Net interest margin of 3.13%, compared to 3.12% in the preceding quarter and 3.52% in the first quarter a year ago.
  • Annualized return on average assets was 0.80%, compared to 1.16% in the first quarter of 2021.
  • Annualized return on average equity was 10.82%, compared to 12.44% in the first quarter a year ago.
  • Excluding Paycheck Protection Program (PPP) loans, loans held for investment increased $103.6 million, or 16.9% to $716.0 million at March 31, 2022, compared to $612.5 million a year ago.
  • Total deposits grew by $131.4 million to $1.20 billion at March 31, 2022 compared to $1.07 billion a year earlier.
  • Allowance for loan losses to total loans of 1.51% at quarter end.
  • Nonperforming assets to total assets of 0.52% at March 31, 2022 compared to 0.69% a year ago.
  • On February 16, 2022, paid a quarterly cash dividend of $0.12 per share, marking the 31 st consecutive quarterly cash dividend paid, and a 9% increase compared to the last 8 quarterly cash dividends.

Net Interest Income

Net interest income totaled $9.66 million for the quarter ended March 31, 2022, which was essentially flat compared to the fourth quarter of 2021, and a decrease of $61,000, or less than one percent, compared to the first quarter of the prior year. Interest income benefitted from the recognition of PPP loan fees as loans are forgiven by the SBA. During the first quarter of 2022, the Company recognized PPP fee income of $539,000 compared to $535,000 the most recent quarter and $795,000 the first quarter of 2021. As of March 31, 2022, there was $366,000 of net deferred PPP fee income remaining.

The Company's net interest margin was 3.13% for the first quarter of 2022, compared to 3.12% for the quarter ended December 31, 2021, and 3.52% for the first quarter of 2021. "While loan growth and loan yields are starting to improve, the influx of deposits over the last year has hampered NIM expansion. Going forward, we plan to capitalize on new loan growth by converting some of those lower yielding investments into the loan portfolio at higher yields," said James. "Additionally, with the recent rate increase enacted by the Federal Reserve at the end of the quarter, we anticipate improvement in our NIM in future quarters, especially with the possibility of additional rate increases throughout the year."

The tax-equivalent yield on earning assets and cost of deposits remained even for the first quarter of 2022, compared to the fourth quarter of 2021, at 3.32% and 0.11%, respectively. While earning assets dropped 41 basis points compared to 3.73% for the first quarter of 2021, and the cost of deposits decreased five basis points compared to 0.16% in the first quarter of 2021.

In addition, interest expense on subordinated debentures increased by $154,000, reflecting the issuance of $15.0 million of subordinated debt, which was used to fund the share repurchase in the second quarter of 2021. Average total deposits for the first quarter of 2022 increased by $148.3 million to $1.19 billion compared to $1.05 billion in the first quarter of 2021. Average total loans for the first quarter of 2022 increased by $29.0 million, or 4%, compared to the prior year's first quarter. Excluding PPP loans, average total loans increased by $51.9 million, or 8%, to $697.8 million compared to $645.9 million for the quarter ended December 31, 2021 and increased $98.2 million, or 16%, compared to $599.5 million for the first quarter of 2021.

Provision for Loan Losses and Asset Quality

Due to the improvement in economic conditions, especially as it related to potential losses associated to the pandemic, along with the overall quality of the loan portfolio, the Company recorded no provision for loan losses for the quarters ended March 31, 2022, and December 31, 2021. This compared to a $500,000 provision for loan losses for the quarter ended March 31, 2021.

Total nonperforming assets, which include troubled debt restructures performing in accordance with their modified terms, equaled $6.9 million as of March 31, 2022, as compared to $7.3 million as of December 31, 2021, and $8.4 million at March 31, 2021. At March 31, 2022, the ratio of nonperforming loans to total loans equaled 0.93%, as compared to 1.02% at December 31, 2021, and 1.17% at March 31, 2021.

The allowance for loan losses to total loans was 1.51% as of March 31, 2022, compared to 1.57% at December 31, 2021, and 1.56% as of March 31, 2021. The Company expects that the allowance for loan losses will continue to shift downward as it reflects a more moderate allowance level compared to the higher allowance levels held during the course of the pandemic. The allowance for loan losses to nonperforming loans increased to 162.0% as of March 31, 2022, compared to 153.0% at December 31, 2021, and 133.0% at March 31, 2021.

Noninterest Income and Operating Expenses

Noninterest income for the quarter ended March 31, 2022, totaled $3.92 million, a $601,000 decrease compared to $4.52 million the prior quarter and a $1.12 million decrease from the $5.04 million recorded in the first quarter of 2021. The net revenue from the sale and servicing of mortgage loans decreased $503,000 and debit card interchange fees decreased $89,000 compared to the fourth quarter of 2021. The decline in noninterest income compared to the first quarter of 2021 was primarily due to a $1.18 million decrease in revenue from the sale and servicing of mortgage loans, which was partially offset by a $223,000 increase in deposit service fees.

Operating expenses for the quarter ended March 31, 2022, totaled $10.17 million, a decrease of $334,000, or 3%, compared to the quarter ended December 31, 2021, and an increase of $460,000, or 5%, compared to the first quarter of 2021. The increase compared to the first quarter of 2021 included a $488,000 increase in salary and employee benefits.

Capital

Tangible book value per share was $26.58 at March 31, 2022, compared to $31.41 at December 31, 2021 and $29.40 at March 31, 2021. The decrease in tangible book value per share during the current quarter was primarily due to a $15.7 million decrease in accumulated other comprehensive income ("AOCI") related primarily to an increase in the unrealized loss on available for sale securities reflecting the increase in interest rates during the current quarter. Excluding AOCI, tangible book value per share was $31.27 at March 31, 2022, an increase of $0.63 and $3.29 compared to December 21, 2021 and March 31, 2021, respectively.

About Blackhawk Bancorp

Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin, and is the parent company of Blackhawk Bank. The combined entity operates twelve full-service banking centers located in Rock County, Wisconsin, and the Illinois counties of Winnebago, Boone, McHenry, Lake, and Kane. 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.

Todd J. James, Chairman & CEO
tjames@blackhawkbank.com
Phone: (608) 364-8911

Matthew McDonnell, SVP & CFO
mmcdonnell@blackhawkbank.com

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2022 AND DECEMBER 31, 2021
(UNAUDITED)

March 31, December 31,
Assets
2022 2021
(Dollars in thousands, except
share and per share data)
Cash and due from banks
$13,413 $10,846
Interest-bearing deposits in banks and other institutions
40,189 55,720
Total cash and cash equivalents
53,602 66,566
Certificates of deposit in banks and other institutions
1,914 2,161
Equity securities at fair value
2,500 2,553
Securities available-for-sale
481,920 504,341
Loans held for sale
1,711 2,585
Federal Home Loan Bank stock, at cost
2,150 2,150
Loans, less allowance for loan losses of $10,995 and $11,125
at March 31, 2022 and December 31, 2021, respectively
714,745 696,292
Premises and equipment, net
20,670 20,778
Goodwill and core deposit intangible
11,536 11,628
Mortgage servicing rights
4,042 3,833
Cash surrender value of bank-owned life insurance
11,526 11,440
Other assets
24,327 16,911
Total assets
$1,330,643 $1,341,238
Liabilities and Stockholders' Equity

Liabilities
Deposits:
Noninterest-bearing
$380,292 $380,601
Interest-bearing
819,335 816,440
Total deposits
1,199,627 1,197,041
Subordinated debentures and notes, net of issuance costs (including $1,031
at fair value at March 31, 2022 and December 31, 2021)
19,812 19,775
Senior secured term note
10,889 11,278
Other borrowings
5,000 5,000
Other liabilities
7,414 6,985
Total liabilities
1,242,742 1,240,079
Stockholders' equity
Common stock, $0.01 par value, 10,000,000 shares authorized;
3,506,214 and 3,479,069 shares issued as of March 31, 2022 and
December 31, 2021, respectively
35 35
Additional paid-in capital
36,115 35,890
Retained earnings
84,261 81,987
Treasury stock, 632,686 and 630,991 shares at cost as of March 31, 2022
and December 31, 2021, respectively
(19,010) (18,952)
Accumulated other comprehensive income (loss)
(13,500) 2,199
Total stockholders' equity
87,901 101,159
Total liabilities and stockholders' equity
$1,330,643 $1,341,238

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

Three months ended March 31,

2022 2021

(Amounts in thousands, except per share data)
Interest Income:
Interest and fees on loans
$7,808 $8,155
Interest and dividends on available-for-sale securities:
Taxable
2,068 1,721
Tax-exempt
365 384
Interest on deposits in other financial institutions
24 41
Total interest income
10,265 10,301
Interest Expense:
Interest on deposits
322 415
Interest on subordinated debentures
195 41
Interest on senior secured term note
91 107
Interest on other borrowings
- 20
Total interest expense
608 583
Net interest income before provision for loan losses
9,657 9,718
Provision for loan losses
- 500
Net interest income after provision for loan losses
9,657 9,218
Noninterest Income:
Service charges on deposits accounts
913 690
Net gain on sale of loans
1,146 2,362
Net loan servicing income
402 369
Debit card interchange fees
1,079 1,027
Net gains on sales of securities available-for-sale
- -
Net other gains (losses)
(4) 42
Increase in cash surrender value of bank-owned life insurance
86 87
Change in value of equity securities
(64) (35)
Other
360 493
Total noninterest income
3,918 5,035

Noninterest Expenses:
Salaries and employee benefits
6,222 5,734
Occupancy and equipment
1,212 1,182
Data processing
708 591
Debit card processing and issuance
513 425
Advertising and marketing
108 99
Amortization of core deposit intangible
96 104
Professional fees
389 390
Office Supplies
86 77
Telephone
140 141
Other
697 968
Total noninterest expenses
10,171 9,711
Income before income taxes
3,404 4,542
Provision for income taxes
785 1,112
Net income
$2,619 $3,430
Key Ratios
Basic Earnings Per Common Share
$0.92 $1.02
Diluted Earnings Per Common Share
0.92 1.02
Dividends Per Common Share
0.12 0.11
Net Interest Margin (1)
3.13% 3.52%
Efficiency Ratio (1)(2)
74.35% 65.53%
Return on Assets
0.80% 1.16%
Return on Common Equity
10.82% 12.44%

(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,
2022 2021 2021 2021 2021
(Dollars in thousands, except per share data)
Interest Income:
Interest and fees on loans
$7,808 $7,876 $8,180 $8,621 $8,155
Interest on available-for-sale securities:
Taxable
2,068 1,960 1,830 1,759 1,721
Tax-exempt
365 369 419 378 384
Interest on deposits in other financial institutions
24 33 61 48 41
Total interest income
10,265 10,238 10,490 10,806 10,301
Interest Expense:
Interest on deposits
322 319 421 421 415
Interest on subordinated debentures
195 196 195 117 41
Interest on senior secured term note
91 98 103 104 107
Interest on other borrowings
- - - - 20
Total interest expense
608 613 719 642 583
Net interest income before provision for loan losses
9,657 9,625 9,771 10,164 9,718
Provision for loan losses
- - - - 500
Net interest income after provision for loan losses
9,657 9,625 9,771 10,164 9,218

Noninterest Income:
Service charges on deposits accounts
913 901 787 663 690
Net gain on sale of loans
1,146 1,865 2,147 2,217 2,362
Net loan servicing income
402 186 90 36 369
Debit card interchange fees
1,079 1,168 1,146 1,218 1,027
Net gains on sales of securities available-for-sale
- - - - -
Net other gains (losses)
(4) 5 52 7 42
Increase in cash surrender value of bank-owned life insurance
86 77 78 72 87
Other
296 317 457 479 458
Total noninterest income
3,918 4,519 4,757 4,692 5,035
Noninterest Expenses:
Salaries and employee benefits
6,222 6,403 6,118 5,753 5,734
Occupancy and equipment
1,212 1,109 1,273 1,092 1,182
Data processing
708 694 689 641 591
Debit card processing and issuance
513 533 489 503 425
Advertising and marketing
108 115 141 70 99
Amortization of intangibles
96 95 96 96 104
Professional fees
389 436 434 399 390
Office Supplies
86 127 74 93 77
Telephone
140 143 139 144 141
Other
697 850 865 673 968
Total noninterest expenses
10,171 10,505 10,318 9,464 9,711
Income before income taxes
3,404 3,639 4,210 5,392 4,542
Provision for income taxes
785 728 988 1,337 1,112
Net income
$2,619 $2,911 $3,222 $4,055 $3,430
Key Ratios
Basic Earnings Per Common Share
$0.92 $1.02 $1.13 $1.30 $1.02
Diluted Earnings Per Common Share
0.92 1.02 1.13 1.30 1.02
Dividends Per Common Share
0.12 0.11 0.11 0.11 0.11
Book Value Per Common Share
30.59 35.50 35.29 34.97 32.95
Tangible Book Value Per Share
26.58 31.41 31.17 30.81 29.40
Tangible Book Value Excluding AOCI Per Share
31.27 30.64 29.64 28.56 27.98
Number of Shares Outstanding
2,873,528 2,848,078 2,848,078 2,842,828 3,359,613
Average Number of Shares Outstanding
2,864,082 2,848,109 2,848,109 3,118,265 3,372,684
Net Interest Margin (1)
3.13% 3.12% 3.11% 3.37% 3.52%
Efficiency Ratio (1)(2)
74.35% 73.75% 70.70% 63.28% 65.53%
Return on Assets
0.80% 0.89% 0.96% 1.26% 1.16%
Return on Common Equity
10.82% 11.41% 12.57% 15.74% 12.44%

(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,
2022 2021 2021 2021 2021
(Amounts in thousands, except per share data)
Cash and due from banks
$13,413 $10,846 $16,536 $16,418 $15,108
Interest-bearing deposits in banks and other
42,103 57,882 104,722 140,073 50,199
Securities
484,420 506,894 472,472 448,072 379,187
Net loans/leases
716,456 698,877 658,323 666,738 700,399
Goodwill and core deposit intangible
11,536 11,628 11,723 11,819 11,914
Other assets
62,715 55,428 54,218 53,629 50,826
Total assets
$1,330,643 $1,341,555 $1,317,994 $1,336,749 $1,207,633

Deposits
$1,199,627 $1,197,041 $1,169,085 $1,188,997 $1,068,197
Subordinated debentures
19,812 20,155 20,155 20,155 5,155
Senior secured term note
10,889 11,278 11,667 12,056 12,445
Borrowings
5,000 5,000 5,000 5,000 4,000
Other liabilities
7,414 6,985 11,585 11,131 7,138
Stockholders' equity
87,901 101,096 100,502 99,410 110,698
Total liabilities and stockholders' equity
$1,330,643 $1,341,555 $1,317,994 $1,336,749 $1,207,633
ASSET QUALITY DATA
(Amounts in thousands)
March 31, December 31, September 30, June 30, March 31,
2022 2021 2021 2021 2021
Non-accrual loans
$4,983 $5,430 $7,827 $8,228 $6,361
Accruing loans past due 90 days or more
- - - - -
Troubled debt restructures - accruing
1,802 1,843 1,975 1,958 1,996
Total nonperforming loans
$6,785 $7,273 $9,802 $10,186 $8,357
Other real estate owned
75 24 - - -
Total nonperforming assets
$6,860 $7,297 $9,802 $10,186 $8,357
Total loans
$727,451 $710,002 $669,547 $677,967 $711,515
Allowance for loan losses
10,995 11,125 11,224 11,229 11,116
Loans, less allowance for loan losses
$716,456 $698,877 $658,323 $666,738 $700,399
Nonperforming Assets to total Assets
0.52% 0.54% 0.74% 0.76% 0.69%
Nonperforming loans to total loans
0.93% 1.02% 1.46% 1.50% 1.17%
Allowance for loan losses to total loans
1.51% 1.57% 1.68% 1.66% 1.56%
Allowance for loan losses to nonperforming loans
162.0% 153.0% 114.5% 110.2% 133.0%
For the Quarter Ended

March 31, December 31, September 30, June 30, March 31,
ROLLFORWARD OF ALLOWANCE
2022 2021 2021 2021 2021
Beginning Balance
$11,125 $11,224 $11,229 $11,116 $10,764
Provision
- - - - 500
Loans charged off
214 181 103 61 582
Loan recoveries
84 82 98 174 434
Net charge-offs
130 99 5 (113) 148
Ending Balance
$10,995 $11,125 $11,224 $11,229 $11,116

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, 2022 December 31, 2021 March 31, 2021
Average
Average Average
Average Average
Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
Interest Earning Assets:









Interest-bearing deposits and other
$48,261 $24 0.20% $61,530 $33 0.21% $74,108 $41 0.22%
Investment securities:
Taxable investment securities
448,643 2,068 1.87% 447,836 1,960 1.74% 320,740 1,721 2.18%
Tax-exempt investment securities
53,820 365 3.50% 52,749 369 3.57% 52,122 384 3.83%
Total Investment securities
502,463 2,433 2.04% 500,585 2,329 1.93% 372,862 2,105 2.41%
Loans
714,666 7,808 4.43% 674,818 7,876 4.63% 685,654 8,155 4.82%
Total Earning Assets
$1,265,390 $10,265 3.32% $1,236,933 $10,238 3.32% $1,132,624 $10,301 3.73%
Allowance for loan losses
(11,136) (11,192) (11,075)
Cash and due from banks
14,956 16,557 16,052
Other assets
65,912 62,310 58,706
Total Assets
$1,335,122 $1,304,608 $1,196,307
Interest Bearing Liabilities:
Interest bearing checking accounts
$313,986 $139 0.18% $308,166 $116 0.15% $284,527 $161 0.23%
Savings and money market deposits
423,755 68 0.06% 423,311 77 0.07% 356,615 84 0.10%
Time deposits
77,755 115 0.60% 78,625 126 0.64% 81,807 170 0.84%
Total interest bearing deposits
815,496 322 0.16% 810,102 319 0.16% 722,949 415 0.23%
Subordinated debentures and notes
20,037 195 3.94% 20,155 196 3.85% 5,155 41 3.23%
Borrowings
16,071 91 2.29% 16,306 98 2.40% 26,369 127 1.96%
Total Interest-Bearing Liabilities
$851,604 $608 0.29% $846,563 $613 0.29% $754,473 $583 0.31%
Interest Rate Spread
3.03% 3.03% 3.42%
Noninterest checking accounts
378,414 349,482 322,667
Other liabilities
6,899 7,342 7,373
Total liabilities
1,236,917 1,203,387 1,084,513
Total Stockholders' equity
98,205 101,221 111,794
Total Liabilities and
Stockholders' Equity
$1,335,122 $1,304,608 $1,196,307
Net Interest Income/Margin
$9,657 3.13% $9,625 3.12% $9,718 3.52%

(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.

SOURCE: Blackhawk Bancorp, Inc.



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