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Blackhawk Bancorp Earns $2.89 Million in First Quarter 2023

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Blackhawk Bancorp (OTCQX:BHWB) reported a net income of $2.89 million for Q1 2023, marking a 29% decline from the previous quarter but a 10% increase from Q1 2022. Diluted earnings per share decreased by 29% to $1.00 compared to the last quarter. The company experienced a 3% decline in net interest income from the previous quarter, totaling $11.67 million, but a 21% year-over-year increase. Total deposits fell by $51.4 million to $1.15 billion, while loan growth remained robust at double digits year-over-year. The announced merger with First Mid Bancshares, expected to close in H2 2023, is poised to enhance the company’s market position. The tangible book value per share rose to $24.02 from $22.60 at the end of 2022.

Positive
  • Net income for Q1 2023 was $2.89 million, up 10% from Q1 2022.
  • Achieved double-digit loan growth year-over-year.
  • Merger with First Mid Bancshares expected to enhance market presence.
  • Tangible book value per share increased to $24.02.
Negative
  • Net income decreased by 29% from the previous quarter.
  • Diluted EPS fell by $0.41, or 29%, compared to Q4 2022.
  • Total deposits contracted by $51.4 million from the end of 2022.
  • Noninterest income decreased by $733,000 compared to Q1 2022.

BELOIT, WI / ACCESSWIRE / April 21, 2023 / Blackhawk Bancorp, Inc. (OTCQX:BHWB), (the "Company") parent company of Blackhawk Bank (the "Bank"), today reported net income of $2.89 million for the quarter ended March 31, 2023, a 29% decrease from the $4.05 million earned in the preceding quarter, and a 10% increase compared to the $2.62 million earned during the first quarter of 2022. Diluted Earnings per Share (EPS) for the current quarter was $1.00, a decrease of $0.41, or 29%, compared to the preceding quarter and a $0.08, or 9%, increase compared to the first quarter a year ago. The first quarter of 2023 results produced a Return on Average Equity (ROAE) of 15.09% and a Return on Average Assets (ROAA) of 0.87%.

Results for the first quarter of 2023 included $226,000 (after-tax) of expenses related to the pending merger with First Mid Bancshares, Inc. (NASDAQ: FMBH) ("First Mid"). Excluding these expenses, the 2023 first-quarter net income would have been $3.12 million, a $932,000, or 23%, decrease compared to the linked quarter ending December 31, 2022, and a $501,000, or 19%, increase over the first quarter of last year.

The increase in net income for the first quarter of 2023, compared to the first quarter of the prior year, includes a $2.01 million increase in net interest income, which was offset by a $415,000 increase in provision for loan losses, and a $906,000 decrease in income from the sale and servicing of mortgage loans.

"We finished the first quarter of 2023 strong, despite a volatile banking market and challenging interest rate environment," said Todd James, Chairman and CEO. "While quarterly loan growth has moderated from the robust levels we achieved during the last few quarters, we generated double digit loan growth year-over-year, while maintaining excellent asset quality. With a stable loan pipeline, strong capital position and ample available liquidity, we are well positioned for continued loan growth."

"Another highlight of the first quarter was our announced merger with First Mid. We look forward to our customers joining First Mid, which has a strong tradition of providing excellent banking resources and quality customer service s throughout the markets they serve," said James.

On March 21, 2023, the Company entered into an agreement to merge with First Mid Bancshares, Inc. in a 100% stock transaction. The transaction has been unanimously approved by each company's board of directors and is expected to close in the second half of 2023, subject to regulatory approvals, the approval of Blackhawk's stockholders and the satisfaction of customary closing conditions.

First Quarter 2023 Financial Highlights (at or for the three months ended March 31, 2023)

  • Net income of $2.89 million, or $1.00 per diluted share, compared to $2.62 million, or $0.92 per diluted share, in the first quarter of 2022.
  • Net interest margin of 3.77%, compared to 3.82% in the preceding quarter and 3.13% in the first quarter a year ago.
  • Annualized return on average assets was 0.87%, compared to 0.80% in the first quarter of 2022.
  • Annualized return on average equity was 15.09%, compared to 10.82% in the first quarter a year ago.
  • Excluding Paycheck Protection Program (PPP) loans, average loans held for investment increased $87.7 million, or 12.6% to $785.5 million at March 31, 2023, compared to $697.8 million for the first quarter of last year.
  • Total deposits contracted by $51.4 million to $1.15 billion at March 31, 2023 compared to $1.20 billion at the end of 2022.
  • Allowance Credit Losses to total loans was 1.46% at quarter end, compared to 1.11% at the end of 2022. The increase includes a $2.64 million adjustment due to the adoption of CECL (Current Expected Credit Losses) accounting standard at the beginning of 2023. The initial adoption resulted in a $1.90 million reduction to retained earnings.
  • Nonperforming assets to total assets of 0.34% at March 31, 2023 compared to 0.52% a year ago.
  • On March 17, 2023, paid a quarterly cash dividend of $0.12 per share, marking the 35th consecutive quarterly cash dividend paid.

Net Interest Income

Net interest income totaled $11.67 million for the first quarter of 2023, which was a decrease of $404,000, or 3%, compared to the fourth quarter of 2022, and an increase of $2.01 million, or 21%, compared to the first quarter of the prior year. The increase over the first quarter of the prior year is net of a $539,000 reduction in PPP fees. No PPP fee income was recognized in the current or linked quarter and all PPP fee income has been recognized.

The Company's net interest margin was 3.77% for the first quarter of 2023, compared to 3.82% for the quarter ended December 31, 2022, and 3.13% for the first quarter of 2022. The tax-equivalent yield on earning assets increased to 4.70% for the first quarter of 2023, compared to 4.44% for the fourth quarter of 2022, and 3.32% for the first quarter of 2022. Total cost of deposits increased to 0.77% for the quarter ended March 31, 2023 compared to 0.50% and 0.11% for the quarters ended December 31, 2022 and March 31, 2022, respectively.

"Our business model is inherently hedged against some of the impacts from changing interest rates, with mortgage banking revenue and net interest margin growth moving in opposite directions as interest rates change," James said. "Our net interest margin improved year-over-year as deposit cost increases lagged asset repricing throughout 2022, and as expected, deposit costs have caught up somewhat in the first quarter."

Excluding PPP loans, average total loans increased by $5.9 million, or less than one percent, to $785.5 million for the first quarter of 2023, compared to $779.7 million for the fourth quarter of 2022 and increased $87.7 million, or 13%, compared to $697.8 million for the first quarter of 2022. Average total deposits for the first quarter of 2023 increased by $10.28 million to $1.20 billion compared to $1.19 billion in the first quarter of 2022.

Provision for Loan Losses and Asset Quality

The Company adopted CECL as of January 1, 2023, and recorded an increase of $2.64 million to the allowance for credit losses. The Company recorded a provision for loan losses of $415,000 for the quarter ended March 31, 2023 compared to $450,000 for the fourth quarter of 2022 and no provision in the first quarter of last year.

Total nonperforming assets, which include troubled debt restructures performing in accordance with their modified terms, equaled $4.4 million as of March 31, 2023, as compared to $4.7 million as of December 31, 2022, and $6.9 million at March 31, 2022. At March 31, 2023, the ratio of nonperforming loans to total loans equaled 0.56%, as compared to 0.60% at December 31, 2022, and 0.93% at March 31, 2022.

The allowance for credit losses to total loans was 1.46% as of March 31, 2023, compared to 1.11% at December 31, 2022, and 1.51% as of March 31, 2022. The allowance for credit losses to nonperforming loans increased to 262.9% as of March 31, 2023, compared to 185.1% at December 31, 2022, and 162.0% at March 31, 2022.

Noninterest Income and Operating Expenses

Noninterest income for the quarter ended March 31, 2023, totaled $3.19 million, a $229,000 decrease compared to $3.41 million the prior quarter and a $733,000 decrease from the $3.92 million recorded in the first quarter of 2022. The decline in noninterest income compared to the first quarter of 2022 includes a $906,000 decrease in revenue from the sale and servicing of mortgage loans.

Operating expenses for the quarter ended March 31, 2023, totaled $10.65 million, an increase of $442,000, or 4%, compared to the fourth quarter of2022, and an increase of $475,000, or 5%, compared to the first quarter of 2022. The increase compared to the linked quarter and first quarter of 2022 includes $314,000 of merger related costs.

Capital

Tangible book value per share was $24.02 at March 31, 2023, compared to $22.60 at December 31, 2022 and $26.58 at March 31, 2022. In addition to net income retained, the increase in tangible book value per share during the current quarter included a $3.84 million increase in accumulated other comprehensive income ("AOCI") due to a decrease in the unrealized loss on available for sale securities. The increase in AOCI was partially offset by the adoption of CECL, which resulted in a $1.9 million decrease in total shareholder equity. Excluding AOCI, tangible book value per share was $35.00 at March 31, 2023, a decrease of $0.03 compared to December 31, 2022 and an increase of $3.73 compared to March 31, 2022.

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.

Blackhawk Bancorp, Inc.

Todd J. James, Chairman & CEOMatthew McDonnell, SVP & CFO
tjames@blackhawkbank.commmcdonnell@blackhawkbank.com

Phone: (608) 364-8911

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2023 AND DECEMBER 31, 2022

(UNAUDITED)



March 31, December 31,
Assets
2023 2022
(Dollars in thousands, except
share and per share data)
Cash and due from banks
$14,383 $16,686
Interest-bearing deposits in banks and other institutions
5,054 6,071
Total cash and cash equivalents
19,437 22,757
Certificates of deposit in banks and other institutions
1,136 1,463
Equity securities at fair value
3,535 3,455
Securities available-for-sale
428,487 443,772
Loans held for sale
2,353 2,190
Federal Home Loan Bank stock, at cost
3,316 1,705
Loans, less allowance for loan losses of $11,469 and $8,714
at March 31, 2023 and December 31, 2022, respectively
770,064 771,468
Premises and equipment, net
16,926 17,192
Goodwill and core deposit intangible
11,206 11,286
Mortgage servicing rights
3,847 3,985
Cash surrender value of bank-owned life insurance
11,850 11,761
Other assets
29,823 30,764
Total assets
$1,301,980 $1,321,798
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Noninterest-bearing
$272,389 $352,647
Interest-bearing
875,886 838,469
Total deposits
1,148,275 1,191,116
Subordinated debentures and notes, net of issuance costs
19,871 19,856
Senior secured term note
9,333 9,722
Other borrowings
34,500 18,000
Other liabilities
9,239 7,043
Total liabilities
1,221,218 1,245,737

Stockholders' equity

Common stock, $0.01 par value, 10,000,000 shares authorized;

3,536,837 and 3,507,220 shares issued as of March 31, 2023 and

December 31, 2022, respectively
35 35
Additional paid-in capital
36,926 36,694
Retained earnings
94,886 94,243

Treasury stock, 641,032 and 640,594 shares at cost as of March 31, 2023

and December 31, 2022, respectively
(19,289) (19,276)
Accumulated other comprehensive income (loss)
(31,796) (35,635)
Total stockholders' equity
80,762 76,061
Total liabilities and stockholders' equity
$1,301,980 $1,321,798

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES



CONSOLIDATED STATEMENTS OF INCOME



(UNAUDITED)
For the Quarter Ended

March 31, December 31, September 30, June 30, March 31,

2023 2022 2022 2022 2022

(Dollars in thousands, except per share data)
Interest Income:





Interest and fees on loans
$10,237 $10,115 $9,306 $8,366 $7,808
Interest on available-for-sale securities:
Taxable
3,619 3,284 2,913 2,364 2,068
Tax-exempt
299 379 372 369 365
Interest on deposits in other financial institutions
405 246 184 72 24
Total interest income
14,560 14,024 12,775 11,171 10,265
Interest Expense:
Interest on deposits
2,323 1,555 815 375 322
Interest on subordinated debentures
231 219 196 186 195
Interest on senior secured term note
135 120 89 45 91
Interest on other borrowings
204 59 32 24 -
Total interest expense
2,893 1,953 1,132 630 608
Net interest income before provision for loan losses
11,667 12,071 11,643 10,541 9,657
Provision for loan losses
415 450 100 (1,500 -
Net interest income after provision for loan losses
11,252 11,621 11,543 12,041 9,657

Noninterest Income:
Service charges on deposits accounts
982 1,029 1,023 968 913
Net gain on sale of loans
465 551 868 1,063 1,146
Net loan servicing income
177 195 203 209 402
Debit card interchange fees
1,029 1,141 1,177 1,165 1,079
Net gains (losses) on sales of securities available-for-sale
(50) 20 - (20) -
Net other gains (losses)
3 - - 11 (4)
Increase in cash surrender value of bank-owned life insurance
90 79 78 77 86
Other
489 399 392 347 296
Total noninterest income
3,185 3,414 3,741 3,820 3,918

Noninterest Expenses:
Salaries and employee benefits
6,205 5,963 6,422 6,066 6,222
Occupancy and equipment
1,174 1,083 1,176 1,132 1,212
Data processing
785 724 705 681 708
Debit card processing and issuance
565 596 661 528 513
Advertising and marketing
107 81 138 140 108
Amortization of intangibles
80 84 88 88 96
Professional fees
587 439 417 392 389
Office Supplies
103 125 96 97 86
Telephone
129 133 136 146 140
Other
911 976 852 1,984 697
Total noninterest expenses
10,646 10,204 10,691 11,254 10,171
Income before income taxes
3,791 4,831 4,593 4,607 3,404
Provision for income taxes
898 779 1,107 1,129 785
Net income
$2,893 $4,052 $3,486 $3,478 $2,619

Key Ratios

Basic Earnings Per Common Share
$1.00 $1.41 $1.21 $1.21 $0.92
Diluted Earnings Per Common Share
1.00 1.41 1.21 1.21 0.92
Dividends Per Common Share
0.12 0.12 0.12 0.12 0.12

Book Value Per Common Share
27.89 26.53 24.97 27.89 30.59
Tangible Book Value Per Share
24.02 22.60 21.01 23.91 26.58
Tangible Book Value Excluding AOCI Per Share
35.00 35.03 33.62 32.42 31.27
Number of Shares Outstanding
2,895,805 2,866,626 2,870,754 2,875,430 2,873,528
Average Number of Shares Outstanding
2,880,666 2,867,915 2,872,232 2,874,254 2,864,082

Net Interest Margin (1)
3.77% 3.82% 3.63% 3.31% 3.13%
Efficiency Ratio (1)(2)(3)
71.09% 65.54% 69.04% 68.96% 74.35%
Return on Assets
0.87% 1.19% 1.02% 1.02% 0.80%
Return on Common Equity
15.09% 22.31% 16.73% 16.75% 10.82%

(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,

2023 2022 2022 2022 2022
(Amounts in thousands, except per share data)
Cash and due from banks
$14,383 $16,686 $18,618 $15,682 $13,413
Interest-bearing deposits in banks and other
6,190 7,534 60,116 12,990 42,103
Securities
432,022 447,227 452,198 472,977 484,420
Net loans/leases
772,417 773,658 770,279 765,979 716,456
Goodwill and core deposit intangible
11,206 11,286 11,369 11,453 11,536
Other assets
65,762 65,407 67,801 63,109 62,715
Total assets
$1,301,980 $1,321,798 $1,380,381 $1,342,190 $1,330,643

Deposits
$1,148,275 $1,191,116 $1,263,183 $1,220,667 $1,199,627
Subordinated debentures
19,871 19,856 19,841 19,827 19,812
Senior secured term note
9,333 9,722 10,111 10,500 10,889
Borrowings
34,500 18,000 5,000 5,000 5,000
Other liabilities
9,239 7,043 10,568 5,998 7,414
Stockholders' equity
80,762 76,061 71,678 80,198 87,901
Total liabilities and stockholders' equity
$1,301,980 $1,321,798 $1,380,381 $1,342,190 $1,330,643


ASSET QUALITY DATA
(Amounts in thousands)
March 31, December 31, September 30, June 30, March 31,

2023 2022 2022 2022 2022

Non-accrual loans
$2,721 $3,036 $3,254 $4,125 $4,983
Accruing loans past due 90 days or more
36 - - - -
Troubled debt restructures - accruing
1,606 1,671 1,720 1,910 1,802
Total nonperforming loans
$4,363 $4,707 $4,974 $6,035 $6,785
Other real estate owned
- 17 - - 75
Total nonperforming assets
$4,363 $4,724 $4,974 $6,035 $6,860

Total loans
$783,886 $782,372 $779,181 $775,474 $727,451
Allowance for loan losses
11,469 8,714 8,902 9,495 10,995
Loans, less allowance for loan losses
$772,417 $773,658 $770,279 $765,979 $716,456
Nonperforming Assets to total Assets
0.34% 0.36% 0.36% 0.45% 0.52%
Nonperforming loans to total loans
0.56% 0.60% 0.64% 0.78% 0.93%
Allowance for loan losses to total loans
1.46% 1.11% 1.14% 1.22% 1.51%
Allowance for loan losses to nonperforming loans
262.9% 185.1% 179.0% 157.3% 162.0


For the Quarter Ended
March 31, December 31, September 30, June 30, March 31,
ROLLFORWARD OF ALLOWANCE
2023 2022 2022 2022 2022

Beginning Balance
$8,714 $8,902 $9,495 $10,995 $11,125
CECL adoption
2,408 - - - -
Provision
415 450 100 (1,500) -
Loans charged off
135 679 758 95 214
Loan recoveries
67 41 65 95 84
Net charge-offs
68 638 693 - 130
Ending Balance
$11,469 $8,714 $8,902 $9,495 $10,995

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF INCOME


(UNAUDITED)
Three months ended March 31,

2023 2022
(Amounts in thousands, except per share data)
Interest Income:
Interest and fees on loans
$10,237 $7,808

Interest and dividends on available-for-sale securities:

Taxable
3,619 2,068
Tax-exempt
299 365
Interest on deposits in other financial institutions
405 24
Total interest income
14,560 10,265
Interest Expense:
Interest on deposits
2,323 322
Interest on subordinated debentures
231 195
Interest on senior secured term note
135 91
Interest on other borrowings
204 -
Total interest expense
2,893 608
Net interest income before provision for loan losses
11,667 9,657
Provision for loan losses
415 -
Net interest income after provision for loan losses
11,252 9,657

Noninterest Income:
Service charges on deposits accounts
982 913
Net gain on sale of loans
465 1,146
Net loan servicing income
177 402
Debit card interchange fees
1,029 1,079
Net gains on sales of securities available-for-sale
(50) -
Net other gains (losses)
3 (4)
Increase in cash surrender value of bank-owned life insurance
90 86
Change in value of equity securities
49 (64)
Other
440 360
Total noninterest income
3,185 3,918

Noninterest Expenses:
Salaries and employee benefits
6,205 6,222
Occupancy and equipment
1,174 1,212
Data processing
785 708
Debit card processing and issuance
565 513
Advertising and marketing
107 108
Amortization of core deposit intangible
80 96
Professional fees
587 389
Office Supplies
103 86
Telephone
129 140
Other
911 697
Total noninterest expenses
10,646 10,171
Income before income taxes
3,791 3,404
Provision for income taxes
898 785
Net income
$2,893 $2,619

Key Ratios

Basic Earnings Per Common Share
$1.00 $0.92
Diluted Earnings Per Common Share
1.00 0.92
Dividends Per Common Share
0.12 0.12

Net Interest Margin (1)
3.77% 3.13%
Efficiency Ratio (1)(2)
71.09% 74.35%
Return on Assets
0.87% 0.80%
Return on Common Equity
15.09% 10.82%

(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
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, 2023 December 31, 2022 March 31, 2022

Average
Average Average
Average Average
Average

Balance Interest Rate Balance Interest Rate Balance Interest Rate
Interest Earning Assets:









Interest-bearing deposits and other
$37,127 $405 4.42% $29,253 $246 3.34% $48,261 $24 0.20%
Investment securities:
Taxable investment securities
394,967 3,619 3.72% 393,291 3,284 3.31% 448,643 2,068 1.87%
Tax-exempt investment securities
44,379 299 3.42% 54,914 379 3.49% 53,820 365 3.50%
Total Investment securities
439,346 3,918 3.69% 448,205 3,663 3.33% 502,463 2,433 2.04%
Loans
786,195 10,237 5.28% 786,108 10,115 5.11% 714,666 7,808 4.43%

Total Earning Assets
$1,262,668 $14,560 4.70% $1,263,566 $14,024 4.44% $1,265,390 $10,265 3.32%
Allowance for loan losses
(11,295) (8,819) (11,136)
Cash and due from banks
15,389 15,834 14,956
Other assets
74,551 76,693 65,912

Total Assets
$1,341,313 $1,347,274 $1,335,122

Interest Bearing Liabilities:
Interest bearing checking accounts
$451,741 $1,388 1.25% $367,443 $982 1.06% $313,986 $139 0.18%
Savings and money market deposits
371,722 461 0.50% 401,432 320 0.32% 423,755 68 0.06%
Time deposits
96,298 474 2.00% 84,817 253 1.18% 77,755 115 0.60%
Total interest bearing deposits
919,761 2,323 1.02% 853,692 1,555 0.72% 815,496 322 0.16%
Subordinated debentures and notes
19,863 231 4.71% 19,849 219 4.37% 20,037 195 3.94%
Borrowings
31,465 339 4.37% 17,962 179 3.95% 16,071 91 2.29%

Total Interest-Bearing Liabilities
$971,089 $2,893 1.21% $891,503 $1,953 0.87% $851,604 $608 0.29%

Interest Rate Spread
3.49% 3.57% 3.03%

Noninterest checking accounts
284,430 375,569 378,414
Other liabilities
8,046 8,151 6,899
Total liabilities
1,263,565 1,275,223 1,236,917
Total Stockholders' equity
77,748 72,051 98,205
Total Liabilities and
Stockholders' Equity
$1,341,313 $1,347,274 $1,335,122

Net Interest Income/Margin
$11,667 3.77% $12,071 3.82% $9,657 3.13%

(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.



View source version on accesswire.com:
https://www.accesswire.com/750501/Blackhawk-Bancorp-Earns-289-Million-in-First-Quarter-2023

FAQ

What was Blackhawk Bancorp's net income for Q1 2023?

Blackhawk Bancorp reported a net income of $2.89 million for Q1 2023.

How much did diluted earnings per share decrease in Q1 2023?

Diluted earnings per share decreased by 29% to $1.00 in Q1 2023.

What is the impact of the merger with First Mid Bancshares on BHWB?

The merger with First Mid Bancshares, expected to close in H2 2023, is anticipated to enhance BHWB's market position.

What was the change in total deposits for Blackhawk Bancorp?

Total deposits decreased by $51.4 million to $1.15 billion as of March 31, 2023.

BLACKHAWK BANCORP INC

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96.57M
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Banks—Regional
Financial Services
Link
United States
Beloit