a black hawk
(PublicWire) — Blackhawk Bancorp Inc. said Thursday that its fourth-quarter earnings increased 50 percent to $582,000, or 19 cents a share, largely because of net interest margin improvement and higher levels of noninterest income.
Earnings for the Beloit-based bank compares with net income of $388,000, or 18 cents per share, for the same quarter a year ago.
For the year, the parent of Blackhawk Bank said net income declined 23 percent to $2 million, or 67 cents per share, compared with $2.6 million, or $1.17 per share, the year before. The decrease in earnings was primarily the result of an increase in loan loss provision and higher operating expenses, such as FDIC insurance premiums. The expense increases were substantially offset by improvements in net interest margin and other income.
The loan loss provision we recorded in 2009 was substantially more than our actual losses charged-off, which allows us to go into 2010 with much stronger reserves,” said Blackhawk president and CEO Rick Bastian.
Blackhawk‘s total assets increased to $523.3 million as of Dec. 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, Blackhawk said.
Blackhawk Bank (OTCBB: BHWB) operates eight banking centers in south-central Wisconsin and north-central Illinois.