Blackhawk Bancorp Announces 2017 Third Quarter Earnings

BELOIT, Wis., Oct. 17, 2017 /PRNewswire/ -- Blackhawk Bancorp, Inc. BHWB today announced net income of $1.93 million for the quarter ended September 30, 2017, a $187 thousand, or 11%, increase over the $1.75 million earned in the quarter ended June 30, 2017 and an $876 thousand, or 83%, increase over the $1.06 million earned in the third quarter of 2016.  Diluted earnings per share (EPS) for the quarter ended September 30, 2017 was $0.59, 11% and 28% increases over the $0.53 and $0.46 EPS for the quarters ended June 30, 2017 and September 30, 2016, respectively. 

For the nine months ended September 30, 2017, the company reported net income of $4.83 million, a $247 thousand, or 5%, increase compared to the $4.58 million reported for the first nine months of 2016.  Diluted EPS for the nine months ended September 30, 2017 was $1.60, a 19% decrease compared to $1.98 for the first three quarters of 2016.   The prior year results include a $1.78 million (after-tax), or $0.78 per share, non-recurring recovery.        

"Our financial performance this year has exceeded our own expectations," said Rick Bastian, the company's Chairman and Chief Executive Officer.  "Excluding the non-recurring recovery realized in 2016, net income for the first nine months of 2017 is up by 72% and EPS is up 33% over the first three quarters of last year.  We're proud to have achieved the growth and performance improvements to more than offset the potential EPS dilution of the capital raise we completed earlier in the year," he added.    

Total loans grew by $52.9 million, or 13%, during the first nine months of the year to $465.4 compared to $412.4 million at the end of 2016.  Total deposits have grown by $34.2 million, or 6%, to $606.5 million during the first nine months of 2017 compared to $572.4 million at December 31, 2016.

The following table summarizes the net income and the high-level performance measures for the last five quarters:


Quarter Ended

(dollars in thousands)

Sep 30,

2017

Jun 30,

2017

Mar 31,

2017

Dec 31,

2016

Sep 30,
2016

Net income

1,932

$1,745

$1,151

$1,397

$1,056

Diluted EPS

$0.59

$0.53

$0.46

$0.61

$0.46

ROAA

1.09%

1.01%

.70%

.83%

.67%

ROAE

10.01%

9.39%

8.49%

10.87%

8.25%

Net interest margin (1)

3.77%

3.68%

3.55%

3.42%

3.40%

Efficiency ratio (1) (2)

65.8%

66.2%

74.7%

68.5%

75.1%



(1) Net interest margin and efficiency ratio are calculated on a tax-equivalent basis

(2) Efficiency ratio is calculated excluding net securities gains (losses) and other gains (losses)

"The more dramatic improvement in net income and Return on Average Assets (ROAA) compared to the increases in diluted EPS and Return on Average Equity (ROAE) reflects the impact of the capital raise that was completed in March of this year," explained Todd James, the company's Chief Financial Officer.  "The added capital helped improve ROAA and other metrics such as the net interest margin and efficiency ratio, plus it gives the company more flexibility in pursuing organic growth and other strategic opportunities," he added.  

Net Interest Income

Net interest income totaled $5.97 million for the quarter ended September 30, 2017, increasing by $312 thousand, or 5%, compared to $5.66 million for the quarter ended June 30,2017 and by $750 thousand, or 14%, compared to $5.22 million for the quarter ended September 30, 2016.  The net interest margin for the quarter ended September 30, 2017 was 3.77%, a nine basis point increase compared to the net interest margin of 3.68% for the quarter ended June 30, 2017 and a thirty-seven basis point increase over the 3.40% net interest margin for the third quarter of last year. 

The growth in net interest income and the improvement in the net interest margin for the third quarter compared to the most recent quarter ended June 30, 2017 reflects a $26.0 million increase in average total loans.  The loan growth was funded by an $8.5 million increase in average total deposits, a $1.6 million increase in average borrowings and a $13.6 million reduction in average investment securities and cash equivalents.  Average total loans for the quarter increased by $41.2 million, or 10%, compared to the third quarter of last year.  The loan growth was funded by an 8.3 million, or 1%, increase in total deposits, a $19.8 million decrease in cash equivalents and by a $25.6 million increase in average common equity compared to the third quarter of 2016.           

Net interest income for the nine months ended September 30, 2017 was $16.83 million, a $1.57 million, or 10%, increase over the first nine months of 2016.  The year-to-date net interest margin was 3.66%, a twenty-six basis point increase over the 3.40% net interest margin for the first three quarters of 2016.  

Total average earning assets for the nine months ended September 30, 2017 increased by $18.7 million, or 3%, to $637.5 million compared to $618.9 million the first nine months of 2016. Average total loans increased by $27.2 million, or 7%, to $429.6 million compared to $402.3 for the first nine months of 2016.   Total average deposits for the first three quarters of 2017 increased by $7.5 million, or 1% compared to the first nine months of 2016.  In addition to the growth in loans and deposits, the improvement in the year-to-date net interest income and net interest margin, compared to the first three quarters of last year, reflects a $30.9 million reduction in cash equivalent investments, which funded part of the loan growth and a $22.3 million increase in average investment securities.

Provision for Loan Losses and Credit Quality

The provision for loan losses for the quarter ended September 30, 2017 totaled $360 thousand, compared to $360 thousand for quarter ended June 30, 2017 and $435 thousand for the third quarter of 2016.  The provision for loan losses for the nine months ended September 30, 2017 totaled $1.08 million compared to $1.41 million the first nine months of 2016.  Loan charge-offs, net of recoveries, were $309 thousand for the first nine months of 2017 compared to $856 thousand for the first three quarters of 2016.    

Total nonperforming assets, which includes troubled debt restructures that are performing in accordance with their modified terms, equaled $11.08 million as of September 30, 2017 compared to $11.92 million as of December 31,2016.   At September 30, 2017, the ratio of nonperforming assets to total assets equaled 1.60% compared to 1.64% at June 30, 2017, 1.79% at December 31, 2016 and 1.81% at September 30, 2016.  The ratio of the allowance for loan losses to total loans was 1.26% at September 30, 2017 compared to 1.23% at December 31, 2016 and 1.31% at September 30, 2016.         

Non-Interest Income and Operating Expenses

Non-interest income for the quarter ended September 30, 2017 totaled $2.78 million, a $228 thousand, or 9%, increase compared to $2.55 million for the quarter ended June 30, 2017 and a $192 thousand increase over $2.59 million for the third quarter of 2016.

Non-interest income for the nine months ended September 30, 2017 was $7.53 million, a $2.38 million decrease compared to $9.90 million for the first nine months of 2016.  Excluding the non-recurring fraud recovery realized in the prior year, non-interest income for the first nine months of 2017 increased $546 thousand, or 8%, over the first three quarters of 2016.   

Operating expenses for the quarter ended September 30, 2017 totaled $5.84 million, increasing $244 thousand compared to the quarter ended June 30, 2017, but decreasing by $180 thousand compared to the third quarter of 2016.   Operating expenses for the nine months ended September 30, 2017 totaled $17.12 million, decreasing by $114,000, or less than 1%, compared to $17.23 million for the first three quarters of 2016.      

Capital

On March 14, 2017, the company netted $21.7 million in a capital raise that substantially improved the consolidated regulatory capital ratios.  As of September 30, 2017, the company's tier 1 leverage and total risk based capital ratios were 10.88% and 14.99%, compared to 7.47% and 12.39%, respectively, at December 31, 2016.

Outlook

Blackhawk expects to grow by pursuing creditworthy and profitable business and consumer relationships in its Wisconsin and Illinois markets, emphasizing the value of its personal attention and service that remains unmatched by larger competitors.  Growth, combined with ongoing strengthening of the company's credit quality, is expected to lead to improved earnings.  Growth and earnings could however be tempered by 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 in south central Wisconsin and north central Illinois, along the I-90 corridor from Belvidere, Illinois to Janesville, 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 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 is available on the company's website at www.blackhawkbank.com.

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES




CONSOLIDATED BALANCE SHEETS




SEPTEMBER 30, 2017 AND DECEMBER 31, 2016




(UNAUDITED)





September 30,


December 31,

Assets

2017


2016


(Amounts in thousands, except


share and per share data)

Cash and due from banks

$             16,633


$            16,402

Interest-bearing deposits in banks and other

7,415


7,640

          Total cash and cash equivalents

24,048


24,042

Securities available-for-sale

177,702


191,815

Loans held for sale

1,153


1,053

Federal Home Loan Bank stock, at cost

534


1,086

Loans, less allowance for loan losses of $5,864 and $5,093




    at September 30, 2017 and December 31, 2016, respectively

459,531


407,331

Premises and equipment, net 

10,425


8,242

Goodwill

5,037


5,037

Mortgage Servicing rights

2,420


2,189

Cash surrender value of bank-owned life insurance

10,438


10,208

Other assets 

13,348


14,725

     Total assets

$           704,636


$         665,728





Liabilities and Stockholders' Equity








Liabilities




   Deposits:




     Noninterest-bearing

$           120,895


$         117,785

     Interest-bearing 

485,644


454,581

          Total deposits

606,539


572,366

Subordinated debentures and notes (including $1,031 at fair value at




  September 30, 2017 and December 31, 2016)

5,155


11,255

Senior secured term note

-


7,500

Other borrowings

11,858


21,200

Other liabilities

3,815


3,857

          Total liabilities

627,367


616,178





Stockholders' equity




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




   3,347,552 and 2,376,750 shares issued as of September 30, 2017 and




    December 31, 2016, respectively

34


24

  Additional paid-in capital

32,741


10,664

  Retained earnings 

44,206


39,990

  Treasury stock, 95,065 and 90,844 shares at cost as of September 30, 2017




    and December 31, 2016, respectively

(1,124)


(1,020)

  Accumulated other comprehensive income (loss)

1,412


(108)

     Total stockholders' equity

77,269


49,550

     Total liabilities and stockholders' equity

$           704,636


$         665,728

 

CONSOLIDATED STATEMENTS OF INCOME






(UNAUDITED)

For the Quarter Ended


September 30,

June 30,

March 31,

December 31,

September 30,


2017

2017

2017

2016

2016


(Amounts in thousands, except per share data)

Interest Income:






     Interest and fees on loans

$                5,357

$      4,980

$      4,688

$              4,749

$                4,786

     Interest on available-for-sale securities:






          Taxable

806

802

764

758

742

          Tax-exempt

384

389

371

315

300

     Interest on interest-bearing deposits and other

44

45

14

34

64

          Total interest income

6,591

6,216

5,837

5,856

5,892

Interest Expense:






     Interest on deposits

527

438

401

416

423

     Interest on subordinated debentures and notes

47

85

162

161

159

     Interest on senior secured term note

-

-

67

83

84

     Interest on other borrowings

44

32

9

6

3

          Total interest expense

618

555

639

666

669

          Net interest income before provision for loan losses

5,973

5,661

5,198

5,190

5,223

 Provision for loan losses

360

360

360

475

435

          Net interest income after provision for loan losses  

5,613

5,301

4,838

4,715

4,788







Noninterest Income:






     Service charges on deposits accounts

791

730

668

715

738

     Net gain on sale of loans

687

679

378

702

649

     Net loan servicing income 

179

186

192

67

71

     Debit card interchange fees

608

605

576

557

566

     Net gains on sales of securities available-for-sale

104

(13)

-

156

-

     Net other gains (losses)

(7)

(12)

(14)

(51)

(50)

     Increase in cash surrender value of bank-owned life insurance

74

74

83

75

74

     Other

344

303

311

288

540

          Total noninterest income

2,780

2,552

2,194

2,509

2,588







Noninterest Expenses:






     Salaries and employee benefits

3,355

3,129

3,182

3,040

3,107

     Occupancy and equipment

637

625

606

592

663

     Data processing 

382

374

398

384

329

     Debit card processing and issuance

309

301

272

258

435

     Advertising and marketing

111

101

101

114

76

     Professional fees

305

250

259

252

435

     Office Supplies

66

59

81

79

72

     Telephone

118

116

112

115

107

     Other

560

644

665

481

799

          Total noninterest expenses

5,843

5,599

5,676

5,315

6,023

          Income before income taxes

2,550

2,254

1,356

1,909

1,353

Provision for income taxes

618

509

205

512

297

          Net income 

$                1,932

$      1,745

$      1,151

$              1,397

$                1,056







Key Ratios












Basic Earnings Per Common Share

$                  0.59

$         0.53

$         0.46

$                0.61

$                  0.46

Diluted Earnings Per Common Share

0.59

0.53

0.46

0.60

0.46

Dividends Per Common Share

0.08

0.08

0.04

0.04

0.04







Net Interest Margin (1)

3.77%

3.68%

3.55%

3.42%

3.40%

Efficiency Ratio (1)(2)

65.77%

66.23%

74.66%

68.48%

75.10%

Return on Assets

1.09%

1.01%

0.70%

0.89%

0.67%

Return on Common Equity

10.01%

9.38%

8.49%

10.87%

8.25%



(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,


2017

2017

2017

2016

2016


(Amounts in thousands, except per share data)

Cash and due from banks

$             16,633

$    17,251

$    18,863

$            16,402

$             16,078

Interest-bearing deposits in banks and other

7,415

7,368

13,448

7,640

14,775

Securities

177,702

195,409

191,928

191,815

192,636

Net loans/leases

460,684

428,827

407,425

408,384

400,955

Goodwill

5,037

5,037

5,037

5,037

5,037

Other assets 

37,165

36,561

35,998

36,450

30,060

     Total assets

$           704,636

$  690,453

$  672,699

$         665,728

$           659,541







Deposits

$           606,539

$  591,949

$  585,116

$         572,366

$           573,528

Subordinated debentures

5,155

5,155

11,255

11,255

11,255

Borrowings

11,858

14,583

311

28,700

19,475

Other liabilities

3,815

3,120

2,906

3,120

4,103

Stockholders' equity

77,269

75,646

73,111

49,550

51,180

     Total liabilities and stockholders' equity

$           704,636

$  690,453

$  672,699

$         664,991

$           659,541













ASSET QUALITY DATA 






(Amounts in thousands)

September 30,

June 30,

March 31,

December 31,

September 30,


2017

2017

2017

2016

2016







Non-accrual loans

$                5,852

$      5,679

$      8,867

$              4,775

$                5,464

Accruing loans past due 90 days or more

-

-

15

1,198

19

Troubled debt restructures - accruing

4,886

5,177

5,125

5,072

5,327

Total nonperforming loans

$             10,738

$    10,856

$    14,007

$            11,045

$             10,810

Other real estate owned

343

442

597

871

1,115

Total nonperforming assets

$             11,081

$    11,298

$    14,604

$            11,916

$             11,925







Total loans

$           465,929

$  434,657

$  412,695

$         413,477

$           406,295

Allowance for loan losses

$                5,864

$      5,613

$      5,307

$              5,093

$                5,339







Nonperforming Assets to total Assets

1.60%

1.64%

2.17%

1.79%

1.81%

Nonperforming loans to total loans

2.30%

2.50%

3.39%

2.67%

2.66%

Allowance for loan losses to total loans

1.26%

1.29%

1.29%

1.23%

1.31%

Allowance for loan losses to nonperforming loans

54.6%

51.7%

37.9%

46.1%

49.4%














For the Quarter Ended


September 30,

June 30,

March 31,

December 31,

September 30,

ROLLFORWARD OF ALLOWANCE

2017

2017

2017

2016

2016







Beginning Balance

$                5,613

$      5,307

$      5,093

$              5,338

$                4,974

Provision

360

360

360

475

435

Loans charged off

156

224

199

1,170

306

Loan recoveries

47

170

53

450

235

Net charge-offs

109

54

146

720

71

Ending Balance

$                5,864

$      5,613

$      5,307

$              5,093

$                5,338

 

BLACKHAWK BANCORP, INC. AND SUBSIDIARIES




CONSOLIDATED STATEMENTS OF INCOME




(UNAUDITED)

Nine months ended September 30,


2017


2016


(Amounts in thousands, except per share data)





Interest Income:




     Interest and fees on loans

$  15,025


$  14,074

     Interest on available-for-sale securities:




          Taxable

2,372


2,027

          Tax-exempt

1,144


900

     Interest on interest-bearing deposits and other

103


240

          Total interest income

18,644


17,241

Interest Expense:




     Interest on deposits

1,366


1,235

     Interest on subordinated debentures and notes

294


473

     Interest on senior secured term note

67


261

     Interest on other borrowings

85


7

          Total interest expense

1,812


1,976

          Net interest income before provision for loan losses

16,832


15,265

 Provision for loan losses

1,080


1,405

          Net interest income after provision for loan losses  

15,752


13,860





Noninterest Income:




     Service charges on deposits accounts

2,189


2,131

     Net gain on sale of loans

1,744


1,700

     Net loan servicing income 

557


222

     Debit card interchange fees

1,789


1,728

     Net gains on sales of securities available-for-sale

91


-

     Net other gains (losses)

(33)


2,832

     Increase in cash surrender value of bank-owned life insurance

231


232

     Other

958


1,058

          Total noninterest income

7,526


9,903





Noninterest Expenses:




     Salaries and employee benefits

9,666


9,320

     Occupancy and equipment

1,868


1,969

     Data processing 

1,154


1,004

     Debit card processing and issuance

882


968

     Advertising and marketing

313


291

     Professional fees

814


908

     Office Supplies

206


244

     Telephone

346


315

     Other

1,869


2,213

          Total noninterest expenses

17,118


17,232

          Income before income taxes

6,160


6,531

Provision for income taxes

1,332


1,950

          Net income 

$    4,828


$    4,581





Key Ratios








Basic Earnings Per Common Share

$      1.60


$      1.99

Diluted Earnings Per Common Share

1.60


1.98

Dividends Per Common Share

0.20


0.12





Net Interest Margin (1)

3.77%


3.40%

Efficiency Ratio (1)(2)

69.23%


75.53%

Return on Assets

0.92%


0.92%

Return on Common Equity

8.43%


12.51%


(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)

 

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, 2017


June 30, 2017


September 30, 2016


Average


Average


Average


Average


Average


Average


Balance

Interest

Rate


Balance

Interest

Rate


Balance

Interest

Rate

Interest Earning Assets:












  Interest-bearing deposits and other

$    14,318

$        44

1.23%


$    17,945

$        45

1.00%


$    34,143

$        64

0.75%

  Investment securities:












       Taxable investment securities

137,483

806

2.33%


146,999

802

2.19%


147,500

742

2.00%

       Tax-exempt investment securities

52,838

384

4.61%


53,339

389

4.56%


40,130

300

4.55%

            Total Investment securities

190,321

1,190

2.96%


200,338

1,191

2.82%


187,630

1,042

2.55%

  Loans

449,410

5,357

4.74%


423,430

4,980

4.73%


408,258

4,786

4.66%













Total Earning Assets

$  654,049

$  6,591

4.15%


$  641,713

$  6,216

4.03%


$  630,031

$  5,892

3.82%

  Allowance for loan losses

(5,766)




(5,473)




(5,008)



  Cash and due from banks

14,254




15,204




13,596



  Other assets

41,504




41,452




33,929















Total Assets

$  704,041




$  692,896




$  672,548















Interest Bearing Liabilities:












  Interest bearing checking accounts

$  210,082

$     270

0.40%


$  216,514

$     181

0.34%


$  230,440

$     188

0.31%

  Savings and money market deposits

183,826

74

0.19%


179,203

74

0.17%


171,705

59

0.14%

  Time deposits

91,072

183

1.00%


80,043

183

0.95%


83,877

176

0.87%

       Total interest bearing deposits

484,980

527

0.43%


475,760

438

0.37%


486,022

423

0.35%

  Subordinated debentures and notes

5,155

47

3.65%


6,831

85

5.01%


11,255

159

5.61%

  Borrowings

14,203

44

1.22%


12,595

32

1.04%


10,271

87

3.37%













Total Interest-Bearing Liabilities

$  504,338

$     618

0.49%


$  495,186

$     555

0.45%


$  507,548

$     669

0.52%













Interest Rate Spread



3.66%




3.58%




3.30%













Noninterest checking accounts

118,748




119,466




109,445



  Other liabilities

4,382




3,665




4,603



  Total liabilities

627,468




618,317




621,596



Total Stockholders' equity

76,573




74,579




50,952



Total Liabilities and












  Stockholders' Equity

$  704,041




$  692,896




$  672,548















Net Interest Income/Margin


$  5,973

3.77%



$  5,661

3.68%



$  5,223

3.40%

 

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, 2017


September 30, 2016


Average


Average


Average


Average


Balance

Interest

Rate


Balance

Interest

Rate

Interest Earning Assets:








  Interest-bearing deposits and other 

$             13,513

$             103

1.03%


$             44,404

$             240

0.51%

  Investment securities:








       Taxable investment securities

142,046

2,372

2.23%


132,063

2,027

2.05%

       Tax-exempt investment securities

52,358

1,144

4.56%


39,989

900

4.60%

            Total Investment securities

194,404

3,516

2.86%


172,052

2,927

2.64%

  Loans

429,576

15,025

4.68%


402,361

14,074

4.67%









Total Earning Assets

$           637,493

$       18,644

4.04%


$           618,817

$       17,241

3.82%

  Allowance for loan losses

(5,469)




(4,958)



  Cash and due from banks

15,742




14,224



  Other assets

40,973




34,916











Total Assets

$           688,739




$           662,999











Interest Bearing Liabilities:








  Interest bearing checking accounts

$           211,936

$             539

0.34%


$           225,896

$             521

0.31%

  Savings and money market deposits

179,654

231

0.17%


171,302

187

0.15%

  Time deposits

85,656

596

0.93%


81,819

527

0.86%

       Total interest bearing deposits

477,246

1,366

0.38%


479,017

1,235

0.34%

  Subordinated debentures

7,725

294

5.10%


11,255

473

5.61%

  Borrowings

12,636

152

1.61%


10,575

268

3.39%









Total Interest-Bearing Liabilities

$           497,607

$          1,812

0.49%


$           500,847

$          1,976

0.53%









Interest Rate Spread



3.55%




3.29%









Noninterest checking accounts

118,408




109,106



  Other liabilities

3,944




4,116



  Total liabilities

619,959




614,069



  Common Stockholders' equity

68,780




48,930



Total Stockholders' equity

68,780




48,930



Total Liabilities and








  Stockholders' Equity

$           688,739




$           662,999











Net Interest Income/Margin


$       16,832

3.66%



$       15,265

3.40%

 

View original content:http://www.prnewswire.com/news-releases/blackhawk-bancorp-announces-2017-third-quarter-earnings-300538498.html

SOURCE Blackhawk Bancorp, Inc.

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