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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Blackhawk Bancorp Announces 2017 Third Quarter Earnings

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