BLACKHAWK BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
MARCH 31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)
Assets
March 31, 2022
December 31, 2021
(Dollars in thousands, except share and per share data)
Cash and due from banks
Interest-bearing deposits in banks and other institutions
Total cash and cash equivalents
$
13,413 $ 10,846
40,189 55,720
53,602 66,566
Certificates of deposit in banks and other institutions Equity securities at fair value
Securities available-for-sale Loans held for sale
Federal Home Loan Bank stock, at cost
Loans, less allowance for loan losses of $10,995 and $11,125 at March 31, 2022 and December 31, 2021, respectively Premises and equipment, net
Goodwill and core deposit intangible Mortgage servicing rights
Cash surrender value of bank-owned life insurance Other assets
Total assets
Liabilities and Stockholders' Equity
Liabilities
Deposits: Noninterest-bearing Interest-bearing
Total deposits
$ 1,330,643
$
1,199,627 1,197,041
1,914 2,161
2,500 2,553
481,920 504,341
1,711 2,585
2,150 2,150
714,745 696,292
20,670 20,778
11,536 11,628
4,042 3,833
11,526 11,440
24,327 16,911
$ 1,341,238
380,292
$ 380,601
819,335 816,440
Subordinated debentures and notes, net of issuance costs (including $1,031 at fair value at March 31, 2022 and December 31, 2021)
Senior secured term note
Other borrowings
Other liabilities
Total liabilities
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
Additional paid-in capital Retained earnings
36,115 35,890
84,261 81,987
19,812 19,775
10,889 11,278
5,000 5,000
7,414 6,985
1,242,742
35
Treasury stock, 632,686 and 630,991 shares at cost as of March 31, 2022 and December 31, 2021, respectively
Accumulated other comprehensive income (loss)
Total stockholders' equity
Total liabilities and stockholders' equity
$
(19,010) (13,500) 87,901 1,330,643
1,240,079
35
(18,952)
2,199 101,159 $ 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 Interest on senior secured term note Interest on other borrowings
195 41
91 107
- 20
Total interest expense
608 583
Net interest income before provision for loan losses Provision for loan losses
9,657 9,718
- 500
Net interest income after provision for loan losses
9,657 9,218
Noninterest Income:
Service charges on deposits accounts Net gain on sale of loans
913 690
1,146 2,362
Net loan servicing income Debit card interchange fees
402 369
1,079 1,027
Net gains on sales of securities available-for-sale Net other gains (losses)
Increase in cash surrender value of bank-owned life insuran Change in value of equity securities
- (4) 86
- 42 87
(64) (35)
Other
360 493
Total noninterest income
3,918 5,035
Noninterest Expenses:
Salaries and employee benefits Occupancy and equipment Data processing
6,222 5,734
1,212 1,182
708 591
Debit card processing and issuance Advertising and marketing Amortization of core deposit intangible Professional fees
513 425
108 99
96 104
389 390
Office Supplies Telephone Other
86 77
140 141
697 968
Total noninterest expenses
10,171 9,711
Income before income taxes Provision for income taxes
3,404 4,542
785 1,112
Net income
$
2,619 $ 3,430
Key Ratios
Basic Earnings Per Common Share Diluted Earnings Per Common Share Dividends Per Common Share
$
0.92
$ 1.02
0.92 1.02
0.12 0.11
Net Interest Margin (1) Efficiency Ratio (1)(2) Return on Assets
3.13% 3.52%
74.35% 65.53%
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 EndedMarch 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
(Dollars in thousands, except per share data)Interest Income:
Interest and fees on loans
$
7,808 $
Interest on available-for-sale securities:
Taxable
Tax-exempt
Interest on deposits in other financial institutions
Total interest income
2,068 365 24 10,265
7,876 $ 1,960 369 33 10,238
8,180 $ 1,830 419 61 10,490
8,621 $ 8,155
1,759 1,721
378 384
48 41
10,806 10,301
Interest Expense:
Interest on deposits
322
319
421
421 415
Interest on subordinated debentures Interest on senior secured term note Interest on other borrowings
195
196
195
117 41
91 -
98 -
103 -
104 107
- 20
Total interest expense
608
613
719
642 583
Net interest income before provision for loan losses Provision for loan losses
9,657 -
9,625 -
9,771 -
10,164 9,718
- 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 Net gain on sale of loans
913
901
787
663 690
1,146
1,865
2,147
2,217 2,362
Net loan servicing income Debit card interchange fees
402
186
90
36 369
Net gains on sales of securities available-for-sale Net other gains (losses)
1,079 -
1,168 -
1,146 -
1,218 1,027
(4)
5
52
Increase in cash surrender value of bank-owned life insurance Other
86
77
78
296
317
457
- 7 72 479
- 42 87 458
Total noninterest income
3,918
4,519
4,757
4,692 5,035
Noninterest Expenses:
Salaries and employee benefits Occupancy and equipment Data processing
6,222
6,403
6,118
5,753 5,734
1,212
1,109
1,273
1,092 1,182
708
694
689
641 591
Debit card processing and issuance Advertising and marketing Amortization of intangibles Professional fees
513
533
489
503 425
108
115
141
70 99
96
95
96
96 104
389
436
434
399 390
Office Supplies Telephone Other
86
127
74
93 77
140
143
139
144 141
697
850
865
673 968
Total noninterest expenses
10,171
10,505
10,318
9,464 9,711
Income before income taxes Provision for income taxes
3,404
3,639
4,210
5,392 4,542
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 Diluted Earnings Per Common Share Dividends Per Common Share
$
0.92 $ 0.92 0.12
1.02 $ 1.02 0.11
Book Value Per Common Share Tangible Book Value Per Share
30.59
35.50
26.58
31.41
Tangible Book Value Excluding AOCI Per Share Number of Shares Outstanding
31.27
30.64
1.13 $ 1.13 0.11 35.29 31.17 29.64
1.30 $ 1.02
1.30 1.02
0.11 0.11
34.97 32.95
30.81 29.40
28.56 27.98
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)
Efficiency Ratio (1)(2) Return on Assets
Return on Common Equity
3.13% 74.35% 0.80% 10.82%
3.12% 73.75% 0.89% 11.41%
3.11% 70.70% 0.96% 12.57%
3.37% 3.52%
63.28% 65.53%
1.26% 1.16%
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)
Cash and due from banks
Interest-bearing deposits in banks and other Securities
Net loans/leases
Goodwill and core deposit intangible Other assets
Total assets
March 31, 2022
As of | |||
December 31, | September 30, | June 30, | March 31, |
2021 | 2021 | 2021 | 2021 |
(Amounts in thousands, except per share data)
$
13,413 $
10,846 $
16,536 $
16,418 $ 15,108
42,103
57,882
104,722
140,073 50,199
484,420
506,894
472,472
448,072 379,187
716,456
698,877
658,323
666,738 700,399
11,536
11,628
11,723
11,819 11,914
62,715
55,428
54,218
53,629 50,826
$ 1,330,643
$
1,341,555
$
1,317,994
$
1,336,749
$ 1,207,633
Deposits
Subordinated debentures Senior secured term note Borrowings
Other liabilities Stockholders' equity
Total liabilities and stockholders' equity
$
1,199,627 $
1,197,041 $
1,169,085 $
1,188,997 $ 1,068,197
19,812
20,155
20,155
20,155 5,155
10,889
11,278
11,667
12,056 12,445
5,000
5,000
5,000
5,000 4,000
7,414
6,985
11,585
11,131 7,138
87,901
101,096
100,502
99,410 110,698
$ 1,330,643
$
1,341,555
$
1,317,994
$
1,336,749
$
1,207,633
ASSET QUALITY DATA (Amounts in thousands)
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
Non-accrual loans
Accruing loans past due 90 days or more Troubled debt restructures - accruing Total nonperforming loans
Other real estate owned Total nonperforming assetsTotal loans
Allowance for loan losses
Loans, less allowance for loan losses Nonperforming Assets to total Assets Nonperforming loans to total loans Allowance for loan losses to total loans Allowance for loan losses to nonperforming loans
ROLLFORWARD OF ALLOWANCE
$
4,983 - 1,802
$
5,430 - 1,843
$
7,827 - 1,975
$
8,228 -$
6,361 -
1,958 1,996
$ $ $
6,785 75
$
7,273 24
$
9,802 -$
10,186 -$ 8,357 -6,860
$
7,297
$
9,802
$
10,186
$ 8,357
727,451 $ 10,995
710,002 $ 11,125
669,547 $ 11,224
677,967 $ 711,515
11,229 11,116
$ 716,456 $
698,877 $
658,323 $
0.52%
666,738 $ 700,399
0.54%
0.74%
0.93%
0.76% 0.69%
1.02%
1.46%
1.51%
1.50% 1.17%
1.57%
1.68%
162.0%
1.66% 1.56%
153.0%
114.5%
For the Quarter Ended
110.2% 133.0%
March 31, 2022
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
Beginning Balance
Provision
Loans charged off Loan recoveries Net charge-offs Ending Balance
$
11,125 -$
11,224 -$
11,229
$
11,116
$ 10,764
- - 500
214
181
103 61 582
84
82
98 174 434
130
99
5
(113) 148
$
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 EndedMarch 31, 2022 Average
December 31, 2021
March 31, 2021
Average
Balance Interest
RateAverage BalanceAverageInterestInterest Earning Assets: Interest-bearing deposits and other Investment securities:
$
48,261 $
24
Taxable investment securities Tax-exempt investment securities
Total Investment securities Loans
448,643 53,820 502,463 714,666
2,068 365 2,433 7,808
0.20% $ 1.87% 3.50% 2.04% 4.43%
61,530 $
33
447,836 52,749 500,585 674,818
1,960 369 2,329 7,876
Rate 0.21% $ 1.74% 3.57% 1.93% 4.63%Average BalanceAverageInterest
Rate
74,108 $
41 0.22%
320,740 52,122 372,862 685,654
1,721 2.18%
384 3.83%
2,105 2.41%
8,155 4.82%
Total Earning Assets Allowance for loan losses Cash and due from banks Other assets
$ 1,265,390 $ 10,265
3.32% $ 1,236,933 $
10,238
3.32% $ 1,132,624 $ 10,301 3.73%
(11,136)
(11,192) (11,075)
14,956 65,912
16,557 16,052
62,310 58,706
Total Assets
$ 1,335,122
$ 1,304,608
$ 1,196,307
Interest Bearing Liabilities:
Interest bearing checking accounts Savings and money market deposits Time deposits
$
313,986 $
139
0.18%
$
308,166 $
116
0.15%
$
284,527
$ 161 0.23%
423,755
68
0.06%
423,311
77
0.07%
356,615
84 0.10%
77,755
115
0.60%
78,625
126
0.64%
81,807
170 0.84%
Total interest bearing deposits Subordinated debentures and notes Borrowings
815,496
322
0.16%
810,102
319
0.16%
722,949
415 0.23%
20,037
195
3.94%
20,155
196
3.85%
5,155
41 3.23%
16,071
91
2.29%
16,306
98
2.40%
26,369
127 1.96%
Total Interest-Bearing Liabilities
$
851,604
$ 608
Interest Rate Spread
0.29% 3.03%
$
846,563
$ 613
0.29%
$ 754,473
$ 583 0.31%
3.03% 3.42%
Noninterest checking accounts
Other liabilities
Total liabilities
Total Stockholders' equity Total Liabilities and Stockholders' Equity
378,414 6,899 1,236,917 98,205
349,482 322,667 7,342 7,373
1,203,387 101,221
1,084,513 111,794
$ 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.
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Blackhawk Bancorp Inc. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 19:02:01 UTC.