BLACKHAWK BANCORP, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED BALANCE SHEETS | |||||
DECEMBER 31, 2021 AND DECEMBER 31, 2020 | |||||
(UNAUDITED) | December 31, | December 31, | |||
Assets | 2021 | 2020 | |||
(Dollars in thousands, except | |||||
share and per share data) | |||||
Cash and due from banks | $ | 10,846 | $ | 12,012 | |
Interest-bearing deposits in banks and other institutions | 55,721 | 42,119 | |||
Total cash and cash equivalents | 66,567 | 54,131 | |||
Certificates of deposit in banks and other institutions | 2,161 | 4,159 | |||
Equity securities at fair value | 2,553 | 2,517 | |||
Securities available-for-sale | 504,341 | 349,565 | |||
Loans held for sale | 2,585 | 6,096 | |||
Federal Home Loan Bank stock, at cost | 2,150 | 2,150 | |||
Loans, less allowance for loan losses of $11,125 and $10,764 | |||||
at December 31, 2021 and December 31, 2020, respectively | 696,292 | 662,225 | |||
Premises and equipment, net | 20,778 | 20,254 | |||
Goodwill and core deposit intangible | 11,628 | 12,018 | |||
Mortgage servicing rights | 3,833 | 3,409 | |||
Cash surrender value of bank-owned life insurance | 11,440 | 11,126 | |||
Other assets | 17,227 | 13,949 | |||
Total assets | $ | 1,341,555 | $ | 1,141,599 | |
Liabilities and Stockholders' Equity | |||||
Liabilities | |||||
Deposits: | |||||
Noninterest-bearing | $ | 380,601 | $ | 268,866 | |
Interest-bearing | 816,440 | 718,388 | |||
Total deposits | 1,197,041 | 987,254 | |||
Subordinated debentures and notes (including $1,031 at fair value at | |||||
December 31, 2021 and December 31, 2020) | 20,155 | 5,155 | |||
Senior secured term note | 11,278 | 12,833 | |||
Other borrowings | 5,000 | 14,000 | |||
Other liabilities | 6,985 | 10,602 | |||
Total liabilities | 1,240,459 | 1,029,844 | |||
Stockholders' equity | |||||
Common stock, $0.01 par value, 10,000,000 shares authorized; | |||||
3,479,069 and 3,435,348 shares issued as of December 31, 2021 and | |||||
December 31, 2020, respectively | 35 | 35 | |||
Additional paid-in capital | 35,890 | 35,062 | |||
Retained earnings | 81,987 | 69,676 | |||
Treasury stock, 630,991 and 62,999 shares at cost as of December 31, 2021 | |||||
and December 31, 2020, respectively | (18,952) | (941) | |||
Accumulated other comprehensive income (loss) | 2,136 | 7,923 | |||
Total stockholders' equity | 101,096 | 111,755 | |||
Total liabilities and stockholders' equity | $ | 1,341,555 | $ | 1,141,599 | |
BLACKHAWK BANCORP, INC. AND SUBSIDIARIES | |||||
CONSOLIDATED STATEMENTS OF INCOME | |||||
(UNAUDITED) | Twelve months ended December 31, | ||||
2021 | 2020 | ||||
(Amounts in thousands, except per share data) | |||||
Interest Income: | |||||
Interest and fees on loans | $ | 32,832 | $ | 33,441 | |
Interest and dividends on available-for-sale securities: | |||||
Taxable | 7,269 | 6,328 | |||
Tax-exempt | 1,550 | 1,451 | |||
Interest on deposits in other financial institutions | 183 | 276 | |||
Total interest income | 41,834 | 41,496 | |||
Interest Expense: | |||||
Interest on deposits | 1,576 | 2,840 | |||
Interest on subordinated debentures | 548 | 182 | |||
Interest on senior secured term note | 412 | 498 | |||
Interest on other borrowings | 21 | 127 | |||
Total interest expense | 2,557 | 3,647 | |||
Net interest income before provision for loan losses | 39,277 | 37,849 | |||
Provision for loan losses | 500 | 7,600 | |||
Net interest income after provision for loan losses | 38,777 | 30,249 | |||
Noninterest Income: | |||||
Service charges on deposits accounts | 3,041 | 3,035 | |||
Net gain on sale of loans | 8,592 | 11,080 | |||
Net loan servicing income | 681 | (431) | |||
Debit card interchange fees | 4,559 | 3,738 | |||
Net gains on sales of securities available-for-sale | - | 535 | |||
Net other gains (losses) | 106 | - | |||
Increase in cash surrender value of bank-owned life insura | 314 | 310 | |||
Change in value of equity securities | (28) | 70 | |||
Other | 1,739 | 1,347 | |||
Total noninterest income | 19,004 | 19,684 | |||
Noninterest Expenses: | |||||
Salaries and employee benefits | 24,008 | 21,948 | |||
Occupancy and equipment | 4,656 | 4,278 | |||
Data processing | 2,614 | 2,383 | |||
Debit card processing and issuance | 1,950 | 1,584 | |||
Advertising and marketing | 425 | 297 | |||
Amortization of core deposit intangible | 390 | 437 | |||
Professional fees | 1,660 | 1,531 | |||
Office Supplies | 371 | 363 | |||
Telephone | 568 | 577 | |||
Other | 3,355 | 2,655 | |||
Total noninterest expenses | 39,997 | 36,053 | |||
Income before income taxes | 17,784 | 13,880 | |||
Provision for income taxes | 4,165 | 3,033 | |||
Net income | $ | 13,619 | $ | 10,847 | |
Key Ratios | |||||
Basic Earnings Per Common Share | $ | 4.47 | $ | 3.25 | |
Diluted Earnings Per Common Share | 4.47 | 3.25 | |||
Dividends Per Common Share | 0.44 | 0.44 | |||
Net Interest Margin (1) | 3.27% | 3.82% | |||
Efficiency Ratio (1)(2) | 68.63% | 63.14% | |||
Return on Assets | 1.06% | 1.02% | |||
Return on Common Equity | 12.99% | 10.35% |
- Non-GAAPPresentations: 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.
- 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)
Interest Income:
Interest and fees on loans
Interest on available-for-sale securities: Taxable
Tax-exempt
Interest on deposits in other financial institutions
Total interest income
Interest Expense:
Interest on deposits
Interest on subordinated debentures
Interest on senior secured term note
Interest on other borrowings
Total interest expense
Net interest income before provision for loan losses
Provision for loan losses
Net interest income after provision for loan losses
Noninterest Income:
Service charges on deposits accounts Net gain on sale of loans
Net loan servicing income Debit card interchange fees
Net gains on sales of securities available-for-sale Net other gains (losses)
Increase in cash surrender value of bank-owned life insurance Other
Total noninterest income
Noninterest Expenses:
Salaries and employee benefits
Occupancy and equipment
Data processing
Debit card processing and issuance
Advertising and marketing
Amortization of intangibles
Professional fees
Office Supplies
Telephone
Other
Total noninterest expenses
Income before income taxes
Provision for income taxes
Net income
Key Ratios
For the Quarter Ended | |||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||
(Dollars in thousands, except per share data) | |||||||||
$ | 7,876 | $ | 8,180 | $ | 8,621 | $ | 8,155 | $ | 8,079 |
1,960 | 1,830 | 1,759 | 1,721 | 1,598 | |||||
369 | 419 | 378 | 384 | 384 | |||||
33 | 61 | 48 | 41 | 33 | |||||
10,238 | 10,490 | 10,806 | 10,301 | 10,094 | |||||
319 | 421 | 421 | 415 | 458 | |||||
196 | 195 | 117 | 41 | 41 | |||||
98 | 103 | 104 | 107 | 113 | |||||
- | - | - | 20 | 40 | |||||
613 | 719 | 642 | 583 | 652 | |||||
9,625 | 9,771 | 10,164 | 9,718 | 9,442 | |||||
- | - | - | 500 | 1,715 | |||||
9,625 | 9,771 | 10,164 | 9,218 | 7,727 | |||||
901 | 787 | 663 | 690 | 781 | |||||
1,865 | 2,147 | 2,217 | 2,362 | 3,572 | |||||
186 | 90 | 36 | 369 | (177) | |||||
1,168 | 1,146 | 1,218 | 1,027 | 979 | |||||
- | - | - | - | 428 | |||||
5 | 52 | 7 | 42 | - | |||||
77 | 78 | 72 | 87 | 75 | |||||
317 | 457 | 479 | 458 | 310 | |||||
4,519 | 4,757 | 4,692 | 5,035 | 5,968 | |||||
6,403 | 6,118 | 5,753 | 5,734 | 5,851 | |||||
1,109 | 1,273 | 1,092 | 1,182 | 986 | |||||
694 | 689 | 641 | 591 | 683 | |||||
533 | 489 | 503 | 425 | 384 | |||||
115 | 141 | 70 | 99 | 75 | |||||
95 | 96 | 96 | 104 | 107 | |||||
436 | 434 | 399 | 390 | 373 | |||||
127 | 74 | 93 | 77 | 90 | |||||
143 | 139 | 144 | 141 | 140 | |||||
850 | 865 | 673 | 968 | 637 | |||||
10,505 | 10,318 | 9,464 | 9,711 | 9,326 | |||||
3,639 | 4,210 | 5,392 | 4,542 | 4,369 | |||||
728 | 988 | 1,337 | 1,112 | 1,021 | |||||
$ | 2,911 | $ | 3,222 | $ | 4,055 | $ | 3,430 | $ | 3,348 |
Basic Earnings Per Common Share | $ | 1.02 | $ | 1.13 | $ | 1.30 | $ | 1.02 | $ | 1.00 |
Diluted Earnings Per Common Share | 1.02 | 1.13 | 1.30 | 1.02 | 1.00 | |||||
Dividends Per Common Share | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | |||||
Book Value Per Common Share | 35.50 | 35.29 | 34.97 | 32.95 | 33.14 | |||||
Tangible Book Value Per Share | 31.41 | 31.17 | 30.81 | 29.40 | 29.57 | |||||
Number of Shares Outstanding | 2,848,078 | 2,848,078 | 2,842,828 | 3,359,613 | 3,372,349 | |||||
Average Number of Shares Outstanding | 2,848,109 | 2,848,109 | 3,118,265 | 3,372,684 | 3,360,579 | |||||
Net Interest Margin (1) | 3.12% | 3.11% | 3.37% | 3.52% | 3.63% | |||||
Efficiency Ratio (1)(2) | 73.75% | 70.70% | 63.28% | 65.53% | 61.80% | |||||
Return on Assets | 0.89% | 0.96% | 1.26% | 1.16% | 1.20% | |||||
Return on Common Equity | 11.41% | 12.57% | 15.74% | 12.44% | 12.08% |
- Non-GAAPPresentations: 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.
- 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 | |||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
(Amounts in thousands, except per share data) | ||||||||||
Cash and due from banks | $ | 10,846 | $ | 16,536 | $ | 16,418 | $ | 15,108 | $ | 12,012 |
Interest-bearing deposits in banks and other | 57,882 | 104,722 | 140,073 | 50,199 | 46,278 | |||||
Securities | 506,894 | 472,472 | 448,072 | 379,187 | 352,082 | |||||
Net loans/leases | 698,877 | 658,323 | 666,738 | 700,399 | 668,321 | |||||
Goodwill and core deposit intangible | 11,628 | 11,723 | 11,819 | 11,914 | 12,018 | |||||
Other assets | 55,428 | 54,218 | 53,629 | 50,826 | 50,888 | |||||
Total assets | $ | 1,341,555 | $ | 1,317,994 | $ | 1,336,749 | $ | 1,207,633 | $ | 1,141,599 |
Deposits | $ | 1,197,041 | $ | 1,169,085 | $ | 1,188,997 | $ | 1,068,197 | $ | 987,254 |
Subordinated debentures | 20,155 | 20,155 | 20,155 | 5,155 | 5,155 | |||||
Senior secured term note | 11,278 | 11,667 | 12,056 | 12,445 | 12,833 | |||||
Borrowings | 5,000 | 5,000 | 5,000 | 4,000 | 14,000 | |||||
Other liabilities | 6,985 | 11,585 | 11,131 | 7,138 | 10,602 | |||||
Stockholders' equity | 101,096 | 100,502 | 99,410 | 110,698 | 111,755 | |||||
Total liabilities and stockholders' equity | $ | 1,341,555 | $ | 1,317,994 | $ | 1,336,749 | $ | 1,207,633 | $ | 1,141,599 |
ASSET QUALITY DATA | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
(Amounts in thousands) | ||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Non-accrual loans | $ | 5,430 | $ | 7,827 | $ | 8,228 | $ | 6,361 | $ | 7,013 |
Accruing loans past due 90 days or more | - | - | - | - | - | |||||
Troubled debt restructures - accruing | 1,843 | 1,975 | 1,958 | 1,996 | 2,057 | |||||
Total nonperforming loans | $ | 7,273 | $ | 9,802 | $ | 10,186 | $ | 8,357 | $ | 9,070 |
Other real estate owned | 24 | - | - | - | 1 | |||||
Total nonperforming assets | $ | 7,297 | $ | 9,802 | $ | 10,186 | $ | 8,357 | $ | 9,071 |
Total loans | $ | 710,002 | $ | 669,547 | $ | 677,967 | $ | 711,515 | $ | 679,085 |
Allowance for loan losses | 11,125 | 11,224 | 11,229 | 11,116 | 10,764 | |||||
Loans, less allowance for loan losses | $ | 698,877 | $ | 658,323 | $ | 666,738 | $ | 700,399 | $ | 668,321 |
Nonperforming Assets to total Assets | 0.54% | 0.74% | 0.76% | 0.69% | 0.79% | |||||
Nonperforming loans to total loans | 1.02% | 1.46% | 1.50% | 1.17% | 1.34% | |||||
Allowance for loan losses to total loans | 1.57% | 1.68% | 1.66% | 1.56% | 1.59% | |||||
Allowance for loan losses to nonperforming loans | 153.0% | 114.5% | 110.2% | 133.0% | 118.7% | |||||
For the Quarter Ended | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
ROLLFORWARD OF ALLOWANCE | 2021 | 2021 | 2021 | 2021 | 2020 | |||||
Beginning Balance | $ | 11,224 | $ | 11,229 | $ | 11,116 | $ | 10,764 | $ | 9,943 |
Provision | - | - | - | 500 | 1,715 | |||||
Loans charged off | 181 | 103 | 61 | 582 | 1,334 | |||||
Loan recoveries | 82 | 98 | 174 | 434 | 440 | |||||
Net charge-offs | 99 | 5 | (113) | 148 | 894 | |||||
Ending Balance | $ | 11,125 | $ | 11,224 | $ | 11,229 | $ | 11,116 | $ | 10,764 |
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)(1) | For the Twelve Months Ended | |||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||
Average | Average | Average | Average | |||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||
Interest Earning Assets: | ||||||||||||
Interest-bearing deposits and other | $ | 90,300 | $ | 183 | 0.20% | $ | 31,899 | $ | 276 | 0.86% | ||
Investment securities: | ||||||||||||
Taxable investment securities | 387,361 | 7,269 | 1.88% | 247,389 | 6,328 | 2.56% | ||||||
Tax-exempt investment securities | 52,435 | 1,550 | 3.76% | 46,594 | 1,451 | 4.01% | ||||||
Total Investment securities | 439,796 | 8,819 | 2.10% | 293,983 | 7,779 | 2.79% | ||||||
Loans | 683,859 | 32,832 | 4.80% | 675,466 | 33,441 | 4.95% |
Total Earning Assets | $ | 1,213,955 | $ | 41,834 | 3.48% | $ | 1,001,348 | $ | 41,496 | 4.19% | |||
Allowance for loan losses | (11,180) | (9,535) | |||||||||||
Cash and due from banks | 16,640 | 16,453 | |||||||||||
Other assets | 60,379 | 58,475 | |||||||||||
Total Assets | $ | 1,279,794 | $ | 1,066,741 | |||||||||
Interest Bearing Liabilities: | |||||||||||||
Interest bearing checking accounts | $ | 299,213 | $ | 636 | 0.21% | $ | 281,053 | $ | 807 | 0.29% | |||
Savings and money market deposits | 400,323 | 366 | 0.09% | 318,169 | 676 | 0.21% | |||||||
Time deposits | 78,553 | 574 | 0.73% | 97,747 | 1,357 | 1.39% | |||||||
Total interest bearing deposits | 778,089 | 1,576 | 0.20% | 696,969 | 2,840 | 0.41% | |||||||
Subordinated debentures | 14,689 | 548 | 3.73% | 5,155 | 182 | 3.53% | |||||||
Borrowings | 18,928 | 433 | 2.29% | 34,227 | 625 | 1.83% | |||||||
Total Interest-Bearing Liabilities | $ | 811,706 | $ | 2,557 | 0.32% | $ | 736,351 | $ | 3,647 | 0.50% | |||
Interest Rate Spread | 3.16% | 3.69% | |||||||||||
Noninterest checking accounts | 356,227 | 218,254 | |||||||||||
Other liabilities | 6,995 | 7,357 | |||||||||||
Total liabilities | 1,174,928 | 961,962 | |||||||||||
Total Stockholders' equity | 104,866 | 104,779 | |||||||||||
Total Liabilities and | |||||||||||||
Stockholders' Equity | $ | 1,279,794 | $ | 1,066,741 | |||||||||
Net Interest Income/Margin | $ | 39,277 | 3.27% | $ | 37,849 | 3.82% | |||||||
- 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 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 15:29:06 UTC.