Blackhawk Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
For the nine months, net income increased 124% to $2,933,000 compared to $1,308,000 earned the first three quarters of 2014. Earnings per diluted share were $1.31, a 162% increase compared to the $0.50 earned the first nine months of 2014. Excluding the fraud related loss recognized in the third quarter of 2014, net income for the first nine months of 2015 increased $32,000, or 2%, and diluted earnings per share increased $0.10, or 8%, compared to the first nine months of 2014. Net interest income increased $156,000, or 1%, to $14,618,000 compared to $14,462,000 the nine months of 2014. Income before income taxes was $3.884 million compared to loss before income taxes of $0.249 million a year ago. Return on common equity was 9.01% compared to 3.69% a year ago. Return on assets was 0.66% compared to 0.30% a year ago.