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News coverage related to Blackhawk Bancorp Inc. (OTCQX: BHWB) primarily focused on the company's acquisition by First Mid Bancshares Inc. in 2023, which marked the end of Blackhawk's 142-year history as an independent banking institution. The definitive merger agreement, announced in March 2023, represented a significant consolidation event in the Midwest regional banking sector and generated substantial media attention in both Wisconsin and Illinois markets where Blackhawk operated.
Financial news sources reported on the transaction terms, which valued Blackhawk at approximately $90.3 million in an all-stock deal. Shareholders received 1.15 shares of First Mid common stock for each BHWB share owned. Industry analysts discussed the strategic rationale behind the merger, noting that it expanded First Mid's footprint in key markets while providing Blackhawk shareholders with liquidity and exposure to a larger, more diversified banking franchise. Local business publications in Beloit, Janesville, Rockford, and surrounding communities covered the impact on customers and employees, with most reporting that branch locations would remain open and that many relationship bankers would continue serving existing customers under the First Mid brand.
Prior to the acquisition announcement, news coverage of Blackhawk typically focused on community involvement activities, local lending initiatives, and the bank's role in supporting economic development projects throughout southern Wisconsin and northern Illinois. The bank's participation in SBA lending programs, support for small business growth, and sponsorship of community events frequently appeared in local media outlets. As a smaller regional bank, Blackhawk did not generate the volume of financial news that larger publicly traded banks produce, though quarterly earnings announcements and annual shareholder meeting coverage appeared in financial databases and regional business journals.
Following the December 4, 2023 conversion to First Mid Bank & Trust, news coverage shifted to focus on the integration process and how former Blackhawk customers were adapting to new systems, products, and branding. The transition marked the end of a significant chapter in Wisconsin banking history, as Blackhawk had been one of the oldest continuously operating banks in the state before its acquisition.
Blackhawk Bancorp (OTCQX:BHWB) reported a net income of $2.89 million for Q1 2023, marking a 29% decline from the previous quarter but a 10% increase from Q1 2022. Diluted earnings per share decreased by 29% to $1.00 compared to the last quarter. The company experienced a 3% decline in net interest income from the previous quarter, totaling $11.67 million, but a 21% year-over-year increase. Total deposits fell by $51.4 million to $1.15 billion, while loan growth remained robust at double digits year-over-year. The announced merger with First Mid Bancshares, expected to close in H2 2023, is poised to enhance the company’s market position. The tangible book value per share rose to $24.02 from $22.60 at the end of 2022.
Blackhawk Bancorp, Inc. (OTCQX:BHWB) announced a quarterly cash dividend of $0.12 per share, payable on March 17, 2023, to shareholders recorded by March 3, 2023. This dividend totals $0.48 annually, marking the 35th consecutive quarterly dividend the company has declared. Blackhawk Bancorp operates ten banking centers in Wisconsin and Illinois, offering consultative financial services to business customers. The company emphasizes a commitment to shareholder returns through consistent dividend payments.
On January 24, 2023, Blackhawk Bancorp (OTCQX:BHWB) announced record earnings for the year ending December 31, 2022, with a net income of $13.64 million, slightly surpassing $13.62 million in 2021. Diluted EPS rose by 6.26% to $4.75. The company saw a 12% increase in net interest income, totaling $43.91 million, despite a $4.11 million decline in noninterest income. Fourth quarter net income was $4.05 million, a 39% increase year-over-year. Key metrics included a ROAE of 22.31% and a ROAA of 1.19%. However, operating expenses increased by $2.32 million due to branch closures. The company also faced challenges from rising deposit costs, impacting future net interest margin growth.
Blackhawk Bancorp reported a net income of $3.49 million for Q3 2022, a slight increase from $3.48 million in Q2 and an 8% rise from $3.22 million in Q3 2021. Diluted EPS remained at $1.21, with a return on average equity at 16.73%. A 10% increase in net interest income was observed, totaling $11.64 million. However, noninterest income declined, largely due to a $1.17 million drop in mortgage servicing revenue. Total deposits rose to $1.26 billion, while the tangible book value per share decreased to $21.01.
Blackhawk Bancorp (OTCQX:BHWB) has declared a quarterly cash dividend of $0.12 per share, payable on September 23, 2022, to shareholders of record as of September 9, 2022. This marks the 33rd consecutive quarterly dividend, totaling $0.48 annually. Blackhawk Bancorp operates ten full-service banking centers in Wisconsin and Illinois, offering consultative services to business customers.
Blackhawk Bancorp (OTCQX:BHWB) reported net income of $3.48 million for Q2 2022, a 33% increase from Q1 2022 but a 14% decline year-over-year. Diluted EPS rose to $1.21, a 32% increase from Q1, while down 7% from Q2 2021. Key highlights include a 26% rise in loans held for investment and a net interest margin of 3.31%. Operating expenses rose 19% year-over-year, largely due to $1.27 million in branch closure charges. The bank remains cautiously optimistic about future loan growth amid rising interest rates.
Blackhawk Bancorp, Inc. (OTCQX:BHWB) has declared a cash dividend of $0.12 per share, payable on June 17, 2022, to shareholders of record by June 3, 2022. This dividend translates to an annual amount of $0.48 per share and marks the thirty-second consecutive quarterly dividend for the company. Blackhawk Bancorp, headquartered in Beloit, Wisconsin, operates twelve banking centers and offers a variety of financial services.
Blackhawk Bancorp (OTCQX:BHWB) announced the election of three incumbent directors and one new director during its Annual Meeting of Shareholders on May 18, 2022. The elected directors include Lucas R. Derry, April R. Glosser, Paul L. Palmby, and Benjamin D. Holmstrom, who brings valuable experience from his role as President of William Charles Construction. The Company also acknowledged the retirement of Thomas Barnes, who served on the Board since 2007. The leadership changes aim to enhance the Company’s strategic position in the financial sector.
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