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Blackhawk Bancorp, Inc. (OTCQX:BHWB) has announced plans to close two banking centers in Richmond and Island Lake, Illinois, expected to occur in August 2022. This decision aims to enhance operational efficiency due to a shift in customer transactions toward digital channels. The company anticipates incurring approximately $1.38 million in pre-tax charges during Q2 2022, primarily for building disposition and employee severance costs. However, these costs are expected to be offset by reduced operating expenses within 30 months.
Blackhawk Bancorp reported a net income of $2.62 million for Q1 2022, marking a 10% decrease from the previous quarter and a 24% decline year-over-year. Diluted EPS fell to $0.92. Key factors included a $503,000 drop in mortgage loan income due to rising interest rates and a slowing housing market, partially offset by reduced salaries. Loans held for investment increased by 18.4% annualized, totaling $716 million. Despite strong loan production, the outlook faces inflation and potential recession risks. Total deposits grew by $131.4 million to $1.20 billion.
Blackhawk Bancorp (OTCQX:BHWB) has declared a cash dividend of $0.12 per share, set to be paid on February 16, 2022, to shareholders of record as of December 3, 2021. This marks the thirty-first consecutive quarterly dividend and represents a 9% increase from the previous eight quarters, amounting to $0.48 per share annually. The company operates twelve banking centers in Wisconsin and Illinois, providing a variety of financial services.
Blackhawk Bancorp (BHWB) reported record earnings for 2021, with net income reaching $13.62 million, up 26% from 2020. Diluted EPS increased 38% to $4.47. The year achieved a ROAE of 12.99% and total assets rose by 18% to $1.34 billion. However, Q4 earnings declined by 10% to $2.91 million, and EPS fell to $1.02, despite a share repurchase boosting per-share metrics. Operating expenses spiked by 11% to $40 million for the year due to increased salaries. The bank is optimistic for 2022, citing loan growth and new branches.
Blackhawk Bancorp (OTCQX:BHWB) declared a cash dividend of $0.11 per share for shareholders of record as of December 3, 2021. The dividend will be paid on December 17, 2021, resulting in an annualized rate of $0.44 per share. This marks the thirtieth consecutive quarterly dividend for the company. Blackhawk Bancorp operates eleven banking centers across Wisconsin and Illinois, providing various financial services.
Blackhawk Bancorp (OTCQX:BHWB) reported a net income of $3.22 million for Q3 2021, a 21% decrease from the prior quarter and a 13% increase from Q3 2020. EPS decreased to $1.13 from $1.30 in Q2 2021 but rose 31% year-over-year. Operating expenses increased by $0.85 million (9%) while noninterest income saw a $0.07 million increase. The company experienced a 43% rise in net income for the first nine months of 2021. Challenges persist in loan growth due to economic uncertainties and supply chain issues.
Blackhawk Bank (OTCQX:BHWB) has announced the acquisition of a property at 460 S. First Street, St. Charles, IL, where it plans to open a new full-service branch later this year. This move will result in the closure of the Kane County Business Banking Center at 2205 Point Blvd, with staff transitioning to the new location. The new branch aims to enhance banking services for residents and business owners across Kane and DuPage counties. Blackhawk Bank has been operational since 1881 and currently manages ten full-service centers in Illinois and Wisconsin.
Blackhawk Bancorp (OTCQX:BHWB) has declared a cash dividend of $0.11 per share for shareholders on record as of September 3, 2021, payable on September 17, 2021. This marks the twenty-ninth consecutive quarterly dividend, equating to $0.44 annually. Headquartered in Beloit, Wisconsin, Blackhawk Bancorp operates eleven banking centers across Wisconsin and Illinois, providing a range of financial services to its business customers.
Blackhawk Bancorp, Inc. (OTCQX:BHWB) reported a net income of $4.06 million for Q2 2021, an 18% increase from Q1 2021 and 58% from Q2 2020. Fully diluted EPS rose to $1.30, up 69% year-over-year. Key contributors included a $0.50 million decrease in loan loss provisions and a $0.45 million increase in net interest income. However, revenues from mortgage loan sales decreased by $0.48 million. Total assets increased by 17% to $1.33 billion. For the first half of 2021, net income of $7.49 million marked a 61% increase compared to 2020.
Blackhawk Bancorp, Inc. (OTCQX:BHWB) has announced the election of two incumbent directors and one new director, Bruce E. Ware, at its Annual Meeting of Shareholders on May 19, 2021. Ware, Vice President of DaVita Inc., brings significant capital markets experience. Todd James, Chairman and CEO, expressed confidence in Ware's contributions to the board. Meanwhile, directors Stephen Carter and Diane Hendricks retired from their positions after completing their terms. Blackhawk Bancorp operates multiple banking centers across Wisconsin and Illinois, providing value-added financial services.