Blackhawk Bancorp, Inc. (OTC:BHWB) (BULLETIN BOARD: BHWB) today announced improved financial results for the third quarter ended September 30, 2008.
Net income rose to $755,000, or $0.35 per fully diluted share, compared with $645,000, or $0.29 per diluted share in third quarter 2007. Net income for the first nine months of the year rose to $2,164,000, or $1.00 per fully diluted share, compared with $1,728,000, or $0.77 per diluted share for the same period in 2007. Total assets increased to $486.3 million as of September 30, 2008 compared with $464.7 million at year end 2007.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and CEO. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts," he added. Blackhawk's solid performance reflects an improved net interest margin and balance sheet growth. "Up to this point we've avoided major issues, but as the effects of the big bank problems and a weaker economy trickle down, we expect to feel some impact," said Bastian.
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