Blackhawk Bancorp, Inc. Bank Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Net income for the six months ended June 30, 2015 was $1.80 million, or $0.81 per diluted share, compared to $1.68 million, or $0.66 per diluted share, for the same period ended June 30, 2014. Net interest and dividend income after provision for loan losses for the six months ended June 30, 2015 was $8.36 million, compared to $8.34 million for the same period ended June 30, 2014. Total interest and dividend income was $10.95 million compared to $10.988 million a year ago. Income before income taxes was $2.35 million compared to $2.02 million a year ago. The higher percentage increase in earnings per share compared to the percentage increase in net income reflects the impact of the Company redeeming $10.5 million of preferred stock in the second quarter of 2014. Since the redemption, all of the Company's earnings are attributable to common shareholders. The company's return on average common equity for the first half of 2015 was 8.42%, an increase of 85 basis points compared to 7.57% for the first half of 2014. Return on average assets for the first six months of 2015 increased to 0.62% compared to 0.58% the first half of 2014.