Blackhawk Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. Net interest income for the fourth quarter increased 3% to $5,015,000 compared to $4,884,000 for the fourth quarter of 2014; however, the net interest margin fell to 3.58% compared to 3.68% the most recent quarter and 3.73% the same quarter last year. The decrease in the net interest margin was partially due to a significant increase in average non-maturity deposits for the quarter. The increase is expected to be short-term in nature; therefore, the proceeds from the increase have been invested short-term producing very little incremental net interest income. Total interest and dividend income was $5,650,000 against $5,619,000 a year ago. Return on assets was 0.64% compared to 0.65% a year ago. Return on average common equity was 8.59% compared to 8.93% a year ago. Income before income taxes was $1.3 million compared to $1.21 million a year ago. Return on common equity was 10.15% compared to 3.56% a year ago. Net income was $0.99 million or $0.43 per basic and diluted share against $0.95 million or $0.42 per basic and diluted share a year ago.

For the year, the company reported total interest and dividend income of $22,234,000 against $22,305,000 a year ago. Income before income taxes was $5.2 million compared to $2.3 million a year ago. Return on common equity was 8.90% compared to 5.05% a year ago. Net income was $3.92 million or $1.73 per basic and diluted share against $2.3 million or $0.92 per basic and diluted share a year ago. Net interest and dividend income before provision for loan losses was $19.633 million against $19.346 million a year ago. Return on assets was 0.66% compared to 0.38% a year ago. The more dramatic increase in the record earnings per share compared to the increase in net income reflects the 2014 redemption of the company's preferred securities. Since that redemption, which eliminated the related preferred stock dividends, all earnings are attributable to common shareholders.