Blackhawk Bancorp Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported total interest and dividend income of $5,619,000 against $5,778,000 for the same period last year. Net interest income for the fourth quarter decreased by 3% to 4,884,000 compared to $5,014,000 for the fourth quarter of the prior year. Net interest and dividend income was $4,884,000 against $5,014,000 for the same period last year. Income before income taxes was $1,209,000 against $2,680,000 for the same period last year. Net income was $945,000 or $0.42 per basic and diluted share against $1,840,000 or $0.75 per diluted share for the same period last year. Return on average assets was 0.65% against 1.25% for the same period last year. Return on average common equity was 8.93% against 17.47% for the same period last year.

For the year, the company reported total interest and dividend income of $22,305,000 against $22,693,000 for the same period last year. Net interest and dividend income before provision for loan losses was $19,346,000 against $19,383,000 for the same period last year. Net interest income for the full year was $19,346,000, a $37,000 decrease compared to 2013. The decrease in net interest income for the year included $251,000 of interest paid on debt incurred in conjunction with the redemption of the company's preferred stock that was issued under the TARP Capital Purchase Plan. Income before income taxes was $2,267,000 against $4,822,000 for the same period last year. Net income was $2,252,000 or $0.92 per basic and diluted share against $3,915,000 or $1.47 per diluted share for the same period last year. The decrease in earnings for both the quarter and the year are due to significant nonrecurring items.