BELOIT, Wis., Aug. 28 /PRNewswire-FirstCall/ — The Board of Directors of Blackhawk Bancorp, Inc. has declared the company’s 74th consecutive quarterly cash dividend. Shareholders of record September 19, 2008 will be paid $0.09 per share on October 2, 2008. This amounts to 36 cents per share on an annualized basis, representing a yield of approximately 3.6% on the stock’s recent trading price, announced Blackhawk’s President and Chief Executive Officer, R. Richard Bastian, III. He commented, “Importantly, we are declaring our regular quarterly cash dividend when many in the industry are reducing or eliminating theirs. Since $.09 per share amounts to only 25% of second quarter earnings, our dividend coverage remains strong.”
In second quarter 2008, the company reported increased net income of $812,000, or 37 cents per fully diluted share, up from $613,000, or 27 cents per diluted share in second quarter 2007. For the first six months of 2008, net income rose to $1,409,000, or 65 cents per fully diluted share, compared with $1,084,000, or 48 cents per diluted share for the same period in 2007.
Blackhawk Bancorp, Inc., with total assets of approximately $472 million, is the parent company of Blackhawk State Bank, which operates seven offices in south central Wisconsin and north central Illinois. The stock of Blackhawk Bancorp, Inc. is publicly traded on the Over the Counter Market under the symbol BHWB.
When used in this communication, the words “believe”, “expect”, “anticipate”, “plan”, “estimate”, “may”, “will” or similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions; success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; and the inability of third party vendors to perform critical services for the company or its customers.
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Source: Blackhawk Bancorp, Inc.