Beloit-based Blackhawk Bancorp Inc. today reported third quarter income of $755,000, or 35 cents per share, up from $645,000, or 29 cents per share, in the same period a year ago.
The parent company of Blackhawk Bank said its total assets increased to $486.3 million from $464.7 a year ago.
"By following a disciplined and focused approach to our business we're continuing to grow and improve performance," said Rick Bastian, president and chief executive officer of Blackhawk Bancorp. "The strength of our core earnings has produced record earnings while, at the same time, we increased our reserve for bad debts. 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."
Bastian added, "Our clean and strong balance sheet should generate confidence from our shareholders and peace of mind for our clients, especially as we enter this period of unprecedented economic uncertainty."
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