Blackhawk Bancorp, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net income of $1,129,000, a $1,504,000 increase from the $375,000 loss reported for the third quarter of 2014. Earnings per diluted share were $0.51, up $0.68 from the $0.17 per diluted share loss realized in the third quarter of 2014. The dramatic increase compared to the third quarter of last year reflects the securities fraud loss realized last year, which reduced net income by $1,593,000 in the third quarter of 2014. ROAA was 0.75% compared to 0.25% a year ago. Net interest income increased 2% to $5,019,000 compared to $4,932,000 for the third quarter of 2014. Income before income taxes was $1.535 million compared to loss before income taxes of $0.956 million a year ago. Return on common equity was 10.15% compared to 3.56% a year ago.

For the nine months, net income increased 124% to $2,933,000 compared to $1,308,000 earned the first three quarters of 2014. Earnings per diluted share were $1.31, a 162% increase compared to the $0.50 earned the first nine months of 2014. Excluding the fraud related loss recognized in the third quarter of 2014, net income for the first nine months of 2015 increased $32,000, or 2%, and diluted earnings per share increased $0.10, or 8%, compared to the first nine months of 2014. Net interest income increased $156,000, or 1%, to $14,618,000 compared to $14,462,000 the nine months of 2014. Income before income taxes was $3.884 million compared to loss before income taxes of $0.249 million a year ago. Return on common equity was 9.01% compared to 3.69% a year ago. Return on assets was 0.66% compared to 0.30% a year ago.