I'm happy to report that the bank has proven remarkably shareholder-friendly, has largely resolved its capital issues without diluting shareholders, and is currently trading at just eight times earnings, making BHWB now a very cheap, appealing stock.
Disclosure: As of this posting, I own shares of BHWB and may subsequently either dispose of them or purchase more.
Blackhawk has the same compelling selling opportunities observed in last October's review:
Associated Banc-Corp, Green Bay, WI (ASBC)
BMO Financial, Toronto, Canada (BMO)
Heartland Financial USA, Dubuque, IA (HTLF)
(as of 12/31/2012)
*The U.S. Government recently auctioned off its TARP holdings in BHWB in two series for 91¢ and 95¢ on the dollar, respectively
Merrit J. Mott, Chairman
Rick Bastian III, President and CEO
Todd James, Executive VP, Treasurer, Secretary, and CFO
Three reasons I'm really excited about Blackhawk Bancorp today:
Shareholder Dilution? No longer a concern!
Operating Performance? Much improved!
Stock Price? Great value!