A Shared Past, A Strong Future.
608-755-6065 800-779-5555
www.bhccu.org
AS OF DECEMBER 31, 2020
INCOME STATEMENT
UNAUDITED NUMBERS
INTEREST INCOME
Loan Interest Income $ 21,098,130
Investment Income $ 1,280,944
Total Interest Income $ 22,379,074
DIVIDEND AND INTEREST EXPENSE
Dividend Expense $ 3,135,930
Interest Expense $ 140
Total Dividend and Interest Expense $ 3,136,070
Net Interest Margin before Provision $ 19,243,004
Provision for Loan Loss $ 1,700,874
Net Interest Margin after Provision $ 17,542,130
Non-Interest Income $ 9,309,909
Total Income before Non-Interest Expense $ 26,852.039
Non-Interest Expense $ 20,607,205
Net Income $ 6,244,834
Number of Members 51,817
AS OF DECEMBER 31, 2020
BALANCE SHEET
2020 2019
ASSETS
Cash & Cash Equivalents $ 140,792,661 14,413,767
Loans (net) 496,727,949 496,873,922
Investments 83,571,602 73,243,341
Fixed Assets (net) 17,702,560 20,606,975
Other Real Estate Owned - 538,569
NCUA Insurance Capitalization 6,291,823 5,465,798
Mortgage Servicing Rights 1,427,242 1,605,683
Accounts Receivable 1,627,863 2,267,065
Other Assets 5,061,138 4,861,516
Total Assets $ 753,202,837 619,876,636
LIABILITIES AND MEMBER EQUITY
SHARES & DEPOSITS
Shares $ 257,279,845 192,388,357
Share Drafts 149,576,392 110,539,027
Money Market Accounts 11,444,252 10,713,153
High Yield Savings/Weathbuilder 132,337,373 111,888,199
Certificates & IRA Accounts 134,158,673 137,050,588
Total Shares $
684,796,536 562,579,324
Other Interest Liabilities 0 0
Non Interest Liabilities 13,102,517 7,704,400
Total Liabilities $ 697,899,053 570,283,724
Total Member Equity 55,303,784 49,592,913
Total Liabilities and Member Equity $
753,202,837 619,876,636
UNAUDITED NUMBERS
Federally Insured by NCUA
2020 ANNUAL REPORT
Dear Members,
In 1965, our founders had the vision to elevate the lives of the people
in our communities and we continue to strive toward that vision today.
This last year presented the world with challenges and we believed in
turning them into opportunities to make our members’ lives better. We
developed new processes and protocols to provide the best member
service to you in ways we have never done before. With our lobbies
closed for safety, our drive-up lanes and parking lots became our
oces. Our employees consistently delivered financial services through
innovative solutions. Our Call Center, online, and mobile banking
products and services were utilized more than they have ever been
in the past.
Through it all, our Blackhawk Community Credit Union team rose to the unique challenges
of the pandemic and found ways to make sure you had what you needed financially - and
sometimes more. We appreciate the managers and employees that helped push stalled cars out
of the drive-up and picked up gas for a member whose car ran empty. We thank our member
advisors and loan ocers that took documents to our members’ homes versus a branch. We
commend the branch employees that collectively recognized a member in dire need and
provided immediate medical attention. These are just a few of the many ways our team went
above and beyond the call of duty for our members.
In return, you have shown us your appreciation in so many creative ways. The notes that you
emailed or passed through the drive-up tubes thanking our tellers for continuing to serve during
such trying times were inspirational to our team. The flowers and treats that were delivered
were uplifting. We truly thank you for being so encouraging and supportive of our team. It’s
what community is all about…
This past year presented many trials for all of us, but it also proved that an endless amount of
good can happen when we all work together. Thank you for putting our “people helping people”
philosophy into action and for trusting us with your finances. We are encouraged and happy to
see your smiling faces in our lobbies again. Our strength comes from you and whether you are
a new member or have been with us for generations, we are here for you because you are the
reason we come to work every day.
Your credit union is strong. We value our shared past and look forward to our strong
future together.
Sincerely,
Lisa Palma
LISA PALMA,
Blackhawk Community
Credit Union CEO
A Shared Past, A Strong Future.
LETTER FROM OUR PRESIDENT & CEO
INDEPENDENT AUDITOR’S REPORT
Board of Directors
Blackhawk Community Credit Union
Janesville, Wisconsin
We have audited the accompanying financial statements of Blackhawk Community Credit
Union (the "Credit Union"), which comprise the balance sheet as of March 31, 2020 and
2019, and the related statements of income, comprehensive income, members’ equity, and
cash flows for the years then ended, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United
States; this includes design, implementation, and maintenance of internal control relevant
to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with auditing standards generally accepted
in the United State. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on
the eectiveness of the entity’s internal control. Accordingly, we express no such opinion.
An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sucient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Blackhawk Community Credit Union as of March 31,
2020 and 2019, and the results of its operations and its cash flows for the years then ended
in accordance with accounting principles generally accepted in the United States.
Wipfli LLP
June 11, 2020
Westchester, Illinois