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1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin Announces Third Quarter Operating Results

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GREENFIELD, Wis., Oct. 29, 2021 /PRNewswire/ — 1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin [NASDAQ BCOW] today reported a fiscal third quarter net loss of $115,000, or basic and diluted earnings per share of ($0.02), for the quarter ended September 30, 2021, compared to net income of $412,000, or basic and diluted earnings per share of $0.09 for the quarter ended September 30, 2020.  The decrease in net income was primarily due to a $2.1 million decrease in non-interest income and a $219,000 decrease in net interest income.  Non-interest income decreased primarily due to a $1.0 million decrease in net gains realized on the sale of securities and a $488,000 decrease in net gains realized on the sale of loans due to a reduction in mortgage activity and a lower level of loan sales.  In addition, we recognized a $575,000 decrease in market value of our Rabbi trust accounts.   Net interest income decreased due to a declining interest rate environment brought on by the COVID-19 pandemic.  This was partially offset by a $1.3 million decrease in income tax expense and a $470,000 decrease in provision for loan losses.  For the nine months ended September 30, 2021, 1895 Bancorp reported net income of $354,000, or basic and diluted earnings per share of $0.07, compared to net income of $893,000, or basic and diluted earnings per share of $0.20 for the nine months ended September 30, 2020.

Total assets increased $24.4 million, or 4.7%, to $541.2 million at September 30, 2021 from $516.8 million at December 31, 2020.  Total shareholders' equity increased $32.2 million, or 53.7%, to $92.2 million at September 30, 2021 from $60.0 million at December 31, 2020, as we completed the conversion of 1895 Bancorp of Wisconsin, MHC, and related stock offering in July 2021.  1895 Bancorp's capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(In Thousands, except per share data)

9/30/2021

12/31/2020

Selected Financial Condition Data:

(Unaudited)

Total assets

$      541,189

$   516,757

Loans receivable, net

330,310

329,073

Allowance for loan losses

2,788

2,703

Cash and cash equivalents

86,856

92,526

Deposits

374,314

379,848

Advance payments by borrowers for taxes and insurance

11,982

2,737

FHLB advances

55,934

68,398

Shareholders equity

92,208

60,008

Selected Operations Data:

Three months ended

Nine months ended

9/30/2021

9/30/2020

9/30/2021

9/30/2020

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Total interest income

$           3,381

$           3,938

$        10,509

$        11,385

Total interest expense

349

687

1,199

2,462

Net interest income

3,032

3,251

9,310

8,923

Provision for loan losses

30

500

30

500

Net interest income after provision for loan losses

3,002

2,751

9,280

8,423

Non-interest income

628

2,759

3,371

4,988

Non-interest expense

3,802

3,893

12,252

10,941

Income before income taxes

(172)

1,617

399

2,470

Income tax expense

(57)

1,205

45

1,577

Net income

$            (115)

$              412

$              354

$              893

Earnings per common share

  Basic

$           (0.02)

$             0.09

$             0.07

$             0.20

  Diluted

$           (0.02)

$             0.09

$             0.07

$             0.20

Contact: Richard B. Hurd
Telephone: (414) 235-5207

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/1895-bancorp-of-wisconsin-inc-greenfield-wisconsin-announces-third-quarter-operating-results-301411141.html

SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin Inc.

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