1895 Bancorp of Wisconsin Inc.

07/21/2021 | Press release | Distributed by Public on 07/21/2021 14:01

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

GREENFIELD, Wis., July 21, 2021 /PRNewswire/ -- 1895 Bancorp of Wisconsin, Inc. Greenfield, Wisconsin (NASDAQ: BCOW) today reported a fiscal second quarter net loss of $51,000, or basic and diluted earnings per share of ($0.01), for the quarter ended June 30, 2021, compared to net income of $194,000, or basic and diluted earnings per share of $0.04 for the quarter ended June 30, 2020. The decrease in net income was primarily due to a $489,000 decrease in non-interest income and a $386,000 increase in non-interest expense. This was partially offset by a $347,000 increase in net interest income. For the six months ended June 30, 2021, 1895 Bancorp reported net income of $470,000, or basic and diluted earnings per share of $0.10, for the six months ended June 30, 2021, compared to net income of $481,000, or basic and diluted earnings per share of $0.11 for the six months ended June 30, 2020.

Total assets increased $88.8 million, or 17.2%, to $605.6 million at June 30, 2021 from $516.8 million at December 31, 2020. Total shareholders' equity increased $292,000, or 0.5%, to $60.3 million at June 30, 2021 from $60.0 million at December 31, 2020. 1895 Bancorp's capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.

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

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(In Thousands, except per share data)

6/30/2021

12/31/2020

Selected Financial Condition Data:

(Unaudited)

Total assets

$ 605,577

$ 516,757

Loans receivable, net

330,903

329,073

Allowance for loan losses

2,732

2,703

Cash and cash equivalents

145,817

92,526

Deposits

466,184

379,848

Advance payments by borrowers for taxes and insurance

9,167

2,737

FHLB advances

63,423

68,398

Shareholders equity

60,300

60,008

Selected Operations Data:

Three months ended

Six months ended

6/30/2021

6/30/2020

6/30/2021

6/30/2020

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Total interest income

$ 3,511

$ 3,586

$ 7,128

$ 7,446

Total interest expense

393

815

849

1,774

Net interest income

3,118

2,771

6,279

5,672

Provision for loan losses

-

-

-

-

Net interest income after provision for loan losses

3,118

2,771

6,279

5,672

Non-interest income

1,134

1,623

2,743

2,229

Non-interest expense

4,361

3,975

8,450

7,048

Income before income taxes

(109)

419

572

853

Income tax expense

(58)

225

102

372

Net income

$ (51)

$ 194

$ 470

$ 481

Earnings per common share

Basic

$ (0.01)

$ 0.04

$ 0.10

$ 0.11

Diluted

$ (0.01)

$ 0.04

$ 0.10

$ 0.11

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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.