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

News provided by

PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.

Jul 21, 2021, 16:00 ET

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

SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.