1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin Announces Third Quarter Operating Results
October 30, 2021 at 03:16 am IST
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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
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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin Inc.
1895 Bancorp of Wisconsin, Inc. is the savings and loan holding company for PyraMax Bank, FSB (PyraMax Bank). PyraMax Bank is a stock savings bank, which operates as a full-service financial institution, providing a full range of financial services, including the granting of commercial, residential, and consumer loans and acceptance of deposits from individual customers and small businesses in the metropolitan Milwaukee, Wisconsin, area. Its business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans, commercial real estate loans (which includes non-owner occupied commercial real estate, multi-family, owner occupied commercial real estate and one- to four-family non-owner-occupied loans), commercial loans and consumer loans. It offers variety of deposit accounts, including checking accounts, savings accounts, and certificate of deposit accounts.