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.
![(PRNewsfoto/PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.) (PRNewsfoto/PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.)](https://mma.prnewswire.com/media/1578767/1895_Bancorp_of_Wisconsin_Logo.jpg)
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 $60.0 million at December
31, 2020, as we completed the conversion of 1895 Bancorp of
Wisconsin, MHC, and related stock
offering in July 2021. 1895 Bancorp's capital ratios remain
in excess of those required to be considered well-capitalized under
U.S. banking regulations.
SELECTED
CONSOLIDATED FINANCIAL INFORMATION
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(In Thousands, except
per share data)
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9/30/2021
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12/31/2020
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Selected Financial
Condition Data:
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(Unaudited)
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Total
assets
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$
541,189
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$
516,757
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Loans receivable,
net
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330,310
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329,073
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Allowance for loan
losses
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2,788
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2,703
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Cash and cash
equivalents
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86,856
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92,526
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Deposits
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374,314
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379,848
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Advance payments by
borrowers for taxes and insurance
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11,982
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2,737
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FHLB
advances
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55,934
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68,398
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Shareholders
equity
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92,208
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60,008
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Selected Operations
Data:
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Three months
ended
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Nine months
ended
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9/30/2021
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9/30/2020
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9/30/2021
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9/30/2020
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Total interest
income
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$
3,381
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$
3,938
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$
10,509
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$
11,385
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Total interest
expense
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349
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687
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1,199
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2,462
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Net interest
income
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3,032
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3,251
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9,310
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8,923
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Provision for loan
losses
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30
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500
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30
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500
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Net interest income
after provision for loan losses
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3,002
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2,751
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9,280
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8,423
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Non-interest
income
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628
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2,759
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3,371
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4,988
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Non-interest
expense
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3,802
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3,893
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12,252
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10,941
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Income before income
taxes
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(172)
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1,617
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399
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2,470
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Income tax
expense
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(57)
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1,205
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45
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1,577
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Net income
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$
(115)
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$
412
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$
354
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$
893
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Earnings per common
share
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Basic
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$
(0.02)
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$
0.09
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$
0.07
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$
0.20
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Diluted
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$
(0.02)
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$
0.09
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$
0.07
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$
0.20
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Contact: Richard B. Hurd
Telephone: (414) 235-5207
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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin Inc.