GREENFIELD, Wis., March 11, 2022 /PRNewswire/ -- 1895 Bancorp
of Wisconsin, Inc., (NASDAQ: BCOW)
(the "Company"), the holding company for PyraMax Bank, today
announced unaudited financial results for the year ended
December 31, 2021.
Net income for the year ended December
31, 2021 was $85,000, or
$0.01 per diluted share, compared to
$1.3 million, or $0.28 per diluted share, for the year ended
December 31, 2020. The decrease
in net income was primarily the result of a $2.5 million decrease in noninterest income and a
$1.2 million increase in noninterest
expense, offset by a $1.8 million
decrease in income taxes, a $470,000
decrease in provision expense and a $248,000 increase in net interest
income.
Net interest income increased $248,000, or 2.0%, to $12.7 million for the year ended
December 31, 2021, from $12.5 million for the year ended
December 31, 2020. The increase was due primarily to a
$1.5 million, or 49.5%, decrease in
interest expense, partially offset by a $1.3
million, or 8.1%, decrease in interest and dividend
income. The decrease in both interest expense and interest
income was primarily due to the continued low interest rate
environment which resulted in a decrease in our average yield on
interest earning-assets and cost of interest-bearing
liabilities. The weighted average yield on our
interest-earning assets decreased from 3.48% for 2020 to 2.84% for
2021 and our average cost of interest-bearing liabilities decreased
from 0.91% for 2020 to 0.44% for 2021.
Provision for loan losses was $30,000 for the year ended December 31,
2021, compared to $500,000 for the
year ended December 31, 2020. The allowance for loan losses
was $2.9 million, or 0.88% of
total loans, at December 31, 2021, compared to $2.7 million, or 0.82% of total loans, at
December 31, 2020. Nonaccrual loans constituted 0.31% of total
loans at December 31, 2021 and 0.39% of total loans at
December 31, 2020.
Noninterest income decreased $2.5 million, or 37.0%, from $6.8 million for the year ended December 31, 2020 to $4.3
million for the year ended December 31, 2021. The
decrease was due primarily to a $2.0
million decrease in net gain on sale of loans and a
$1.0 million decrease in net gains
realized on the sale of securities. The decrease in net gain
on sale of loans was primarily due to a decrease in the volume of
mortgage loans originated and sold.
Noninterest expense increased $1.2
million, or 7.9%, to $16.9 million for the year ended
December 31, 2021 from $15.7 million for the year ended
December 31, 2020. The increase was due primarily to a
$751,000 increase in salaries and
employee benefits and a $344,000
increase in other noninterest expenses.
Income tax benefit was $64,000 for the year ended December 31,
2021, compared to income tax expense of $1.7 million for the year ended
December 31, 2020. Included in income tax expense for 2020 was
a $934,000 increase in our deferred
tax valuation allowance.
Total assets were $539.6 million at December 31, 2021, an
increase of $22.9 million, or
4.4%, compared to total assets of $516.8 million at December 31, 2020.
The increase was primarily due to an increase in available-for-sale
securities of $53.7 million,
partially offset by a decrease in cash and cash equivalents of
$25.7 million.
Available for sale securities increased $53.7 million, or 91.5%, to $112.4 million at December 31, 2021,
from $58.7 million at
December 31, 2020. The increase in securities was the
result of management's decision to invest a portion of the
Company's cash and cash equivalents into securities with higher
yields to increase future earnings, while maintaining a high degree
of liquidity.
Net loans decreased $5.3 million, or 1.6%, to $323.8 million at December 31, 2021,
from $329.1 million at
December 31, 2020. The decrease was due primarily to a
$12.2 million decrease in
commercial loans and a $5.3 million
decrease in consumer home equity and line of credit loans. A
significant portion of the decrease in commercial loans was the
result of the forgiveness of PPP loans. Partially
offsetting these decreases was an $11.7
million increase in first mortgage residential real estate
loans. The increase in first mortgage loans was the result of
management's decision to retain more of these loans on our books,
based on our liquidity and interest rate risk position at the time,
in order to increase earnings by investing a portion of our
liquidity in higher yielding assets.
Deposits increased $4.7 million, or 1.2%, to $384.5 million at December 31, 2021,
from $379.8 million at
December 31, 2020.
Borrowings, consisting entirely of FHLB advances, decreased
$13.0 million, or 18.9%, to
$55.4 million at
December 31, 2021, from $68.4 million at December 31,
2020. The decrease was due to the maturity and repayments of
principal on outstanding advances.
Total equity increased $30.9 million, or 51.5%, to $90.9 million at December 31, 2021,
from $60.0 million at
December 31, 2020. The increase was primarily due to the
July 2021 capital raise which
generated $35.4 million in gross
proceeds. At December 31, 2021, PyraMax Bank had a total
risk-based capital ratio of 20.2% and a Tier 1 risk-based capital
ratio of 19.4%.
About 1895 Bancorp of Wisconsin, Inc.
1895 Bancorp of Wisconsin, Inc.
is the savings and loan holding company for PyraMax Bank. The
Company's stock trades on the NASDAQ Capital Market under the
symbol "BCOW". PyraMax Bank was established in 1895 as South
Milwaukee Savings and Loan Association and has operated in the
Milwaukee, Wisconsin market since
that time. PyraMax Bank is a full-service stock savings bank
with its corporate office in Greenfield,
Wisconsin, servicing customers in Milwaukee, Waukesha and Ozaukee counties through our six banking
offices.
Forward-Looking Statements
This release may contain certain "forward-looking statements"
that represent 1895 Bancorp of Wisconsin, Inc.'s current expectations or
beliefs concerning future events. Forward-looking statements
can be identified by the use of words such as "estimate,"
"project," "believe," "intend," "anticipate," "assume," "plan,"
"seek," "expect," "will," "may," "should," "indicate," "would,"
"believe," "contemplate," "continue," "target" and words of similar
meaning. Forward-looking statements are subject to numerous
risks and uncertainties, as described in the "Risk Factors"
disclosures included in our Registration Statement on Form S-1,
initially filed with the U.S. Securities and Exchange Commission
(the "SEC") on March 3, 2021, as
supplemented in our subsequent Quarterly Reports on Form 10-Q and
other reports that we file with the SEC. Our SEC filings are
available free of charge at www.sec.gov. Because of the risks and
uncertainties inherent in forward-looking statements, readers are
cautioned not to place undue reliance on them, whether included in
this news release or made elsewhere from time to time by 1895
Bancorp of Wisconsin, Inc. or on
its behalf. 1895 Bancorp of Wisconsin, Inc. disclaims any obligation to
update such forward-looking statements.
1895 BANCORP OF
WISCONSIN, INC.
SUMMARY CONSOLIDATED BALANCE SHEETS
(In thousands)
|
|
|
December
31,
|
|
2021
(unaudited)
|
|
2020
|
Assets
|
|
|
|
Cash and cash
equivalents
|
66,803
|
|
92,526
|
Available for sale
securities, stated at fair value
|
112,440
|
|
58,703
|
Loans, net
|
323,789
|
|
329,073
|
Premises and
equipment, net
|
5,864
|
|
6,275
|
Cash value of life
insurance
|
13,892
|
|
13,485
|
Other
assets
|
16,851
|
|
16,695
|
TOTAL
ASSETS
|
$
539,639
|
|
$
516,757
|
Liabilities and
Stockholders' Equity
|
|
|
|
Deposits
|
$
384,501
|
|
$
379,848
|
FHLB
advances
|
55,442
|
|
68,398
|
Other
liabilities
|
8,803
|
|
8,503
|
TOTAL
LIABILITIES
|
448,746
|
|
456,749
|
Total stockholders'
equity
|
90,893
|
|
60,008
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
539,639
|
|
$
516,757
|
|
|
|
|
1895 BANCORP OF
WISCONSIN, INC.
SUMMARY STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
|
|
|
|
Years ended
December 31,
|
|
|
2021
(unaudited)
|
|
2020
|
Interest and dividend
income
|
|
14,238
|
|
15,495
|
|
|
|
|
|
Interest
expense
|
|
1,536
|
|
3,041
|
|
|
|
|
|
Net interest
income
|
|
12,702
|
|
12,454
|
Provision for loan
losses
|
|
30
|
|
500
|
Net interest income
after provision for loan losses
|
|
12,672
|
|
11,954
|
|
|
|
|
|
Noninterest
income
|
|
4,270
|
|
6,778
|
|
|
|
|
|
Noninterest
expense
|
|
16,921
|
|
15,679
|
|
|
|
|
|
Income before income
taxes
|
|
21
|
|
3,053
|
Income (benefit) tax
expense
|
|
(64)
|
|
1,736
|
Net income
|
|
$
85
|
|
$
1,317
|
Earnings per
share:
|
|
|
|
|
Basic
|
|
$0.01
|
|
$0.28
|
Diluted
|
|
$0.01
|
|
$0.28
|
|
|
|
|
|
Contact: Richard B.
Hurd
Telephone: (414) 235-5207
View original content to download
multimedia:https://www.prnewswire.com/news-releases/1895-bancorp-of-wisconsin-inc-greenfield-wisconsin-announces-financial-results-for-the-year-ended-december-31-2021-301500946.html
SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.