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1895 Bancorp of Wisconsin, Inc. (NASDAQ: BCOW) is the holding company for PyraMax Bank, FSB, a financial institution that has been serving its community since its formation in 1895. The Company's core business revolves around accepting deposits from the public and investing these funds in a variety of loans, including one-to-four family residential real estate loans, commercial real estate loans, commercial loans, and consumer loans.
In 2023, the Company underwent significant strategic transitions and enhancements. Notably, it welcomed new board members Kristina Hill and Clarence Harris, who bring extensive experience in the financial sector. Hill’s strategic business leadership at IBM and Harris’s comprehensive background in treasury management and community banking are expected to guide the Company towards continued growth and innovation.
One of the pivotal moves in 2023 was the completion of a balance sheet repositioning strategy, aimed at optimizing its investment securities portfolio. In June, the Company sold $21.4 million in lower-yielding U.S. Treasury securities and reinvested the proceeds into higher-yielding U.S. government-sponsored mortgage-backed securities. This move resulted in an improved annualized after-tax earnings estimate of $0.7 million. Similarly, in December, the Company executed another repositioning strategy involving the sale of $28.1 million in lower-yielding investment securities and re-invested into $28.7 million of mortgage-backed securities, which is projected to add $1.0 million in pre-tax earnings annually. These strategies highlight the Company’s commitment to maintaining strong capital levels and enhancing financial returns.
Despite the realized losses during these transactions, the Company expects to recover these within a few years, maintaining a neutral impact on shareholders' equity and book value per share. Its proactive measures ensure that PyraMax Bank remains well-capitalized and well-positioned to manage future balance sheet growth effectively.
1895 Bancorp of Wisconsin, Inc. places a high emphasis on excellence in leadership and governance, as evidenced by its thoughtful board transitions and strategic financial maneuvers. As it continues to evolve, the Company remains dedicated to serving its clients with unparalleled service and driving long-term value for its stakeholders.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) reported unaudited financial results for Q3 and the first nine months of 2022. For Q3, net income rose to $124,000, up from a net loss of $115,000 in Q3 2021, mainly due to a $915,000 increase in net interest income, reaching $3.9 million. However, non-interest income fell 23.7% to $479,000, primarily due to a decline in loan sales. For the nine months ended September 30, 2022, the company posted a net loss of $172,000, attributed to a $2.4 million drop in non-interest income, while net interest income increased by 15.6% to $10.8 million.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) recently appointed Eric T. Hurd as Senior Vice President – Chief Lending Officer. Hurd brings over 22 years of banking experience, including 12 years at the Bank. His role is expected to strengthen the Bank's commercial banking operations.
Additionally, Thomas K. Peterson will transition to Senior Vice President – Commercial Lending Officer in preparation for his retirement, retaining a part-time position. This leadership shift aims to bolster the Bank's strategic growth.
1895 Bancorp of Wisconsin (NASDAQ: BCOW) announced key executive appointments effective October 1, 2022. David R. Ball has been promoted to President and CEO, bringing over 30 years of banking experience. Richard B. Hurd remains as SVP Strategic Planning Officer; Monica Baker is now Executive VP – COO; and Steven Klitzing has been promoted to Executive VP – CFO. Thomas K. Peterson will transition to SVP – Commercial Lending Officer on November 1, 2022. These changes aim to strengthen the management team of PyraMax Bank, enhancing operational capabilities and strategic planning.
1895 Bancorp of Wisconsin reported a net loss of $241,000 for Q2 2022, a significant increase from a loss of $51,000 in Q2 2021. This was primarily due to a $1 million decrease in non-interest income, although net interest income rose 5.7% to $3.3 million. For the six months ending June 30, 2022, the net loss totaled $296,000, contrasting with a net income of $470,000 in the same period last year. Total assets also decreased by $4 million to $535.6 million, while total stockholders' equity fell $9.9 million to $81 million.
1895 Bancorp of Wisconsin has launched a stock repurchase program for up to 5% of its outstanding common stock, marking its first buyback initiative since a stock offering in July 2021. The program is contingent on regulatory approval and is set to begin following the release of the financial results for the period ending June 30, 2022. Repurchases can occur in various forms, including open market transactions, and will be guided by management's assessment of market conditions.
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