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

Rhea-AI Summary

1895 Bancorp of Wisconsin reported a fiscal Q2 2021 net loss of $51,000 (EPS: ($0.01)), a significant decline from a net income of $194,000 (EPS: $0.04$489,000 drop in non-interest income and a $386,000 rise in expenses, despite a $347,000 increase in net interest income. For the first half of 2021, net income stood at $470,000, down from $481,000 in the previous year. Total assets grew 17.2% to $605.6 million, while total equity rose 0.5% to $60.3 million.

Positive

• Total assets increased $88.8 million or 17.2% to $605.6 million since December 31, 2020.
• Net interest income rose by $347,000.

Negative

• Reported a net loss of $51,000 compared to net income of $194,000 in Q2 2020.
• Non-interest income decreased by $489,000.
• Non-interest expense increased by $386,000.

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

 

 

 

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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.

FAQ

What were the financial results of 1895 Bancorp for Q2 2021?

1895 Bancorp reported a net loss of $51,000 with an EPS of ($0.01), down from net income of $194,000 and EPS of $0.04 in Q2 2020.

How did total assets change for 1895 Bancorp as of June 30, 2021?

Total assets increased by $88.8 million or 17.2% to $605.6 million compared to December 31, 2020.

What factors contributed to the net loss reported by 1895 Bancorp?

The net loss was primarily due to a $489,000 decrease in non-interest income and a $386,000 increase in non-interest expenses.

What was the net income for 1895 Bancorp in the first half of 2021?

For the first six months of 2021, 1895 Bancorp reported a net income of $470,000, down from $481,000 for the same period in 2020.