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

Rhea-AI Summary

1895 Bancorp of Wisconsin reported a net loss of $115,000, or ($0.02) per share, for Q3 2021, a decline from a net income of $412,000 or $0.09 per share in Q3 2020. The loss resulted from a $2.1 million drop in non-interest income, driven by decreased gains in securities and loans due to reduced mortgage activity. Meanwhile, total assets rose by $24.4 million to $541.2 million, and shareholders' equity increased $32.2 million to $92.2 million.

Positive

• Total assets increased by $24.4 million (4.7%) to $541.2 million.
• Total shareholders' equity rose by $32.2 million (53.7%) to $92.2 million, reflecting a successful stock offering.

Negative

• Net loss of $115,000, compared to a net income of $412,000 in Q3 2020.
• Decrease in non-interest income by $2.1 million, primarily due to lower gains from securities and loans.

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.

FAQ

What are the latest financial results of 1895 Bancorp of Wisconsin (BCOW)?

1895 Bancorp reported a net loss of $115,000 for Q3 2021, with earnings per share of ($0.02), compared to a net income of $412,000 or $0.09 per share in Q3 2020.

How much did 1895 Bancorp's total assets increase by?

Total assets increased by $24.4 million, or 4.7%, to $541.2 million as of September 30, 2021.

What caused the net loss for 1895 Bancorp in Q3 2021?

The net loss was primarily due to a $2.1 million decrease in non-interest income and a $219,000 decrease in net interest income.

What is the status of 1895 Bancorp's shareholders' equity?

Total shareholders' equity increased by $32.2 million, or 53.7%, to $92.2 million at the end of Q3 2021.