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 $60.0 million at December 31, 2020, as we completed the conversion of 1895 Bancorp of Wisconsin, MHC, and related stock offering in July 2021. 1895 Bancorp's capital ratios remain in excess of those required to be considered well-capitalized under U.S. banking regulations.
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SELECTED CONSOLIDATED FINANCIAL INFORMATION
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(In Thousands, except per share data)
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9/30/2021
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12/31/2020
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Selected Financial Condition Data:
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(Unaudited)
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Total assets
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$ 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.
