1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin Announces Second Quarter Operating Results
Provided By PR Newswire
Last update: Jul 21, 2021
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
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SELECTED CONSOLIDATED FINANCIAL INFORMATION |
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(In Thousands, except per share data) |
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6/30/2021 |
12/31/2020 |
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Selected Financial Condition Data: |
(Unaudited) |
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Total assets |
$ 605,577 |
$ 516,757 |
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Loans receivable, net |
330,903 |
329,073 |
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Allowance for loan losses |
2,732 |
2,703 |
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Cash and cash equivalents |
145,817 |
92,526 |
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Deposits |
466,184 |
379,848 |
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Advance payments by borrowers for taxes and insurance |
9,167 |
2,737 |
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|
FHLB advances |
63,423 |
68,398 |
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|
Shareholders equity |
60,300 |
60,008 |
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Selected Operations Data: |
Three months ended |
Six months ended |
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|
6/30/2021 |
6/30/2020 |
6/30/2021 |
6/30/2020 |
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|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
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|
Total interest income |
$ 3,511 |
$ 3,586 |
$ 7,128 |
$ 7,446 |
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|
Total interest expense |
393 |
815 |
849 |
1,774 |
||||||
|
Net interest income |
3,118 |
2,771 |
6,279 |
5,672 |
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Provision for loan losses |
- |
- |
- |
- |
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|
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 |
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Non-interest expense |
4,361 |
3,975 |
8,450 |
7,048 |
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Income before income taxes |
(109) |
419 |
572 |
853 |
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Income tax expense |
(58) |
225 |
102 |
372 |
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Net income |
$ (51) |
$ 194 |
$ 470 |
$ 481 |
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Earnings per common share |
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|
Basic |
$ (0.01) |
$ 0.04 |
$ 0.10 |
$ 0.11 |
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Diluted |
$ (0.01) |
$ 0.04 |
$ 0.10 |
$ 0.11 |
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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.
