PR Newswire
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) | | | | | | | | |||
| | | | | | 6/30/2021 | | 12/31/2020 | | |
Selected Financial Condition Data: | | | (Unaudited) | | | | | |||
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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 | | | ||
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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 | |
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Earnings per common share | | | | | | | | | ||
Basic | | | | | | $ (0.01) | $ 0.04 | | $ 0.10 | $ 0.11 |
Diluted | | | | | | $ (0.01) | $ 0.04 | | $ 0.10 | $ 0.11 |
SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin , Inc.