PR Newswire
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
SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin Inc.