1895 Bancorp of Wisconsin, Inc 8-K, filed Jul 22, 2021
1895 Bancorp of Wisconsin, Inc. (BCOW)
About this 8-K
1895 Bancorp of Wisconsin, Inc filed this 8-K on July 22, 2021, reporting on events of July 21, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 21, 2021
1895 BANCORP OF WISCONSIN, INC.
(Exact Name of Registrant as Specified in Charter)
| Maryland | 333-254135 | 61-1993378 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File No.) |
(I.R.S. Employer Identification No.) |
| 7001 West Edgerton Avenue, Greenfield, Wisconsin | 53220 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (414) 421-8200
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Common Stock, par value $0.01 per share | BCOW | The NASDAQ Stock Market, LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
On July 21, 2021, 1895 Bancorp of Wisconsin, Inc., the holding company for PyraMax Bank, FSB, announced its financial results for the quarter ended June 30, 2021. The news release containing the financial results is included as Exhibit 99.1 and shall not be deemed “filed” for any purpose.
A copy of the press release is attached as Exhibit 99 to this Current Report.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit |
Description | |
| 99 | Press release dated July 21, 2021 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| 1895 BANCORP OF WISCONSIN, INC. | ||||||
| DATE: July 22, 2021 | By: | /s/ Richard B. Hurd | ||||
| Richard B. Hurd | ||||||
| Chief Executive Officer | ||||||
Exhibit 99
FOR IMMEDIATE RELEASE
Contact: Richard B. Hurd
Telephone: (414) 235-5207
1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin
Announces Second Quarter Operating Results
Greenfield, Wisconsin, July 21, 2021, 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.
1895 Bancorp of Wisconsin, Inc.
7001 W. Edgerton Avenue
Greenfield, WI 53220
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(In Thousands, except per share data)
| 6/30/2021 | 12/31/2020 | |||||||
| Selected Financial Condition Data: | (Unaudited) | |||||||
| 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 | ||||||
| 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 provisdion 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 | |||||||
| Earnings per common share |
||||||||||||||||
| Basic |
$ | (0.01 | ) | $ | 0.04 | $ | 0.10 | $ | 0.11 | |||||||
| Diluted |
$ | (0.01 | ) | $ | 0.04 | $ | 0.10 | $ | 0.11 | |||||||