1895 Bancorp of Wisconsin, Inc 8-K, filed Nov 1, 2021
1895 Bancorp of Wisconsin, Inc. (BCOW)
About this 8-K
1895 Bancorp of Wisconsin, Inc filed this 8-K on November 1, 2021, reporting on events of October 29, 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
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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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 October 29, 2021, 1895 Bancorp of Wisconsin, Inc. announced its financial results for the quarter ended September 30, 2021. The press release containing the financial results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for any purpose.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit |
Description | |
| 99.1 | Press release dated October 29, 2021 | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |
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: October 29, 2021 | By: | /s/ Richard B. Hurd | ||||
| Richard B. Hurd | ||||||
| Chief Executive Officer | ||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Richard B. Hurd
Telephone: (414) 235-5207
1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin
Announces Third Quarter Operating Results
Greenfield, Wisconsin, October 29, 2021, 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.
1895 Bancorp of Wisconsin, Inc.
7001 W. Edgerton Avenue
Greenfield, WI 53220
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 provisdion 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 | |||||||