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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























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 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























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.

This article originally ran on curated.tncontentexchange.com.

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