PR Newswire | Jul 21, 2021 04:00PM EDT

Operating Results

07/21 15:00 CDT

1895 Bancorp of Wisconsin, Inc., Greenfield, Wisconsin Announces Second Quarter Operating Results GREENFIELD, Wis., July 21, 2021

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. HurdTelephone: (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 9,167 2,737insurance

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 3,118 2,771 6,279 5,672loan losses

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

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SOURCE PyraMax Bank / 1895 Bancorp of Wisconsin, Inc.