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 |