1895 Bancorp of Wisconsin (BCOW) 8-K Announces Third Quarter Operating Results

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