UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 21, 2021

 

 

1895 BANCORP OF WISCONSIN, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Maryland   333-254135   61-1993378
(State or Other Jurisdiction
of Incorporation)
  (Commission
File No.)
  (I.R.S. Employer
Identification No.)

 

7001 West Edgerton Avenue, Greenfield, Wisconsin   53220
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (414) 421-8200

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share   BCOW   The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

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 July 21, 2021, 1895 Bancorp of Wisconsin, Inc., the holding company for PyraMax Bank, FSB, announced its financial results for the quarter ended June 30, 2021. The news release containing the financial results is included as Exhibit 99.1 and shall not be deemed “filed” for any purpose.

A copy of the press release is attached as Exhibit 99 to this Current Report.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 

Exhibit

  

Description

99    Press release dated July 21, 2021


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: July 22, 2021     By:  

/s/ Richard B. Hurd

      Richard B. Hurd
      Chief Executive Officer

EX-99

Exhibit 99

 

 

LOGO

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