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1895 Bancorp of Wisconsin, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $564.5 million from $557.6 million at the end of 2023. This increase was primarily due to a rise in cash and cash equivalents and loans.
Interest and dividend income for the quarter increased to $6.0 million from $5.4 million in the same quarter the previous year, driven by higher interest and fee income on loans and securities.
Interest expense rose to $3.0 million from $2.4 million, attributed to increased interest on deposits and Federal Home Loan Bank advances.
Net interest income for the quarter was $3.0 million, slightly up from $2.9 million in the previous year, with a net interest margin of 2.29% remaining unchanged.
The provision for credit losses was $75,000, consistent with the same period last year, reflecting an increase in average loans outstanding.
Noninterest income increased to $900,000 from a negative $1.4 million in the previous year, primarily due to the absence of a net loss on sale of securities reported last year.
Noninterest expenses rose to $4.3 million from $3.7 million, mainly due to higher salaries and benefits expenses.
The company reported a net loss of $159,000 for the quarter, a significant improvement from a net loss of $3.6 million in the previous year.
The filing also highlights a decrease in total liabilities to $491.4 million from $484.8 million at the end of 2023, with a noted increase in advance payments by borrowers for taxes and insurance.
Total stockholders’ equity increased slightly to $73.2 million from $72.8 million, supported by a decrease in the net unrealized loss on available-for-sale securities.
The company continues to focus on managing interest rate risk and maintaining liquidity, with $75.8 million in Federal Home Loan Bank advances and $92.5 million in additional borrowing capacity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 1895 Bancorp of Wisconsin Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.