1895 Bancorp of Wisconsin, Inc. (BCOW) Bundle
An Overview of 1895 Bancorp of Wisconsin, Inc. (BCOW)
General Summary of 1895 Bancorp of Wisconsin, Inc. (BCOW)
1895 Bancorp of Wisconsin, Inc. (BCOW) has a rich history rooted in providing banking services tailored to the needs of local communities in Wisconsin. The company primarily operates as a bank holding company for its subsidiary, 1895 Bank. Established to serve the financial needs of its customers, BCOW offers a variety of products and services including residential and commercial loans, deposit accounts, and various financial services.
As of 2024, BCOW reported total assets of approximately $451.4 million. The bank's loan portfolio reached $401.6 million, with a notable increase in commercial loans and real estate loans. The total deposits stood at $395.3 million, reflecting a slight decrease of 2.1% from the previous year, influenced by shifts in customer preferences towards higher-yielding deposit products.
Company's Financial Performance in the Latest Financial Reports
In the nine months ended September 30, 2024, 1895 Bancorp reported a total interest and dividend income of $18.3 million, an increase of 21.2% from $15.1 million in the same period of 2023. This growth was primarily driven by a $2.0 million rise in interest and fees on loans due to a $24.4 million increase in the average loan balance, reaching $400.2 million.
Interest expense surged to $9.0 million, up 55.2% from $5.8 million in the previous year, largely due to a shift in deposit mix and rising market interest rates. Net interest income for the period was reported at $9.2 million, a marginal decrease of 0.3% from the prior year. The net interest margin decreased to 2.36%, from 2.46% year-over-year.
Noninterest income also saw a significant increase, rising to $2.6 million from $306,000, primarily due to a recovery from prior losses on securities sales. The net loss for the nine-month period narrowed to $981,000 compared to a net loss of $4.5 million in the same period of 2023, reflecting improved operational efficiency and income growth.
| Financial Metrics | 9 Months Ended September 30, 2024 | 9 Months Ended September 30, 2023 |
|---|---|---|
| Total Assets | $451.4 million | $450.5 million |
| Loans Outstanding | $401.6 million | $398.6 million |
| Total Deposits | $395.3 million | $403.7 million |
| Net Interest Income | $9.2 million | $9.3 million |
| Noninterest Income | $2.6 million | $306,000 |
| Net Loss | $981,000 | $4.5 million |
Introduction to Company as One of the Leading Companies in the Industry
1895 Bancorp of Wisconsin, Inc. has established itself as a significant player in the banking sector, particularly within the Midwest region. With a focus on community-oriented banking, the company has successfully navigated the challenges of a competitive financial landscape. Its commitment to customer service and innovative banking solutions has positioned BCOW as a trusted financial partner for individuals and businesses alike.
Investors and stakeholders are encouraged to explore further the strategies that have led to BCOW's resilience and growth in the market, underscoring its status as a leader in the banking industry.
Mission Statement of 1895 Bancorp of Wisconsin, Inc. (BCOW)
Mission Statement Overview
The mission statement of 1895 Bancorp of Wisconsin, Inc. (BCOW) serves as a guiding principle for the company, outlining its purpose and core objectives. It emphasizes the commitment to providing high-quality financial services to its customers while fostering community development and growth. The significance of the mission statement lies in its ability to align the company’s strategic initiatives with its long-term goals, ensuring that all operational activities contribute to its overarching vision.
Core Component 1: Customer Commitment
The first core component of BCOW's mission statement focuses on customer commitment. The company aims to enhance customer satisfaction by delivering tailored financial products and services that meet the diverse needs of its clientele. In 2024, BCOW reported a net interest income of $9.2 million for the nine months ended September 30, reflecting the effectiveness of its customer-centric approach, despite a slight decrease of $24,000 or 0.3% compared to the previous year.
Furthermore, the increase in loan origination, which rose to $17.1 million in the first nine months of 2024, underscores the company’s dedication to supporting customers in achieving their financial goals.
Core Component 2: Community Involvement
The second core component emphasizes BCOW's commitment to community involvement. The company actively engages with local communities to foster economic development and support various initiatives. In 2024, BCOW's total stockholders’ equity increased to $73.2 million, up from $72.8 million at the end of 2023, partly due to community engagement and investment strategies that enhance local economic stability.
Additionally, BCOW has implemented programs aimed at improving access to financial services for underserved populations, reflecting its mission to contribute positively to the community.
Core Component 3: Operational Excellence
The final core component revolves around operational excellence. BCOW strives to maintain high standards of efficiency and effectiveness in its operations. For the nine months ended September 30, 2024, the company recorded a noninterest expense of $13.1 million, marking a 2.5% increase from the previous year, which was attributed to strategic investments in technology and infrastructure.
Moreover, BCOW's focus on cost management has led to a reduction in the number of full-time equivalent employees from 106 in September 2022 to 88 in September 2024, demonstrating its commitment to optimizing operational efficiency while maintaining service quality.
| Financial Metric | 2024 (9 months) | 2023 (9 months) | Change |
|---|---|---|---|
| Net Interest Income | $9.2 million | $9.2 million | -0.3% |
| Total Stockholders’ Equity | $73.2 million | $72.8 million | +0.55% |
| Loan Origination | $17.1 million | $8.9 million | +92.2% |
| Noninterest Expense | $13.1 million | $12.8 million | +2.5% |
| Full-Time Equivalent Employees | 88 | 106 | -16.9% |
Vision Statement of 1895 Bancorp of Wisconsin, Inc. (BCOW)
Vision Statement Overview
The vision statement of 1895 Bancorp of Wisconsin, Inc. (BCOW) outlines its commitment to becoming a leading community bank, providing exceptional customer service and innovative banking solutions while fostering a culture of integrity and accountability.
Commitment to Community Banking
1895 Bancorp aims to strengthen its presence in the community by focusing on local relationships and delivering personalized banking services. As of September 30, 2024, the bank reported total assets of $557.8 million, reflecting its growth and commitment to serving its local clientele effectively.
Exceptional Customer Service
Central to BCOW's vision is the goal of providing exceptional customer service, which is evident in its operational metrics. The bank has seen an increase in customer interactions, with a reported increase in net interest income of $3.2 million, or 21.2%, to $18.3 million for the nine months ended September 30, 2024, from $15.1 million in the same period the previous year.
Innovative Banking Solutions
BCOW emphasizes the importance of innovative banking solutions in its vision. The bank's loan portfolio reflects this focus, with loans held for investment increasing to $401.6 million at September 30, 2024, up from $398.6 million at December 31, 2023. The bank reported a significant rise in the origination and sale of mortgage loans, which increased to $17.1 million and $17.6 million, respectively, during the first nine months of 2024, compared to $8.9 million and $8.8 million during the same period in 2023.
Cultural Values of Integrity and Accountability
BCOW's vision underscores the importance of integrity and accountability in all operations. This is reflected in its financial metrics, with total stockholders' equity increasing to $73.2 million at September 30, 2024, from $72.8 million at December 31, 2023. The bank's commitment to transparency and ethical practices is further demonstrated by the $225,000 provision for credit losses, indicating proactive risk management.
| Metric | September 30, 2024 | December 31, 2023 | Change |
|---|---|---|---|
| Total Assets | $557.8 million | $547.3 million | $10.5 million |
| Loans Held for Investment | $401.6 million | $398.6 million | $3.0 million |
| Total Stockholders' Equity | $73.2 million | $72.8 million | $0.4 million |
| Net Interest Income | $18.3 million | $15.1 million | $3.2 million |
Focus on Growth and Sustainability
The vision of 1895 Bancorp includes a focus on sustainable growth. The bank reported a net loss of $981,000 for the nine months ended September 30, 2024, compared to a net loss of $4.5 million for the same period in 2023, indicating a significant improvement in financial health. This reflects the bank's ongoing efforts to enhance operational efficiency and customer service while maintaining a sustainable growth trajectory.
Core Values of 1895 Bancorp of Wisconsin, Inc. (BCOW)
Integrity
Integrity is a foundational value at 1895 Bancorp of Wisconsin, Inc. (BCOW), driving trust and transparency in all business dealings.
BCOW upholds integrity through various initiatives, including strict adherence to regulatory compliance and ethical lending practices. In 2024, the company reported no significant regulatory violations, reflecting its commitment to ethical governance.
Additionally, BCOW's transparency is evident in its financial disclosures. For example, the company reported a net loss of $981,000 for the nine months ended September 30, 2024, demonstrating accountability to stakeholders.
Customer Focus
Customer focus at BCOW emphasizes delivering exceptional service and meeting the financial needs of its clients.
In 2024, the company increased its mortgage loan origination to $17.1 million from $8.9 million in the same period of the previous year, showcasing its commitment to supporting homeownership. BCOW also introduced a new customer feedback program, allowing clients to provide insights on service improvements.
The company’s efforts in customer service have led to a 15% increase in customer satisfaction ratings over the past year, indicating a strong alignment with customer needs.
Community Engagement
Community engagement is integral to BCOW's identity, fostering relationships and contributing to local development.
As of 2024, BCOW has committed over $250,000 in community grants aimed at supporting local education and housing initiatives. The bank's volunteer program saw employees contribute 1,200 hours to local charities, reinforcing its commitment to community service.
Innovation
Innovation at BCOW drives the company to adapt to changing market conditions and enhance customer experiences.
In 2024, BCOW launched a new digital banking platform that increased online transactions by 30%, streamlining customer access to services. This platform includes features such as mobile check deposits and enhanced security measures, reflecting the company's dedication to technological advancement.
Excellence
Excellence is a core value that propels BCOW to achieve high standards in all aspects of its operations.
For the nine months ended September 30, 2024, BCOW achieved a net interest income of $9.2 million, demonstrating strong performance amidst challenging market conditions. The company also maintained a net interest margin of 2.36%, reflecting effective management of its interest-earning assets.
| Core Value | Initiatives | Impact |
|---|---|---|
| Integrity | Regulatory compliance, ethical governance | No significant violations reported |
| Customer Focus | Increased mortgage origination, customer feedback program | 15% increase in customer satisfaction ratings |
| Community Engagement | Community grants, volunteer program | Over $250,000 in grants, 1,200 volunteer hours |
| Innovation | Digital banking platform launch | 30% increase in online transactions |
| Excellence | Management of interest-earning assets | Net interest income of $9.2 million, margin of 2.36% |
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Resources:
- 1895 Bancorp of Wisconsin, Inc. (BCOW) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of 1895 Bancorp of Wisconsin, Inc. (BCOW)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View 1895 Bancorp of Wisconsin, Inc. (BCOW)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.