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):  December 8, 2023

1895 BANCORP OF WISCONSIN, INC.
(Exact Name of Registrant as Specified in Charter)

Maryland
    
001-40609
  
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 8.01 Other Events

On December 8, 2023, 1895 Bancorp of Wisconsin, Inc. (the “Company”) issued a press release regarding a recent balance sheet repositioning related to its investment securities portfolio. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(a)
Financial statements of businesses acquired.  Not Applicable.
   
(b)
Pro forma financial information.  Not Applicable.
   
(c)
Shell company transactions: Not Applicable.
   
(d)
Exhibits:
 
Exhibit No.
Description
 
Press release dated December 8, 2023
     
 
104.1
Cover Page for this Current Report on Form 8-K, formatted in Inline XBRL


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: December 8, 2023
By:  
/s/ David Ball
   
David Ball
   
President and Chief Executive Officer

Exhibit 99.1


1895 BANCORP OF WISCONSIN, INC. ANNOUNCES BALANCE SHEET REPOSITIONING
GREENFIELD, Wis., December 8, 2023 /PRNewswire/ -- 1895 Bancorp of Wisconsin, Inc. (the “Company”) (NASDAQ Capital Market: BCOW), the holding company for PyraMax Bank, FSB, announced today the completion of a second balance sheet repositioning strategy related to its investment securities portfolio.

The Company executed the sale of $28.1 million in book value of its lower-yielding investment securities for a pre-tax realized loss of approximately $2.7 million.  These securities were classified as available-for-sale.  Proceeds from the sale of these securities of $25.4 million were redeployed into approximately $28.7 million of U.S. government sponsored mortgage-backed securities, which were classified as available-for-sale upon purchase.  The purchased securities have a positive spread differential of approximately 345 basis points over the securities that were sold, which is expected to result in $1.0 million in additional pre-tax earnings, on an annualized basis. The Company estimates that the loss on the sale of securities will be recouped within approximately 2.76 years.  The effective duration of the securities sold was 3.6 years, while the effective duration of the securities purchased is 1.8 years.

The loss on the sale of securities has a neutral impact on shareholders’ equity and the Company’s book value per share.  Upon execution of the repositioning strategy, PyraMax Bank’s capital levels remain well in excess of those required to be categorized as well-capitalized.  This repositioning is projected to be accretive to earnings, net interest margin and return on assets in future periods, and to provide the Company with greater flexibility in managing balance sheet growth.

Forward Looking Statements
Certain statements herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, and competition and the other risks described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.  We assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under federal securities laws.
Contact: David R. Ball
Telephone: (414) 421-8200
v3.23.3
Document and Entity Information
Dec. 08, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Dec. 08, 2023
Entity File Number 001-40609
Entity Registrant Name 1895 Bancorp of Wisconsin, Inc. /MD/
Entity Central Index Key 0001847360
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 61-1993378
Entity Address, Address Line One 7001 West Edgerton Avenue
Entity Address, City or Town Greenfield
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53220
City Area Code 414
Local Phone Number 421-8200
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol BCOW
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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