☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 61-1993378 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) | |
7001 West Edgerton Avenue Greenfield, Wisconsin | 53220 | |
(Address of principal executive offices) | (Zip Code) |
(Title of each class) | (Trading Symbol) | (Name of each exchange on which registered) | ||
Common stock, par value $0.01 per share | BCOW | The NASDAQ Stock Market, LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
Item Number | Page Number | |||||
1. | 3 | |||||
1A. | 27 | |||||
1B. | 37 | |||||
2. | 38 | |||||
3. | 38 | |||||
4. | 38 | |||||
5. | 38 | |||||
6. | 38 | |||||
7. | 38 | |||||
7A. | 49 | |||||
8. | 49 | |||||
9. | 49 | |||||
9A. | 49 | |||||
9B. | 50 | |||||
9C. | 50 | |||||
10. | 50 | |||||
11. | 50 | |||||
12. | 50 | |||||
13. | 51 | |||||
14. | 51 | |||||
15. | 51 | |||||
16. | 52 | |||||
F- 2 |
Summary Compensation Table | ||||||||||||||||||||||||||||
Name and principal position | Year | Salary ($) | Bonus(1) ($) | Stock Awards(2) ($) | Option Awards(2) ($) | All Other Compensation(3) ($) | Total ($) | |||||||||||||||||||||
Richard Hurd | 2021 | 290,897 | — | — | — | 48,495 | 339,392 | |||||||||||||||||||||
Chief Executive Officer | 2020 | 305,906 | 88,748 | 184,475 | 119,109 | 37,890 | 736,128 | |||||||||||||||||||||
David Ball | 2021 | 253,741 | 87,000 | 116,757 | 78,255 | 115,049 | 650,802 | |||||||||||||||||||||
President and Chief Operating Officer | ||||||||||||||||||||||||||||
Monica Baker | 2021 | 192,991 | 57,948 | — | — | 48,414 | 299,353 | |||||||||||||||||||||
Senior Vice President and Chief Brand Officer | 2020 | 197,126 | 56,811 | 104,829 | 66,620 | 37,198 | 462,584 |
(1) | Amounts in this column represent a discretionary bonus. |
(2) | In accordance with FASB ASC Topic 718, the reported amount represents the full grant date fair value of each award. Since the 2020 awards vest at a rate of 20% per year beginning in 2021, none of the named executive officers recognized any income from the awards during 2020 but will recognize income in future years as the stock awards vest or options are exercised. Similarly, since the 2021 awards vest at a rate of 20% per year beginning in 2022, none of the named executive officers recognized any income from these awards during 2021 but will recognize income in future years as the stock awards vest or options are exercised. The assumptions used in the calculation of these amounts are included in Note 19 to our audited financial statements beginning on page F-1 of the Original Filing. For stock option awards, amounts reported are grant date fair values computed based upon the Black-Scholes option valuation model, and the actual value, if any, that may be realized will depend on the excess of the stock price over the exercise price on the date the option is exercised. Therefore, there is no assurance that the value of an option realized by a named executive officer will be at or near the value shown above. For restricted stock awards, the amount shown reflects the aggregate grant date fair value of restricted stock awards granted to each named executive officer in 2021 and 2020. |
(3) | The amounts in this column reflect what PyraMax Bank paid for, or reimbursed, the applicable named executive officer for the various benefits and perquisites received. This column does not reflect perquisites and personal benefits received by our named executive officers, the aggregate value of which is less than $10,000. A break-down of the various elements of compensation in this column for calendar year 2021 is set forth in the following table: |
2021 | 2020 | |||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Residential Real Estate Loans: | ||||||||||||||||
First mortgage | $ | 80,661 | 24.9 | % | $ | 68,968 | 20.8 | % | ||||||||
Construction | 3,388 | 1.0 | % | 2,954 | 0.9 | % | ||||||||||
Commercial Loans: | ||||||||||||||||
Real estate | 185,223 | 56.8 | % | 189,291 | 57.1 | % | ||||||||||
Land development | 1,400 | 0.4 | % | 1,492 | 0.5 | % | ||||||||||
Other | 38,160 | 11.7 | % | 46,184 | 13.9 | % | ||||||||||
Consumer Loans: | ||||||||||||||||
Home equity and lines of credit | 17,032 | 5.2 | % | 22,348 | 6.7 | % | ||||||||||
Other | 128 | 0.0 | % | 361 | 0.1 | % | ||||||||||
Total loans receivable | $ | 325,992 | 100.0 | % | $ | 331,598 | 100.0 | % | ||||||||
Net deferred loan fees | $ | 655 | $ | 178 | ||||||||||||
Less: allowance for loan losses | (2,858 | ) | (2,703 | ) | ||||||||||||
Loans receivable, net | $ | 323,789 | $ | 329,073 | ||||||||||||
All Other Compensation | ||||||||||||||||||||
Name | Signing Bonus ($) | Employee Stock Ownership Plan ($) | 401(k) Match ($) | Board Fees ($) | Total All Other Compensation ($) | |||||||||||||||
Richard Hurd* | — | 13,095 | 17,400 | 18,000 | 48,495 | |||||||||||||||
David Ball | 100,000 | — | 49 | 15,000 | 115,049 | |||||||||||||||
Monica Baker | — | 13,014 | 17,400 | 18,000 | 48,414 |
* Richard | Hurd deferred 100% of his board fees into the Non-Qualified Deferred Compensation Plan. |
At December 31, 2021 | ||||||||||||||||
Residential Real Estate Loans | Commercial Loans | Consumer Loans | Total Loans | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Amounts due in: | ||||||||||||||||
One year or less | $ | 2,951 | $ | 29,007 | $ | 4,085 | $ | 36,043 | ||||||||
More than one year through five years | 12,469 | 123,933 | 10,836 | 147,238 | ||||||||||||
More than five through fifteen years | 32,669 | 68,803 | 1,463 | 102,935 | ||||||||||||
More than fifteen years | 35,960 | 3,040 | 776 | 39,776 | ||||||||||||
Total | $ | 84,049 | $ | 224,783 | $ | 17,160 | $ | 325,992 | ||||||||
Fixed Rates | Floating or Adjustable Rates | Total | ||||||||||
(Dollars in thousands) | ||||||||||||
Residential real estate loans | $ | 70,263 | $ | 10,835 | $ | 81,098 | ||||||
Commercial loans | 161,418 | 34,358 | 195,776 | |||||||||
Consumer loans | 2,749 | 10,326 | 13,075 | |||||||||
Total | $ | 234,430 | $ | 55,519 | $ | 289,949 | ||||||
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END | ||||||||||||||||||||||
Name | Option awards | Stock awards | ||||||||||||||||||||
Number of securities underlying unexercised options (#) exercisable | Number of securities underlying unexercised options (#) unexercisable | Option exercise price ($) | Option expiration date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($) (1) | |||||||||||||||||
Richard Hurd | 15,532 | 62,129 | 5.96 | April 24, 2030 | 24,746 | 271,959 | ||||||||||||||||
David Ball | — | 37,316 | 7.76 | February 26, 2031 | 15,052 | 165,421 | ||||||||||||||||
Monica Baker | 8,687 | 34,750 | 5.96 | April 24, 2030 | 14,062 | 154,541 |
(1) | Based on a closing price of 1895 Bancorp of Wisconsin, Inc. common stock of $10.99 as of December 31, 2021. |
Directors Compensation Table | ||||||||||||||||||||
Name | Fees earned or paid in cash(1) ($) | Stock Awards(2) ($) | Option Awards(2) ($) | All Other Compensation ($) | Total ($) | |||||||||||||||
Darrell Francis | 49,200 | — | — | — | 49,200 | |||||||||||||||
Joseph Murphy | 41,400 | — | — | — | 41,400 | |||||||||||||||
James Spiegelberg | 41,400 | — | — | — | 41,400 | |||||||||||||||
John Talsky | 41,400 | — | — | 31,261 | (3) | 72,661 | ||||||||||||||
Gary Zenobi | 41,400 | — | — | — | 41,400 |
(1) | For the year ended December 31, 2021, each independent director of PyraMax Bank was paid a monthly retainer of $3,450, and Mr. Francis was paid $7,800 in 2021 for his duties as Chairman of the Board. Directors Francis and Spiegelberg deferred $49,200 and $41,400, respectively, of their fees to the Deferral Plan. |
(2) | At December 31, 2021, each of Messrs. Francis, Murphy, Spiegelberg, Talsky and Zenobi held 5,021 shares of restricted stock and 15,694 stock options (these numbers reflect the number of shares of restricted stock and stock options held after the second-step conversion). |
(3) | Mr. Talsky received a retainer of $24,000 and additional legal fees of $7,261 for hours worked in 2021 on real estate matters for PyraMax Bank, through his law firm, Talsky & Talsky, SC. |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
(Dollars in thousands) | ||||||||
Allowance for loan losses at end of period | $ | 2,858 | $ | 2,703 | ||||
Non-accrual loans at end of period | $ | 1,017 | $ | 1,287 | ||||
Total loans at end of period | $ | 325,992 | $ | 331,598 | ||||
Allowance for loan losses to total loans outstanding at end of period | 0.88 | % | 0.82 | % | ||||
Non-accrual loans to total loans outstanding at end of period | 0.31 | % | 0.39 | % | ||||
Non-accrual loans to total loans (excluding PPP loans) | 0.32 | % | 0.86 | % | ||||
Allowance for loan losses to non-accrual loans at end of period | 280.96 | % | 210.03 | % | ||||
Net charge-offs (recoveries) to average loans outstanding during period – Commercial loans | (0.01 | )% | (0.01 | )% | ||||
Net charge-offs (recoveries) to average loans outstanding during period – Residential real estate loans | 0.00 | % | (0.12 | )% | ||||
Net charge-offs (recoveries) to average loans outstanding during period – Consumer loans | (0.54 | )% | (0.43 | )% | ||||
Net charge-offs (recoveries) to average loans outstanding during period – Total | (0.04 | )% | (0.06 | )% |
At December 31, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Allowance for Loan Losses | Percent of Allowance in Category to Total Allocated Allowance | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Allowance in Category to Total Allocated Allowance | Percent of Loans in Each Category to Total Loans | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Residential real estate | $ | 745 | 26.0 | % | 25.8 | % | $ | 745 | 27.6 | % | 21.7 | % | ||||||||||||
Commercial | 1,657 | 58.0 | % | 68.9 | % | 1,609 | 59.5 | % | 71.5 | % | ||||||||||||||
Consumer | 456 | 16.0 | % | 5.3 | % | 349 | 12.9 | % | 6.8 | % | ||||||||||||||
Total allocated allowance | $ | 2,858 | 100.0 | % | 100.0 | % | $ | 2,703 | 100.0 | % | 100.0 | % | ||||||||||||
One Year or Less | More than One Year to Five Years | More than Five Years to Ten Years | More than Ten Years | Total | ||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Weighted Average Yield | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury notes | $ | — | — | % | $ | 9,782 | 1.14 | % | $ | 9,719 | 1.36 | % | $ | — | — | % | $ | 19,501 | $ | 19,484 | 1.25 | % | ||||||||||||||||||||||
Obligations of states and political subdivisions | 1,505 | 2.11 | % | 3,157 | 2.45 | % | 4,596 | 1.70 | % | 11,500 | 1.90 | % | 20,758 | 20,760 | 1.96 | % | ||||||||||||||||||||||||||||
Government-sponsored mortgage-backed securities | 1,501 | 1.94 | % | 7,020 | 2.53 | % | 19,173 | 1.81 | % | 36,355 | 1.50 | % | 64,049 | 64,149 | 1.72 | % | ||||||||||||||||||||||||||||
Asset-backed securities | — | — | % | 467 | 1.10 | % | — | — | % | 6,012 | 1.16 | % | 6,479 | 6,523 | 1.16 | % | ||||||||||||||||||||||||||||
Certificates of deposit | — | — | % | 1,459 | 2.77 | % | — | — | % | — | — | % | 1,459 | 1,524 | 2.77 | % | ||||||||||||||||||||||||||||
Total | $ | 3,006 | 2.03 | % | $ | 21,885 | 1.88 | % | $ | 33,488 | 1.66 | % | $ | 53,867 | 1.55 | % | $ | 112,246 | $ | 112,440 | 1.66 | % | ||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Amount | Percent | Rate | Amount | Percent | Rate | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Noninterest-bearing checking accounts | $ | 106,664 | 27.7 | % | 0.00 | % | $ | 98,970 | 26.1 | % | 0.00 | % | ||||||||||||
Negotiable order of withdrawal accounts | 37,467 | 9.7 | % | 0.10 | % | 30,630 | 8.1 | % | 0.17 | % | ||||||||||||||
Money market accounts | 94,823 | 24.7 | % | 0.27 | % | 103,724 | 27.2 | % | 0.58 | % | ||||||||||||||
Savings accounts | 64,954 | 16.9 | % | 0.05 | % | 58,895 | 15.5 | % | 0.11 | % | ||||||||||||||
Certificates of deposit (1) | 80,593 | 21.0 | % | 0.55 | % | 87,629 | 23.1 | % | 1.65 | % | ||||||||||||||
Total | $ | 384,501 | 100.0 | % | 0.22 | % | $ | 379,848 | 100.0 | % | 0.67 | % | ||||||||||||
Dollar Amount | ||||
Maturity Period | (Dollars in thousands) | |||
At December 31, 2021: | ||||
Three months or less | $ | 2,678 | ||
Over three through six months | 1,987 | |||
Over six through twelve months | 5,375 | |||
Over twelve months | 0 | |||
Total | $ | 10,040 | ||
Year Opened | Square Footage | Owned/ Leased | Lease Expiration Date | Net Book Value at December 31, 2021 | ||||||||||||||||
Location | (Dollars in thousands) | |||||||||||||||||||
Corporate Office: | ||||||||||||||||||||
7001 West Edgerton Avenue Greenfield, WI 53220 (1) | 1980 | 23,186 | Owned | N/A | $ | 2,669 | ||||||||||||||
Branch Offices: | ||||||||||||||||||||
9000 West Drexel Avenue Franklin, WI 53132 | 2004 | 3,930 | Owned | N/A | 759 | |||||||||||||||
1150 Washington Street Grafton, WI 53024 | 2016 | 5,700 | Leased | 2/28/2028 | 65 | |||||||||||||||
405 Rivercrest Court Mukwonago, WI 53149 | 1999 | 3,097 | Owned | N/A | 471 | |||||||||||||||
1015 Marquette Avenue South Milwaukee, WI 53172 | 1972 | 3,942 | Owned | N/A | 541 | |||||||||||||||
1500 East Moreland Avenue Waukesha, WI 53186 | 1969 | 4,546 | Owned | N/A | 1,359 | |||||||||||||||
Total | $ | 5,864 | ||||||||||||||||||
(1) Included in the net book value for this office is $48,000 related to furniture and equipment that was retained upon closure of the West Allis office. |
2021 | 2020 | |||||||||||||||||||||||
Outstanding Average Balance | Interest and Dividends | Average Yield/ Cost | Outstanding Average Balance | Interest and Dividends | Average Yield/ Cost | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans (1) | $ | 332,031 | $ | 12,594 | 3.79 | % | $ | 324,858 | $ | 13,959 | 4.30 | % | ||||||||||||
Securities available-for-sale | 83,044 | 1,399 | 1.68 | % | 63,885 | 1,349 | 2.11 | % | ||||||||||||||||
Other interest-earning assets | 85,815 | 245 | 0.28 | % | 56,405 | 187 | 0.33 | % | ||||||||||||||||
Total interest-earning assets | 500,890 | 14,238 | 2.84 | % | 445,148 | 15,495 | 3.48 | % | ||||||||||||||||
Non-interest-earning assets | 33,274 | 33,750 | ||||||||||||||||||||||
Total assets | $ | 534,164 | $ | 478,898 | ||||||||||||||||||||
Interest-earning liabilities: | ||||||||||||||||||||||||
Negotiable order of withdrawal accounts | $ | 34,207 | $ | 36 | 0.10 | % | $ | 27,702 | $ | 46 | 0.17 | % | ||||||||||||
Money market accounts | 97,079 | 261 | 0.27 | % | �� | 77,313 | 448 | 0.58 | % | |||||||||||||||
Savings accounts | 64,934 | 35 | 0.05 | % | 53,658 | 58 | 0.11 | % | ||||||||||||||||
Certificates of deposit | 81,532 | 452 | 0.55 | % | 107,250 | 1,768 | 1.65 | % | ||||||||||||||||
Total interest-bearing deposits | 277,752 | 784 | 0.28 | % | 265,923 | 2,320 | 0.87 | % | ||||||||||||||||
FHLB advances | 61,424 | 752 | 1.22 | % | 58,920 | 721 | 1.22 | % | ||||||||||||||||
Other interest-bearing liabilities | 8,573 | — | — | % | 8,396 | — | — | % | ||||||||||||||||
Total interest-bearing liabilities | 347,749 | 1,536 | 0.44 | % | 333,239 | 3,041 | 0.91 | % | ||||||||||||||||
Non-interest-bearing deposits | 124,179 | 81,672 | ||||||||||||||||||||||
Other non-interest-bearing liabilities | 6,096 | 4,300 | ||||||||||||||||||||||
Total liabilities | 478,024 | 419,211 | ||||||||||||||||||||||
Total stockholders’ equity | 56,140 | 59,687 | ||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 534,164 | $ | 478,898 | ||||||||||||||||||||
Net interest income | $ | 12,702 | $ | 12,454 | ||||||||||||||||||||
Net interest-earning assets | $ | 153,141 | $ | 111,909 | ||||||||||||||||||||
Interest rate spread (2) | 2.40 | % | 2.57 | % | ||||||||||||||||||||
Net interest margin (3) | 2.54 | % | 2.80 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 144.04 | % | 133.58 | % |
Years Ended December 31, 2021 vs. 2020 | ||||||||||||
Increase (Decrease) Due to | Total Increase (Decrease) | |||||||||||
Volume | Rate | |||||||||||
(Dollars in thousands) | ||||||||||||
Interest-earning assets: | ||||||||||||
Loans | $ | 317 | (1,682 | ) | (1,365 | ) | ||||||
Securities available-for-sale | 153 | (103 | ) | 50 | ||||||||
Other interest-earning assets | 79 | (21 | ) | 58 | ||||||||
Total interest-earning assets | 549 | (1,806 | ) | (1,257 | ) | |||||||
Interest-bearing liabilities: | ||||||||||||
Negotiable order of withdrawal accounts | (18 | ) | 28 | 10 | ||||||||
Money market accounts | (170 | ) | 357 | 187 | ||||||||
Savings accounts | (17 | ) | 40 | 23 | ||||||||
Certificates of deposit | 350 | 966 | 1,316 | |||||||||
Total interest-bearing deposits | 145 | 1,391 | 1,536 | |||||||||
Borrowings | (31 | ) | (31 | ) | ||||||||
Other | — | — | — | |||||||||
Total interest-bearing liabilities | 114 | 1,391 | 1,505 | |||||||||
Change in net interest income | $ | 663 | (415 | ) | 248 | |||||||
Change in Interest Rates (basis points) (1) | Net Interest Income Year 1 Forecast | Year 1 Change from Level | ||||||
(Dollars in thousands) | ||||||||
+400 | $ | 13,619 | 12.8 | % | ||||
+300 | 13,248 | 9.8 | % | |||||
+200 | 12,874 | 6.7 | % | |||||
+100 | 12,473 | 3.3 | % | |||||
Level | 12,070 | — | ||||||
-100 | 11,518 | (4.6 | )% |
Estimated Increase (Decrease) in EVE | ||||||||||||
Basis Point (“bp”) Change in Interest Rates (1) | Estimated EVE (2) | Amount | Percent | |||||||||
(Dollars in thousands) | ||||||||||||
400 | $ | 73,314 | $ | (4,183 | ) | (5.4 | )% | |||||
300 | 74,541 | (2,956 | ) | (3.8 | )% | |||||||
200 | 76,561 | (936 | ) | (1.2 | )% | |||||||
100 | 77,779 | 282 | 0.4 | % | ||||||||
— | 77,497 | — | — | |||||||||
(100) | 72,219 | (5,278 | ) | (6.8 | )% |
Number of shares to be issued upon exercise of outstanding options and rights | Weighted average option exercise price | Number of securities remaining available for issuance under plan | ||||||||||
2020 Equity Incentive Plan | 386,008 | $ | 6.13 | 26,326 |
Number of shares to be issued upon exercise of outstanding options and rights | Weighted average option exercise price | Number of securities remaining available for issuance under plan | ||||||||||
2020 Equity Incentive Plan | 386,008 | $ | 6.13 | 26,326 |
Shares of Common Stock Beneficially Owned as of March 31, 2022 (1) | Percent of Shares of Common Stock Outstanding (2) | |||||||
Persons Owning Greater than 5% | ||||||||
AllianceBernstein L.P. | | 543,591 | (3) | 8.53 | % | |||
1345 Avenue of the Americas New York, NY 10105 | ||||||||
Delaware Charter Guarantee & Trust Company dba Principal Trust Company as Directed Trustee for the PyraMax Bank 401(k) Savings Plan and PyraMax Bank Employee Stock Ownership Plan | 481,215 | (4) | 7.55 | % | ||||
7001 West Edgerton Avenue Greenfield, WI 53220 | ||||||||
Directors | ||||||||
Monica Baker | 39,495 | (5) | * | |||||
David Ball | 21,205 | (6) | * | |||||
Darrell Francis | 28,701 | (7) | * | |||||
Richard B. Hurd | 93,310 | (8) | 1.46 | % | ||||
Joseph Murphy | 21,135 | (9) | * | |||||
James Spiegelberg | 21,635 | (10) | * | |||||
John Talsky | 12,554 | (11) | * | |||||
Gary Zenobi | 16,844 | (12) | * | |||||
Executive Officers who are not Directors | ||||||||
Steven T. Klitzing | 900 | * | ||||||
Daniel K. Kempel | 8,377 | (13) | * | |||||
Thomas Peterson | 19,820 | (14) | * | |||||
All directors and officers as a group (11 persons) | 283,976 | 4.39 | % |
* | Represents less than 1% of outstanding common stock. |
(1) | In accordance with |
(2) | Based on a total of 6,371,198 shares of common stock outstanding as of |
(3) | Based on a Schedule 13G filed with the SEC on February 14, 2022 by AllianceBernstein L.P. |
(4) | Based on a Schedule 13G filed with the SEC on January 26, 2022 by Delaware Charter Guarantee & Trust Company dba Principal Trust Company as Directed Trustee for the PyraMax Bank 401(k) Savings Plan and PyraMax Bank Employee Stock Ownership Plan |
(5) | Includes 4,308 shares held through Ms. Baker’s 401(k) plan, 1,756 shares allocated to Ms. Baker’s ESOP account, 14,062 shares of unvested restricted stock |
(6) | Includes 12,041 shares of unvested restricted stock over which Mr. Ball has sole voting power but no investment power and 7,463 shares that could be acquired through the exercise of vested stock options. |
(7) | Includes 16,147 shares held by a |
(8) | Includes 27,479 shares held through Mr. Hurd’s 401(k) plan, 1,787 shares allocated to Mr. Hurd’s ESOP account, 24,746 shares of unvested restricted stock over which Mr. Hurd has sole voting power but no investment power, and 31,064 shares that could be acquired through the exercise of vested stock options. |
(9) | Includes 3,766 shares of unvested restricted stock over which Mr. Murphy has sole voting power but no investment power and 6,278 shares that could be acquired through the exercise of vested stock options. |
(10) | Includes 9,081 shares held by a deferred compensation plan, 3,766 shares of unvested restricted stock over which Mr. Spiegelberg has sole voting power but no investment power and 6,278 shares that could be acquired through the exercise of vested stock options. |
(11) | Includes 3,766 shares of unvested restricted stock over which Mr. Talsky has sole voting power but no investment power and 6,278 shares that could be acquired through the exercise of vested stock options. |
(12) | Includes 4,290 shares held by a deferred compensation plan, 3,766 shares of unvested restricted stock over which Mr. Zenobi has sole voting power but no investment power and 6,278 shares that could be acquired through the exercise of vested stock options. |
(13) | Includes 2,487 shares held through Mr. Kempel’s 401(k) plan, 792 shares allocated ESOP account, 2,106 shares of unvested restricted stock over which Mr. Kempel has sole voting power but no investment power and 2,632 shares that could be acquired through the exercise of vested stock options.to Mr. Kempel’s |
ITEM 13. | Certain Relationships and Related Transactions and Director Independence |
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||
Audit Fees | $ | 131,000 | $ | 143,600 | ||||
Audit-Related Fees | $ | 150,100 | $ | 12,600 | ||||
Tax Fees | $ | 13,200 | $ | 22,700 | ||||
All Other Fees | $ | 30,000 | $ | 35,400 |
(a)(3) | Exhibits | |||||
31.1 | ||||||
31.2 | ||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||
1895 BANCORP OF WISCONSIN, INC. | ||||||
Date: | By: | /s/ Richard B. Hurd | ||||
Richard B. Hurd Chief Executive Officer (Duly Authorized Representative) |
Signatures | Title | Date | ||
/s/ Richard B. Hurd Richard B. Hurd | Chief Executive Officer and Director (Principal Executive Officer) | |||
/s/ David R. Ball David R. Ball | President, Chief Operating Officer and Director | |||
/s/ Steven T. Klitzing Steven T. Klitzing | Principal Financial Officer (Principal Financial and Accounting Officer) | |||
/s/ Darrell Francis | Chairman of the Board | |||
Darrell Francis | ||||
/s/ Monica Baker | Senior Vice President and Director | |||
Monica Baker | ||||
/s/ Joseph Murphy | Director | |||
Joseph Murphy | ||||
/s/ James Spiegelberg | Director | |||
James Spiegelberg | ||||
/s/ John Talsky | Director | |||
John Talsky | ||||
/s/ Gary Zenobi | Director | |||
Gary Zenobi |
December 31, | ||||||||
2021 | 2020 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 65,300 | $ | 87,977 | ||||
Fed funds sold | 1,503 | 4,549 | ||||||
Cash and cash equivalents | 66,803 | 92,526 | ||||||
Marketable equity securities, stated at fair value | 3,544 | 2,992 | ||||||
Available for sale securities, stated at fair value | 112,440 | 58,703 | ||||||
Loans held for sale | 1,183 | 2,484 | ||||||
Loans, net | 323,789 | 329,073 | ||||||
Premises and equipment, net | 5,864 | 6,275 | ||||||
Mortgage servicing rights, net | 2,036 | 1,806 | ||||||
Federal Home Loan Bank (FHLB) stock, at cost | 3,032 | 3,032 | ||||||
Accrued interest receivable | 948 | 912 | ||||||
Cash value of life insurance | 13,892 | 13,485 | ||||||
Other assets | 6,108 | 5,469 | ||||||
TOTAL ASSETS | $ | 539,639 | $ | 516,757 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Deposits | $ | 384,501 | $ | 379,848 | ||||
Advance payments by borrowers for taxes and insurance | 1,860 | 2,737 | ||||||
FHLB advances | 55,442 | 68,398 | ||||||
Accrued interest payable | 109 | 183 | ||||||
Other liabilities | 6,834 | 5,583 | ||||||
TOTAL LIABILITIES | 448,746 | 456,749 | ||||||
Common stock (par value $0.01 per share) | 64 | 49 | ||||||
Authorized - 90,000,000 shares at December 31, 2021 and December 31, 2020 | ||||||||
Issued - 6,402,571 at December 31, 2021 and 4,961,626 at December 31, 2020 (includes 97,128 and 84,949 unvested shares, respectively) (1) | ||||||||
Outstanding - 6,372,508 at December 31, 2021 and 4,834,401 at December 31, 2020 (includes 97,128 and 84,949 unvested shares, respectively) (1) | ||||||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized at December 31, 2021 and December 31, 2020 | 0 | 0 | ||||||
Additional Paid in Capital | 52,805 | 20,134 | ||||||
Unallocated common stock of Employee Stock Ownership Plan (ESOP), 377,077 and 161,486 shares at December 31, 2021 and December 31, 2020, respectively (1) | (3,432 | ) | (1,615 | ) | ||||
Less treasury stock at cost, 30,063 at December 31, 2021 and 127,225 at December 31, 2020 (1) | (301 | ) | (1,228 | ) | ||||
Retained earnings | 41,615 | 41,530 | ||||||
Accumulated other comprehensive income, net of income taxes | 142 | 1,138 | ||||||
Total stockholders’ equity | 90,893 | 60,008 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 539,639 | $ | 516,757 | ||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Interest and dividend income: | ||||||||
Loans, including fees | $ | 12,594 | $ | 13,959 | ||||
Securities, taxable | 1,399 | 1,349 | ||||||
Other | 245 | 187 | ||||||
Total interest and dividend income | 14,238 | 15,495 | ||||||
Interest expense: | ||||||||
Interest-bearing deposits | 784 | 2,320 | ||||||
Borrowed funds | 752 | 721 | ||||||
Total interest expense | 1,536 | 3,041 | ||||||
Net interest income | 12,702 | 12,454 | ||||||
Provision for loan losses | 30 | 500 | ||||||
Net interest income after provision for loan losses | 12,672 | 11,954 | ||||||
Noninterest income: | ||||||||
Service charges and other fees | 964 | 814 | ||||||
Loan servicing, net | 1,157 | 546 | ||||||
Net gain on sale of loans | 1,503 | 3,499 | ||||||
Net gain on sale of securities | 12 | 1,023 | ||||||
Increase in cash surrender value of insurance | 407 | 400 | ||||||
Unrealized gain on marketable equity securities | 222 | 568 | ||||||
Other | 5 | (72 | ) | |||||
Total noninterest income | 4,270 | 6,778 | ||||||
Noninterest expense: | ||||||||
Salaries and employee benefits | 10,425 | 9,674 | ||||||
Foreclosed assets, net | — | (6 | ) | |||||
Advertising and promotions | 111 | 110 | ||||||
Data processing | 801 | 761 | ||||||
Occupancy and equipment | 1,410 | 1,361 | ||||||
FDIC assessment | 163 | 112 | ||||||
Other | 4,011 | 3,667 | ||||||
Total noninterest expense | 16,921 | 15,679 | ||||||
Income before income taxes | 21 | 3,053 | ||||||
Income (benefit) tax expense | (64 | ) | 1,736 | |||||
Net income | $ | 85 | $ | 1,317 | ||||
Earnings per share: | ||||||||
Basic (1) | $ | 0.01 | $ | 0.28 | ||||
Diluted (1) | $ | 0.01 | $ | 0.28 | ||||
Average common shares outstanding: | ||||||||
Basic (1) | 5,987,164 | 4,642,171 | ||||||
Diluted (1) | 6,190,409 | 4,685,208 |
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Net income | $ | 85 | $ | 1,317 | ||||
Other comprehensive (loss) income: | ||||||||
Unrealized holding (losses) gains arising during the period | (1,352 | ) | 2,435 | |||||
Reclassification adjustment for gains realized in net income | (12 | ) | (1,023 | ) | ||||
Other comprehensive (loss) income before tax effect | (1,364 | ) | 1,412 | |||||
Tax effect of other comprehensive (loss) income items | (368 | ) | 381 | |||||
Other comprehensive (loss) income, net of tax | (996 | ) | 1,031 | |||||
Comprehensive (loss) income | $ | (911 | ) | $ | 2,348 | |||
Common Stock | Additional Paid In Capital | Treasury Stock | Unallocated Common Stock ESOP | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | ||||||||||||||||||||||
Balance, December 31, 2019 | $ | 49 | $ | 19,981 | $ | — | $ | (1,685) | $ | 40,213 | $ | 107 | $ | 58,665 | ||||||||||||||
Net income | — | — | — | — | 1,317 | — | 1,317 | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 1,031 | 1,031 | |||||||||||||||||||||
Common stock reclassified to treasury stock | — | — | (175 | ) | — | — | — | (175 | ) | |||||||||||||||||||
Repurchase of common stock | — | — | (1,053 | ) | — | — | — | (1,053 | ) | |||||||||||||||||||
ESOP shares committed to be released (7,021 shares) (1) | — | (3 | ) | — | 70 | — | — | 67 | ||||||||||||||||||||
Stock compensation expense | — | 156 | — | — | — | — | 156 | |||||||||||||||||||||
Balance, December 31, 2020 | $ | 49 | $ | 20,134 | $ | (1,228) | $ | (1,615) | $ | 41,530 | $ | 1,138 | $ | 60,008 | ||||||||||||||
Net income | — | — | — | — | 85 | — | 85 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (996 | ) | (996 | ) | |||||||||||||||||||
Purchase of treasury stock by Rabbi Trust | — | — | (136 | ) | — | — | — | (136 | ) | |||||||||||||||||||
Sales of treasury stock by Rabbi Trust | — | — | 10 | — | — | — | 10 | |||||||||||||||||||||
Repurchase of common stock | — | (15 | ) | — | — | — | — | (15 | ) | |||||||||||||||||||
Gross proceeds from stock offering | 15 | 35,403 | — | — | — | — | 35,418 | |||||||||||||||||||||
Contribution from 1895 Bancorp of Wisconsin, MHC | — | 100 | — | — | — | — | 100 | |||||||||||||||||||||
Stock offering costs | — | (1,988 | ) | — | — | — | — | (1,988 | ) | |||||||||||||||||||
Retirement of treasury shares from stock offering | — | (1,053 | ) | 1,053 | — | — | — | — | ||||||||||||||||||||
Purchase of ESOP shares | — | — | — | (2,041 | ) | — | — | (2,041 | ) | |||||||||||||||||||
ESOP shares committed to be released (22,401 shares) | — | 22 | — | 224 | — | — | 246 | |||||||||||||||||||||
Retirement of common stock | — | (69 | ) | — | — | — | — | (69 | ) | |||||||||||||||||||
Stock options exercised | — | 30 | — | — | — | — | 30 | |||||||||||||||||||||
Stock compensation expense | — | 241 | — | — | — | — | 241 | |||||||||||||||||||||
Balance, December 31, 2021 | $ | 64 | $ | 52,805 | $ | (301) | $ | (3,432) | $ | 41,615 | $ | 142 | $ | 90,893 | ||||||||||||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 85 | $ | 1,317 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Net amortization of investment securities | 221 | 232 | ||||||
Depreciation | 654 | 661 | ||||||
Provision for loan losses | 30 | 500 | ||||||
Net loss on disposal of premises and equipment | 0 | 33 | ||||||
Net change in fair value of marketable equity securities | (222 | ) | (568 | ) | ||||
Net gain on sale of available for sale securities | (12 | ) | (1,023 | ) | ||||
Stock compensation expense | 241 | 156 | ||||||
Adjustment to mortgage servicing rights valuation | (369 | ) | 369 | |||||
(Benefit from) provision for deferred income tax | (64 | ) | 1,650 | |||||
Originations of mortgage loans held for sale | (121,562 | ) | (195,425 | ) | ||||
Proceeds from sales of mortgage loans held for sale | 124,366 | 197,125 | ||||||
Net gain on sale of mortgage loans held for sale | (1,503 | ) | (3,499 | ) | ||||
ESOP compensation | 246 | 67 | ||||||
Net change in cash value of life insurance | (407 | ) | (400 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Net change in mortgage servicing rights | 139 | (3 | ) | |||||
Change in accrued interest receivable and other assets | (243 | ) | (248 | ) | ||||
Change in accrued interest payable and other liabilities | 1,108 | 322 | ||||||
Net cash provided by operating activities | 2,708 | 1,266 | ||||||
Cash flows from investing activities | ||||||||
Proceeds from sales of available for sale securities | 1,018 | 19,515 | ||||||
Maturities, prepayments and calls of available for sale securities | 12,442 | 55,217 | ||||||
Purchase of available for sale securities | (68,770 | ) | (59,857 | ) | ||||
Net change in marketable equity securities | (330 | ) | (46 | ) | ||||
Net decrease (increase) in loans | 5,254 | (18,899 | ) | |||||
Net capital expenditures for premises and equipment | (243 | ) | (288 | ) | ||||
Net increase in Federal Home Loan Bank stock | 0 | (2,119 | ) | |||||
Cash received in MHC merger | 100 | 0 | ||||||
Net cash used in investing activities | (50,529 | ) | (6,477 | ) | ||||
Cash flows from financing activities | ||||||||
Net increase in deposits | 4,653 | 35,252 | ||||||
Net (decrease) increase in advance payments by borrowers for taxes and insurance | (877 | ) | 1,056 | |||||
Proceeds from the issuance of Federal Home Loan Bank advances | 0 | 52,000 | ||||||
Gross proceeds from stock offering | 35,418 | 0 | ||||||
Stock offering costs | (1,988 | ) | 0 | |||||
Purchase of ESOP shares | (2,041 | ) | 0 | |||||
Purchases of common stock | (151 | ) | (1,053 | ) | ||||
Sale of treasury stock by Rabbi Trust | 10 | 0 | ||||||
Principal payments on Federal Home Loan Bank advances | (12,956 | ) | (1,225 | ) | ||||
Stock options exercised | 30 | 0 | ||||||
Net cash provided by financing activities | 22,098 | 86,030 | ||||||
Net (decrease) increase in cash and cash equivalents | (25,723 | ) | 80,819 | |||||
Cash and cash equivalents at beginning of year | 92,526 | 11,707 | ||||||
Cash and cash equivalents at end of year | $ | 66,803 | $ | 92,526 | ||||
Supplemental cash flow information: | ||||||||
Cash paid during the year for interest | $ | 1,610 | $ | 3,242 | ||||
Cash received during the year for income taxes | $ | (196) | $ | (5) | ||||
Noncash activities: | ||||||||
Retirement of common stock | $ | 69 | $ | 0 | ||||
Loans transferred to loans held for sale | 0 | 124 | ||||||
Issuance of treasury stock – stock compensation plans | 15 | 0 | ||||||
1895 Bancorp of Wisconsin, Inc. common stock held by PyraMax Bank reclassified to treasury stock | 0 | 175 | ||||||
Retirement of treasury stock | 1,053 | 0 |
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||
December 31, 2021 | Cost | Gains | Losses | Fair Value | ||||||||||||
U.S. Treasury notes | $ | 19,501 | $ | 8 | $ | (25 | ) | $ | 19,484 | |||||||
Obligations of states and political subdivisions | 20,758 | 207 | (205 | ) | 20,760 | |||||||||||
Government-sponsored mortgage-backed securities | 64,049 | 563 | (463 | ) | 64,149 | |||||||||||
Asset-backed securities | 6,479 | 45 | (1 | ) | 6,523 | |||||||||||
Certificates of deposit | 1,459 | 65 | — | 1,524 | ||||||||||||
Total | $ | 112,246 | $ | 888 | $ | (694 | ) | $ | 112,440 | |||||||
Gross | Gross | |||||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||||
December 31, 2020 | Cost | Gains | Losses | Fair Value | ||||||||||||
Obligations of states and political subdivisions | $ | 11,570 | $ | 244 | $ | (11 | ) | $ | 11,803 | |||||||
Government-sponsored mortgage-backed securities | 36,886 | 1,165 | (12 | ) | 38,039 | |||||||||||
Asset-backed securities | 7,231 | 57 | (7 | ) | 7,281 | |||||||||||
Certificates of deposit | 1,458 | 122 | — | 1,580 | ||||||||||||
Total | $ | 57,145 | $ | 1,588 | $ | (30 | ) | $ | 58,703 | |||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
December 31, 2021 | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
U.S. Treasury notes | $ | 12,971 | $ | (25 | ) | $ | — | $ | — | $ | 12,971 | $ | (25 | ) | ||||||||||
Obligations of states and political subdivisions | 5,414 | (82 | ) | 4,105 | (123 | ) | 9,519 | (205 | ) | |||||||||||||||
Government-sponsored mortgage-backed securities | 39,392 | (463 | ) | — | — | 39,392 | (463 | ) | ||||||||||||||||
Asset-backed securities | 808 | (1 | ) | — | — | 808 | (1 | ) | ||||||||||||||||
Total | $ | 58,585 | $ | (571 | ) | $ | 4,105 | $ | (123 | ) | $ | 62,690 | $ | (694 | ) | |||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
December 31, 2020 | Value | Loss | Value | Loss | Value | Loss | ||||||||||||||||||
Obligations of states and political subdivisions | $ | 4,235 | $ | (11 | ) | $ | 0 | $ | 0 | $ | 4,235 | $ | (11 | ) | ||||||||||
Government-sponsored mortgage-backed securities | 4,984 | (12 | ) | 0 | 0 | 4,984 | (12 | ) | ||||||||||||||||
Asset-backed securities | 0 | 0 | 638 | (7 | ) | 638 | (7 | ) | ||||||||||||||||
Total | $ | 9,219 | $ | (23 | ) | $ | 638 | $ | (7 | ) | $ | 9,857 | $ | (30 | ) | |||||||||
December 31, 2021 | ||||||||
Amortized | Fair | |||||||
Cost | Value | |||||||
Debt and other securities: | ||||||||
Due in one year or less | $ | 1,505 | $ | 1,512 | ||||
Due after one through 5 years | 13,901 | 13,982 | ||||||
Due after 5 through 10 years | 14,812 | 14,822 | ||||||
Due after 10 years | 11,500 | 11,452 | ||||||
Total debt and other securities | 41,718 | 41,768 | ||||||
Mortgage-related securities | 64,049 | 64,149 | ||||||
Asset-backed securities | 6,479 | 6,523 | ||||||
Total | $ | 112,246 | $ | 112,440 | ||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Proceeds from sales of securities available-for-sale | $ | 1,018 | $ | 19,515 | ||||
Gross realized gains | 12 | 1,023 | ||||||
Gross realized losses | — | — |
As of December 31, | ||||||||
2021 | 2020 | |||||||
Commercial: | ||||||||
Real estate | $ | 185,223 | $ | 189,291 | ||||
Land development | 1,400 | 1,492 | ||||||
Other | 38,160 | 46,184 | ||||||
Residential real estate: | ||||||||
First mortgage | 80,661 | 68,968 | ||||||
Construction | 3,388 | 2,954 | ||||||
Consumer: | ||||||||
Home equity and lines of credit | 17,032 | 22,348 | ||||||
Other | 128 | 361 | ||||||
Subtotal | 325,992 | 331,598 | ||||||
Net deferred loan costs | 655 | 178 | ||||||
Allowance for loan losses | (2,858 | ) | (2,703 | ) | ||||
Loans, net | $ | 323,789 | $ | 329,073 | ||||
December 31, 2021 | Commercial | Residential | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||
Beginning balance | $ | 1,609 | $ | 745 | $ | 349 | $ | 2,703 | ||||||||
Provision (credit) for loan losses | 30 | 0 | 0 | 30 | ||||||||||||
Loans charged-off | 0 | 0 | (19 | ) | (19 | ) | ||||||||||
Recoveries | 18 | 0 | 126 | 144 | ||||||||||||
Ending balance | $ | 1,657 | $ | 745 | $ | 456 | $ | 2,858 | ||||||||
December 31, 2020 | Commercial | Residential | Consumer | Total | ||||||||||||
Allowance for loan losses | ||||||||||||||||
Beginning balance | $ | 1,235 | $ | 573 | $ | 192 | $ | 2,000 | ||||||||
Provision (credit) for loan losses | 360 | 100 | 40 | 500 | ||||||||||||
Loans charged-off | — | (60 | ) | (8 | ) | (68 | ) | |||||||||
Recoveries | 14 | 132 | 125 | 271 | ||||||||||||
Ending balance | $ | 1,609 | $ | 745 | $ | 349 | $ | 2,703 | ||||||||
December 31, 2021 | Commercial | Residential | Consumer | Total | ||||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 4,833 | $ | 1,357 | $ | 37 | $ | 6,227 | ||||||||
Collectively evaluated for impairment | 219,950 | 82,692 | 17,123 | 319,765 | ||||||||||||
Total loans | $ | 224,783 | $ | 84,049 | $ | 17,160 | $ | 325,992 | ||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||
Collectively evaluated for impairment | 1,657 | 745 | 456 | 2,858 | ||||||||||||
Total allowance for loan losses | $ | 1,657 | $ | 745 | $ | 456 | $ | 2,858 | ||||||||
December 31, 2020 | Commercial | Residential | Consumer | Total | ||||||||||||
Loans: | ||||||||||||||||
Individually evaluated for impairment | $ | 10,573 | $ | 411 | $ | 21 | $ | 11,005 | ||||||||
Collectively evaluated for impairment | 226,394 | 71,511 | 22,688 | 320,593 | ||||||||||||
Total loans | $ | 236,967 | $ | 71,922 | $ | 22,709 | $ | 331,598 | ||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | ||||||||
Collectively evaluated for impairment | 1,609 | 745 | 349 | 2,703 | ||||||||||||
Total allowance for loan losses | $ | 1,609 | $ | 745 | $ | 349 | $ | 2,703 | ||||||||
Recorded Investment | Unpaid Principal | Reserve | Average Investment | Interest Recognized | ||||||||||||||||
December 31, 2021 | ||||||||||||||||||||
Impaired loans with reserve: | �� | |||||||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Land development | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgages | — | — | — | — | — | |||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Total impaired loans with reserve | — | — | — | — | — | |||||||||||||||
Impaired loans with no reserve: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | 4,088 | $ | 4,089 | NA | $ | 5,615 | $ | 213 | |||||||||||
Land development | — | — | NA | 734 | 33 | |||||||||||||||
Other | 745 | 796 | NA | 1,478 | 35 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgages | 1,357 | 1,572 | NA | 914 | 34 | |||||||||||||||
Construction | — | — | NA | — | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | 37 | 41 | NA | 17 | 22 | |||||||||||||||
Other | — | — | NA | — | — | |||||||||||||||
Total impaired loans with no reserve | 6,227 | 6,498 | NA | 8,758 | 337 | |||||||||||||||
Total impaired loans | $ | 6,227 | $ | 6,498 | $ | 0 | $ | 8,758 | $ | 337 | ||||||||||
Recorded Investment | Unpaid Principal | Reserve | Average Investment | Interest Recognized | ||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Impaired loans with reserve: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Land development | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgages | — | — | — | 36 | — | |||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | — | — | — | 4 | — | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
Total impaired loans with reserve | — | — | — | 40 | — | |||||||||||||||
Impaired loans with no reserve: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | 6,277 | $ | 6,277 | NA | $ | 6,268 | $ | 332 | |||||||||||
Land development | 1,492 | 1,492 | NA | 503 | 40 | |||||||||||||||
Other | 2,804 | 2,804 | NA | 2,301 | 138 | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgages | 411 | 495 | NA | 568 | 261 | |||||||||||||||
Construction | — | — | NA | — | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | 21 | 51 | NA | 24 | 3 | |||||||||||||||
Other | — | — | NA | — | — | |||||||||||||||
Total impaired loans with no reserve | 11,005 | 11,119 | NA | 9,664 | 774 | |||||||||||||||
Total impaired loans | $ | 11,005 | $ | 11,119 | $ | — | $ | 9,704 | $ | 774 | ||||||||||
December 31, 2021 | Pass | Watch and Special Mention | Substandard | Total | ||||||||||||
Commercial: | ||||||||||||||||
Real estate | $ | 172,172 | $ | 8,963 | $ | 4,088 | $ | 185,223 | ||||||||
Land development | 1,400 | — | — | 1,400 | ||||||||||||
Other | 37,414 | 1 | 745 | 38,160 | ||||||||||||
Total | $ | 210,986 | $ | 8,964 | $ | 4,833 | $ | 224,783 | ||||||||
December 31, 2020 | Pass | Watch and Special Mention | Substandard | Total | ||||||||||||
Commercial: | ||||||||||||||||
Real estate | $ | 163,961 | $ | 19,272 | $ | 6,058 | $ | 189,291 | ||||||||
Land development | — | — | 1,492 | 1,492 | ||||||||||||
Other | 37,675 | 5,705 | 2,804 | 46,184 | ||||||||||||
Total | $ | 201,636 | $ | 24,977 | $ | 10,354 | $ | 236,967 | ||||||||
December 31, 2021 | Performing | Non-Performing | Total | |||||||||
Residential real estate: | ||||||||||||
First mortgage | $ | 79,722 | $ | 939 | $ | 80,661 | ||||||
Construction | 3,388 | — | 3,388 | |||||||||
Consumer: | ||||||||||||
Home equity and lines of credit | 16,954 | 78 | 17,032 | |||||||||
Other | 128 | — | 128 | |||||||||
Total | $ | 100,192 | $ | 1,017 | $ | 101,209 | ||||||
December 31, 2020 | Performing | Non-Performing | Total | |||||||||
Residential real estate: | ||||||||||||
First mortgage | $ | 67,817 | $ | 1,151 | $ | 68,968 | ||||||
Construction | 2,954 | — | 2,954 | |||||||||
Consumer: | ||||||||||||
Home equity and lines of credit | 22,212 | 136 | 22,348 | |||||||||
Other | 361 | — | 361 | |||||||||
Total | $ | 93,344 | $ | 1,287 | $ | 94,631 | ||||||
December 31, 2021 | Current Loans | Loans Past Due 30-89 Days | Loans Past Due 90+ Days | Total Loans | Non-accrual Loans | |||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | 185,223 | $ | 0 | $ | — | $ | 185,223 | $ | — | ||||||||||
Land development | 1,400 | — | — | 1,400 | — | |||||||||||||||
Other | 38,127 | 33 | — | 38,160 | — | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgage | 80,319 | 342 | 0 | 80,661 | 939 | |||||||||||||||
Construction | 3,388 | — | — | 3,388 | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | 17,032 | 0 | 0 | 17,032 | 78 | |||||||||||||||
Other | 128 | — | — | 128 | — | |||||||||||||||
Total | $ | 325,617 | $ | 375 | $ | 0 | $ | 325,992 | $ | 1,017 | ||||||||||
Total non-accrual loans to total loans | | 0.31 | % | |||||||||||||||||
Total non-accrual loans to total assets | | 0.19 | % |
December 31, 2020 | Current Loans | Loans Past Due 30-89 Days | Loans Past Due 90+ Days | Total Loans | Non-accrual Loans | |||||||||||||||
Commercial: | ||||||||||||||||||||
Real estate | $ | 189,050 | $ | 241 | $ | — | $ | 189,291 | $ | — | ||||||||||
Land development | 1,492 | — | — | 1,492 | — | |||||||||||||||
Other | 46,151 | 33 | — | 46,184 | — | |||||||||||||||
Residential real estate: | ||||||||||||||||||||
First mortgage | 68,147 | 684 | 137 | 68,968 | 1,151 | |||||||||||||||
Construction | 2,954 | — | — | 2,954 | — | |||||||||||||||
Consumer: | ||||||||||||||||||||
Home equity and lines of credit | 22,204 | 121 | 23 | 22,348 | 136 | |||||||||||||||
Other | 361 | — | — | 361 | — | |||||||||||||||
Total | $ | 330,359 | $ | 1,079 | $ | 160 | $ | 331,598 | $ | 1,287 | ||||||||||
Total non-accrual loans to total loans | | 0.39 | % | |||||||||||||||||
Total non-accrual loans to total assets | | 0.25 | % |
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Nonaccrual loans, other than troubled debt restructurings | $ | 826 | $ | 1,068 | ||||
Nonaccrual loans, troubled debt restructurings | 191 | 219 | ||||||
Total nonperforming loans (NPLs) | $ | 1,017 | $ | 1,287 | ||||
Troubled debt restructurings, accruing | $ | 418 | $ | 432 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Land | $ | 863 | $ | 863 | ||||
Buildings | 8,060 | 7,845 | ||||||
Leasehold improvements | 1 | 209 | ||||||
Furniture and equipment | 6,111 | 5,929 | ||||||
Totals | 15,035 | 14,846 | ||||||
Less: Accumulated depreciation | 9,171 | 8,571 | ||||||
Premises and equipment, net | $ | 5,864 | $ | 6,275 | ||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Mortgage servicing rights beginning balance | $ | 1,806 | $ | 2,172 | ||||
Additions | 553 | 770 | ||||||
Amortization | (692 | ) | (767 | ) | ||||
De crease (in | 369 | (369 | ) | |||||
Mortgage servicing rights ending balance | $ | 2,036 | $ | 1,806 | ||||
Fair value at beginning of period | $ | 1,806 | $ | 2,404 | ||||
Fair value at end of period | $ | 2,477 | $ | 1,806 | ||||
Estimated future amortization as of December 31, 2021: | ||||
2022 | $ | 419 | ||
2023 | 282 | |||
2024 | 217 | |||
2025 | 181 | |||
2026 | 152 | |||
Thereafter | 785 | |||
Total | $ | 2,036 | ||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Non-interest bearing checking | $ | 106,664 | $ | 98,970 | ||||
Interest bearing checking | 37,467 | 30,630 | ||||||
Money market | 94,823 | 103,724 | ||||||
Statement savings | 64,954 | 58,895 | ||||||
Certificates of deposit (1) | 80,593 | 87,629 | ||||||
Total | $ | 384,501 | $ | 379,848 | ||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Interest bearing checking | $ | 36 | $ | 46 | ||||
Money market | 261 | 448 | ||||||
Statement savings | 35 | 58 | ||||||
Certificates of deposit | 452 | 1,768 | ||||||
Total | $ | 784 | $ | 2,320 | ||||
2022 | $ | 77,339 | ||
2023 | 1,351 | |||
2024 | 972 | |||
2025 | 581 | |||
2026 | 350 | |||
Total | $ | 80,593 | ||
As of December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Rate | Amount | Rate | Amount | |||||||||||||
Fixed rate, COVID-19 Relief Advance, maturing May 2021 | N/A | $ | 0 | 0.00 | % | $ | 4,000 | |||||||||
Fixed rate, fixed term advance, maturing July 2021 | N/A | 0 | 1.41 | % | 7,000 | |||||||||||
Fixed rate, fixed term advance, maturing February 2022 | 1.62 | % | 6,500 | 1.62 | % | 6,500 | ||||||||||
Fixed rate, fixed term advance, maturing February 2023 | 1.62 | % | 6,500 | 1.62 | % | 6,500 | ||||||||||
Putable advance, maturing October 2029 first option date Nov 2020 | 1.03 | % | 10,000 | 1.03 | % | 10,000 | ||||||||||
Putable advance, maturing February 2030 first option date Feb 2023 | 0.98 | % | 5,000 | 0.98 | % | 5,000 | ||||||||||
Putable advance, maturing March 2030 first option date March 2025 | 0.89 | % | 10,000 | 0.89 | % | 10,000 | ||||||||||
Advance structured note, payments due monthly, maturing February 2030 | 7.47 | % | 542 | 7.47 | % | 584 | ||||||||||
Advance structured note, payments due monthly, maturing April 2030 | 1.05 | % | 8,405 | 1.05 | % | 9,365 | ||||||||||
Advance structured note, payments due monthly, maturing May 2030 | 1.19 | % | 8,495 | 1.19 | % | 9,449 | ||||||||||
Total | $ | 55,442 | $ | 68,398 | ||||||||||||
December 31, 2021 | ||||||||
Weighted Average Rate | Amount | |||||||
2022 | 1.54 | % | 8,481 | |||||
2023 | 1.54 | % | 8,506 | |||||
2024 | 1.28 | % | 2,032 | |||||
2025 | 1.30 | % | 2,059 | |||||
2026 | 1.31 | % | 2,086 | |||||
Thereafter | 1.05 | % | 32,278 | |||||
Total | $ | 55,442 | ||||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Current tax expense (benefit): | ||||||||
Federal | $ | — | $ | 86 | ||||
State | — | — | ||||||
Total current tax expense (benefit) | — | 86 | ||||||
Deferred tax expense: | ||||||||
Federal | (49 | ) | 589 | |||||
State | (15 | ) | 127 | |||||
Valuation allowance | — | 934 | ||||||
Total deferred tax expense | (64 | ) | 1,650 | |||||
Provision (credit) for income taxes | $ | (64 | ) | $ | 1,736 | |||
Years ended December 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Amount | % of Pretax Income | Amount | % of Pretax Income | |||||||||||||
Reconciliation of statutory to effective rates: | ||||||||||||||||
Federal income taxes at statutory rate | $ | 5 | 21.00 | % | $ | 641 | 21.00 | % | ||||||||
Adjustments for: | ||||||||||||||||
Increase in cash value of life insurance | (85 | ) | (357.00 | %) | (84 | ) | (2.75 | %) | ||||||||
Change in valuation allowance | — | 0.00 | % | 934 | 30.60 | % | ||||||||||
Other, net | 16 | 67.20 | % | 245 | 8.03 | % | ||||||||||
Total income tax expense (benefit) | $ | (64 | ) | (268.80 | %) | $ | 1,736 | 56.88 | % | |||||||
As of December 31, | ||||||||
2021 | 2020 | |||||||
Deferred tax assets: | ||||||||
Allowance for loan losses | $ | 780 | $ | 735 | ||||
Deferred compensation | 1,070 | 859 | ||||||
Accrued employee benefits | 102 | 122 | ||||||
NOL and charitable contribution carryforwards | 3,442 | 3,492 | ||||||
Premises and equipment | 40 | 6 | ||||||
ESOP release of shares | 32 | 17 | ||||||
Other | 82 | 57 | ||||||
Total deferred tax assets | $ | 5,548 | $ | 5,288 | ||||
Deferred tax liabilities: | ||||||||
Loan fees | $ | 179 | $ | 48 | ||||
Unrealized gain on available for sale securities | 52 | 420 | ||||||
Mortgage servicing rights | 556 | 491 | ||||||
FHLB stock dividends | 26 | 26 | ||||||
Total deferred tax liabilities | $ | 813 | $ | 985 | ||||
Net deferred tax asset/liability | 4,735 | 4,303 | ||||||
Valuation allowance | (934 | ) | (934 | ) | ||||
Net deferred tax asset | $ | 3,801 | $ | 3,369 | ||||
December 31, 2021 | ||||||||||||
Fixed Rate | Variable Rate | Total | ||||||||||
Commitments to extend credit | $ | 21,586 | $ | 56,921 | $ | 78,507 | ||||||
Standby letters of credit | — | 175 | 175 | |||||||||
Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program | 1,214 | — | 1,214 | |||||||||
Commitments to sell loans | 5,410 | — | 5,410 | |||||||||
Overdraft protection program commitments | 3,993 | — | 3,993 |
December 31, 2020 | ||||||||||||
Fixed Rate | Variable Rate | Total | ||||||||||
Commitments to extend credit | $ | 12,084 | $ | 41,778 | $ | 53,862 | ||||||
Standby letters of credit | 23 | 2,150 | 2,173 | |||||||||
Credit enhancement under the FHLB of Chicago Mortgage Partnership Finance Program | 1,087 | — | 1,087 | |||||||||
Commitments to sell loans | 53,847 | — | 53,847 | |||||||||
Overdraft protection program commitments | 4,104 | — | 4,104 |
2022 | $ | 85 | ||
2023 | 87 | |||
2024 | 15 | |||
Thereafter | 0 | |||
Total | $ | 187 | ||
2021 (1) | 2020 | |||||||
Shares committed to be released | 22,401 | 7,021 | ||||||
Total allocated shares | 15,239 | 7,021 | ||||||
Total unallocated shares | 377,077 | 161,486 | ||||||
Total ESOP shares | 414,717 | 175,528 | ||||||
Fair value of unallocated shares (based on $10.99 and $9.96 share price as of December 31, 2021 and December 31, 2020, respectively) | $ | 4,144 | $ | 1,608 | ||||
Years ended December 31, | ||||||||
2021 | 2020 | |||||||
Beginning balance | $ | 1,034 | $ | 1,172 | ||||
Adjustments due to changes in directors, executive officers, and/or principal stockholders | 202 | 0 | ||||||
New loans | 53 | 512 | ||||||
Repayments | (357 | ) | (650 | ) | ||||
Ending balance | $ | 932 | $ | 1,034 | ||||
Recurring Fair Value Measurements Using | ||||||||||||||||
December 31, 2021 | Level 1 | Level 2 | Level 3 | |||||||||||||
Marketable equity securities | $ | 3,544 | $ | 3,544 | $ | — | $ | — | ||||||||
Securities available-for-sale: | ||||||||||||||||
U.S. Treasury notes | 19,484 | — | 19,484 | — | ||||||||||||
Obligations of states and political subdivisions | 20,760 | — | 20,760 | — | ||||||||||||
Government-sponsored mortgage-backed securities | 64,149 | — | 64,149 | — | ||||||||||||
Asset-backed securities | 6,523 | — | 6,523 | — | ||||||||||||
Certificates of deposit | 1,524 | — | 1,524 | — | ||||||||||||
Total | $ | 115,984 | $ | 3,544 | $ | 112,440 | $ | — | ||||||||
Recurring Fair Value Measurements Using | ||||||||||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | |||||||||||||
Marketable equity securities | $ | 2,992 | $ | 2,992 | $ | — | $ | — | ||||||||
Securities available-for-sale: | ||||||||||||||||
U.S. Treasury notes | — | — | — | — | ||||||||||||
Obligations of states and political subdivisions | 11,803 | — | 11,803 | — | ||||||||||||
Government-sponsored mortgage-backed securities | 38,039 | — | 38,039 | — | ||||||||||||
Asset-backed securities | 7,281 | — | 7,281 | — | ||||||||||||
Certificates of deposit | 1,580 | — | 1,580 | — | ||||||||||||
Total | $ | 61,695 | $ | 2,992 | $ | 58,703 | $ | — | ||||||||
Fair Value at | Significant Unobservable Input Value | |||||||||||||||||||
December 31, 2021 | Valuation Technique | Significant Unobservable Input(s) | Minimum Value | Maximum Value | ||||||||||||||||
Rate lock commitments | 30 | Pricing model | Pull through rate | 75.0 | % | 100.0 | % | |||||||||||||
Mortgage servicing rights | 2,477 | Pricing models | Prepayment rate | 11.3 | % | 37.0 | % | |||||||||||||
Discount rate | 10.0 | % | 13.5 | % | ||||||||||||||||
Cost to service | $ | 83.00 | $ | 85.00 |
December 31, 2021 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 66,803 | $ | 66,803 | $ | — | $ | — | ||||||||
Available for sale securities | 112,440 | — | 112,440 | — | ||||||||||||
Marketable equity securities | 3,544 | 3,544 | — | — | ||||||||||||
Loans held for sale | 1,183 | — | 1,183 | — | ||||||||||||
Loans | 323,789 | — | — | 323,182 | ||||||||||||
Rate lock commitments | 30 | — | — | 30 | ||||||||||||
Accrued interest receivable | 948 | 948 | — | — | ||||||||||||
Federal Home Loan Bank Stock | 3,032 | — | — | 3,032 | ||||||||||||
Cash value of life insurance | 13,892 | — | — | 13,892 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | 384,501 | 303,908 | — | 80,473 | ||||||||||||
Advance payments by borrowers for taxes and insurance | 1,860 | 1,860 | — | — | ||||||||||||
Federal Home Loan Bank advances | 55,442 | — | — | 55,981 | ||||||||||||
Accrued interest payable | 109 | 109 | — | — |
December 31, 2020 | ||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 92,526 | $ | 92,526 | $ | — | $ | — | ||||||||
Available for sale securities | 58,703 | — | 58,703 | — | ||||||||||||
Marketable equity securities | 2,992 | 2,992 | — | — | ||||||||||||
Loans held for sale | 2,484 | — | 2,484 | — | ||||||||||||
Loans | 329,073 | — | — | 332,882 | ||||||||||||
Rate lock commitments | 354 | — | — | 354 | ||||||||||||
Accrued interest receivable | 912 | 912 | — | — | ||||||||||||
Federal Home Loan Bank Stock | 3,032 | — | — | 3,032 | ||||||||||||
Cash value of life insurance | 13,485 | — | — | 13,485 | ||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits | 379,848 | 292,219 | — | 87,884 | ||||||||||||
Advance payments by borrowers for taxes and insurance | 2,737 | 2,737 | — | — | ||||||||||||
Federal Home Loan Bank advances | 68,398 | — | — | 70,561 | ||||||||||||
Accrued interest payable | 183 | 183 | — | — |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||
PyraMax Bank | ||||||||||||||||||||||||
Leverage (Tier 1) | $ | 65,179 | 11.9 | % | $ | 21,838 | 4.0 | % | $ | 27,298 | 5.0 | % | ||||||||||||
Risk-based: | ||||||||||||||||||||||||
Common Equity Tier 1 | 65,179 | 19.4 | % | 15,124 | 4.5 | % | 21,846 | 6.5 | % | |||||||||||||||
Tier 1 | 65,179 | 19.4 | % | 20,166 | 6.0 | % | 26,888 | 8.0 | % | |||||||||||||||
Total | 68,037 | 20.2 | % | 26,888 | 8.0 | % | 33,610 | 10.0 | % | |||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||
PyraMax Bank | ||||||||||||||||||||||||
Leverage (Tier 1) | $ | 49,534 | 9.8 | % | $ | 20,195 | 4.0 | % | $ | 25,243 | 5.0 | % | ||||||||||||
Risk-based: | ||||||||||||||||||||||||
Common Equity Tier 1 | 49,534 | 15.1 | % | 14,725 | 4.5 | % | 21,269 | 6.5 | % | |||||||||||||||
Tier 1 | 49,534 | 15.1 | % | 19,633 | 6.0 | % | 26,177 | 8.0 | % | |||||||||||||||
Total | 52,237 | 16.0 | % | 26,177 | 8.0 | % | 32,722 | 10.0 | % |
Years ended December 31, | ||||||||||||
2021 (1) | 2020 (2) | 2020 (1) (Unaudited) | ||||||||||
(dollars in thousands, except per share amounts) | ||||||||||||
Net income | $ | 85 | $ | 1,317 | $ | 1,317 | ||||||
Weighted shares outstanding for basic EPS | ||||||||||||
Weighted average shares outstanding | 6,248,678 | 4,807,158 | 6,327,662 | |||||||||
Less: Weighted average unallocated ESOP shares | 261,514 | 164,987 | 217,172 | |||||||||
Weighted average shares outstanding for basic EPS | 5,987,164 | 4,642,171 | 6,110,490 | |||||||||
Additional dilutive shares | 203,245 | 43,037 | 56,649 | |||||||||
Weighted average shares outstanding for dilutive EPS | 6,190,409 | 4,685,208 | 6,167,139 | |||||||||
Basic income per share | $ | 0.01 | $ | 0.28 | $ | 0.22 | ||||||
Diluted income per share | $ | 0.01 | $ | 0.28 | $ | 0.21 |
2021 | 2020 | |||||||
Dividend yield | 0.00 | % | 0.00 | % | ||||
Risk-free interest rate | 0.96 | % | 0.45 | % | ||||
Expected volatility | 24.64 | % | 24.00 | % | ||||
Weighted average expected life | 6.5 | 6.5 | ||||||
Weighted average per share value of options | $ | 2.10 | $ | 1.98 |
Stock Options | Shares (1) | Weighted Average Exercise Price | Weighted Average Remaining in Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||
Outstanding and exercisable December 31, 2019 | 0— | $ | 0— | — | — | |||||||||||
Granted | 287,097 | 5.99 | — | 1,138,663 | ||||||||||||
Exercised | — | — | — | — | ||||||||||||
Forfeited | — | — | — | — | ||||||||||||
Outstanding December 31, 2020 | 287,097 | 5.99 | 9.30 | 1,138,663 | ||||||||||||
Options exercisable at December 31, 2020 | 0— | $ | 0— | — | — | |||||||||||
Granted (2) | 37,316 | 7.76 | — | 120,526 | ||||||||||||
Exercised | (4,738 | ) | 6.27 | — | 23,274 | |||||||||||
Forfeited | (18,955 | ) | 6.27 | — | 91,574 | |||||||||||
Outstanding December 31, 2021 | 300,720 | 6.19 | 8.40 | 1,443,067 | ||||||||||||
Options exercisable at December 31, 2021 | 52,677 | $ | 5.97 | 8.30 | 264,489 | |||||||||||
Stock Options | Shares (1) | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2019 | 0 | $ | 0 | |||||
Granted | 287,097 | 1.98 | ||||||
Vested | 0 | 0 | ||||||
Forfeited | 0 | 0 | ||||||
Nonvested at December 31, 2020 | 287,097 | $ | 1.98 | |||||
Nonvested at December 31, 2020 | 287,097 | $ | 1.98 | |||||
Granted (2) | 37,316 | 2.10 | ||||||
Vested | (57,415 | ) | 1.50 | |||||
Forfeited | (18,955 | ) | 1.61 | |||||
Nonvested at December 31, 2021 | 248,043 | $ | 1.58 | |||||
Restricted Stock | Shares (1) | Weighted Average Grant Date Fair Value | ||||||
Nonvested at December 31, 2019 | 0 | $ | 0 | |||||
Granted | 111,802 | 5.98 | ||||||
Vested | 0 | 0 | ||||||
Forfeited | 0 | 0 | ||||||
Nonvested at December 31, 2020 | 111,802 | $ | 5.98 | |||||
Nonvested at December 31, 2020 | 111,802 | $ | 5.98 | |||||
Granted (2) | 15,052 | 7.76 | ||||||
Vested (3) | (22,355 | ) | 5.98 | |||||
Forfeited | (7,371 | ) | 6.06 | |||||
Nonvested at December 31, 2021 | 97,128 | $ | 6.25 | |||||