WEBSTER CITY — WCF Bancorp, Inc., the parent holding company of WCF Financial Bank has announced its results of operation for the twelve months ended Dec. 31, 2019 and 2018.

The company’s approximate net income for the twelve months ended Dec. 31, 2019, was $213,000 compared to approximate net income of $226,000 for the same period in 2018. Core earnings before tax in the same period, subtracting out a onne-time asset sale in 2018 of $435,818 and in 2019 of $107,875, were substantially higher in 2019 by approximately $290,000.

Core earnings improvement can be attributable to a 2.1% increase in fees and service charge income and a 7.1% decrease in non-interest expense. Fees and service charge income improvement, a component of non-interest income, showed improvement due to increases in fees that went into effect Jan. 1, 2019. Non-interest expense improved due to overall cost cutting measures.

Net interest income decreased by $11,442 over the same period. Net interest margin declined from 2.59% on Dec. 31, 2018 to 2.47% on Dec. 31, 2019, due to the rising rate environment. The decline is attributable to paying liabilities repricing faster than longer term assets. The bank is strategically working at repositioning the balance sheet with shorter term assets.