WCF Bancorp, Inc., the parent holding company of WCF Financial Bank, today announced its results of operations for the six months ended June 30, 2020 and 2019.

The company’s approximate net income for the six months ended June 30, 2020 was $145,100, compared with approximate net income of $36,000 for the same period in 2019. Core earnings, net of provision and before tax in the same period, subtracting out a one-time asset sale in 2020 of $269,412, were lower during the same period of 2019 by $34,297. This primarily is due to an increase in wage-related expenses to support infrastructure and growth in the ag and commercial lines of business.

Net interest income increased by $58,1117 over the same period. Net interest margin increased from 2.49% on June 30, 2019 to 2.56% on June 30, 2020, due to the increased volume in our loan portfolio as well as a declining rate environment in 2020 in deposits and borrowings. The bank is strategically working to diversify the loan portfolio as well as repositioning the balance sheet.

Loan loss provisions increased by $99,000 to $159,000 for the first six months of 2020 to support loan growth. Loan quality is very strong with 30 to 89 days past due loan percentage of 1.00% and minimal charge-offs year-to-date totaling approximately $27,000. The allowance for loan loss is appropriate based on the assessment that includes prior loss experience, underwriting standards, past due loans, economic conditions and other factors related to the collectability of the loans. The current quarter increases in provision are solely a result of loan growth as loan quality continues to be very strong.

Total assets were $136.9 million at June 30, 2020, compared with $140 million at December 31, 2019, resulting from decreases in cash and cash equivalents and decreases in securities classified as available for sale, partially offset by increases in net loans.