Home Bancorp Wisconsin : 2021 Audited Financial Statement

HOME BANCORP WISCONSIN, INC. AND SUBSIDIARY

CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED SEPTEMBER 30, 2021 AND 2020

HOME BANCORP WISCONSIN, INC. AND SUBSIDIARY

TABLE OF CONTENTS

YEARS ENDED SEPTEMBER 30, 2021 AND 2020

INDEPENDENT AUDITORS' REPORT	1
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEETS	3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
EQUITY	6
CONSOLIDATED STATEMENTS OF CASH FLOWS	7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8

CliftonLarsonAllen LLP

CLAconnect.com

INDEPENDENT AUDITORS' REPORT

Board of Directors

Home Bancorp Wisconsin, Inc. and Subsidiary

Madison, Wisconsin

We have audited the accompanying consolidated financial statements of Home Bancorp Wisconsin, Inc. and Subsidiary (the Company), which comprise the consolidated balance sheets as of September 30, 2021 and 2020, and the related consolidated statements of comprehensive income, changes in stockholders' equity, and cash flows for the years then ended and the related notes to the consolidated financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.

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Board of Directors

Home Bancorp Wisconsin, Inc. and Subsidiary

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Home Bancorp Wisconsin, Inc. and Subsidiary as of September 30, 2021 and 2020, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States.

CliftonLarsonAllen LLP

Madison, Wisconsin

December 14, 2021

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HOME BANCORP WISCONSIN, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2021 AND 2020

(DOLLARS IN THOUSANDS)

		2021			2020
ASSETS
Cash and Due from Banks	$	1,724	$	1,303
Interest-Bearing Deposits		184			300
Cash and Cash Equivalents		1,908			1,603
Other Interest-Bearing Deposits		17,913			27,398
Securities Available-for-Sale, at Fair Value		175			257
Securities Held to Maturity, at Amortized Cost		548			864
Loans, Net of Allowance for Loan Losses of $1,433 at September 30,
2021, and $1,492 at September 30, 2020		150,289			135,342
Premises and Equipment, Net		4,625			4,779
Federal Home Loan Bank Stock, at Cost		1,094			1,094
Cash Value of Life Insurance		3,770			3,697
Deferred Tax Asset, net		1,414			1,628
Other Assets		706			905
Total Assets	$	182,442	$	177,567
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Demand Deposits	$	42,341	$	36,844
Money Market and Savings Deposit		55,825			54,682
Time Deposits		35,867			38,935
Total Deposits		134,033			130,461
Advance Payments by Borrowers for Taxes and Insurance		675			680
Borrowed Funds		26,675			26,431
Other Liabilities		1,831			1,513
Total Liabilities		163,214			159,085
STOCKHOLDERS' EQUITY
Common Stock - $0.01 par Value; 30,000,000 Shares Authorized;
Shares Issued and Outstanding of 1,353,104 at September 30,
2021 and 2020		14			14
Additional Paid-In Capital		11,559			11,526
Retained Earnings		8,443			7,809
Unearned Employee Stock Ownership Plan (ESOP) Shares		(496)			(525)
Unearned Deferred Stock Compensation		(297)			(347)
Accumulated Other Comprehensive Income		5			5
Total Stockholders' Equity		19,228			18,482
Total Liabilities and Stockholders' Equity	$	182,442	$	177,567

See accompanying Notes to Consolidated Financial Statements.

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