Anchor BanCorp Wisconsin Q4 earnings fall

Jun 17, 2008 (Datamonitor via COMTEX) -- ABCW | Quote | Chart | News | PowerRating -- Anchor BanCorp Wisconsin, a savings and loan holding company, has reported a net income of $5.6 million for the fourth quarter ended March 31, 2008, a decline as compared to a net income of $8.2 million for the same quarter in 2007.

During the quarter, loan loss provisions were increased to $10.4 million versus $4.1 million for the comparable period of 2007. Net interest income rose to $35.1 million for the period from $29.8 million during the corresponding quarter of 2007.

Net income of the company for the 12-month period ended March 31, 2008, was $31.1 million, representing a decrease as against $39 million recorded during the same period of 2007. For the period, net interest income improved to $129 million versus $128 million posted in the comparable period of 2007.

Douglas Timmerman, chairman of Anchor BanCorp Wisconsin, said: "Like our peers, we are facing an increase in the number of non-performing, or substandard, loans in our portfolio, making it prudent for us to add funds to our reserve for possible loan losses. However, as of March 31, 2008, a total of only seven borrowers accounted for nearly 50% of our total substandard loan exposure."

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