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The parent company of AnchorBank reported a net loss of $11.8 million, or 56 cents per share, down from a $43.3 million loss during the prior quarter.
The company's provision for loan losses of $19.4 million was down from $56.4 million during the previous quarter and net chargeoffs were down more than 63 percent to $15.2 million.
"Our primary mission right now is to build capital strength in the short term," said Chris Bauer, who became the holding company's president and chief executive last month. "On a day-to-day basis, the bank runs very well and we have a strong franchise."
Stockholders who spoke at the meeting at the Crown Plaza Hotel, 4402 E. Washington Ave., expressed optimism that Bauer and David Omachinski, who was elected board chairman in June, would improve the company's finances. But the stockholders criticized other officials, including former board chairman Douglas Timmerman and his son, Mark, who serves as AnchorBank president, for the losses and stock price decline.
Stockholder Gary Yakes of Oshkosh said Anchor got in trouble by trying to take on large commercial investments instead of sticking to its savings-and-loan roots.
"The problem with Anchor is it was a wanna-be," he said.
Federal regulators in late June ordered Anchor and Amcore Bank of Rockford, Ill., to raise more capital. Both banks have reported losses for the past year. In May, Anchor was granted a year extension to pay $116.3 million it owes U.S. Bank. Some of the money was used by Anchor to buy New Richmond-based S&C Bank in early 2008.
Anchor also has struggled with bad commercial real estate loans, including loans for condominium developments in Milwaukee and near Castle Rock Lake. The bank announced in April that it would eliminate 19 jobs and close three branch offices on Aug. 31 in an effort to reduce costs.
Omachinski told stockholders the company failed to adequately evaluate its commercial real estate loans.
"We had an insufficient level of business process in place to effectively manage that portion of our business," he said.
Shares of Anchor BanCorp climbed 5.17 percent Tuesday, gaining six cents to close at $1.22.
To see more of The Wisconsin State Journal, or to subscribe to the newspaper, go to http://www.wisconsinstatejournal.com. Copyright (c) 2009, The Wisconsin State Journal Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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