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A copy of the corrected tables are attached to this press release.
About AnchorBanCorp Wisconsin, Inc.
Anchor BanCorp's stock is traded on the NASDAQ exchange under the symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has more than 70 offices. All are located in Wisconsin.
Forward-Looking Statements
This news release contains certain forward-looking statements based on unaudited financial statements, results of operations and business of Anchor BanCorp. This includes any statements regarding management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include changes in general economic conditions, deposit flows, loan demand, asset quality, competition, legislation or regulation and accounting principles, policies or guidelines affecting reports filed with the Securities and Exchange Commission for financial and business information regarding Anchor BanCorp, including information which could affect Anchor BanCorp's forward-looking statements. Outcomes related to such statements are subject to numerous risk factors and uncertainties, including those listed in the company's Annual Report filed on Form 10-K.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended
June 30,
----------------------------
2009 2008
----------------------------
Operations Data:
Net interest income $ 25,689 $ 33,421
Provision for loan losses 19,400 9,400
Net gain on sale of loans 11,403 2,243
Other non-interest income 8,157 9,566
Non-interest expense 37,687 26,791
Minority interest in loss
of real estate partnership
operations (85) (39)
Income (loss) before income
taxes (11,753) 9,078
Income taxes (benefit) -- 3,566
Net income (loss) (11,753) 5,512
Selected Financial
Ratios (1):
Yield on earning assets 4.83% 6.05%
Cost of funds 2.77 3.22
Interest rate spread 2.06 2.83
Net interest margin 2.05 2.87
Return on average assets (0.89) 0.44
Return on average equity (22.13) 6.37
Average equity to average
assets 4.01 6.93
Non-interest expense to
average assets 2.84 2.15
Per Share:
Basic earnings per share $ (0.56) $ 0.26
Diluted earnings per share (0.56) 0.26
Dividends per common share 0.00 0.18
Book value per common share 4.29 16.00
June 30,
---------------------------- Percent
2009 2008 Change
---------------------------- --------
Financial Condition:
Total assets $ 5,292,669 $ 4,949,335 6.9%
Loans receivable, net
Held for sale 115,340 6,619 1642.6
Held for investment 3,692,708 4,129,075 (10.6)
Investment securities
available for sale, at
fair value 51,294 97,707 (47.5)
Mortgage-related securities
available for sale, at
fair value 493,313 270,042 82.7
Mortgage-related securities
held to maturity, at
amortized cost 47 57 (17.5)
Deposits and accrued
interest 3,987,906 3,406,975 17.1
Other borrowed funds 1,041,049 1,147,329 (9.3)
Stockholders' equity 202,573 343,599 (41.0)
Allowance for loan losses 141,378 40,265 251.1
Non-performing assets 215,664 144,137 49.6
Net charge-offs (15,187) (7,420) 104.7
---------------------------------------------------------------------
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
---------------------------------------------------------------------
(Unaudited)
June 30, March 31,
2009 2009
----------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 644,302 $ 433,826
Investment securities available for
sale, at fair value 51,294 77,684
Mortgage-related securities available
for sale, at fair value 493,313 407,301
Mortgage-related securities held to
maturity, at amortized cost 47 50
Loans receivable, net
Held for sale 115,340 161,964
Held for investment 3,692,708 3,896,439
Foreclosed properties and repossessed
assets, net 53,014 52,563
Real estate held for development and
sale 16,205 16,120
Office properties and equipment 48,008 48,123
Deferred tax asset, net of valuation
allowance 16,250 16,202
Other assets 162,188 162,783
------------ ------------
Total assets $ 5,292,669 $ 5,273,055
============ ============
Liabilities and Stockholders' Equity
Deposits
Non-interest bearing $ 289,322 $ 274,392
Interest bearing deposits and
accrued interest 3,698,584 3,649,435
------------ ------------
Total deposits and accrued
interest 3,987,906 3,923,827
Other borrowed funds 1,041,049 1,078,392
Other liabilities 60,815 56,704
------------ ------------
Total liabilities 5,089,770 5,058,923
------------ ------------
Minority interest in real estate
partnerships 326 411
------------ ------------
Preferred stock, $.10 par value,
5,000,000 shares authorized,
110,000 outstanding 76,047 74,185
Common stock, $.10 par value,
100,000,000 shares authorized,
25,363,339 shares issued 2,536 2,536
Additional paid-in capital 109,327 109,327
Retained earnings, substantially
restricted 119,004 134,234
Accumulated other comprehensive loss (4,351) (6,337)
Treasury stock (3,784,626 and
3,793,554 shares, respectively),
at cost (94,496) (94,744)
Deferred compensation obligation (5,494) (5,480)
------------ ------------
Total stockholders' equity 202,573 213,721
------------ ------------
Total liabilities, minority
interest and stockholders' equity $ 5,292,669 $ 5,273,055
============ ============
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
---------------------------------------------------------------------
(Unaudited)
Three Months Ended
June 30,
----------------------------
2009 2008
----------------------------
(In Thousands - except
per share amounts)
Interest income:
Loans $ 54,273 $ 65,711
Mortgage-related securities 5,576 3,669
Investment securities and Federal
Home Loan Bank stock 471 800
Interest-bearing deposits 269 328
---------- ----------
Total interest income 60,589 70,508
Interest expense:
Deposits 24,133 26,842
Other borrowed funds 10,767 10,245
---------- ----------
Total interest expense 34,900 37,087
---------- ----------
Net interest income 25,689 33,421
Provision for loan losses 19,400 9,400
---------- ----------
Net interest income after provision
for loan losses 6,289 24,021
Non-interest income:
Loan servicing income (loss) (182) 1,201
Credit enhancement income 377 417
Service charges on deposits 3,829 3,859
Investment and insurance commissions 804 1,181
Net gain on sale of loans 11,403 2,243
Net gain on sale or impairment of
investments and mortgage-related
securities 1,292 --
Other revenue from real estate
partnership operations 911 1,473
Other 1,126 1,435
---------- ----------
Total non-interest income 19,560 11,809
Non-interest expense:
Compensation 14,290 13,307
Occupancy 2,413 2,417
Federal insurance premiums 3,430 98
Furniture and equipment 2,050 2,126
Data processing 1,932 1,812
Marketing 373 587
Other expenses from real estate
partnership operations 1,451 2,191
Net expense-REO operations 1,066 189
Mortgage servicing rights impairment (1,344) --
Other 12,026 4,064
---------- ----------
Total non-interest expense 37,687 26,791
---------- ----------
Minority interest in loss of
consolidated real estate partnerships (85) (39)
---------- ----------
Income (loss) before income taxes (11,753) 9,078
Income taxes (benefit) -- 3,566
---------- ----------
Net income (loss) $ (11,753) $ 5,512
========== ==========
Earnings per share:
Basic $ (0.56) $ 0.26
Diluted (0.56) 0.26
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.
Dale Ringgenberg, CFO
Chris Bauer, CEO
(608) 252-1810
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