Anchor BanCorp Wisconsin Announces Record Second Quarter Earnings.MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Oct. 22, 1997--Anchor BanCorp Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee Inc. announced net income of $5.0 million for the quarter and $9.6 million for the six month period ended September September: see month. 30, 1997. This compares to earnings of $4.7 million for the quarter and $9.2 million for the six month period ended September 30, 1996 (prior to a one time charge associated with the recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF). Primary earnings per share increased from $.47 to $.52 for the three month period and $.90 to $1.00 for the six month period (prior to the SAIF charge). Per share data reflects a two-for-one stock split in August, 1997. Total assets grew from $1.89 billion to $1.95 billion and deposits grew from $1.29 billion to $1.34 billion for the year ended September 30, 1997. "These numbers demonstrate our strong commitment to the markets we serve," commented Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. J. Timmerman, President. Book value per share grew from $11.94 to $13.82, a 15.7% increase. Return on average equity was 15.92% as of September 30, 1997. On August 15, 1997, the Board of Directors approved a dividend increase and a two-for-one stock split. The quarterly dividend increased on a pre-split share basis from $.14 to $.16 per share, and the two-for-one stock split was paid as a stock dividend on August 15. Anchor anchor, device cast overboard to secure a ship, boat, or other floating object by means of weight, friction, or hooks called flukes. In ancient times an anchor was often merely a large stone, a bag or basket of stones, a bag of sand, or, as with the Egyptians, a BanCorp's stock is traded on the Over-the-Counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. under the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol ABCW ABCW American Baptist Churches of the West ABCW Atomic Biological Chemical Warfare . AnchorBank, S.S.B., the wholly-owned subsidiary, has 35 full service offices and two loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. only offices which are located primarily in southern and western Wisconsin. For more information, contact: William Klein William Klein (born April 19, 1928) is a photographer and filmmaker. Though born in New York City and educated at City College of New York, Klein is predominantly active in France. , Vice President-Investor Relations, at 608/252-1810 or Douglas J. Timmerman, President, at 608/252-8782. -0-
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
_____________________________
Three Months Ended Six Months Ended
September 30, September 30,
1997 1996 1997 1996
___________________ _________________
Operations Data (Thousands)
Net interest income $14,663 $13,673 $28,491 $27,574
Provision for loan losses 25 - 25 -
Net gain (loss) on sale
of loans 639 251 1,106 408
Other non-interest income 1,958 5,063 5,297 7,054
Non-interest expenses 9,184 19,307 19,314 30,038
Income before taxes 8,076 (320) 15,580 6,819
Income taxes 3,101 (390) 5,984 2,214
Net income 4,975 70 9,596 4,605
Selected Financial Ratios(1)
Yield on earning assets 8.07% 7.86% 7.99% 7.92%
Cost of funds 5.09 4.99 5.07 4.98
Interest rate spread 2.98 2.87 2.92 2.94
Net interest margin 3.15 3.07 3.09 0.03
Return on average assets 1.03 0.02 1.00 0.51
Return on average equity 15.92 0.24 15.61 7.80
Average equity to average
assets 6.44 6.28 6.39 6.51
Non-interest expenses to
average assets 1.89 4.18 2.01 3.31
Per Share Data(2)
Primary earnings per share $0.52 $0.01 $1.00 $0.47
Fully diluted earnings
per share 0.51 0.01 0.99 0.47
Book value per share 13.82 11.94 N/A N/A
(1) Annualized when appropriate.
(2) Per share data has been adjusted to reflect a two-for-one stock
split distributed in August, 1997.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
_____________________________
September 30,
____________________________
1997 1996
____________________________
Financial Condition Data (Thousands)
Total assets $1,954,749 $1,891,584
Loans receivable, net
Loans held for sale 13,952 5,447
Loans held for investment 1,505,931 1,428,446
Securities available for sale:
Investment securities 67,030 56,875
Mortgage-related securities 74,019 96,372
Securities held to maturity:
Investment securities 15,705 7,051
Mortgage-related securities 143,584 162,943
Deposits 1,344,040 1,292,509
Borrowings 448,263 442,049
Stockholders' equity 125,150 110,522
Allowance for loan losses 22,195 22,480
Non-performing assets 15,990 13,927
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
______________________________________________
(Unaudited)
September 30, March 31,
1997 1997
_____________ _____________
(In Thousands)
ASSETS
Cash and cash equivalents $ 30,881 $ 38,025
Securities available for sale:
Investment securities 67,030 35,569
Mortgage-related securities 74,019 80,300
Securities held to maturity:
Investment securities 15,705 7,947
Mortgage-related securities 143,584 160,101
Loans receivable, net
Loans held for sale 13,952 5,348
Loans held for investment 1,505,931 1,461,423
Foreclosed properties and
repossessed assets, net 6,665 4,222
Real estate held for development
and sale 22,762 23,706
Office properties and equipment 18,937 18,662
Other assets 55,283 49,680
_____________ _____________
Total assets $1,954,749 $1,884,983
_____________ _____________
_____________ _____________
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,344,040 $1,312,445
Borrowings 448,263 431,539
Advance payments by borrowers
for taxes and insurance 21,021 7,675
Other liabilities 16,275 15,437
_____________ _____________
Total liabilities $1,829,599 $1,767,096
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding - -
Common stock, $.10 par value,
20,000,000 shares authorized,
12,499,324 shares issued 625 625
Additional paid-in capital 50,946 50,443
Retained earnings, substantially
restricted 118,573 110,735
Less: Treasury stock (3,445,760 shares
and 3,336,630 shares) (44,388) (41,937)
Common stock purchased by
recognition plans (976) (1,246)
Unrealized losses, net of tax 370 (733)
_____________ _____________
Total stockholders' equity 125,150 117,887
_____________ _____________
Total liabilities and stockholders'
equity $1,954,749 $1,884,983
_____________ _____________
_____________ _____________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
_________________________________
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
1997 1996 1997 1996
_________ _________ _________ ________
Interest income:
Loans $ 32,508 $ 29,615 $ 63,838 $ 59,340
Mortgage-related securities 3,589 4,117 7,325 7,600
Investment securities 1,449 1,305 2,580 2,388
_________ _________ _________ ________
Total interest income 37,546 35,037 73,743 69,328
Interest expense:
Deposits 15,998 14,991 31,698 29,458
Notes payable and other 6,860 6,373 13,529 12,296
_________ _________ _________ ________
Total interest expense 22,858 21,364 45,227 41,754
_________ _________ _________ ________
Net interest income 14,688 13,673 28,516 27,574
Provision for loan losses 25 - 25 -
_________ _________ _________ ________
Net interest income after
provision for loan losses 14,663 13,673 28,491 27,574
Non-interest income:
Service charges on deposits 1,005 939 1,960 1,821
Net gain (loss) on sale
of loans 639 251 1,106 408
Other income 953 4,124 3,337 7,054
_________ _________ _________ ________
Total non-interest income 2,597 5,314 6,403 9,283
Non-interest expenses:
Compensation 4,874 5,193 9,717 10,725
Occupancy 757 720 1,678 1,474
Federal insurance premiums 205 714 415 1,419
Other 3,348 5,017 7,504 8,757
_________ _________ _________ ________
Total non-interest expenses
before special assessment 9,184 11,644 19,314 22,375
Federal insurance special
assessment - 7,663 - 7,663
_________ _________ _________ ________
Total non-interest expenses
after special assessment 9,184 19,307 19,314 30,038
_________ _________ _________ ________
Income before income taxes 8,076 (320) 15,580 6,819
Income taxes 3,101 (390) 5,984 2,214
_________ _________ _________ ________
Net income $ 4,975 $ 70 $ 9,596 $ 4,605
_________ _________ _________ ________
_________ _________ _________ ________
CONTACT: Anchor BanCorp Wisconsin Inc., Madison William Klein, 608/252-1810 or Douglas J. Timmerman, 608/252-8782 |
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