Anchor BanCorp Wisconsin Announces Record Second Quarter Earnings.Business Editors 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. 24, 2001 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 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 record net income of $8.2 million for the quarter ended September September: see month. 30, 2001, which compares to net income of $6.6 million for the quarter ended September 30, 2000. Net income for the six-month period ended September 30, 2001 was $16.2 million, which compares to $13.6 million for the six-month period ended September 30, 2000. "I am extremely pleased to see we have taken full advantage of a declining rate environment. Our net income reflects that in our gain on sale of loans, our growth in deposits and our reduced cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. ," said 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. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 32% to $.37 for the quarter ended September 30, 2001 from $.28 for the quarter ended September 30, 2000. Diluted earnings per share increased 24% to $.72 for the six-month period ended September 30, 2001 from $.58 for the six-month period ended September 30, 2000. Net interest margin was 3.11% for the quarter and 2.99% for the six-month period ended September 30, 2001. This compares to 2.77% for the quarter and 2.86% for the six-month period ended September 30, 2000. Anchor 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 fsb, the wholly-owned subsidiary, has 49 full service offices and three 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. offices. All are located in Wisconsin. For more information, contact Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. W. Helser, CFO See Chief Financial Officer. at (608) 252-1810 or Douglas J. Timmerman, President, at (608) 252-8782.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
2001 2000 2001 2000
------------------ ----------------
Operations Data:
Net interest income $22,854 $19,843 $44,077 $40,416
Provision for loan losses 550 160 760 345
Gain on sale of loans 1,624 1,208 3,315 1,568
Other non-interest income 3,483 2,349 6,812 5,367
Non-interest expense 14,393 12,837 28,090 25,532
Income before income taxes 13,018 10,403 25,354 21,474
Income taxes 4,779 3,822 9,204 7,908
Net income 8,239 6,581 16,150 13,566
Selected Financial Ratios (1):
Yield on earning assets 7.60% 7.95% 7.65% 7.87%
Cost of funds 4.63 5.34 4.80 5.19
Interest rate spread 2.97 2.61 2.85 2.68
Net interest margin 3.11 2.77 2.99 2.86
Return on average assets 1.06 0.87 1.04 0.91
Return on average equity 14.55 12.57 14.84 12.79
Average equity to average
assets 7.26 6.91 6.99 7.11
Non-interest expense to
average assets 1.85 1.69 1.80 1.71
Per Share:
Basic earnings per share $ 0.38 $ 0.29 $ 0.73 $ 0.59
Diluted earnings per share 0.37 0.28 0.72 0.58
Dividends per share 0.08 0.08 0.16 0.15
Book value per share 10.01 9.13 n/a n/a
September 30,
---------------------- Percent
2001 2000 Change
---------------------- -------
Financial Condition:
Total assets $3,098,178 $3,098,271 0.0%
Loans receivable, net
Held for sale 26,985 4,742 469.1
Held for investment 2,412,666 2,462,112 (2.0)
Investment securities available for
sale, at fair value 95,997 62,234 54.3
Investment securities held to maturity,
at amortized cost 11,572 50,777 (77.2)
Mortgage-related securities available
for sale, at fair value 130,869 54,564 139.8
Mortgage-related securities held to
maturity, at amortized cost 178,413 219,456 (18.7)
Deposits 2,222,236 1,991,161 11.6
Borrowings 599,510 838,080 (28.5)
Stockholders' equity 222,033 210,006 5.7
Allowance for loan losses 23,773 24,140 (1.5)
Non-performing assets 5,778 5,165 11.9
----------------------------------------
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------------------------------
(Unaudited)
September 30, March 31,
2001 2001
--------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 92,346 $ 105,042
Investment securities available for sale,
at fair value 95,997 22,216
Investment securities held to maturity, at
amortized cost 11,572 33,913
Mortgage-related securities available for
sale, at fair value 130,869 173,968
Mortgage-related securities held to maturity,
at amortized cost 178,413 205,191
Loans receivable, net
Held for sale 26,985 17,622
Held for investment 2,412,666 2,414,976
Foreclosed properties and repossessed
assets, net 1,716 313
Real estate held for development and sale 43,683 48,658
Office properties and equipment 25,783 25,734
Other assets 78,148 79,841
---------- -----------
Total assets $3,098,178 $3,127,474
========== ===========
Liabilities and Stockholders' Equity
Deposits $2,222,236 $2,119,320
Borrowings 599,510 740,598
Advance payments by borrowers for taxes
and insurance 19,858 7,918
Other liabilities 34,541 40,026
---------- -----------
Total liabilities 2,876,145 2,907,862
---------- -----------
Preferred stock, $.10 par value, 5,000,000 shares
authorized, none outstanding - -
Common stock, $.10 par value, 100,000,000 shares
authorized, 25,363,339 shares issued 2,536 2,536
Additional paid-in capital 56,697 56,571
Retained earnings, substantially restricted 209,247 197,599
Accumulated other comprehensive income 2,919 1,954
Treasury stock (3,188,618 shares and 2,548,416
shares, respectively), at cost (49,424) (38,339)
Common stock purchased by benefit plans 58 (709)
---------- -----------
Total stockholders' equity 222,033 219,612
---------- -----------
Total liabilities and stockholders' equity $3,098,178 $3,127,474
========== ===========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
----------------------------------------------------------------------
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
2001 2000 2001 2000
------------------ ----------------
Interest income:
Loans $48,597 $49,893 $97,547 $97,205
Mortgage-related securities 5,044 4,571 10,754 9,317
Investment securities and
interest-bearing deposits 2,205 2,506 4,269 4,822
------ ------ ------ -------
Total interest income 55,846 56,970 112,570 111,344
Interest expense:
Deposits 23,997 23,448 48,897 45,306
Notes payable and other 8,995 13,679 19,596 25,622
------- ------- ------- -------
Total interest expense 32,992 37,127 68,493 70,928
------- ------- ------- -------
Net interest income 22,854 19,843 44,077 40,416
Provision for loan losses 550 160 760 345
------- ------- ------- -------
Net interest income after
provision for loan losses 22,304 19,683 43,317 40,071
Non-interest income:
Service charges on deposits 1,604 1,438 3,163 2,838
Gain on sale of loans 1,624 1,208 3,315 1,568
Other income 1,879 911 3,649 2,529
------- ------- ------- -------
Total non-interest income 5,107 3,557 10,127 6,935
Non-interest expense:
Compensation 8,138 6,921 15,801 14,115
Occupancy 1,141 1,106 2,192 2,087
Federal insurance premiums 99 97 198 192
Other 5,015 4,713 9,899 9,138
------- -------- -------- -------
Total non-interest expense 14,393 12,837 28,090 25,532
------- -------- -------- -------
Income before income taxes 13,018 10,403 25,354 21,474
Income taxes 4,779 3,822 9,204 7,908
-------- -------- -------- -------
Net income $8,239 $6,581 $16,150 $13,566
======== ======== ======== =======
Earnings per share:
Basic $ 0.38 $ 0.29 $ 0.73 $ 0.59
Diluted 0.37 0.28 0.72 0.58
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