Anchor BanCorp Wisconsin Announces 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. 28, 1998--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 $6.1 million for the quarter and $12.2 million for the six month period ended September September: see month. 30, 1998. This compares to earnings of $5.0 million for the quarter and $9.6 million for the six month period ended September 30, 1997. This represents a 22.8% increase for the quarter as compared to the same period last year. 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 from $.26 to $.33 for the three month period and from $.49 to $.66 for the six month period. Per share data reflects a two for one stock split in August, 1998. Return on average equity increased to 18.92% from 15.92% for the quarter. Total assets grew 8.1%, from $1.95 billion to $2.11 billion. "Due to a lower rate environment and a very healthy local economy, we have experienced significant loan growth. Our loans held for investment have increased 14.5% over the last year" 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. Deposits grew 10.0%, from $1.34 billion to $1.48 billion for the year ended September 30, 1998. 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 William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Klein Klein , Melanie 1882-1960. Austrian-born British psychoanalyst who first introduced play therapy and was the first to use psychoanalysis to treat young children. , Vice President-Investor Relations 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,
___________________ ____________________
1998 1997 1998 1997
___________________ ____________________
Operations Data:
Net interest
income $ 15,096 $ 14,824 $ 30,577 $ 28,848
Provision for
loan losses 200 25 325 25
Net gain on
sale of loans 1,416 640 3,221 1,106
Other non-interest
income 4,198 1,841 6,928 4,374
Non-interest
expenses 10,609 9,204 20,619 18,723
Income before
taxes 9,901 8,076 19,782 15,580
Income taxes 3,792 3,101 7,555 5,984
Net income 6,109 4,975 12,227 9,596
Selected Financial
Ratios (1):
Yield on
earning assets 7.86% 8.03% 7.90% 7.96%
Cost of funds 5.00 5.02 4.98 5.00
Interest rate
spread 2.86 3.01 2.92 2.96
Net interest
margin 3.03 3.18 3.11 3.13
Return on
average assets 1.18 1.03 1.19 1.00
Return on
average equity 18.92 15.92 18.90 15.61
Average equity
to average assets 6.22 6.44 6.31 6.39
Non-interest
expenses to
average assets 2.04 1.90 2.01 1.95
Per Share (2):
Basic earnings per
share $ 0.36 $ 0.27 $ 0.71 $ 0.53
Diluted earnings
per share 0.33 0.26 0.66 0.49
Book value
per share 7.62 6.91 n/a n/a
September 30,
_________________________ Percent
1998 1997 Change
__________________________ _______
Financial Condition:
Total assets $ 2,113,909 $ 1,954,749 8.1%
Loans receivable, net
Held for sale 15,106 13,952 8.3%
Held for investment 1,723,642 1,505,931 14.5%
Investment securities
available for sale 60,296 67,030 (10.1)%
Investment securities
held to maturity 11,224 15,705 (28.5)%
Mortgage-related securities
available for sale 59,196 74,019 (20.0)%
Mortgage-related
securities held to maturity 107,583 143,584 (25.1)%
Deposits 1,478,338 1,344,040 10.0 %
Borrowings 469,695 448,263 4.8 %
Stockholders' equity 130,016 125,150 3.9 %
Allowance for loan losses 21,440 22,195 (3.4)%
Non-performing assets 7,313 15,990 (54.3)%
______________________________________________________________________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
______________________________________________________________________
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
___________________ ____________________
1998 1997 1998 1997
Interest income: ___________________ ____________________
Loans $ 34,897 $ 32,161 $ 69,106 $ 63,173
Mortgage-related securities 2,625 3,589 5,568 7,325
Investment securities 1,595 1,632 2,998 2,934
-------- -------- -------- --------
Total interest income 39,117 37,382 77,672 73,432
Interest expense:
Deposits 17,234 15,998 33,745 31,698
Notes payable and other 6,787 6,560 13,350 12,886
-------- -------- -------- --------
Total interest expense 24,021 22,558 47,095 44,584
-------- -------- -------- --------
Net interest income 15,096 14,824 30,577 28,848
Provision for loan losses 200 25 325 25
-------- -------- -------- --------
Net interest income after
provision for loan losses 14,896 14,799 30,252 28,823
Non-interest income:
Service charges on deposits 1,053 1,005 2,042 1,960
Net gain on sale of loans 1,416 640 3,221 1,106
Other income 3,145 836 4,886 2,414
-------- -------- -------- --------
Total non-interest income 5,614 2,481 10,149 5,480
Non-interest expenses:
Compensation 5,765 4,826 11,261 9,656
Occupancy 782 750 1,494 1,576
Federal insurance premiums 211 205 419 415
Other 3,851 3,423 7,445 7,076
-------- -------- -------- --------
Total non-interest
expenses 10,609 9,204 20,619 18,723
-------- -------- -------- --------
Income before income
taxes 9,901 8,076 19,782 15,580
Income taxes 3,792 3,101 7,555 5,984
-------- -------- -------- --------
Net income $ 6,109 $ 4,975 $ 12,227 $ 9,596
$
======== ======== ======== ========
Earnings per share: (1), (2)
Basic $ 0.36 $ 0.27 $ 0.71 $ 0.53
Diluted 0.33 0.26 0.66 0.49
----------------------------------------------------------------------
(1) Earnings per share has been adjusted to reflect a two-for-one
stock split distributed in August, 1998.
(2) The 1998 and 1997 earnings per share amounts have been restated to
conform with Statement of Financial Accounting Standards No.128
(Earnings Per Share).
______________________________________________________________________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
______________________________________________________________________
(Unaudited)
September 30, March 31,
1998 1998
_________________________________
(In Thousands)
Assets
Cash and cash equivalents $ 37,024 $ 39,167
Investment securities
available for sale 60,296 39,555
Investment securities held
to maturity 11,224 17,587
Mortgage-related securities
available for sale 59,196 67,526
Mortgage-related securities
held to maturity 107,583 127,239
Loans receivable, net
Held for sale 15,106 18,060
Held for investment 1,723,642 1,591,089
Foreclosed properties and
repossessed assets, net 2,469 4,723
Real estate held for
development and sale 23,932 22,630
Office properties and
equipment 17,999 18,640
Other assets 55,438 53,091
----------- -----------
Total assets $ 2,113,909 $ 1,999,307
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 1,478,338 $ 1,392,472
Borrowings 469,695 454,560
Advance payments by borrowers
for taxes and insurance 19,842 6,955
Other liabilities 16,018 17,369
----------- -----------
Total liabilities 1,983,893 1,871,356
----------- -----------
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding - -
Common stock, $.10 par value,
30,000,000 shares authorized,
24,998,648 shares issued 2,500 2,500
Additional paid-in capital 49,588 49,084
Retained earnings,
substantially restricted 132,698 125,615
Less: Treasury stock (7,939,599
shares and 7,073,460 shares) (52,250) (47,959)
Borrowings of Employee
Stock Ownership Plan (1,379) (1,379)
Common stock purchased
by benefit plans (2,247) (851)
Net unrealized gain on
securities available for
sale, net of tax 1,106 941
----------- -----------
Total stockholders' equity 130,016 127,951
Total liabilities and ----------- -----------
stockholders' equity $ 2,113,909 $ 1,999,307
=========== ===========
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