Anchor BanCorp Wisconsin Inc. Announces First 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)--July 25, 2000 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. (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 "ABCW ABCW American Baptist Churches of the West ABCW Atomic Biological Chemical Warfare ") reported net income of $7.0 million for the quarter ended June June: see month. 30, 2000 which compares to a $1.6 million loss for the same quarter last year. During the quarter ended June 30, 1999, Anchor BanCorp Wisconsin Inc. reported results that reflected the merger of FCB See DOS FCB. (operating system) FCB - file control block. Financial Corp. 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 for the quarter ended June 30, 2000 were $.29 which compares to a $.06 loss for the same quarter last year. Without merger-related and other one time charges, diluted earnings per share for the quarter ended June 30, 1999 would have been $.27. "This quarter, two areas have shown significant increases in income: our investment subsidiary and retail fee income" 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. "Anchor Investment Services generated $529,000 for the quarter ended June 30, 2000; they generated $218,000 for the same period last year. Retail fee income increased from $1.3 million for the quarter ended June 30, 1999 to $1.4 million for the quarter ended June 30, 2000." Total assets grew 10.4% over the period; Anchor is now a $3 billion financial institution. Consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. grew from $402.5 million to $456.0 million, commercial lending grew from $144.9 million to $180.5 million and mortgage lending grew from $1.6 billion to $1.8 billion. "In the past, we have had a pattern of growth through merger. I am pleased to see that happening again," said Timmerman. The Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a 7.5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. quarterly cash dividend up from 7 cents per share on the common stock of the corporation. The dividend is payable on August 15, 2000 to the stockholders of record at the close of business on August 1, 2000. During this quarter AnchorBank opened 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 facilities in Wisconsin. The Green Bay facility is a natural extension of the Fox Valley area. Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. , which is located in Wisconsin on the Wisconsin/Minnesota border, is positioned to serve the Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. commercial lending market. AnchorBank fsb, the wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ABCW, has 49 full service offices and three loan origination only offices. All are located in Wisconsin.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended
June 30,
------------------------ Percent
2000 1999 Change
------------------------ -------
Operations Data:
Net interest income $ 20,581 $ 20,667 (0.4)%
Provision for loan losses 185 856 (78.4)
Net gain on sale of loans 360 1,029 (65.0)
Other non-interest income 3,010 2,631 14.4
Non-interest expenses 12,695 22,751 (44.2)
Income before taxes 11,071 720 1437.6
Income taxes 4,086 2,323 75.9
Net income (loss) 6,985 (1,603) 535.7
Selected Financial Ratios (1):
Yield on earning assets 7.77% 7.50% 3.6%
Cost of funds 5.05 4.56 10.7
Interest rate spread 2.72 2.94 (7.5)
Net interest margin 2.94 3.20 (8.1)
Return on average assets 0.95 (0.24) 497.7
Return on average equity 12.92 (2.90) 545.8
Average equity to average assets 7.36 8.25 (10.8)
Non-interest expenses to
average assets 1.73 3.40 (49.1)
Per Share:
Basic earnings per share $ 0.30 $ (0.07) 528.6%
Diluted earnings per share 0.29 (0.06) 583.3
Book value per share 9.10 8.76 3.8
June 30,
------------------------ Percent
2000 1999 Change
------------------------ -------
Financial Condition:
Total assets $ 3,020,721 $ 2,735,387 10.4%
Loans receivable, net
Loans held for sale 2,137 10,691 (80.0)
Loans held for investment 2,408,939 2,189,647 10.0
Investment securities
available for sale 43,111 57,541 (25.1)
Investment securities
held to maturity 51,037 55,957 (8.8)
Mortgage-related securities
available for sale 55,114 64,766 (14.9)
Mortgage-related securities
held to maturity 233,552 191,639 21.9
Deposits 1,922,008 1,859,057 3.4
Borrowings 830,714 618,106 34.4
Stockholders' equity 215,203 220,803 (2.5)
Allowance for loan losses 24,404 24,603 (0.8)
Non-performing assets 5,096 5,170 (1.4)
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, March 31,
2000 2000
----------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 76,280 $ 83,708
Investment securities
available for sale 43,111 34,936
Investment securities
held to maturity 51,037 51,270
Mortgage-related securities
available for sale 55,114 57,276
Mortgage-related securities
held to maturity 233,552 243,243
Loans receivable, net
Loans held for sale 2,137 1,764
Loans held for investment 2,408,939 2,302,721
Foreclosed properties and
repossessed assets, net 376 272
Real estate held for
development and sale 48,698 34,063
Office properties and equipment 25,341 25,712
Other assets 76,136 76,187
---------- ----------
Total assets $3,020,721 $2,911,152
========== ==========
Liabilities and Stockholders' Equity
Deposits $1,922,008 $1,897,369
Borrowings 830,714 756,859
Advance payments by borrowers
for taxes and insurance 15,698 8,213
Other liabilities 37,098 31,496
---------- ----------
Total liabilities 2,805,518 2,693,937
---------- ----------
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 56,587 56,496
Retained earnings, substantially
restricted 184,008 179,211
Less: Treasury stock (1,710,384
shares and 1,275,192 shares,
respectively) (25,193) (18,438)
Common stock purchased
by benefit plans (883) (923)
Accumulated other
comprehensive income (loss) (1,852) (1,667)
---------- ----------
Total stockholders' equity 215,203 217,215
---------- ----------
Total liabilities and
stockholders' equity $3,020,721 $2,911,152
========== ==========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
June 30,
--------------------
2000 1999
--------------------
(In Thousands)
Interest income:
Loans $ 47,359 $ 42,319
Mortgage-related securities 4,746 4,050
Investment securities 2,316 2,084
-------- --------
Total interest income 54,421 48,453
Interest expense:
Deposits 21,858 19,876
Notes payable and other 11,982 7,910
-------- --------
Total interest expense 33,840 27,786
-------- --------
Net interest income 20,581 20,667
Provision for loan losses 185 856
-------- --------
Net interest income after
provision for loan losses 20,396 19,811
Non-interest income:
Service charges on deposits 1,400 1,306
Net gain on sale of loans 360 1,029
Other income 1,610 1,325
-------- --------
Total non-interest income 3,370 3,660
Non-interest expenses:
Compensation 7,194 6,960
Occupancy 982 914
Federal insurance premiums 94 267
Merger-related - 8,500
Goodwill - 1,761
Other 4,425 4,349
-------- --------
Total non-interest expenses 12,695 22,751
-------- --------
Income before income taxes 11,071 720
Income taxes 4,086 2,323
-------- --------
Net income (loss) $ 6,985 $ (1,603)
======== ========
Earnings per share:
Basic $ 0.30 $ (0.07)
Diluted 0.29 (0.06)
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion