Anchor BanCorp Wisconsin Inc. Announces Record Earnings and a Dividend Increase.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)--April 22, 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. (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 record earnings for the fourth quarter of $5.3 million compared to $4.7 million for the same quarter last year. Record earnings for the year ended March 31, 1998 were $20.5 million versus $13.9 million last year. The 1997 numbers include a one time after tax charge of $4.6 million 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). For the quarter ended March 31, 1998, basic and 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 were $.58 and $.54 respectively which compares to $.51 and $.49 for the same period in 1997. For the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. period ended March 31, 1998, basic and diluted earnings per share were $2.27 and $2.12 respectively which compares to $1.50 and $1.42 respectively for the same period in 1997. Return on average equity for the current quarter was 16.09%, up from 15.45% for the quarter ending March 31, 1997. Net interest margin increased to 3.24% from 3.22% for the quarter ending March 31, 1998 as compared to last year. Total assets were up 6.1% to $2.0 billion over the previous fiscal year. Total loans receivable were up 8.9% to $1.6 billion. For the quarter ending March 31, 1998, the yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin increased to 8.00% from 7.98% for the quarter ended March 31, 1997. Book value per share increased to $14.28 from $12.87 for the same period last year. On April 20, 1998, the Board approved a quarterly dividend increase to $.09 per share from $.08 per share effective to stockholders of record May 1, 1998. AnchorBank 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 that 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 Investor relations The process by which the corporation communicates with its investors. at 608/252-1810 or 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, at 608/252-8782. Stockholders will be receiving their annual report in mid-June n. 1. the middle part of June. Noun 1. mid-June - the middle part of June period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . -0-
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands -- except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
__________________ ___________________
1998 1997 1998 1997
__________________ ___________________
Operations Data
Net interest income $15,196 $14,343 $59,370 $55,835
Provision for loan
losses 165 500 300 500
Net gain on sale of loans 1,231 369 3,241 1,225
Other non-interest income 2,176 2,136 8,971 12,326
Non-interest expenses 10,246 9,009 38,294 47,406
Income before taxes 8,192 7,339 32,988 21,480
Income taxes 2,942 2,658 12,487 7,532
Net income 5,250 4,681 20,501 13,948
Selected Financial Ratios (1)
Yield on earning assets 8.00% 7.98% 7.99% 7.91%
Cost of funds 4.95 4.93 4.99 4.96
Interest rate spread 3.05 3.05 3.00 2.95
Net interest margin 3.24 3.22 3.18 3.14
Return on average assets 1.07 1.01 1.13 0.76
Return on average equity 16.09 15.45 16.20 11.78
Average equity to
average assets 6.67 6.52 6.51 6.42
Non-interest expenses to
average assets 2.09 1.94 1.97 2.58
Per Share Data
Basic earnings per share $ 0.58 $ 0.51 $ 2.27 $ 1.50
Diluted earnings per share $ 0.54 $ 0.49 $ 2.12 $ 1.42
Book value per share 14.28 12.87 14.28 12.87
March 31,
_______________________ Percent
1998 1997 Change
_______________________ _______
Financial Condition Data
(Thousands)
Total assets $1,999,307 $1,884,983 6.1%
Loans receivable, net:
Loans held for sale 18,060 5,348 237.7
Loans held for investment 1,591,089 1,461,423 8.9
Securities available for sale:
Investment securities 39,555 35,569 11.2
Mortgage-related securities 67,526 80,300 (15.9)
Securities held to maturity:
Investment securities 17,587 7,947 121.3
Mortgage-related securities 127,239 160,101 (20.5)
Deposits 1,392,472 1,312,445 6.1
Borrowings 454,560 431,539 5.3
Stockholders' equity 127,951 117,887 8.5
Allowance for loan losses 21,833 22,750 (4.0)
Non-performing assets 12,863 13,753 (6.5)
________________________________
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
___________________________
1998 1997
___________________________
(In thousands, except per share data)
ASSETS
Cash and cash equivalents $ 39,167 $ 38,025
Securities available for sale:
Investment securities 39,555 35,569
Mortgage-related securities 67,526 80,300
Securities held to maturity:
Investment securities 17,587 7,947
Mortgage-related securities 127,239 160,101
Loans receivable, net
Loans held for sale 18,060 5,348
Loans held for investment 1,591,089 1,461,423
Foreclosed properties and
repossessed assets, net 4,723 4,222
Real estate held for development
and sale 22,630 23,706
Office properties and equipment 18,640 18,662
Other assets 53,091 49,680
___________ ___________
Total assets $ 1,999,307 $ 1,884,983
___________ ___________
___________ ___________
LIABILITIES AND STOCKHOLDERS'
EQUITY
Deposits $ 1,392,472 $ 1,312,445
Borrowings 454,560 431,539
Advance payments by borrowers
for taxes and insurance 6,955 7,675
Other liabilities 17,369 15,437
___________ ___________
Total liabilities $ 1,871,356 $ 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 1,250 1,250
Additional paid-in capital 50,334 50,334
Retained earnings 125,615 110,735
Less: Treasury stock (3,536,730
shares and 3,336,630 shares) (47,959) (41,937)
Deferred compensation due
employees (1,379) -
Common stock purchased by
recognition plans (851) (1,246)
Net unrealized gain (loss) on
securities available for sale,
net of tax 941 (733)
___________ ___________
Total stockholders' equity 127,951 118,403
___________ ___________
Total liabilities and
stockholders' equity $ 1,999,307 $ 1,885,499
___________ ___________
___________ ___________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
__________________ ___________________
1998 1997 1998 1997
__________________ ___________________
(In thousands, except per share data)
Interest income:
Loans $ 32,765 $ 30,609 $129,008 $120,018
Mortgage-related
securities 3,686 3,976 14,676 15,657
Investment securities 1,071 933 5,287 4,876
________ ________ ________ ________
Total interest income 37,522 35,518 148,971 140,551
Interest expense:
Deposits 16,207 15,294 64,146 60,414
Notes payable and other
borrowings 6,119 5,881 25,455 24,302
________ ________ ________ ________
Total interest expense 22,326 21,175 89,601 84,716
________ ________ ________ ________
Net interest income 15,196 14,343 59,370 55,835
Provision for loan losses 165 500 300 500
________ ________ ________ ________
Net interest income after
provision for loan losses 15,031 13,843 59,070 55,335
Non-interest income:
Service charges on deposits 916 909 3,881 3,679
Net gain on sale of loans 1,231 369 3,241 1,225
Net income (loss) from
operations of real estate
investments 23 (141) (437) 2,406
Other income 1,237 1,368 5,527 6,241
________ ________ ________ ________
Total non-interest income 3,407 2,505 12,212 13,551
Non-interest expenses:
Compensation 5,774 5,280 20,147 21,293
Occupancy 557 860 2,921 3,046
Federal insurance premiums 211 210 836 2,201
Federal insurance special
assessment - - - 7,663
Other 3,704 2,659 14,390 13,203
________ ________ ________ ________
Total non-interest
expenses 10,246 9,009 38,294 47,406
Income before income
taxes 8,192 7,339 32,988 21,480
Income taxes 2,942 2,658 12,487 7,532
________ ________ ________ ________
Net income $ 5,250 $ 4,681 $ 20,501 $ 13,948
________ ________ ________ ________
________ ________ ________ ________
Earnings per share: (1),(2)
Basic $ 0.58 $ 0.51 $ 2.27 $ 1.50
Diluted 0.54 0.49 2.12 1.42
______________________________
(1) Earnings per share has been adjusted to reflect a two-for-one
stock split distributed in August, 1997.
(2) The 1997 and 1996 earnings per share amounts have been restated to
conform with Statement of Financial Accounting Standards No. 128
(Earnings Per Share).
CONTACT: 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 Inc. William Klein, 608/252-1810 Douglas J. Timmerman, 608/252-8782 |
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