Anchor BanCorp Wisconsin Inc. Announces Record First Quarter Earnings and a Dividend Increase.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 22, 2003 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 record net income of $14.1 million for the quarter ended June June: see month. 30, 2003 which compares to $10.8 million for the same quarter last year, a 30.8% increase. 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, 2003 were $.59 which compares to $.42 for the same quarter last year. Book value increased to $12.53 per share, from $11.53 per share. Return on average equity increased to 18.91% from 15.18%. "I am exceptionally pleased with these results," 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. Net gain on sale of loans continued to increase significantly as it has done over the past several quarters. For the quarter ended June 30, 2003, net gain on sale of loans was $9.8 million as compared to $1.8 million for the same quarter last year. Today, 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. an 11 cent per share quarterly cash dividend up from 10 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. , on the common stock of the corporation. The dividend is payable on August 15, 2003 to the stockholders of record at the close of business on August 1, 2003. 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 54 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. 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. (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
June 30, Percent
-----------------------
2003 2002 Change
----------------------- ------------
Operations Data:
Net interest income $ 28,460 $ 28,782 (1.1)%
Provision for loan losses 450 450 0.0
Net gain on sale of loans 9,807 1,841 432.7
Other non-interest income 3,259 3,586 (9.1 )
Non-interest expense 18,150 16,597 9.4
Income before income taxes 22,926 17,162 33.6
Income taxes 8,833 6,387 38.3
Net income 14,093 10,775 30.8
Selected Financial Ratios (1):
Yield on earning assets 5.83% 6.66% (12.5)%
Cost of funds 2.56 3.26 (21.5 )
Interest rate spread 3.27 3.40 (3.8 )
Net interest margin 3.39 3.52 (3.7 )
Return on average assets 1.58 1.24 27.6
Return on average equity 18.91 15.18 24.6
Average equity to average
assets 8.38 8.18 2.4
Non-interest expense to average
assets 2.04 1.91 6.7
Per Share:
Basic earnings per share $ 0.61 $ 0.43 41.9
Diluted earnings per share 0.59 0.42 40.5
Dividends per share 0.10 0.08 21.2
Book value per share 12.54 11.53 8.8
June 30, Percent
-----------------------
2003 2002 Change
----------------------- ------------
Financial Condition:
Total assets $3,622,614 $3,473,618 4.3%
Loans receivable, net
Held for sale 61,666 21,406 188.1
Held for investment 2,823,263 2,666,657 5.9
Investment securities available
for sale, at fair value 81,591 109,496 (25.5 )
Investment securities held to
maturity, at amortized cost 2,999 6,747 (55.6 )
Mortgage-related securities
available for sale,
at fair value 169,585 135,517 25.1
Mortgage-related securities held
to maturity, at amortized cost 46,242 130,167 (64.5 )
Deposits 2,633,503 2,509,203 5.0
Borrowings 607,614 621,925 (2.3 )
Stockholders' equity 299,699 288,309 4.0
Allowance for loan losses 30,037 30,848 (2.6 )
Non-performing assets 17,611 12,384 42.2
--------------------------------
(1) Annualized when appropriate.
----------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------------------------------
(Unaudited)
June 30, March 31,
2003 2003
-----------------------
(In Thousands)
Assets
Cash and cash equivalents $ 202,872 $ 141,427
Investment securities available for sale,
at fair value 81,591 97,192
Investment securities held to maturity,
at amortized cost 2,999 2,998
Mortgage-related securities available for
sale, at fair value 169,585 185,751
Mortgage-related securities held to
maturity, at amortized cost 46,242 62,998
Loans receivable, net
Held for sale 61,666 43,054
Held for investment 2,823,263 2,770,988
Foreclosed properties and repossessed assets,
net 992 1,535
Real estate held for development and sale 43,960 44,994
Office properties and equipment 31,882 31,905
Other assets 157,562 155,779
----------- -----------
Total assets $3,622,614 $3,538,621
=========== ===========
Liabilities and Stockholders' Equity
Deposits $2,633,503 $2,574,188
Borrowings 607,614 595,816
Advance payments by borrowers for
taxes and insurance 12,935 6,579
Other liabilities 68,863 69,034
----------- -----------
Total liabilities 3,322,915 3,245,617
----------- -----------
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 65,360 64,271
Retained earnings, substantially restricted 261,022 251,729
Accumulated other comprehensive income 3,557 4,177
Less: Treasury stock (1,456,230 shares and
1,420,481 shares, respectively), at cost (29,714) (28,917)
Unearned deferred compensation (3,062) (792)
----------- -----------
Total stockholders' equity 299,699 293,004
----------- -----------
Total liabilities and stockholders' equity $3,622,614 $3,538,621
=========== ===========
----------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
----------------------------------------------------------------------
(Unaudited)
Three Months
Ended
June 30,
--------------------
2003 2002
--------------------
(In Thousands)
Interest income:
Loans $ 44,112 $ 48,024
Mortgage-related securities 2,870 4,239
Investment securities and
interest-bearing deposits 2,060 2,185
---------- ---------
Total interest income 49,042 54,448
Interest expense:
Deposits 14,483 18,357
Notes payable and other 6,099 7,309
---------- ---------
Total interest expense 20,582 25,666
---------- ---------
Net interest income 28,460 28,782
Provision for loan losses 450 450
---------- ---------
Net interest income after provision
for loan losses 28,010 28,332
Non-interest income:
Service charges on deposits 2,004 1,698
Net gain on sale of loans 9,807 1,841
Other income 1,255 1,888
---------- ---------
Total non-interest income 13,066 5,427
Non-interest expense:
Compensation 10,388 9,208
Occupancy 1,609 1,362
Other 6,153 6,027
---------- ---------
Total non-interest expense 18,150 16,597
---------- ---------
Income before income taxes 22,926 17,162
Income taxes 8,833 6,387
---------- ---------
Net income $ 14,093 $ 10,775
========== =========
Earnings per share:
Basic $ 0.61 $ 0.43
Diluted 0.59 0.42
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion