Anchor BanCorp Wisconsin Inc. Announces Record 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 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. (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 $7.9 million for the quarter ended June June: see month. 30, 2001 which compares to $7.0 million for the same quarter 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 for the quarter ended June 30, 2001 were $.35 which compares to $.29 for the same quarter last year, a 20.7% increase. Book value increased to $9.92 per share, from $9.10 per share. Non interest income Non-interest income is derived from the execution/processing business, the advisory business and any principal business that does not appear on the balance sheet. Financial institutions that wish to maximize execution/processing income depend on volume and efficiency for profits. increased 48.9%. This includes an increase in our net gain on sale of loans of $1.3 million and an increase of $.3 million in other non-interest income. "Our deposits grew 14.6% which favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted other non-interest income. Increasing non-interest income has been a goal of ours," 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. The Board of Directors increased the quarterly cash dividend to 8.25 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. from 7.5 cents per share on the common stock of the corporation. The dividend is payable on August 15, 2001 to the stockholders of record at the close of business on August 1, 2001. On June 15, 2001, Anchor and Ledger The principal book of accounts of a business enterprise in which all the daily transactions are entered under appropriate headings to reflect the debits and credits of each account. Capital Corp announced that they had entered into a definitive agreement providing for the merger of Ledger with and into Anchor. Ledger is the parent holding company for Ledger Bank, S.S.B. a $507 million financial institution with 4 full service offices and one limited service office in 3 Wisconsin cities in the greater Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. metropolitan area. 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 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.
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ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
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(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended
June 30,
----------------------- Percent
2001 2000 Change
----------- ----------- -----------
Operations Data:
Net interest income $ 21,223 $ 20,581 3.1 %
Provision for loan losses 210 185 13.5
Net gain on sale of loans 1,691 360 369.7
Other non-interest income 3,328 3,010 10.6
Non-interest expense 13,696 12,695 7.9
Income before taxes 12,336 11,071 11.4
Income taxes 4,425 4,086 8.3
Net income 7,911 6,985 13.3
Selected Financial Ratios (1):
Yield on earning assets 7.65% 7.77% (1.5)%
Cost of funds 4.97 5.05 (1.6)
Interest rate spread 2.68 2.72 (1.5)
Net interest margin 2.86 2.94 (2.7)
Return on average assets 1.01 0.95 6.4
Return on average equity 14.19 12.92 9.8
Average equity to average assets 7.13 7.36 (3.1)
Non-interest expenses to average
assets 1.75 1.73 1.4
Per Share:
Basic earnings per share $ 0.36 $ 0.30 20.0
Diluted earnings per share 0.35 0.29 20.7
Book value per share 9.92 9.10 9.0
June 30,
----------------------- Percent
2001 2000 Change
----------------------- -----------
Financial Condition:
Total assets $ 3,180,228 $ 3,020,721 5.3 %
Loans receivable, net
Loans held for sale 39,206 2,137 1734.6
Loans held for investment 2,430,195 2,408,939 0.9
Investment securities available
for sale 55,074 43,111 27.7
Investment securities held to
maturity 54,109 51,037 6.0
Mortgage-related securities
available for sale 141,096 55,114 156.0
Mortgage-related securities held
to maturity 191,039 233,552 (18.2)
Deposits 2,202,577 1,922,008 14.6
Borrowings 698,966 830,714 (15.9)
Stockholders' equity 225,739 215,203 4.9
Allowance for loan losses 23,924 24,404 (2.0)
Non-performing assets 6,018 5,096 18.1
(1) Annualized when appropriate.
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(Unaudited)
June 30, March 31,
2001 2001
-----------------------
(In Thousands)
Assets
Cash and cash equivalents $ 118,069 $ 105,042
Investment securities available for sale 55,074 22,216
Investment securities held to maturity 54,109 33,913
Mortgage-related securities available for sale 141,096 173,968
Mortgage-related securities held to maturity 191,039 205,191
Loans receivable, net
Loans held for sale 39,206 17,622
Loans held for investment 2,430,195 2,414,976
Foreclosed properties and repossessed
assets, net 342 313
Real estate held for development and sale 47,127 48,658
Office properties and equipment 25,563 25,734
Other assets 78,408 79,841
----------- -----------
Total assets $ 3,180,228 $ 3,127,474
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 2,202,577 $ 2,119,320
Borrowings 698,966 740,598
Advance payments by borrowers for taxes and
insurance 13,215 7,918
Other liabilities 39,731 40,026
----------- -----------
Total liabilities 2,954,489 2,907,862
----------- -----------
Preferred stock, $.10 par value, 5,000,000
shares authorized, none outstanding - -
Common stock, $.10 par value, 100,000,000
shares authorized, 25,363,339 shares issued 2,536 2,536
Additional paid-in capital 56,571 56,571
Retained earnings, substantially restricted 203,683 197,599
Accumulated other comprehensive income 2,522 1,954
Less: Treasury stock (2,602,772 shares and
2,548,416 shares, respectively), at cost (39,233) (38,339)
Common stock purchased by benefit plans (340) (709)
----------- -----------
Total stockholders' equity 225,739 219,612
----------- -----------
Total liabilities and stockholders' equity$ 3,180,228 $ 3,127,474
=========== ===========
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
Three Months Ended
June 30,
-----------------------
2001 2000
-----------------------
(In Thousands)
Interest income:
Loans $ 48,950 $ 47,359
Mortgage-related securities 5,710 4,746
Investment securities and interest-bearing
deposits 2,064 2,316
----------- -----------
Total interest income 56,724 54,421
Interest expense:
Deposits 24,900 21,858
Notes payable and other 10,601 11,982
----------- -----------
Total interest expense 35,501 33,840
----------- -----------
Net interest income 21,223 20,581
Provision for loan losses 210 185
----------- -----------
Net interest income after provision for
loan losses 21,013 20,396
Non-interest income:
Service charges on deposits 1,559 1,400
Net gain on sale of loans 1,691 360
Other income 1,769 1,610
----------- -----------
Total non-interest income 5,019 3,370
Non-interest expense:
Compensation 7,663 7,194
Occupancy 1,051 982
Federal insurance premiums 99 94
Other 4,883 4,425
----------- -----------
Total non-interest expense 13,696 12,695
----------- -----------
Income before income taxes 12,336 11,071
Income taxes 4,425 4,086
----------- -----------
Net income $ 7,911 $ 6,985
=========== ===========
Earnings per share:
Basic $ 0.36 $ 0.30
Diluted 0.35 0.29
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