Anchor BanCorp Wisconsin Inc. Announces Year End 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)--April 25, 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 earnings for the fourth quarter which ended March 31, 2001. Earnings were $6.9 million or $.31 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to $7.2 million or $.29 per diluted share for the same quarter last year. Earnings for the fiscal year ended March 31, 2001 were $27.0 million or $1.16 per diluted share compared to $19.5 million or $.78 per diluted share last year. Last years fiscal year end results included merger-related and other one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges of $10.7 million. Deposits grew 11.7%, from $1.9 billion to $2.1 billion for the fiscal year ended March 31, 2001. Over that same period, total assets grew 7.4%, from $2.9 billion to $3.1 billion. 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, remarked, "I am very pleased to see such strong growth on both the liability and asset sides of our business; we were able to fund our asset growth with a significant increase in our deposits. Of special note, our business loan portfolio grew 44.4%. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , we did not change our emphasis on asset quality." Anchor 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 symbol ABCW. 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. , 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. 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. Stockholders will be mailed 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" .
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
-------------------- -------------------
2001 2000 2001 2000
-------------------- -------------------
Operations Data:
Net interest income $ 20,359 $ 20,309 $ 80,551 $ 83,201
Provision for loan losses 450 150 945 1,306
Net gain on sale of loans 868 182 3,044 2,010
Other non-interest income 2,622 3,982 10,459 12,380
Non-interest expense 13,026 12,718 51,450 61,187
Income before income taxes 10,373 11,605 41,659 35,098
Income taxes 3,429 4,414 14,682 15,596
Net income 6,944 7,191 26,977 19,502
Selected Financial Ratios (1):
Yield on earning assets 7.88% 7.58% 7.89% 7.56%
Cost of funds 5.34 4.89 5.31 4.79
Interest rate spread 2.54 2.69 2.58 2.77
Net interest margin 2.75 2.95 2.78 3.10
Return on average assets 0.89 1.01 0.88 0.71
Return on average equity 12.74 13.04 12.48 8.92
Average equity to average
assets 7.01 7.74 7.09 7.97
Non-interest expense to
average assets 1.67 1.78 1.69 2.23
Per Share:
Basic earnings per share $ 0.31 $ 0.30 $ 1.19 $ 0.80
Diluted earnings per share 0.31 0.29 1.16 0.78
Dividends per share 0.08 0.07 0.30 0.25
Book value per share 9.63 9.02 9.63 9.02
March 31, Percent
----------------------
2001 2000 Change
---------------------- --------
Financial Condition:
Total assets $ 3,127,474 $2,911,152 7.4%
Loans receivable, net
Held for sale 17,622 1,764 899.0
Held for investment 2,414,976 2,302,721 4.9
Investment securities
available for sale, at
fair value 22,216 34,936 (36.4)
Investment securities held
to maturity, at amortized
cost 33,913 51,270 (33.9)
Mortgage-related securities
available for sale, at fair
value 173,968 57,276 203.7
Mortgage-related securities
held to maturity, at
amortized cost 205,191 243,243 (15.6)
Deposits 2,119,320 1,897,369 11.7
Borrowings 740,598 756,859 (2.1)
Stockholders' equity 219,612 217,215 1.1
Allowance for possible loan
losses 24,076 24,404 (1.3)
Non-performing assets 5,685 5,577 1.9
--------------------------------
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31,
----------------------------
2001 2000
----------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 105,042 $ 83,708
Investment securities available for sale,
at fair value 22,216 34,936
Investment securities held to maturity,
at amortized cost 33,913 51,270
Mortgage-related securities available for
sale, at fair value 173,968 57,276
Mortgage-related securities held to
maturity, at amortized cost 205,191 243,243
Loans receivable, net
Held for sale 17,622 1,764
Held for investment 2,414,976 2,302,721
Foreclosed properties and repossessed
assets, net 313 272
Real estate held for development and sale 48,658 34,063
Office properties and equipment 25,734 25,712
Other assets 79,841 76,187
----------- -----------
Total assets $ 3,127,474 $ 2,911,152
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 2,119,320 $ 1,897,369
Borrowings 740,598 756,859
Advance payments by borrowers for taxes
and insurance 7,918 8,213
Other liabilities 40,026 31,496
----------- -----------
Total liabilities 2,907,862 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 56,571 56,496
Retained earnings, substantially
restricted 197,599 179,211
Less: Treasury stock (2,548,416 shares
and 1,275,192 shares, respectively), at
cost (38,339) (18,438)
Common stock purchased by benefit
plans (709) (923)
Accumulated other comprehensive
income (loss) 1,954 (1,667)
----------- -----------
Total stockholders' equity 219,612 217,215
----------- -----------
Total liabilities and stockholders'
equity $ 3,127,474 $ 2,911,152
=========== ===========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------ -------------------
2001 2000 2001 2000
------------------------------------------
(In Thousands - except per share amounts)
Interest income:
Loans $49,814 $45,902 $198,435 $177,168
Mortgage-related
securities 6,328 4,080 20,051 15,937
Investment securities 2,221 2,183 10,161 9,489
------- ------ ------- ------
Total interest income 58,363 52,165 228,647 202,594
Interest expense:
Deposits 25,815 21,057 97,440 81,479
Notes payable and other 12,189 10,799 50,656 37,914
------- ------- ------- -------
Total interest expense 38,004 31,856 148,096 119,393
------- ------- -------- --------
Net interest income 20,359 20,309 80,551 83,201
Provision for loan losses 450 150 945 1,306
---- ---- ---- ------
Net interest income
after provision for
loan losses 19,909 20,159 79,606 81,895
Non-interest income:
Service charges on
deposit accounts 1,414 1,084 5,764 4,928
Net gain on sale of loans 868 182 3,044 2,010
Other income 1,208 2,898 4,695 7,452
------- ------ ------ ------
Total non-interest
income 3,490 4,164 13,503 14,390
Non-interest expense:
Compensation 7,117 6,693 28,442 26,833
Occupancy 1,217 1,010 4,416 4,196
Federal insurance premiums 98 98 386 905
Merger-related - (203) - 8,297
Goodwill - - - 1,761
Other 4,594 5,120 18,206 19,195
------- ------ ------- -------
Total non-interest
expense 13,026 12,718 51,450 61,187
------- ------- ------- -------
Income before income
taxes 10,373 11,605 41,659 35,098
Income taxes 3,429 4,414 14,682 15,596
------- ------ ------- -------
Net income $ 6,944 $ 7,191 $26,977 $19,502
======= ======= ======== ========
Earnings per share:
Basic $ 0.31 $ 0.30 $ 1.19 $ 0.80
Diluted 0.31 0.29 1.16 0.78
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