Anchor BanCorp Wisconsin Inc. announces record fourth quarter and 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 23, 1997--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 $4.7 million compared to $3.8 million for the same quarter last year. Earnings for the year ended March 31, 1997 were $13.9 million versus $14.5 million last year. "These 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). We would have had a record fifth year without that charge," stated 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. Per share earnings increased to $.97 from $.72 for the quarter and to $2.85 from $2.72 for the fiscal year ended March 31, 1997 compared to the same periods last year. Return on average equity for the current quarter was 15.45%, up from 12.65% for the quarter ending March 31, 1996. Net interest margin increased to 3.16% from 3.14% for the quarter ending March 31, 1997 as compared to last year. Total assets were up 7.4% to $1.9 billion over the previous fiscal year. Total loans receivable were up 7.4% to $1.5 billion. For the quarter ending March 31, 1997, 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 climbed to 7.97% from 7.93% for the quarter ended March 31, 1996. Book value per share increased to $25.73 from $24.00 for the same period last year. On April 17, 1997, the Board approved a quarterly dividend increase to $.14 per share effective to stockholders of record May 1, 1997. AnchorBank has 34 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 which 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 at 608/252-1810 or Douglas 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 Twelve months
ended ended
March 31, March 31,
__________________ __________________
1997 1996 1997 1996
OPERATIONS DATA: ________ ________ ________ ________
Net interest income $ 14,079 $ 13,003 $ 55,467 $ 50,743
Provision for loan losses 500 - 500 475
Net gain on sale of loans 369 21 1,225 645
Other non-interest income 2,727 2,590 15,972 8,614
Non-interest expenses 9,336 9,790 50,684 37,061
Income before taxes 7,339 5,824 21,480 22,466
Income taxes 2,658 2,063 7,532 7,959
Net income 4,681 3,761 13,948 14,507
SELECTED FINANCIAL RATIOS(1):
Yield on earning assets 7.97% 7.93% 7.91% 7.87%
Cost of funds 4.97 5.03 4.99 4.96
Interest rate spread 3.00 2.90 2.92 2.91
Net interest margin 3.16 3.14 3.12 3.18
Return on average assets 1.01 0.87 0.76 0.88
Return on average equity 15.45 12.65 11.78 12.13
Average equity to average
assets 6.52 6.92 6.42 7.24
Non-interest expenses to
average assets 2.01 2.28 2.75 2.24
PER SHARE DATA:
Primary earnings per share $ 0.97 $ 0.72 $ 2.85 $ 2.72
Fully diluted earnings per
share 0.97 0.72 2.82 2.70
Book value per share 25.73 24.00 N/A N/A
March 31,
___________________ Percent
1997 1996 Change
FINANCIAL CONDITION DATA: ________ ________ ________
Total assets $1,884,983 $1,754,556 7.4%
Loans receivable, net:
Loans held for sale 5,348 13,968 (61.7)
Loans held for investment 1,461,423 1,361,080 7.4
Securities available for sale:
Investment securities 35,569 30,241 17.6
Mortgage-related securities 80,300 110,268 (27.2)
Securities held to maturity:
Investment securities 7,947 2,596 206.1
Mortgage-related securities 160,101 110,730 44.6
Deposits 1,312,445 1,240,958 5.8
Borrowings 431,539 371,482 16.2
Stockholders' equity 117,887 118,402 (0.4)
Allowance for loan losses 22,750 22,807 (0.2)
Non-performing assets 13,753 10,286 33.7
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31,
______________________
1997 1996
__________ __________
ASSETS (In Thousands)
Cash and cash equivalents $ 38,025 $ 43,689
Securities available for sale:
Investment securities 35,569 30,241
Mortgage-related securities 80,300 110,268
Securities held to maturity:
Investment securities 7,947 2,596
Mortgage-related securities 160,101 110,730
Loans receivable, net
Loans held for sale 5,348 13,968
Loans held for investment 1,461,423 1,361,080
Foreclosed properties and
repossessed assets, net 4,222 6,077
Real estate held for development
and sale 23,706 13,640
Office properties and equipment 18,662 18,906
Other assets 49,680 43,361
Total assets $1,884,983 $1,754,556
__________ __________
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,312,445 $1,240,958
Borrowings 431,539 371,482
Advance payments by borrowers for
taxes and insurance 7,675 7,938
Other liabilities 15,437 15,776
__________ __________
Total liabilities 1,767,096 1,636,154
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding
Common stock, $.10 par value,
20,000,000 shares authorized,
6,249,662 shares issued 625 625
Additional paid-in capital 50,443 50,086
Retained earnings, substantially
restricted 110,735 100,191
Less: Treasury stock (1,668,315
shares and 1,315,312 shares) (41,937) (29,298)
Deferred compensation due
employees - (928)
Common stock purchased by
recognition plans (1,246) (1,546)
Unrealized losses, net of tax (733) (728)
__________ __________
Total stockholders' equity 117,887 118,402
__________ __________
Total liabilities and
stockholders' equity $1,884,983 $1,754,556
__________ __________
__________ __________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
Three months Twelve months
1997 1996 1997 $ 28,182 $120,018 $107,436
Mortgage-relateTotal interest income 35,457 32,799 4 5,270 24,723 19,628
ovision for loan losses 13,579 13,003 54,967 50,268
Non-interest income:
Service charges on deposits 909 842 3,679 5,931
Net gain on sale of loans 369 21 1,225 645
Other income 1,818 1,748 12,293 2,683
________ ________ ________ ________
Total non-interest income 3,096 2,611 17,197 9,259
Non-interest expenses:
Compensation 5,292 4,972 21,352 19,067
Occupancy 961 731 3,171 2,800
Federal insurance premiums 210 703 2,201 2,669
Federal insurance special
assessment - - 7,663 -
Other 2,873 3,384 16,297 12,525
________ ________ ________ ________
Total non-interest expenses 9,336 9,790 50,684 37,061
________ ________ ________ ________
Income before income taxes 7,339 5,824 21,480 22,466
Income Taxes 2,658 2,063 7,532 7,959
________ ________ ________ ________
Net income $ 4,681 $ 3,761 $ 13,948 $ 14,507
________ ________ ________ ________
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., Madison William Klein, 608/252-1810 Douglas J. Timmerman, 608/252-8782 |
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