Anchor BanCorp Wisconsin Inc. announces record third quarter earnings and stock repurchase plan.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)--Jan. 22, 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. announced record net income of $4.7 million for the quarter ended Dec. 31, 1996 which compares to $3.5 million for the same period in 1995. Primary per share earnings were 97 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. for the quarter ended Dec. 31, 1996 which compares to 65 cents for the same period in 1995. Return on average equity increased significantly for the quarter, moving from 11.62 percent for the quarter ended Dec. 31, 1995 to 16.05 percent for the quarter ended Dec. 31, 1996. Income from holding company investments and continued asset growth at the Bank both contributed to these record earnings. Net income was $9.3 million for the nine month period ended Dec. 31, 1996 which compares to $10.7 million for the same period in 1995. Primary per share earnings were $1.88 for the nine month period ended Dec. 31, 1996 which compares to $2.00 for the same period in 1995. "Results for the nine month period were affected by a Sept. 30, 1996, 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)" 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, president. Also, on Jan. 15, 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.'s board of directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the extension of the current buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may plus an additional repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 231,098 shares, or 5.0 percent, of its outstanding common stock. The repurchases totalling 403,998 shares, are authorized to be made from time to time in open-market and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. negotiated transactions over the next twelve months as, in the opinion of management, market conditions may warrant. The additional purchases are expected to begin on or after Jan. 24, 1997. The repurchased shares will be held as treasury stock and will be available for general corporate purposes. Anchor will utilize various securities brokers as its agent for the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. 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 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 symbol ABCW ABCW American Baptist Churches of the West ABCW Atomic Biological Chemical Warfare . AnchorBank, S.S.B., the wholly-owned subsidiary, has 33 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. 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. -0-
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
__________________ __________________
1996 1995 1996 1995
____ ____ ____ ____
OPERATIONS DATA:
Net interest income $ 13,814 $ 12,789 $ 41,388 $ 37,740
Provision for loan losses - 150 - 475
Net gain on sale of loans 447 223 856 624
Other non-interest income 4,371 2,120 13,245 6,022
Non-interest expenses 11,310 9,489 41,348 27,269
Income before taxes 7,322 5,493 14,141 16,642
Income taxes 2,660 1,947 4,874 5,896
Net income 4,662 3,546 9,267 10,746
SELECTED FINANCIAL RATIOS(1):
Yield on earning assets 7.84% 7.90% 7.89% 7.85%
Cost of funds 5.02 5.06 4.99 4.94
Interest rate spread 2.82 2.84 2.90 2.91
Net interest margin 3.02 3.12 3.11 3.19
Return on average assets 0.99 0.84 0.67 0.88
Return on average equity 16.05 11.62 10.52 11.96
Average equity to average
assets 6.14 7.20 6.38 7.35
Non-interest expenses to
average assets 2.39 2.24 3.00 2.23
PER SHARE DATA:
Primary earnings per
share $ 0.97 $ 0.65 $ 1.88 $ 2.00
Fully diluted earnings
per share 0.97 0.65 1.88 1.98
Book value per share 24.94 23.83 N/A N/A
Dec. 31,
___________________ Percent
1996 1995 Change
____ ____ _______
FINANCIAL CONDITION DATA:
Total assets $1,869,211 $1,707,062 9.5%
Loans receivable, net
Loans held for sale 9,112 10,244 (11.1)
Loans held for investment 1,424,730 1,303,772 9.3
Securities available for sale:
Investment securities 30,023 34,059 (11.9)
Mortgage-related securities 88,064 122,147 (27.9)
Securities held to maturity:
Investment securities 6,952 2,694 158.1
Mortgage-related securities 161,868 109,591 47.7
Deposits 1,305,714 1,230,470 6.1
Borrowings 430,771 335,863 28.3
Stockholders' equity 115,238 122,164 (5.7)
Allowance for loan losses 22,597 23,496 (3.8)
Non-performing assets 14,606 11,547 26.5
__________________________
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dec. 31, March 31,
1996 1996
____ ____
(In Thousands)
ASSETS
Cash and cash equivalents $ 60,761 $ 43,689
Securities available for sale:
Investment securities 30,023 30,241
Mortgage-related securities 88,064 110,268
Securities held to maturity:
Investment securities 6,952 2,596
Mortgage-related securities 161,868 110,730
Loans receivable, net
Loans held for sale 9,112 13,968
Loans held for investment 1,424,730 1,361,080
Foreclosed properties and
repossessed asses, net 6,486 6,077
Real estate held for development
and sale 13,647 13,640
Office properties and equipment 18,789 18,906
Other assets 48,779 43,361
__________ __________
Total assets $1,869,211 $1,754,556
__________ __________
__________ __________
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,305,714 $1,240,958
Borrowings 430,771 371,482
Advance payments by borrowers for
taxes and insurance 1,466 7,938
Other liabilities 16,022 15,776
__________ __________
Total liabilities 1,753,973 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 50,413 50,086
Retained earnings, substantially
restricted 106,862 100,191
Less: Treasury stock (1,628,700
shares and 1,315,312 shares) (40,179) (29,298)
Deferred compensation due employees (928) (928)
Common stock purchased by
recognition plans (1,301) (1,546)
Unrealized losses, net of tax (254) (728)
__________ __________
Total stockholders' equity 115,238 118,402
__________ __________
Total liabilities and
stockholders' equity $1,869,211 $1,754,556
__________ __________
__________ __________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
__________________ __________________
1996 1995 1996 1995
____ ____ ____ ____
(In Thousands)
Interest income:
Loans $30,140 $27,296 $89,481 $79,254
Mortgage-related securities 4,082 3,786 11,682 10,514
Investment securities 1,597 1,262 3,985 3,154
_______ _______ _______ _______
Total interest income 35,819 32,344 105,148 92,922
Interest expense:
Deposits 15,662 14,674 45,120 40,824
Notes payable and other 6,343 4,881 18,640 14,358
_______ _______ _______ _______
Total interest expense 22,005 19,555 63,760 55,182
_______ _______ _______ _______
Net interest income 13,814 12,789 41,388 37,740
Provision for loan losses - 150 - 475
_______ _______ _______ _______
Net interest income after
provision for loan losses 13,814 12,639 41,388 37,265
Non-interest income:
Service charges on deposits 949 836 2,770 2,332
Net gain on sale of loans 447 223 856 624
Other income 3,422 1,284 10,475 3,690
_______ _______ _______ _______
Total non-interest income 4,818 2,343 14,101 6,646
Non-interest expenses:
Compensation 5,335 4,864 16,060 14,095
Occupancy 736 728 2,210 2,068
Federal insurance premiums 571 684 1,990 1,967
Federal insurance special
assessment - - 7,663 -
Other 4,668 3,213 13,425 9,139
_______ _______ _______ _______
Total non-interest expenses 11,310 9,489 41,348 27,269
_______ _______ _______ _______
Income before income taxes 7,322 5,493 14,141 16,642
Income taxes 2,660 1,947 4,874 5,896
_______ _______ _______ _______
Net income $ 4,662 $ 3,546 $ 9,267 $10,746
_______ _______ _______ _______
_______ _______ _______ _______
CONTACT: Anchor BanCorp Wisconsin Inc., Madison William Klein, 608/252-1810 or Douglas J. Timmerman, 608/252-8782 |
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