Anchor BanCorp Wisconsin Inc. announces third quarter earnings.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. 25, 1995--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 ) announced record third quarter earnings of $3.8 million, and $11.0 million for the nine months ended December December: see month. 31, 1994. This compares to net income of $3.3 million for the quarter, and $10.3 million for the nine months ended December 31, 1993. Per share earnings increased to $.90 per share for the quarter compared to $.72 per share for the same quarter last year. Nine months per share earnings rose to $2.53 from $2.19 per share for the same period last year. Return on average equity climbed to 14.47% for the quarter ended December 31, 1994 as compared to 12.70% for the quarter ended December 31, 1993. 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 of AnchorBank, credited the results to ``continued control over our net interest margin combined with successful stock buybacks Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. during 1994.'' In addition, Timmerman noted ``Despite higher mortgage rates, loans receivable grew 11.8% over December 31, 1993 to $1.2 billion.'' AnchorBank, S.S.B., the wholly-owned subsidiary, has 31 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 located primarily in southern and western Wisconsin. -0-
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
__________________ _________________
1994 1993 1994 1993
____ ____ ____ ____
OPERATIONS DATA:
Net interest income $13,085 $12,197 $38,218 $35,832
Provision for
loan losses 449 1,211 1,177 3,203
Net gain (loss) on
sale of loans (25) 866 (133) 2,806
Other non-interest
income 1,852 1,737 5,728 6,068
Non-interest expenses 8,230 8,207 24,634 24,841
Income before taxes 6,233 5,382 18,002 16,662
Income taxes 2,387 2,033 6,976 6,353
Net income 3,846 3,349 11,026 10,309
SELECTED FINANCIAL RATIOS(1):
Yield on earning assets 7.53% 7.38% 7.39% 7.49%
Cost of funds 4.16 4.00 3.98 4.10
Interest rate spread 3.37 3.38 3.41 3.39
Net interest margin 3.62 3.63 3.65 3.66
Return on average assets 1.04 0.97 1.03 1.02
Return on average equity 14.47 12.70 13.79 13.19
Average equity to
average assets 7.16 7.61 7.44 7.76
Non-interest expenses to
average assets 2.22 2.37 2.29 2.47
PER SHARE DATA:
Primary earnings
per share $ 0.90 $ 0.72 $ 2.53 $ 2.19
Fully diluted earnings
per share 0.90 0.72 2.52 2.19
Book value per share 26.31 23.55 N/A N/A
December 31,
___________________ Percent
1994 1993 Change
____ ____ ______
FINANCIAL CONDITION
DATA:
Total assets $1,486,912 $1,379,957 7.8%
Loans receivable,
net 1,215,075 1,086,519 11.8
Securities available
for sale:
Investment
securities 10,052 7,937 26.6
Mortgage-related
securities 39,168 10,077 288.7
Securities held to
maturity:
Investment
securities -- 1,980 (100.0)
Mortgage-related
securities 128,133 183,079 (30.0)
Deposits 1,051,836 1,062,962 (1.0)
Borrowings 312,500 198,500 57.4
Stockholders' equity 106,576 101,468 5.0
Allowance for loan
losses 22,962 22,882 0.3
Non-performing assets 14,141 18,588 (23.9)
NOTE (1): Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
December 31, March 31,
1994 1994
____________ _________
(In Thousands)
ASSETS
Cash and cash equivalents $ 34,396 $ 45,784
Securities available for sale:
Investment securities 10,052 10,284
Mortgage-related securities 39,168 51,814
Mortgage-related securities held
to maturity 128,133 135,896
Loans receivable, net 1,215,075 1,083,487
Foreclosed properties and
repossessed assets, net 5,433 5,294
Real estate held for development
and sale 2,748 2,767
Office properties and equipment 17,028 16,088
Other assets 34,879 28,862
_________ _________
Total assets $1,486,912 $1,380,276
__________ __________
__________ __________
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,051,836 $1,065,741
Borrowings 312,500 186,750
Advance payments by borrowers
for taxes and insurance 3,105 7,973
Other liabilities 12,895 14,675
__________ __________
Total liabilities 1,380,336 1,275,139
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding -- --
Common stock, $.10 par value,
20,000,000 shares authorized,
5,000,000 shares issued 500 500
Additional paid-in capital 47,479 47,445
Retained earnings, substantially
restricted 85,013 75,081
Less: Treasury stock (949,736
shares and 684,585 shares) (21,804) (14,121)
Deferred compensation due
employees (1,800) (1,800)
Common stock purchased by
recognition plans (1,534) (1,780)
Unrealized losses, net of tax (1,278) (188)
_______ _______
Total stockholders' equity 106,576 105,137
_______ _______
Total liabilities and
stockholders' equity $1,486,912 $1,380,276
__________ __________
__________ __________
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended Nine Months Ended
December 31, December 31,
__________________ _________________
1994 1993 1994 1993
____ ____ ____ ____
(In Thousands)
Interest income:
Loans $23,879 $21,416 $67,460 $62,664
Mortgage-related
securities 2,689 2,815 8,056 9,132
Investment securities 619 556 1,743 1,488
_______ _______ _______ _______
Total interest income 27,187 24,787 77,259 73,284
Interest expense:
Deposits 10,123 10,249 29,695 31,602
Notes payable and other 3,979 2,341 9,346 5,850
_______ _______ _______ _______
Total interest expense 14,102 12,590 39,041 37,452
_______ _______ _______ _______
Net interest income 13,085 12,197 38,218 35,832
Provision for loan losses 449 1,211 1,177 3,203
_______ _______ _______ _______
Net interest income
after provision for
loan losses 12,636 10,986 37,041 32,629
Non-interest income:
Service charges on
loans and deposits 1,296 1,265 3,895 4,124
Net gain (loss) on sale
of loans (25) 866 (133) 2,806
Other income 556 472 1,833 1,944
_______ _______ _______ _______
Total non-interest
income 1,827 2,603 5,595 8,874
Non-interest expenses:
Compensation 4,304 4,143 13,006 12,271
Occupancy 611 612 1,894 1,888
Federal insurance
premiums 616 615 1,846 1,494
Net cost of operations of
foreclosure properties 147 140 74 1,737
Other 2,552 2,697 7,814 7,451
_______ _______ _______ _______
Total non-interest
expenses 8,230 8,207 24,634 24,841
_______ _______ _______ _______
Income before
income taxes 6,233 5,382 18,002 16,662
Income taxes 2,387 2,033 6,976 6,353
_______ _______ _______ _______
Net income $ 3,846 $ 3,349 $11,026 $10,309
_______ _______ _______ _______
_______ _______ _______ _______
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 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. , 608/252-1810 or Douglas J. Timmerman, 608/252-8782 |
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