Anchor Bancorp Wisconsin Announces Record Second 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)--Oct. 23, 2002 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. announced record net income of $12.1 million for the quarter ended September September: see month. 30, 2002, which compares to net income of $8.2 million for the quarter ended September 30, 2001. Net income for the six-month period ended September 30, 2002 was $22.9 million, which compares to $16.2 million for the six-month period ended September 30, 2001. "Given the lowest interest rate environment in over 40 years, we have generated record mortgage loans which resulted in exceptional gains on sale of loans," 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. For the quarter ended September 30, 2002, 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 increased 32%, from $.37 to $.49. For the six month period ended September 30, 2002, diluted earnings per share increased 30%, from $.71 to $.92. "Besides our record net income, it has been an exceptional quarter in other ways. We have seen a 13.6% increase in our total assets and a 14.8% increase in our deposits as compared to the same period last year, due in part to our successful merger with 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. At the same time we have seen a significant increase in our net interest margin" said Timmerman. At September 30, 2001, total assets were $3.1 billion and deposits were $2.2 billion. At September 30, 2002 total assets are $3.5 billion and deposits are $2.6 billion. As compared to the same periods last year, net interest margin increased from 3.11% to 3.68% for the quarter ended September 30, 2002 and from 2.99% to 3.60% for the six-month period ended September 30, 2002. 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 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 54 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. offices. All are located in Wisconsin.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
--------------------- ---------------------
2002 2001 2002 2001
--------------------- ---------------------
Operations Data:
Net interest income $ 29,572 $ 22,854 $ 58,354 $ 44,077
Provision for loan losses 450 550 900 760
Gain on sale of loans 4,928 1,624 6,770 3,315
Other non-interest income 2,079 3,483 5,666 6,812
Non-interest expense 16,730 14,393 33,328 28,090
Income before income taxes 19,399 13,018 36,562 25,354
Income taxes 7,285 4,779 13,673 9,204
Net income 12,114 8,239 22,889 16,150
Selected Financial Ratios (a):
Yield on earning assets 6.63% 7.60% 6.65% 7.65%
Cost of funds 3.05 4.63 3.14 4.80
Interest rate spread 3.58 2.97 3.51 2.85
Net interest margin 3.68 3.11 3.60 2.99
Return on average assets 1.41 1.06 1.32 1.04
Return on average equity 16.89 14.55 15.82 14.84
Average equity to average
assets 8.34 7.26 8.33 6.99
Non-interest expense to
average assets 1.95 1.85 1.92 1.80
Per Share:
Basic earnings per share $ 0.50 $ 0.38 $ 0.94 $ 0.73
Diluted earnings per share 0.49 0.37 0.92 0.71
Dividends per share 0.09 0.08 0.17 0.16
Book value per share 11.62 10.01 11.62 10.01
September 30, Percent
---------------------
2002 2001 Change
--------------------- ----------
Financial Condition:
Total assets $3,518,136 $3,098,178 13.6%
Loans receivable, net
Held for sale 52,810 26,985 95.7
Held for investment 2,596,500 2,412,666 7.6
Investment securities available for
sale, at fair value 107,475 95,997 12.0
Investment securities held to
maturity, at amortized cost 3,998 11,572 (65.5)
Mortgage-related securities
available for sale, at fair value 237,454 130,869 81.4
Mortgage-related securities held to
maturity, at amortized cost 118,258 178,413 (33.7)
Deposits 2,550,555 2,222,236 14.8
Borrowings 594,087 599,510 (0.9)
Stockholders' equity 286,073 222,033 28.8
Allowance for loan losses 30,760 23,773 29.4
Non-performing assets 14,633 5,796 152.5
(a) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
September March
30, 31,
2002 2002
---------------------
(In Thousands)
Assets
Cash and cash equivalents $ 197,094 $ 261,676
Investment securities available for sale, at
fair value 107,475 65,993
Investment securities held to maturity, at
amortized cost 3,998 7,747
Mortgage-related securities available for sale,
at fair value 237,454 145,293
Mortgage-related securities held to maturity,
at amortized cost 118,258 140,293
Loans receivable, net
Held for sale 52,810 46,520
Held for investment 2,596,500 2,627,248
Foreclosed properties and repossessed assets,
net 675 1,475
Real estate held for development and sale 44,646 46,986
Office properties and equipment 30,594 31,132
Other assets 128,632 132,713
---------- ----------
Total assets $3,518,136 $3,507,076
========== ==========
Liabilities and Stockholders' Equity
Deposits $2,550,555 $2,553,987
Borrowings 594,087 621,590
Advance payments by borrowers for taxes and
insurance 21,121 7,838
Other liabilities 66,300 46,149
---------- ----------
Total liabilities 3,232,063 3,229,564
---------- ----------
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 63,273 61,735
Retained earnings, substantially restricted 232,496 218,149
Accumulated other comprehensive income 3,078 2,473
Treasury stock (751,342 shares and 413,081
shares, respectively), at cost (14,518) (6,324)
Common stock purchased by benefit plans (792) (1,057)
---------- ----------
Total stockholders' equity 286,073 277,512
---------- ----------
Total liabilities and stockholders' equity $3,518,136 $3,507,076
========== ==========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
--------------------- ---------------------
2002 2001 2002 2001
---------- ---------- ---------- ----------
Interest income:
Loans $ 47,467 $ 48,597 $ 95,491 $ 97,547
Mortgage-related
securities 3,902 5,044 8,141 10,754
Investment securities and
interest-bearing deposits 1,965 2,205 4,150 4,269
---------- ---------- ---------- ----------
Total interest income 53,334 55,846 107,782 112,570
Interest expense:
Deposits 16,813 23,997 35,171 48,897
Notes payable and other 6,949 8,995 14,257 19,596
---------- ---------- ---------- ----------
Total interest expense 23,762 32,992 49,428 68,493
---------- ---------- ---------- ----------
Net interest income 29,572 22,854 58,354 44,077
Provision for loan losses 450 550 900 760
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 29,122 22,304 57,454 43,317
Non-interest income:
Service charges on
deposits 1,868 1,604 3,566 3,163
Gain on sale of loans 4,928 1,624 6,770 3,315
Other income 211 1,879 2,100 3,649
---------- ---------- ---------- ----------
Total non-interest
income 7,007 5,107 12,436 10,127
Non-interest expense:
Compensation 8,883 8,138 18,090 15,801
Occupancy 1,435 1,141 2,798 2,192
Federal insurance premiums 109 99 223 198
Other 6,303 5,015 12,217 9,899
---------- ---------- ---------- ----------
Total non-interest
expense 16,730 14,393 33,328 28,090
---------- ---------- ---------- ----------
Income before income
taxes 19,399 13,018 36,562 25,354
Income taxes 7,285 4,779 13,673 9,204
---------- ---------- ---------- ----------
Net income $ 12,114 $ 8,239 $ 22,889 $ 16,150
========== ========== ========== ==========
Earnings per share:
Basic $ 0.50 $ 0.38 $ 0.94 $ 0.73
Diluted 0.49 0.37 0.92 0.71
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