Anchor Bancorp Wisconsin Announces Second 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)--Oct. 27, 1999-- 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 net income of $7.1 million for the quarter ended September September: see month. 30, 1999 which compares to earnings of $7.8 million for the quarter ended September 30, 1998. Net gain on sale of loans decreased from $1.7 million to $400,000 comparing the same three-month periods. "Interest rates have increased which caused refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. activity to decline and thus the decrease in net gain on sale of loans. However, even with this decline in refinance activity, I am very pleased our assets and loans grew while we maintained our net interest margin," 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. Net income for the six-month period ended September 30, 1999 was $5.5 million, which compares to $15.6 million for the six-month period ended September 30, 1998. Exclusive of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger-related and goodwill charges, net income would have been $14.0 million for the six-month period ended September 30, 1999. Net gain on sale of loans decreased to $1.4 million from $4.0 million for the same six-month period. 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 were $.28 for the quarter and $.22 for the six month period ended September 30, 1999. This compares to $.31 for the quarter and $.61 for the six month period ended September 30, 1998. Book value per share increased from $8.55 to $8.96. Previously reported financial information including earnings per share have been restated to reflect the merger with FCB See DOS FCB. (operating system) FCB - file control block. Financial Corp which was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . 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 49 full service offices and one 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 office. All are located in Wisconsin. For more information, contact: Mike Helser, Senior Vice President at (608) 252-1810 or Douglas J. Timmerman, President, at (608) 252-8782.
----------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
---------------------------------------------
1999 1998(1) 1999 1998(1)
---------------------- --------------------
Operations Data:
Net interest income $ 21,001 $ 19,350 $ 41,668 $ 39,152
Provision for loan
losses 150 284 1,006 559
Net gain on sale of loans 366 1,684 1,395 3,990
Other non-interest income 2,628 4,788 5,259 8,098
Non-interest expenses 12,047 12,983 34,798 25,441
Income before taxes 11,798 12,555 12,518 25,240
Income taxes 4,676 4,781 6,999 9,609
Net income 7,122 7,774 5,519 15,631
Selected Financial Ratios (2):
Yield on earning assets 7.48% 7.93% 7.50% 7.88%
Cost of funds 4.60 5.01 4.57 4.99
Interest rate spread 2.88 2.92 2.93 2.89
Net interest margin 3.14 3.14 3.17 3.18
Return on average assets 1.03 1.20 0.41 1.22
Return on average equity 12.73 15.20 4.94 15.23
Average equity to average
assets 8.06 7.90 8.24 8.01
Non-interest expenses to
average assets 1.74 2.01 2.57 1.99
Per Share:
Basic earnings per share $ 0.29 $ 0.32 $ 0.22 $ 0.65
Diluted earnings per share 0.28 0.31 0.22 0.61
Book value per share 8.96 8.55 n/a n/a
September 30, Percent
--------------------------
1999 1998 Change
-------------------------- --------
Financial Condition:
Total assets $ 2,820,736 $2,648,837 6.5%
Loans receivable, net
Held for sale 4,171 24,242 (82.8)%
Held for investment 2,268,394 2,084,052 8.8 %
Investment securities
available for sale 75,635 65,199 16.0 %
Investment securities
held to maturity 57,180 47,991 19.1 %
Mortgage-related securities
available for sale 63,276 90,835 (30.3)%
Mortgage-related securities
held to maturity 182,063 125,216 45.4 %
Deposits 1,863,173 1,800,990 3.5 %
Borrowings 687,161 588,045 16.9 %
Stockholders' equity 226,716 205,852 10.1 %
Allowance for loan losses 24,732 25,210 (1.9)%
Non-performing assets 6,256 8,606 (27.3)%
------------------------------------
(1) In June, 1999 the Corporation acquired FCB Financial Corp. (FCBF)
through an exchange of stock. The transaction was accounted for
as a pooling of interests, with the results of operations being
restated for all periods shown.
(2) Annualized when appropriate.
----------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------------------------------
(Dollars in thousands - except per share amounts)
(Unaudited)
September 30, March 31,
1999 1999
----------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 42,574 $ 63,976
Investment securities
available for sale 75,635 35,609
Investment securities
held to maturity 57,180 51,976
Mortgage-related securities
available for sale 63,276 66,956
Mortgage-related securities
held to maturity 182,063 191,533
Loans receivable, net
Held for sale 4,171 18,080
Held for investment 2,268,394 2,111,566
Foreclosed properties and
repossessed assets, net 280 1,710
Real estate held for
development and sale 32,165 30,075
Office properties and equipment 24,956 24,879
Other assets 70,042 67,221
----------- -----------
Total assets $ 2,820,736 $ 2,663,581
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 1,863,173 $ 1,835,416
Borrowings 687,161 572,959
Advance payments by borrowers
for taxes and insurance 22,916 10,360
Other liabilities 20,770 24,696
----------- ----------
Total liabilities 2,594,020 2,443,431
----------- ----------
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 2,520
Additional paid-in capital 56,304 80,179
Retained earnings, substantially
restricted 170,530 168,458
Less: Treasury stock (48,057
shares and 1,166,483 shares) (793) (29,811)
Borrowings of Employee
Stock Ownership Plan (689) (689)
Common stock purchased by
benefit plans (1,013) (1,370)
Accumulated other
comprehensive income (loss) (159) 863
----------- ----------
Total stockholders' equity 226,716 220,150
----------- ----------
Total liabilities and
stockholders' equity $ 2,820,736 $ 2,663,581
=========== ===========
----------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
----------------------------------------------------------------------
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
1999 1998 1999 1998
Interest income:
Loans $43,793 $42,333 $86,112 $84,265
Mortgage-related securities 3,968 3,536 8,018 7,453
Investment securities 2,263 2,939 4,347 5,293
------ ------ ------ ------
Total interest income 50,024 48,808 98,477 97,011
Interest expense:
Deposits 20,153 21,099 40,029 41,455
Notes payable and other 8,870 8,359 16,780 16,404
------ ------ ------ ------
Total interest expense 29,023 29,458 56,809 57,859
------ ------ ------ ------
Net interest income 21,001 19,350 41,668 39,152
Provision for loan losses 150 284 1,006 559
------ ------ ------ ------
Net interest income after
provision for loan losses 20,851 19,066 40,662 38,593
Non-interest income:
Service charges on deposits 1,243 1,288 2,549 2,512
Net gain on sale of loans 366 1,684 1,395 3,990
Other income 1,385 3,500 2,710 5,586
------ ------ ------ ------
Total non-interest income 2,994 6,472 6,654 12,088
Non-interest expenses:
Compensation 6,722 7,130 13,682 14,049
Occupancy 1,107 1,106 2,021 2,121
Federal insurance premiums 265 261 532 519
Merger-related - - 8,500 -
Goodwill - 70 1,761 140
Other 3,953 4,416 8,302 8,612
------ ------ ------ ------
Total non-interest expenses 12,047 12,983 34,798 25,441
------ ------ ------ ------
Income before income taxes 11,798 12,555 12,518 25,240
Income taxes 4,676 4,781 6,999 9,609
------ ------ ------ ------
Net income $ 7,122 $ 7,774 $ 5,519 $ 15,631
======= ======= ======= ========
Earnings per share:
Basic $ 0.29 $ 0.32 $ 0.22 $ 0.65
Diluted 0.28 0.31 0.22 0.61
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion