Anchor Bancorp Wisconsin Announces 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. 25, 2000 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 $6.6 million for the quarter ended September September: see month. 30, 2000, which compares to $7.1 million for the quarter ended September 30, 1999. "We have concentrated on growth, and I am pleased to say our total assets grew 9.8%, primarily through increases in our multi-family and consumer loan portfolios. We also experienced growth in our deposits, which grew 6.9% this quarter, from $1.9 to $2.0 billion. In addition, book value per share increased from $8.96 to $9.13," 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, 2000 was $13.6 million, which compares to $5.5 million for the six-month period ended September 30, 1999. 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 $.58 for the six-month period ended September 30, 2000. This compares to $.28 for the quarter and $.22 for the six-month period ended September 30, 1999. Previously reported financial information, including earnings per share, reflects 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 fsb, the wholly-owned subsidiary, has 49 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. All are located in Wisconsin. For more information, contact Mike Helser, CFO See Chief Financial Officer. 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,
------------------ ------------------
2000 1999 2000 1999
------------------ ------------------
Operations Data:
Net interest income $ 19,843 $ 21,001 $ 40,416 $ 41,668
Provision for possible
loan losses 160 150 345 1,006
Net gain on sale of loans 1,208 366 1,568 1,395
Other non-interest income 2,349 2,628 5,367 5,259
Non-interest expense 12,837 12,047 25,532 34,798
Income before income taxes 10,403 11,798 21,474 12,518
Income taxes 3,822 4,676 7,908 6,999
Net income 6,581 7,122 13,566 5,519
Selected Financial Ratios (1):
Yield on earning assets 7.95% 7.48% 7.87% 7.50%
Cost of funds 5.34 4.60 5.19 4.57
Interest rate spread 2.61 2.88 2.68 2.93
Net interest margin 2.77 3.14 2.86 3.17
Return on average assets 0.87 1.03 0.91 0.41
Return on average equity 12.57 12.73 12.79 4.94
Average equity to average
assets 6.91 8.06 7.11 8.24
Non-interest expense to
average assets 1.69 1.74 1.71 2.57
Per Share:
Basic earnings per share $ 0.29 $ 0.29 $ 0.59 $ 0.22
Diluted earnings per share 0.28 0.28 0.58 0.22
Dividends per share 0.08 0.07 0.15 0.12
Book value per share 9.13 8.96 n/a n/a
September 30,
------------------------ Percent
2000 1999 Change
------------------------ -------
Financial Condition:
Total assets $ 3,098,271 $ 2,820,785 9.8%
Loans receivable, net
Held for sale 4,742 4,171 13.7
Held for investment 2,462,112 2,268,394 8.5
Investment securities available
for sale, at fair value 62,234 80,214 (22.4)
Investment securities held to
maturity, at amortized cost 50,777 52,650 (3.6)
Mortgage-related securities
available for sale, at fair value 54,564 63,276 (13.8)
Mortgage-related securities held to
maturity, at amortized cost 219,456 182,063 20.5
Deposits 1,991,161 1,863,173 6.9
Borrowings 838,080 687,161 22.0
Stockholders' equity 210,006 226,765 (7.4)
Allowance for possible loan losses 24,140 24,732 (2.4)
Non-performing assets 5,165 6,256 (17.4)
--------------------------------
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands - except per share amounts)
(Unaudited)
September 30, March 31,
2000 2000
-----------------------------
(In Thousands)
Assets
Cash and cash equivalents $ 88,821 $ 83,708
Investment securities available
for sale, at fair value 62,234 34,936
Investment securities held to
maturity, at amortized cost 50,777 51,270
Mortgage-related securities
available for sale, at fair
value 54,564 57,276
Mortgage-related securities held to
maturity, at amortized cost 219,456 243,243
Loans receivable, net
Held for sale 4,742 1,764
Held for investment 2,462,112 2,302,721
Foreclosed properties and
repossessed assets, net 310 272
Real estate held for development
and sale 48,556 34,063
Office properties and equipment 25,464 25,712
Other assets 81,235 76,187
------------- -----------
Total assets $ 3,098,271 $ 2,911,152
============= ===========
Liabilities and
Stockholders' Equity
Deposits $ 1,991,161 $ 1,897,369
Borrowings 838,080 756,859
Advance payments by borrowers
for taxes and insurance 23,771 8,213
Other liabilities 35,253 31,496
------------- -----------
Total liabilities 2,888,265 2,693,937
------------- -----------
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 56,574 56,496
Retained earnings, substantially
restricted 188,471 179,211
Less: Treasury stock (2,367,151
shares and 1,275,192 shares,
respectively), at cost (35,746) (18,438)
Common stock purchased by
benefit plans (709) (923)
Accumulated other
comprehensive loss (1,120) (1,667)
------------- -----------
Total stockholders' equity 210,006 217,215
------------- -----------
Total liabilities and
stockholders' equity $ 3,098,271 $ 2,911,152
============= ===========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------- -------------------
2000 1999 2000 1999
------------------- -------------------
Interest income:
Loans $ 49,893 $ 43,793 $ 97,205 $ 86,112
Mortgage-related
securities 4,571 3,968 9,317 8,018
Investment securities 2,506 2,263 4,822 4,347
-------- -------- -------- --------
Total interest income 56,970 50,024 111,344 98,477
Interest expense:
Deposits 23,448 20,153 45,306 40,029
Notes payable and other 13,679 8,870 25,622 16,780
-------- -------- -------- --------
Total interest expense 37,127 29,023 70,928 56,809
-------- -------- -------- --------
Net interest income 19,843 21,001 40,416 41,668
Provision for possible
loan losses 160 150 345 1,006
-------- -------- -------- --------
Net interest income after
provision for possible
loan losses 19,683 20,851 40,071 40,662
Non-interest income:
Service charges on
deposit accounts 1,438 1,243 2,838 2,549
Net gain on sale
of loans 1,208 366 1,568 1,395
Other income 911 1,385 2,529 2,710
-------- -------- -------- --------
Total non-interest
income 3,557 2,994 6,935 6,654
Non-interest expense:
Compensation 6,921 6,722 14,115 13,682
Occupancy 1,106 1,107 2,087 2,021
Federal insurance premiums 97 265 192 532
Merger-related - - - 8,500
Goodwill - - - 1,761
Other 4,713 3,953 9,138 8,302
-------- -------- -------- --------
Total non-interest
expense 12,837 12,047 25,532 34,798
-------- -------- -------- --------
Income before
income taxes 10,403 11,798 21,474 12,518
Income taxes 3,822 4,676 7,908 6,999
-------- -------- -------- --------
Net income $ 6,581 $ 7,122 $ 13,566 $ 5,519
======== ======== ======== ========
Earnings per share:
Basic $ 0.29 $ 0.29 $ 0.59 $ 0.22
Diluted 0.28 0.28 0.58 0.22
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