Anchor Bancorp Wisconsin Inc. Announces Record First 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)--July 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. (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 ) reported record net income of $10.8 million for the quarter ended June June: see month. 30, 2002 which compares to $7.9 million for the same quarter last year, a 36.2% increase. 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 for the quarter ended June 30, 2002 were $.42 which compares to $.35 for the same quarter last year. Book value increased to $11.53 per share, from $9.92 per share. Net interest margin increased 23.1%, moving from 2.86% to 3.52%. "I am very pleased to see our increase in this area especially since our assets grew 9.2% and our deposits grew 13.9% at the same time. We have concentrated on deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound our relationship with our core customers," 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. The Board of Directors increased the quarterly cash dividend to 9 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. from 8.25 cents per share on the common stock of the corporation. The dividend is payable on August 15, 2002 to the stockholders of record at the close of business on August 1, 2002. 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. of ABCW, 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. For more information contact: Mike Helser, CFO See Chief Financial Officer. (608) 252-1810 or Douglas J. Timmerman, President, at (608) 252-8782.
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ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
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(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended
June 30, Percent
2002 2001 Change
------------------------ --------
Operations Data:
Net interest income $ 28,782 $ 21,223 35.6 %
Provision for loan losses 450 210 114.3
Net gain on sale of loans 1,841 1,691 8.9
Other non-interest income 3,586 3,328 7.8
Non-interest expense 16,597 13,696 21.2
Income before income taxes 17,162 12,336 39.1
Income taxes 6,387 4,425 44.3
Net income 10,775 7,911 36.2
Selected Financial Ratios (1):
Yield on earning assets 6.66% 7.65% (12.9)%
Cost of funds 3.26 4.97 (34.4)
Interest rate spread 3.40 2.68 26.9
Net interest margin 3.52 2.86 23.1
Return on average assets 1.24 1.01 22.7
Return on average equity 15.18 14.19 6.9
Average equity to average assets 8.18 7.13 14.7
Non-interest expense to average
assets 1.91 1.75 9.1
Per Share:
Basic earnings per share $ 0.43 $ 0.36 19.4
Diluted earnings per share 0.42 0.35 20.0
Dividends per share 0.08 0.08 10.0
Book value per share 11.53 9.92 16.2
June 30, Percent
2002 2001 Change
-------------------------- --------
Financial Condition:
Total assets $ 3,473,618 $ 3,180,228 9.2%
Loans receivable, net
Held for sale 21,406 39,206 (45.4)
Held for investment 2,666,657 2,430,195 9.7
Investment securities available
for sale, at fair value 109,496 55,074 98.8
Investment securities held to
maturity, at amortized cost 6,747 54,109 (87.5)
Mortgage-related securities
available for sale, at fair
value 135,517 141,096 (4.0)
Mortgage-related securities held
to maturity, at amortized cost 130,167 191,039 (31.9)
Deposits 2,509,203 2,202,577 13.9
Borrowings 621,925 698,966 (11.0)
Stockholders' equity 288,309 225,739 27.7
Allowance for loan losses 30,848 23,924 28.9
Non-performing assets 11,688 5,973 95.7
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(1) Annualized when appropriate.
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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(Unaudited)
June 30, March 31,
2002 2002
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(In Thousands)
Assets
Cash and cash equivalents $ 202,074 $ 261,676
Investment securities available for sale,
at fair value 109,496 65,993
Investment securities held to maturity,
at amortized cost 6,747 7,747
Mortgage-related securities available for
sale, at fair value 135,517 145,293
Mortgage-related securities held to maturity,
at amortized cost 130,167 140,293
Loans receivable, net
Held for sale 21,406 46,520
Held for investment 2,666,657 2,627,248
Foreclosed properties and repossessed assets,
net 1,462 1,475
Real estate held for development and sale 46,486 46,986
Office properties and equipment 30,854 31,132
Other assets 122,752 132,713
----------- -----------
Total assets $ 3,473,618 $ 3,507,076
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 2,509,203 $ 2,553,987
Borrowings 621,925 621,590
Advance payments by borrowers for taxes and
insurance 14,498 7,838
Other liabilities 39,683 46,149
----------- -----------
Total liabilities 3,185,309 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 62,305 61,735
Retained earnings, substantially restricted 225,795 218,149
Accumulated other comprehensive income 4,487 2,473
Less: Treasury stock (351,652 shares and
413,081 shares, respectively), at cost (5,788) (6,324)
Common stock purchased by benefit plans (1,026) (1,057)
----------- -----------
Total stockholders' equity 288,309 277,512
----------- -----------
Total liabilities and stockholders' equity $ 3,473,618 $ 3,507,076
=========== ===========
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
Three Months Ended
June 30,
-------------------------
2002 2001
-------------------------
(In Thousands)
Interest income:
Loans $ 48,024 $ 48,950
Mortgage-related securities 4,239 5,710
Investment securities and interest-bearing
deposits 2,185 2,064
----------- -----------
Total interest income 54,448 56,724
Interest expense:
Deposits 18,357 24,900
Notes payable and other 7,309 10,601
----------- -----------
Total interest expense 25,666 35,501
----------- -----------
Net interest income 28,782 21,223
Provision for loan losses 450 210
----------- -----------
Net interest income after provision for
loan losses 28,332 21,013
Non-interest income:
Service charges on deposits 1,698 1,559
Net gain on sale of loans 1,841 1,691
Other income 1,888 1,769
----------- -----------
Total non-interest income 5,427 5,019
Non-interest expense:
Compensation 9,208 7,663
Occupancy 1,362 1,051
Federal insurance premiums 114 99
Other 5,913 4,883
----------- -----------
Total non-interest expense 16,597 13,696
----------- -----------
Income before income taxes 17,162 12,336
Income taxes 6,387 4,425
----------- -----------
Net income $ 10,775 $ 7,911
=========== ===========
Earnings per share:
Basic $ 0.43 $ 0.36
Diluted 0.42 0.35
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