Anchor Bancorp Wisconsin Inc. Announces Record Third Quarter Earnings and an 11.1% Dividend Increase.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)--Jan. 22, 2003 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 $13.4 million for the quarter ended December December: see month. 31, 2002, an increase of 52.1%, which compares to $8.8 million for the same period in 2001. Net income for the nine-month period ended December 31, 2002 was $36.3 million, an increase of 45.4%, which compares to $25.0 million for the nine-month period ended December 31, 2001. "The low interest rate environment still exists and we have continued to generate a record number of mortgage loans. This has once again 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. 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 $.55 for the quarter and $1.47 for the nine-month period ended December 31, 2002. This compares to $.37 for the quarter and $1.09 for the nine-month period ended December 31, 2001. Book value increased to $12.13 compared to $10.45 for the same period last year. The Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a 10 cent per share quarterly cash dividend on the common stock of the corporation, an increase of 11.1%. The dividend is payable on February February: see month. 14, 2003 to the stockholders of record at the close of business on January January: see month. 31, 2003. 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 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. only offices. All are located in Wisconsin.
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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 Nine Months Ended
December 31, December 31,
-------------------- ------------------------
2002 2001 2002 2001
-------------------- ------------------------
Operations Data:
Net interest income $29,699 $25,787 $88,053 $70,075
Provision for loan
losses 450 150 1,350 910
Gain on sale of loans 7,605 2,347 14,374 5,663
Other non-interest
income 1,350 2,085 7,016 8,896
Non-interest expense 16,537 15,792 49,864 44,093
Income before income
taxes 21,667 14,277 58,229 39,631
Income taxes 8,260 5,463 21,933 14,667
Net income 13,407 8,814 36,296 24,964
Selected Financial Ratios
(1):
Yield on earning assets 6.32% 7.26% 6.55% 7.36%
Cost of funds 2.84 4.08 3.06 4.53
Interest rate spread 3.48 3.18 3.49 2.83
Net interest margin 3.58 3.27 3.60 3.03
Return on average assets 1.51 1.04 1.39 1.04
Return on average equity 18.27 14.64 16.42 14.32
Average equity to
average assets 8.24 7.11 8.47 7.25
Non-interest expense to
average assets 1.86 1.87 1.91 1.83
Per Share:
Basic earnings per share $0.56 $0.38 $1.50 $1.12
Diluted earnings per
share 0.55 0.37 1.47 1.09
Dividends per share 0.09 0.08 0.26 0.24
Book value per share 12.13 10.45 12.13 10.45
December 31, Percent
-----------------------
2002 2001 Change
----------------------- ------------
Financial Condition:
Total assets $3,521,536 $3,579,446 -1.6%
Loans receivable, net
Held for sale 32,366 60,307 (46.3)
Held for investment 2,715,964 2,694,380 0.8
Investment securities
available for sale, at
fair value 68,489 54,162 26.5
Investment securities
held to maturity, at
amortized cost 2,998 9,869 (69.6)
Mortgage-related
securities available
for sale, at fair value 227,721 157,958 44.2
Mortgage-related
securities held to
maturity, at amortized
cost 85,947 162,464 (47.1)
Deposits 2,575,254 2,558,028 0.7
Borrowings 568,806 659,129 (13.7)
Stockholders' equity 295,689 259,654 13.9
Allowance for loan
losses 29,605 31,744 (6.7)
Non-performing assets 10,638 12,497 (14.9)
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(1) Annualized when appropriate.
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------------------------------
(Unaudited)
December March 31,
2002 2002
-----------------------
(In
Thousands)
Assets
Cash and cash equivalents $177,881 $261,676
Investment securities available for sale, at
fair value 68,489 65,993
Investment securities held to maturity, at
amortized cost 2,998 7,747
Mortgage-related securities available for
sale, at fair value 227,721 145,293
Mortgage-related securities held to maturity,
at amortized cost 85,947 140,293
Loans receivable, net
Held for sale 32,366 46,520
Held for investment 2,715,964 2,627,248
Foreclosed properties and repossessed assets,
net 1,570 1,475
Real estate held for development and sale 45,134 46,986
Office properties and equipment 31,006 31,132
Other assets 132,460 132,713
----------- -----------
Total assets $3,521,536 $3,507,076
=========== ===========
Liabilities and Stockholders' Equity
Deposits $2,575,254 $2,553,987
Borrowings 568,806 621,590
Advance payments by borrowers for taxes and
insurance 903 7,838
Other liabilities 80,884 46,149
----------- -----------
Total liabilities 3,225,847 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 63,281 61,735
Retained earnings, substantially restricted 243,461 218,149
Accumulated other comprehensive income 6,043 2,473
Treasury stock (986,460 shares and 413,081
shares,
respectively), at cost (18,840) (6,324)
Common stock purchased by benefit plans (792) (1,057)
----------- -----------
Total stockholders' equity 295,689 277,512
----------- -----------
Total liabilities and stockholders' equity $3,521,536 $3,507,076
=========== ===========
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
Three Months Nine Months
Ended Ended
December 31, December 31,
---------------- ------------------
2002 2001 2002 2001
---------------- ------------------
Interest income:
Loans $45,504 $50,205 $140,995 $147,752
Mortgage-related securities 4,918 4,807 13,059 15,771
Investment securities and
interest-bearing deposits 2,065 2,136 6,215 6,405
------- ------- -------- --------
Total interest income 52,487 57,148 160,269 169,928
Interest expense:
Deposits 16,177 23,125 51,348 72,022
Notes payable and other 6,611 8,236 20,868 27,831
------- ------- -------- --------
Total interest expense 22,788 31,361 72,216 99,853
------- ------- -------- --------
Net interest income 29,699 25,787 88,053 70,075
Provision for loan losses 450 150 1,350 910
------- ------- -------- --------
Net interest income after
provision for loan losses 29,249 25,637 86,703 69,165
Non-interest income:
Service charges on deposits 1,867 1,706 5,433 4,869
Gain on sale of loans 7,605 2,347 14,374 5,663
Other income (517) 379 1,583 4,027
------- ------- -------- --------
Total non-interest income 8,955 4,432 21,390 14,559
Non-interest expense:
Compensation 9,210 8,407 27,301 24,208
Occupancy 1,460 1,193 4,257 3,385
Federal insurance premiums 106 101 328 299
Other 5,761 6,091 17,978 16,201
------- ------- -------- --------
Total non-interest expense 16,537 15,792 49,864 44,093
------- ------- -------- --------
Income before income taxes 21,667 14,277 58,229 39,631
Income taxes 8,260 5,463 21,933 14,667
------- ------- -------- --------
Net income $13,407 $8,814 $36,296 $24,964
======= ======= ======== ========
Earnings per share:
Basic $0.56 $0.38 $1.50 $1.12
Diluted 0.55 0.37 1.47 1.09
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