Anchor Bancorp Wisconsin Inc. Announces Record Year End 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)--April 30, 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. (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 earnings for the fourth quarter of $5.5 million compared to $5.3 million for the same quarter last year. Record earnings for the fiscal year ended March 31, 1999 were $23.5 million versus $20.5 million last year. For the quarter ended March 31, 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 $.30 which compares to $.27 for the same period in 1998. For the fiscal period ended March 31, 1999, diluted earnings per share were $1.28, which compares to $1.06 for the same period in 1998. Per share data has been adjusted to reflect a two for one stock split distributed in August 1998. Return on average equity for the twelve months ended March 31, 1999 increased to 17.70%, up from 16.20% for the twelve months ended March 31, 1998. Book value per share increased to $7.87 from $7.14 for the same period last year. Deposits increased 8.2 % to $1.5 billion. Total assets were up 7.1% to $2.1 billion over the previous fiscal year. Total loans held for investment were up 8.4% to $1.7 billion. 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 of AnchorBank, noted the continued strength of loan demand and attributed much of the growth to the strength of the Madison and Dane Dane n. 1. A native or inhabitant of Denmark. 2. A person of Danish ancestry. [Middle English Dan, from Old Norse Danr. County markets. "Not only are we in strong markets, we are able to take advantage of the low interest rate environment. I am proud that AnchorBank continues to be the number one mortgage lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. in this market." On January January: see month. 5, 1999, Anchor BanCorp and FCB See DOS FCB. (operating system) FCB - file control block. Financial Corp., Oshkosh, Wisconsin Oshkosh is a city located where the Fox River enters Lake Winnebago in Winnebago County, Wisconsin. As of the 2000 census, the city had a total population of 62,916. It has a metropolitan area of 159,972 people. (NASDAQ trading symbol Trading symbol See: Ticker symbol "FCBF FCBF Florida Custom Brokers & Forwarders Association ") announced they entered into a definitive agreement providing for the merger of FCB Financial Corp. with and into Anchor. FCB Financial Corp. is the parent holding company for Fox Cities The Fox Cities of northeast Wisconsin are the cities, towns and villages along the Fox River as it flows from Lake Winnebago northward into the Bay of Green Bay. Following the flow of the river, the cities are Oshkosh, Neenah, Menasha, Appleton, Grand Chute, Kimberly, Combined Bank, a $535 million financial institution with 13 full service offices in 5 Wisconsin counties. Consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the merger is subject to applicable regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and to approval by the shareholders of both companies. The parties anticipate that the merger will be completed during the second calendar quarter of 1999. AnchorBank has 35 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 that are located primarily in southern and western 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
March 31,
-------------------------------
1999 1998
-------------------------------
Operations Data
Net interest income $ 15,941 $ 15,196
Provision for loan losses 215 165
Net gain on sale of loans 1,370 1,231
Other non-interest income 2,569 2,176
Non-interest expenses 10,663 10,246
Income before taxes 9,002 8,192
Income taxes 3,468 2,942
Net income 5,534 5,250
Selected Financial Ratios
Yield on earning assets 7.54% 8.00%
Cost of funds 4.66 4.95
Interest rate spread 2.88 3.05
Net interest margin 3.11 3.24
Return on average assets 1.05 1.07
Return on average equity 15.83 16.09
Average equity to average assets 6.61 6.67
Non-interest expenses to average assets 2.02 2.09
Per Share Data (1)
Basic earnings per share $ 0.32 $ 0.29
Diluted earnings per share 0.30 0.27
Book Value per share 7.87 7.14
Twelve Months Ended
March 31,
-------------------------------
1999 1998
-------------------------------
Operations Data
Net interest income $ 62,418 $ 59,370
Provision for loan losses 815 300
Net gain on sale of loans 6,193 3,241
Other non-interest income 11,823 8,971
Non-interest expenses 41,405 38,294
Income before taxes 38,214 32,988
Income taxes 14,670 12,487
Net income 23,544 20,501
Selected Financial Ratios
Yield on earning assets 7.71% 7.99%
Cost of funds 4.84 4.99
Interest rate spread 2.87 3.00
Net interest margin 3.08 3.18
Return on average assets 1.13 1.05
Return on average equity 17.70 16.20
Average equity to average assets 6.38 6.51
Non-interest expenses to average assets 1.99 1.97
Per Share Data (1)
Basic earnings per share $ 1.37 $ 1.13
Diluted earnings per share 1.28 1.06
Book Value per share N/A N/A
March 31,
------------------------------- Percent
1999 1998 Change
------------------------------- ------
Financial Condition Data
(Thousands)
Total assets $ 2,141,688 $ 1,999,307 7.1%
Loans receivable, net
Held for sale 15,430 18,060 (14.6)
Held for investment 1,724,242 1,591,089 8.4
Investment securities
available for sale 32,716 39,555 (17.3)
Investment securities
held to maturity 6,845 17,587 (61.1)
Mortgage-related
securities available
for sale 46,357 67,526 (31.3)
Mortgage-related
securities held to
maturity 176,913 127,239 39.0
Deposits 1,505,990 1,392,472 8.2
Borrowings 470,859 454,560 3.6
Stockholders' equity 142,239 127,951 11.2
Allowance for loan losses 20,208 21,833 (7.4)
Non-performing assets 5,132 12,863 (60.1)
---------------------------------------
(1) Per share data has been adjusted to reflect a two-for-one stock
split distributed in August, 1998.
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
(Unaudited)
March 31,
---------------------------------------
1999 1998
---------------------------------------
(In thousands, except per share data)
Assets
Cash and cash equivalents $ 34,574 $ 39,167
Investment securities
available for sale 32,716 39,555
Investment securities held to
maturity 6,845 17,587
Mortgage-related securities
available for sale 46,357 67,526
Mortgage-related securities
held to maturity 176,913 127,239
Loans receivable, net
Held for sale 15,430 18,060
Held for investment 1,724,242 1,591,089
Foreclosed properties and
repossessed assets, net 1,603 4,723
Real estate held for
development and sale 29,943 22,630
Office properties and equipment 18,214 18,640
Other assets 54,851 53,091
----------- -----------
Total assets $ 2,141,688 $ 1,999,307
=========== ===========
Liabilities and
Stockholders' Equity
Deposits $ 1,505,990 $ 1,392,472
Borrowings 470,859 454,560
Advance payments by borrowers
for taxes and insurance 6,575 6,955
Other liabilities 16,025 17,369
----------- -----------
Total liabilities 1,999,449 1,871,356
----------- -----------
Preferred stock, $.10 par
value, 5,000,000 shares
authorized, none outstanding - -
Common stock, $.10 par value,
30,000,000 shares
authorized, 24,998,648 shares
issued 2,500 2,500
Additional paid-in capital 51,112 49,084
Retained earnings,
substantially restricted 136,098 125,615
Less: Treasury stock
(6,936,458 shares and
7,073,460 shares) (45,259) (47,959)
Borrowings of Employee
Stock Ownership Plan (689) (1,379)
Common stock purchased by
benefit plans (2,108) (851)
Net unrealized gain on
securities available
for sale, net of tax 585 941
----------- -----------
Total stockholders' equity 142,239 127,951
----------- -----------
Total liabilities and
stockholders' equity $ 2,141,688 $ 1,999,307
=========== ===========
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
----------------------------------------------------------------------
(Unaudited)
Three Months Ended
March 31,
--------------------------
1999 1998
--------------------------
(In thousands,
except per share data)
Interest income:
Loans $ 34,203 $ 32,765
Mortgage-related securities 3,590 3,686
Investment securities 917 1,071
-------- --------
Total interest income 38,710 37,522
Interest expense:
Deposits 16,366 16,207
Notes payable and other 6,403 6,119
-------- --------
Total interest expense 22,769 22,326
-------- --------
Net interest income 15,941 15,196
Provision for loan losses 215 165
-------- --------
Net interest income after
provision for loan losses 15,726 15,031
Non-interest income:
Service charges on deposits 987 916
Net gain on sale of loans 1,370 1,231
Other income 1,582 1,260
-------- --------
Total non-interest income 3,939 3,407
Non-interest expenses:
Compensation 6,283 5,774
Occupancy 747 557
Federal insurance premiums 225 211
Other 3,408 3,704
-------- --------
Total non-interest expenses 10,663 10,246
-------- --------
Income before income taxes 9,002 8,192
Income taxes 3,468 2,942
-------- --------
Net income $ 5,534 $ 5,250
======== ========
Twelve Months Ended
March 31,
---------------------------
1999 1998
---------------------------
Interest income:
Loans $138,435 $129,008
Mortgage-related securities 12,227 14,676
Investment securities 5,304 5,287
-------- --------
Total interest income 155,966 148,971
Interest expense:
Deposits 67,268 64,146
Notes payable and other 26,280 25,455
-------- --------
Total interest expense 93,548 89,601
-------- --------
Net interest income 62,418 59,370
Provision for loan losses 815 300
-------- --------
Net interest income after
provision for loan losses 61,603 59,070
Non-interest income:
Service charges on deposits 4,067 3,881
Net gain on sale of loans 6,193 3,241
Other income 7,756 5,090
-------- --------
Total non-interest income 18,016 12,212
Non-interest expenses:
Compensation 23,252 20,147
Occupancy 3,023 2,921
Federal insurance premiums 852 836
Other 14,278 14,390
-------- --------
Total non-interest expenses 41,405 38,294
-------- --------
Income before income taxes 38,214 32,988
Income taxes 14,670 12,487
-------- --------
Net income $ 23,544 $ 20,501
======== ========
For more information contact: William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Klein Klein , Melanie 1882-1960. Austrian-born British psychoanalyst who first introduced play therapy and was the first to use psychoanalysis to treat young children. , Vice President-Investor Relations at (608) 252-1810 or Douglas J. Timmerman, President, at (608) 252-8782. Stockholders will be receiving their annual report in mid-June n. 1. the middle part of June. Noun 1. mid-June - the middle part of June period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" . |
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