MADISON, Wis., Nov. 5, 2007 (PRIME NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) announced net income of $9.3 million for the quarter ended September 30, 2007, as compared to $9.7 million for the same period last year. For the six month period ended September 30, 2007 net income was $19.2 million as compared to $20.3 million for the same period the previous year.
Diluted earnings per share were $.44 for the quarter ended September 30, 2007, flat as compared to the same quarter last year. For the six month period ended September 30, 2007 fully diluted earnings per share were $.91 versus $.93 a year ago. The Corporation's 18 cent quarterly per share dividend, up from 17 cents a year ago, is payable November 15, 2007 to shareholders of record as of November 1, 2007.
Provisions for loan losses were $2.1 million for the quarter, compared to $2.6 million a year ago. For the six months ended September 30, 2007, provisions for loan losses were $4.4 million compared to $3.8 million for the same period in 2006.
Total assets grew to $4.6 billion as of September 30, 2007, compared to $4.5 billion for the same period a year ago, representing a 2.9 percent increase. Total loans receivable increased 4.0 percent to $4.0 billion as of September 30, 2007.
"Despite the cooling of the economy and the tightening of margins, we continue to be committed to leveraging the strength of our franchise, as evidenced by our pending acquisition of S&C Banco, Inc. S&C's fourteen Northwest Wisconsin offices including those in St. Croix and Chippewa counties, will give us a significant presence in that fast growing area of the state," said Douglas J. Timmerman, Chairman, President, and CEO. "In addition to the S&C offices, we are adding locations in Ashwaubenon, in the Green Bay area, in Brookfield in the Milwaukee area, and building a new office for our Middleton market, just outside Madison," added Timmerman.
Book value increased to $15.88 per share, an increase of 4.6 percent for the quarter ended September 30, 2007 versus the same period in the prior year.
During the quarter ended September 30, 2007, 18,700 shares were purchased under a previously authorized repurchase program. The repurchases are authorized to be made from time to time in open-market and/or negotiated transactions as, in the opinion of management, market conditions may warrant.
This news release contains certain forward-looking statements based on unaudited financial statements, results of operations and business of Anchor BanCorp. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include changes in general economic conditions, deposit flows, loan demand, asset quality, competition, legislation or regulation and accounting principles, policies or guidelines affecting reports filed with the Securities and Exchange Commission for financial and business information regarding Anchor BanCorp, including information which could affect Anchor BanCorp's forward-looking statement.
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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 Six Months Ended
September 30, September 30,
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2007 2006 2007 2006
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Operations Data:
Net interest
income $ 31,584 $ 32,838 $ 62,601 $ 65,683
Provision for
loan losses 2,095 2,625 4,366 3,830
Net gain on sale
of loans 814 1,349 2,401 2,219
Real estate
investment
partnership
revenue 2,428 3,631 7,154 8,117
Other non-interest
income 7,696 8,075 16,023 16,026
Real estate
investment
partnership cost
of sales 2,669 3,486 7,009 7,339
Other non-interest
expense 22,659 23,427 45,206 46,013
Minority interest
in income (loss)
of real estate
partnership
operations (203) (75) (278) 363
Income before income
taxes 15,302 16,430 31,876 34,500
Income taxes 6,028 6,769 12,716 14,192
Net income 9,274 9,661 19,160 20,308
Selected Financial
Ratios (1):
Yield on earning
assets 6.90% 6.76% 6.85% 6.64%
Cost of funds 4.13 3.75 4.09 3.59
Interest rate spread 2.77 3.01 2.76 3.05
Net interest margin 2.92 3.15 2.91 3.19
Return on average
assets 0.82 0.88 0.85 0.94
Return on average
equity 11.07 11.72 11.40 12.42
Average equity to
average assets 7.37 7.53 7.44 7.56
Non-interest expense
to average assets 2.23 2.46 2.31 2.47
Per Share:
Basic earnings per
share $ 0.44 $ 0.45 $ 0.91 $ 0.95
Diluted earnings per
share 0.44 0.44 0.91 0.93
Dividends per share 0.18 0.17 0.35 0.33
Book value per share 15.88 15.18 15.88 15.18
September 30,
------------------------- Percent
2007 2006 Change
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Financial Condition:
Total assets $4,611,526 $4,481,586 2.9%
Loans receivable, net
Held for sale 5,403 5,393 0.2
Held for investment 3,944,980 3,794,039 4.0
Investment securities
available for sale,
at fair value 121,323 89,794 35.1
Mortgage-related
securities available
for sale, at fair
value 242,962 260,722 (6.8)
Mortgage-related
securities held
to maturity, at
amortized cost 64 72 (11.1)
Deposits 3,178,588 3,223,759 (1.4)
Borrowings 1,039,540 875,014 18.8
Stockholders'
equity 338,907 330,774 2.5
Allowance for loan
losses 22,002 18,393 19.6
Non-performing
assets 63,078 22,506 180.3
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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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September 30, March 31,
2007 2007
(Unaudited)
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(In Thousands)
Assets
Cash and cash equivalents $ 67,660 $ 122,038
Investment securities
available for sale, at
fair value 121,323 73,545
Mortgage-related securities
available for sale, at
fair value 242,962 247,971
Mortgage-related securities
held to maturity, at
amortized cost 64 68
Loans receivable, net
Held for sale 5,403 4,474
Held for investment 3,944,980 3,874,049
Foreclosed properties and
repossessed assets, net 7,497 7,411
Real estate held for
development and sale 58,063 60,303
Office properties and
equipment 31,812 32,034
Other assets 131,762 117,792
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Total assets $ 4,611,526 $ 4,539,685
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Liabilities and Stockholders' Equity
Deposits
Non-interest bearing $ 254,994 $ 241,234
Interest bearing 2,923,594 3,007,012
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Total deposits 3,178,588 3,248,246
Short-term borrowings 731,765 472,400
Long-term borrowings 307,775 428,077
Other liabilities 47,713 46,610
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Total liabilities 4,265,841 4,195,333
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Minority interest in real
estate partnerships 6,778 7,486
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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 72,136 72,122
Retained earnings,
substantially restricted 370,516 359,570
Accumulated other
comprehensive loss (293) (542)
Treasury stock (4,020,940 and
3,694,245 shares, respectively),
at cost (100,725) (91,751)
Deferred compensation
obligation (5,263) (5,069)
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Total stockholders' equity 338,907 336,866
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Total liabilities, minority
interest and stockholders'
equity $ 4,611,526 $ 4,539,685
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ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2007 2006 2007 2006
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(In Thousands - except per share amounts)
Interest income:
Loans $ 69,714 $ 65,740 $ 137,745 $ 127,515
Mortgage-related
securities 3,028 3,061 6,034 5,965
Investment
securities 1,345 1,240 2,560 2,197
Interest-bearing
deposits 636 439 1,031 1,070
--------- --------- --------- ---------
Total interest
income 74,723 70,480 147,370 136,747
Interest expense:
Deposits 31,424 28,618 62,870 53,974
Short-term
borrowings 8,474 3,550 15,132 5,812
Long-term
borrowings 3,241 5,474 6,767 11,278
--------- --------- --------- ---------
Total interest
expense 43,139 37,642 84,769 71,064
--------- --------- --------- ---------
Net interest
income 31,584 32,838 62,601 65,683
Provision for loan
losses 2,095 2,625 4,366 3,830
--------- --------- --------- ---------
Net interest
income after
provision for
loan losses 29,489 30,213 58,235 61,853
Non-interest income:
Real estate investment
partnership revenue 2,428 3,631 7,154 8,117
Loan servicing income 1,375 1,417 2,855 2,414
Credit enhancement
income 424 417 845 834
Service charges on
deposits 3,148 2,517 6,239 4,945
Investment and
insurance
commissions 1,058 973 2,040 1,799
Net gain on sale of
loans 814 1,349 2,401 2,219
Net gain (loss) on
sale of investments
and mortgage-related
securities 3 -- 15 (283)
Other revenue from
real estate
operations 992 1,575 2,215 3,722
Other 696 1,176 1,814 2,595
--------- --------- --------- ---------
Total non-interest
income 10,938 13,055 25,578 26,362
Non-interest expense:
Compensation 11,301 11,579 22,571 22,305
Real estate
investment
partnership cost
of sales 2,669 3,486 7,009 7,339
Occupancy 1,937 1,986 3,874 3,985
Furniture and
equipment 1,543 1,595 3,024 3,048
Data processing 1,520 1,639 3,007 3,060
Marketing 1,086 1,158 2,170 2,310
Other expenses from
real estate
partnership
operations 1,797 2,179 3,882 4,757
Other 3,475 3,291 6,678 6,548
--------- --------- --------- ---------
Total non-
interest
expense 25,328 26,913 52,215 53,352
--------- --------- --------- ---------
Minority interest
in income (loss)
of real estate
partnership
operations (203) (75) (278) 363
--------- --------- --------- ---------
Income before
income taxes 15,302 16,430 31,876 34,500
Income taxes 6,028 6,769 12,716 14,192
--------- --------- --------- ---------
Net income $ 9,274 $ 9,661 $ 19,160 $ 20,308
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Earnings per share:
Basic $ 0.44 $ 0.45 $ 0.91 $ 0.95
Diluted 0.44 0.44 0.91 0.93