MADISON, Wis., July 29, 2009 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) today released revised financial tables correcting an error in the calculation of book value per share as provided in the tables accompanying the press release of July 28, 2009 announcing the company's first quarter results. That release erroneously reported a book value per share of $9.39. The corrected book value per share is $4.29.
A copy of the corrected tables are attached to this press release.
About AnchorBanCorp Wisconsin, Inc.
Anchor BanCorp's stock is traded on the NASDAQ exchange under the symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has more than 70 offices. All are located in Wisconsin.
Forward-Looking Statements
This news release contains certain forward-looking statements based on unaudited financial statements, results of operations and business of Anchor BanCorp. This includes any statements regarding management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. 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 statements. Outcomes related to such statements are subject to numerous risk factors and uncertainties, including those listed in the company's Annual Report filed on Form 10-K.
ANCHOR BANCORP WISCONSIN INC. FINANCIAL HIGHLIGHTS (Dollars in thousands - except per share amounts) (Unaudited) Three Months Ended June 30, ---------------------------- 2009 2008 ---------------------------- Operations Data: Net interest income $ 25,689 $ 33,421 Provision for loan losses 19,400 9,400 Net gain on sale of loans 11,403 2,243 Other non-interest income 8,157 9,566 Non-interest expense 37,687 26,791 Minority interest in loss of real estate partnership operations (85) (39) Income (loss) before income taxes (11,753) 9,078 Income taxes (benefit) -- 3,566 Net income (loss) (11,753) 5,512 Selected Financial Ratios (1): Yield on earning assets 4.83% 6.05% Cost of funds 2.77 3.22 Interest rate spread 2.06 2.83 Net interest margin 2.05 2.87 Return on average assets (0.89) 0.44 Return on average equity (22.13) 6.37 Average equity to average assets 4.01 6.93 Non-interest expense to average assets 2.84 2.15 Per Share: Basic earnings per share $ (0.56) $ 0.26 Diluted earnings per share (0.56) 0.26 Dividends per common share 0.00 0.18 Book value per common share 4.29 16.00 June 30, ---------------------------- Percent 2009 2008 Change ---------------------------- -------- Financial Condition: Total assets $ 5,292,669 $ 4,949,335 6.9% Loans receivable, net Held for sale 115,340 6,619 1642.6 Held for investment 3,692,708 4,129,075 (10.6) Investment securities available for sale, at fair value 51,294 97,707 (47.5) Mortgage-related securities available for sale, at fair value 493,313 270,042 82.7 Mortgage-related securities held to maturity, at amortized cost 47 57 (17.5) Deposits and accrued interest 3,987,906 3,406,975 17.1 Other borrowed funds 1,041,049 1,147,329 (9.3) Stockholders' equity 202,573 343,599 (41.0) Allowance for loan losses 141,378 40,265 251.1 Non-performing assets 215,664 144,137 49.6 Net charge-offs (15,187) (7,420) 104.7 --------------------------------------------------------------------- (1) Annualized when appropriate. ANCHOR BANCORP WISCONSIN INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION --------------------------------------------------------------------- (Unaudited) June 30, March 31, 2009 2009 ---------------------------- (In Thousands) Assets Cash and cash equivalents $ 644,302 $ 433,826 Investment securities available for sale, at fair value 51,294 77,684 Mortgage-related securities available for sale, at fair value 493,313 407,301 Mortgage-related securities held to maturity, at amortized cost 47 50 Loans receivable, net Held for sale 115,340 161,964 Held for investment 3,692,708 3,896,439 Foreclosed properties and repossessed assets, net 53,014 52,563 Real estate held for development and sale 16,205 16,120 Office properties and equipment 48,008 48,123 Deferred tax asset, net of valuation allowance 16,250 16,202 Other assets 162,188 162,783 ------------ ------------ Total assets $ 5,292,669 $ 5,273,055 ============ ============ Liabilities and Stockholders' Equity Deposits Non-interest bearing $ 289,322 $ 274,392 Interest bearing deposits and accrued interest 3,698,584 3,649,435 ------------ ------------ Total deposits and accrued interest 3,987,906 3,923,827 Other borrowed funds 1,041,049 1,078,392 Other liabilities 60,815 56,704 ------------ ------------ Total liabilities 5,089,770 5,058,923 ------------ ------------ Minority interest in real estate partnerships 326 411 ------------ ------------ Preferred stock, $.10 par value, 5,000,000 shares authorized, 110,000 outstanding 76,047 74,185 Common stock, $.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued 2,536 2,536 Additional paid-in capital 109,327 109,327 Retained earnings, substantially restricted 119,004 134,234 Accumulated other comprehensive loss (4,351) (6,337) Treasury stock (3,784,626 and 3,793,554 shares, respectively), at cost (94,496) (94,744) Deferred compensation obligation (5,494) (5,480) ------------ ------------ Total stockholders' equity 202,573 213,721 ------------ ------------ Total liabilities, minority interest and stockholders' equity $ 5,292,669 $ 5,273,055 ============ ============ ANCHOR BANCORP WISCONSIN INC. CONSOLIDATED STATEMENTS OF INCOME --------------------------------------------------------------------- (Unaudited) Three Months Ended June 30, ---------------------------- 2009 2008 ---------------------------- (In Thousands - except per share amounts) Interest income: Loans $ 54,273 $ 65,711 Mortgage-related securities 5,576 3,669 Investment securities and Federal Home Loan Bank stock 471 800 Interest-bearing deposits 269 328 ---------- ---------- Total interest income 60,589 70,508 Interest expense: Deposits 24,133 26,842 Other borrowed funds 10,767 10,245 ---------- ---------- Total interest expense 34,900 37,087 ---------- ---------- Net interest income 25,689 33,421 Provision for loan losses 19,400 9,400 ---------- ---------- Net interest income after provision for loan losses 6,289 24,021 Non-interest income: Loan servicing income (loss) (182) 1,201 Credit enhancement income 377 417 Service charges on deposits 3,829 3,859 Investment and insurance commissions 804 1,181 Net gain on sale of loans 11,403 2,243 Net gain on sale or impairment of investments and mortgage-related securities 1,292 -- Other revenue from real estate partnership operations 911 1,473 Other 1,126 1,435 ---------- ---------- Total non-interest income 19,560 11,809 Non-interest expense: Compensation 14,290 13,307 Occupancy 2,413 2,417 Federal insurance premiums 3,430 98 Furniture and equipment 2,050 2,126 Data processing 1,932 1,812 Marketing 373 587 Other expenses from real estate partnership operations 1,451 2,191 Net expense-REO operations 1,066 189 Mortgage servicing rights impairment (1,344) -- Other 12,026 4,064 ---------- ---------- Total non-interest expense 37,687 26,791 ---------- ---------- Minority interest in loss of consolidated real estate partnerships (85) (39) ---------- ---------- Income (loss) before income taxes (11,753) 9,078 Income taxes (benefit) -- 3,566 ---------- ---------- Net income (loss) $ (11,753) $ 5,512 ========== ========== Earnings per share: Basic $ (0.56) $ 0.26 Diluted (0.56) 0.26