Anchor BanCorp Wisconsin Inc. Announces Third Quarter Earnings7 February 2006
Anchor BanCorp Wisconsin Inc. (Nasdaq: ABCW) announced net income of $10.9 million for the quarter ended December 31, 2005, and net income of $33.2 million for the nine-month period ended December 31, 2005. This compares to $10.7 million for the same quarter in 2004 and $31.5 million for the nine-month period ended December 31, 2004. Net interest income was $33.8 million for the quarter and $99.4 million for the nine-month period ended December 31, 2005, up 6.9% and 11.1%, respectively, versus the same period a year ago.
Yield on earning assets increased to 6.15% from 5.51% for the quarter ended December 31, 2005, versus the same period a year ago and increased to 5.95% from 5.36% for the nine-month period ended December 31, 2005, versus the same nine-month period in 2004.
Deposits grew 10.4% to $3.0 billion for the nine-month period ended December 31, 2005, and total assets grew to $4.2 billion for the same period, up 6.9% both versus the same period a year ago.
Douglas J. Timmerman, President, noted, "Our focus is on managing our margin, while at the same time growing both assets and deposits. This strategy is the key to our performance. And, our commitment to growth continues with the opening today of our 61st office in the community of De Pere, just south of Green Bay."
Timmerman added, "As we continue to grow, we've also effectively managed expenses."
Non-interest expense to average assets declined to 2.74% for the quarter ended December 31, 2005, from 3.42% versus a year ago and to 2.97% from 3.70% for the nine-month period ended December 31, 2005 versus the same period in the prior year.
Diluted earnings per share were $.50 for the quarter ended December 31, 2005, as compared to $.46 for the same quarter last year. Diluted earnings per share were $1.50 for the nine-month period ended December 31, 2005, which compares to $1.37 for the nine-month period for the same period last year. Book value per share increased from $13.77 to $14.32 over the same period.
During the quarter ended December 31, 2005, 319,300 shares were purchased under a previously authorized repurchase program. The repurchases are made from time to time in open-market and/or negotiated transactions as, in the opinion of management, market conditions may warrant.
Anchor BanCorp's stock is traded on the over-the-counter market under the NASDAQ symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has 59 full service offices and two loan origination only offices. All are located in Wisconsin.
This news release contains certain forward-looking statements with respect to the financial condition, 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 statements.
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2005 2004 2005 2004
(As Restated) (As Restated)
Operations Data:
Net interest income $33,837 $31,651 $99,410 $89,472
Provision for
loan losses 700 664 2,450 1,414
Net gain on sale of
loans 144 1,001 1,460 880
Real estate investment
partnership revenue 6,378 16,104 29,450 54,983
Other non-interest
income 7,898 5,758 22,132 19,288
Real estate investment
partnership cost of
sales 5,527 13,131 24,718 43,909
Other non-interest
expense 23,238 20,368 67,405 63,017
Minority interest in
income of real
estate partnership
operations 304 2,023 1,694 4,965
Income before income
taxes 18,488 18,328 56,185 51,318
Income taxes 7,595 7,618 22,954 19,784
Net income 10,893 10,710 33,231 31,534
Selected Financial
Ratios (1):
Yield on earning
assets 6.15% 5.51% 5.95% 5.36%
Cost of funds 2.88 2.22 2.70 2.20
Interest rate spread 3.27 3.29 3.25 3.16
Net interest margin 3.39 3.40 3.37 3.26
Return on average
assets 1.04 1.09 1.07 1.09
Return on average
equity 13.91 13.64 14.08 13.68
Average equity to
average assets 7.45 8.01 7.62 7.98
Non-interest expense
to average assets 2.74 3.42 2.97 3.70
Per Share:
Basic earnings
per share $0.51 $0.47 $1.53 $1.39
Diluted earnings
per share 0.50 0.46 1.50 1.37
Dividends per share 0.16 0.13 0.46 0.36
Book value per share 14.32 13.77 14.32 13.77
December 31, Percent
2005 2004 Change
(As Restated)
Financial Condition:
Total assets $4,200,234 $3,929,881 6.9%
Loans receivable, net
Held for sale 5,847 11,816 (50.5)
Held for investment 3,545,436 3,292,339 7.7
Investment securities
available for sale, at
fair value 36,139 30,685 17.8
Mortgage-related securities
available for sale, at
fair value 256,358 211,685 21.1
Mortgage-related securities
held to maturity, at
amortized cost 1,047 1,734 (39.6)
Deposits 2,987,284 2,705,495 10.4
Borrowings 814,641 826,928 (1.5)
Stockholders' equity 312,089 316,243 (1.3)
Allowance for loan losses 15,252 27,526 (44.6)
Non-performing assets 17,265 21,029 (17.9)
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
December 31, March 31,
2005 2005
(In Thousands)
Assets
Cash and cash equivalents $144,056 $166,436
Investment securities available for sale,
at fair value 36,139 52,055
Mortgage-related securities available for
sale, at fair value 256,358 202,250
Mortgage-related securities held to maturity,
at amortized cost 1,047 1,502
Loans receivable, net
Held for sale 5,847 4,361
Held for investment 3,545,436 3,414,608
Foreclosed properties and repossessed
assets, net 2,606 1,458
Real estate held for development and sale 51,051 48,949
Office properties and equipment 29,356 30,495
Other assets 128,338 128,342
Total assets $4,200,234 $4,050,456
Liabilities and Stockholders' Equity
Deposits
Non-interest bearing $237,180 $230,045
Interest bearing 2,750,104 2,643,488
Total Deposits 2,987,284 2,873,533
Short-term borrowings 356,458 242,540
Long-term borrowing 458,183 551,069
Other liabilities 79,013 62,834
Total liabilities 3,880,938 3,729,976
Minority interest in real estate partnerships 7,207 9,802
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 70,513 68,627
Retained earnings, substantially restricted 332,788 315,077
Accumulated other comprehensive income (loss) (1,838) (708)
Treasury stock (3,573,614 shares and
3,043,826 shares, respectively), at cost (84,155) (68,441)
Unearned deferred compensation (7,755) (6,413)
Total stockholders' equity 312,089 310,678
Total liabilities, minority interest
and stockholders' equity $4,200,234 $4,050,456
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2005 2004 2005 2004
(As Restated) (As Restated)
(In Thousands - except per share amounts)
Interest income:
Loans $56,443 $47,347 $161,192 $135,588
Mortgage-related
securities 2,962 2,141 8,639 6,404
Investment securities 1,004 1,305 2,907 3,984
Interest-bearing
deposits 988 565 2,888 1,207
Total interest
income 61,397 51,358 175,626 147,183
Interest expense:
Deposits 20,257 12,814 54,845 36,658
Short-term borrowings 2,958 1,579 7,725 5,387
Long-term borrowings 4,345 5,314 13,646 15,666
Total interest
expense 27,560 19,707 76,216 57,711
Net interest
income 33,837 31,651 99,410 89,472
Provision for loan
losses 700 664 2,450 1,414
Net interest income
after provision for
loan losses 33,137 30,987 96,960 88,058
Non-interest income:
Real estate investment
partnership revenue 6,378 16,104 29,450 54,983
Loan servicing income 1,280 1,050 3,681 3,063
Credit enhancement
derivative income
(includes interest
income of $68 and $61,
respectively, for the
three-month period and
$198 and $174,
respectively, for the
nine-month period) 414 382 1,216 1,140
Service charges on
deposits 2,355 2,124 7,084 6,524
Insurance commissions 589 519 1,897 1,764
Net gain on sale of loans 144 1,001 1,460 880
Net gain on sale of
investments and
mortgage-related
securities 120 75 394 1,472
Other revenue from
real estate operations 1,470 725 3,384 2,744
Other 1,670 883 4,476 2,581
Total non-interest
income 14,420 22,863 53,042 75,151
Non-interest expense:
Compensation 11,862 10,028 34,032 30,765
Real estate investment
partnership cost of
sales 5,527 13,131 24,718 43,909
Occupancy 1,820 1,659 5,144 4,964
Furniture and
equipment 1,423 1,413 4,609 4,398
Data processing 1,425 1,074 4,074 3,519
Marketing 1,108 1,014 3,294 3,030
Other expenses from
real estate
partnership
operations 2,467 1,302 6,721 6,693
Other 3,133 3,878 9,531 9,648
Total non-interest
expense 28,765 33,499 92,123 106,926
Minority interest in
income of real estate
partnership operations 304 2,023 1,694 4,965
Income before income
taxes 18,488 18,328 56,185 51,318
Income taxes 7,595 7,618 22,954 19,784
Net income $10,893 $10,710 $33,231 $31,534
Earnings per share:
Basic $0.51 $0.47 $1.53 $1.39
Diluted 0.50 0.46 1.50 1.37
Source: prnewswire
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