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.
-------------------------------------------------------------------- ANCHOR BANCORP WISCONSIN INC. FINANCIAL HIGHLIGHTS -------------------------------------------------------------------- (Dollars in thousands - except per share amounts) (Unaudited) Three Months Ended Six Months Ended September 30, September 30, ---------------------------------------------- 2007 2006 2007 2006 ---------------------------------------------- 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 ------------------------- ------- 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 --------------------------------- (1) Annualized when appropriate. -------------------------------------------------------------------- ANCHOR BANCORP WISCONSIN INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION -------------------------------------------------------------------- September 30, March 31, 2007 2007 (Unaudited) ------------------------------ (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 ----------- ----------- Total assets $ 4,611,526 $ 4,539,685 =========== =========== Liabilities and Stockholders' Equity Deposits Non-interest bearing $ 254,994 $ 241,234 Interest bearing 2,923,594 3,007,012 ----------- ----------- 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 ----------- ----------- Total liabilities 4,265,841 4,195,333 ----------- ----------- Minority interest in real estate partnerships 6,778 7,486 ----------- ----------- 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) ----------- ----------- Total stockholders' equity 338,907 336,866 ----------- ----------- Total liabilities, minority interest and stockholders' equity $ 4,611,526 $ 4,539,685 =========== =========== -------------------------------------------------------------------- ANCHOR BANCORP WISCONSIN INC. CONSOLIDATED STATEMENTS OF INCOME -------------------------------------------------------------------- (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2007 2006 2007 2006 --------------------- --------------------- (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 ========= ========= ========= ========= Earnings per share: Basic $ 0.44 $ 0.45 $ 0.91 $ 0.95 Diluted 0.44 0.44 0.91 0.93