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NewsBot Date: April 26, 2005 10:02:10 AM
ABCW Anchor Bancorp Wisconsin Inc. Announces Third Quarter Earnings
Anchor Bancorp Wisconsin Inc. Announces Third Quarter Earnings
MADISON, WI - MARKET WIRE - 02/04/05
Anchor BanCorp Wisconsin Inc. (NASDAQ: ABCW) announced net income of $10.9 million for the quarter ended December 31, 2004, and net income of $32.2 million for the nine-month period ended December 31, 2004. This compares to $9.9 million for the same quarter in 2003 and $35.2 million for the nine-month period ended December 31, 2003.
Diluted earnings per share were $.47 for the quarter ended December 31, 2004, as compared to $.43 for the same quarter last year. Diluted earnings per share were $1.39 for the nine-month period ended December 31, 2004, which compares to $1.50 for the nine-month period for the same period last year.
The interest rate spread increased from 3.10% to 3.29% for the quarter ended December 31, 2004, and from 3.12% to 3.16% for the nine-month period ended December 31, 2004. Net interest margin increased from 3.19% to 3.40% and from 3.24% to 3.26% for the same periods last year. "I am pleased with the increase in our net interest margin and with our continued asset growth," commented Douglas J. Timmerman, President. Assets grew 7.3% for the year ended December 31, 2004.
During the quarter ended December 31, 2004, 136,000 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 57 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,
2004 2003 2004 2003
-------- -------- -------- --------
Operations Data:
Net interest income $ 31,651 $ 27,490 $ 89,472 $ 83,532
Provision for loan losses 664 450 1,414 1,350
Net gain on sale of loans 1,825 1,683 3,716 12,943
Real estate investment
partnership revenue 16,104 11,856 54,983 31,565
Other non-interest income 5,284 3,717 17,560 12,022
Real estate investment
partnership cost of sales 13,131 7,787 43,909 23,445
Non-interest expense 20,368 18,954 63,017 54,787
Minority interest in income
of real estate
partnership operations 2,023 1,478 4,965 3,301
Income before income taxes 18,678 16,077 52,426 57,179
Income taxes 7,758 6,139 20,227 21,948
Net income 10,920 9,938 32,199 35,231
Selected Financial Ratios (1):
Yield on earning assets 5.51% 5.49% 5.36% 5.59%
Cost of funds 2.22 2.39 2.20 2.47
Interest rate spread 3.29 3.10 3.16 3.12
Net interest margin 3.40 3.19 3.26 3.24
Return on average assets 1.11 1.09 1.11 1.28
Return on average equity 13.75 13.44 13.78 15.88
Average equity to average assets 8.09 8.10 8.08 8.04
Non-interest expense
to average assets 3.41 2.93 3.70 2.84
Per Share:
Basic earnings per share $ 0.48 $ 0.44 $ 1.42 $ 1.53
Diluted earnings per share 0.47 0.43 1.39 1.50
Dividends per share 0.13 0.11 0.36 0.32
Book value per share 13.97 13.04 13.97 13.04
December 31, Percent
2004 2003 Change
---------- ---------- ----------
Financial Condition:
Total assets $3,934,387 $3,665,544 7.3%
Loans receivable, net
Held for sale 11,816 14,448 (18.2)
Held for investment 3,292,339 3,019,819 9.0
Investment securities available
for sale, at fair value 30,685 65,242 (53.0)
Investment securities held
to maturity, at amortized cost - 1,000 (100.0)
Mortgage-related securities
available for sale, at fair value 211,685 151,002 40.2
Mortgage-related securities held
to maturity, at amortized cost 1,734 25,574 (93.2)
Deposits 2,705,495 2,553,267 6.0
Borrowings 826,928 750,729 10.2
Stockholders' equity 320,749 298,640 7.4
Allowance for loan losses 27,526 28,899 (4.8)
Non-performing assets 21,029 14,617 43.9
(1) Annualized when appropriate.
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
December 31, March 31,
2004 2004
----------- -----------
(In Thousands)
Assets
Cash and cash equivalents $ 172,880 $ 198,993
Investment securities available for sale,
at fair value 30,685 29,514
Investment securities held to maturity,
at amortized cost - -
Mortgage-related securities available
for sale, at fair value 211,685 220,918
Mortgage-related securities held
to maturity, at amortized cost 1,734 4,303
Loans receivable, net
Held for sale 11,816 14,578
Held for investment 3,292,339 3,066,812
Foreclosed properties and
repossessed assets, net 553 2,422
Real estate held for development and sale 60,830 77,749
Office properties and equipment 30,845 31,233
Other assets 121,020 163,864
----------- -----------
Total assets $ 3,934,387 $ 3,810,386
=========== ===========
Liabilities and Stockholders' Equity
Deposits $ 2,705,495 $ 2,609,686
Borrowings 826,928 831,559
Other liabilities 74,248 60,902
----------- -----------
Total liabilities 3,606,671 3,502,147
----------- -----------
Minority interest in real estate partnerships 6,967 6,691
----------- -----------
Preferred stock, $.10 par value,
5,000,000 shares authorized,
none outstanding - -
Common stock, $.10 par value,
100,000,000 shares authorized,
25,364,339 shares issued 2,536 2,536
Additional paid-in capital 68,609 67,926
Retained earnings, substantially restricted 306,052 284,329
Accumulated other comprehensive income 337 2,670
Treasury stock (2,405,579 shares
and 2,408,804 shares, respectively),
at cost (50,485) (50,324)
Unearned deferred compensation (6,300) (5,589)
----------- -----------
Total stockholders' equity 320,749 301,548
----------- -----------
Total liabilities, minority interest
and stockholders' equity $ 3,934,387 $ 3,810,386
=========== ===========
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- --------- ---------
(In Thousands - except per share amounts)
Interest income:
Loans $ 47,347 $ 42,905 $ 135,588 $ 130,588
Mortgage-related securities 2,141 2,136 6,404 7,217
Investment securities 1,305 1,979 3,984 5,697
Interest-bearing deposits 565 221 1,207 667
--------- --------- --------- ---------
Total interest income 51,358 47,241 147,183 144,169
Interest expense:
Deposits 12,814 13,217 36,658 41,618
Notes payable and
other borrowings 6,893 6,534 21,053 19,019
--------- --------- --------- ---------
Total interest expense 19,707 19,751 57,711 60,637
--------- --------- --------- ---------
Net interest income 31,651 27,490 89,472 83,532
Provision for loan losses 664 450 1,414 1,350
--------- --------- --------- ---------
Net interest income after
provision for loan losses 30,987 27,040 88,058 82,182
Non-interest income:
Real estate investment
partnership revenue 16,104 11,856 54,983 31,565
Loan servicing income (loss) 958 763 2,475 (2,094)
Service charges on deposits 2,124 2,046 6,524 6,171
Insurance commissions 519 664 1,764 1,832
Net gain on sale of loans 1,825 1,683 3,716 12,943
Net gain (loss) on sale of
investments and
mortgage-related securities 75 (40) 1,472 300
Other revenue from
real estate operations 725 (682) 2,744 1,852
Other 883 966 2,581 3,961
--------- --------- --------- ---------
Total non-interest income 23,213 17,256 76,259 56,530
Non-interest expense:
Compensation 10,028 9,995 30,765 29,659
Real estate investment
partnership cost of sales 13,131 7,787 43,909 23,445
Occupancy 1,659 1,533 4,964 4,800
Furniture and equipment 1,413 1,468 4,398 4,267
Data processing 1,074 1,202 3,519 3,501
Marketing 1,014 790 3,030 2,372
Other expenses from
real estate operations 1,302 1,053 6,693 1,882
Other 3,878 2,913 9,648 8,306
--------- --------- --------- ---------
Total non-interest expense 33,499 26,741 106,926 78,232
--------- --------- --------- ---------
Minority interest in income
of real estate
partnership operations 2,023 1,478 4,965 3,301
--------- --------- --------- ---------
Income before income taxes 18,678 16,077 52,426 57,179
Income taxes 7,758 6,139 20,227 21,948
--------- --------- --------- ---------
Net income $ 10,920 $ 9,938 $ 32,199 $ 35,231
========= ========= ========= =========
Earnings per share:
Basic $ 0.48 $ 0.44 $ 1.42 $ 1.53
Diluted 0.47 0.43 1.39 1.50
