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Anchor Bancorp Wisconsin, Inc. Announces Improved First Quarter Results

MADISON, Wis., Aug. 6, 2010 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin, Inc. (Nasdaq:ABCW) today announced a net loss of $15.5 million, or $0.73 per common share, for the three months ended June 30, 2010. This compares to a net loss of $29.8 million for the previous quarter and $68.3 million for the three months ended June 30, 2009. These represent improvements of 48.0 percent and 77.3 percent, respectively. The net loss figures include $3.4 million for the three months ended June 30, 2010, and $3.2 million for the three months ended June 30, 2009, in dividends accrued and discount accreted on the Corporation's Senior Preferred Stock owned by the U.S. Treasury under the Capital Purchase Program.

Key First Quarter Results

  • Provisions for loan losses during the quarter declined to $8.9 million from $20.2 million in the previous quarter, and from $70.4 million for the three months ended June 30, 2009.
  • Net loan-charge offs declined by 67.8 percent to $21.9 million from $68.1 million for the three months ended June 30, 2009.
  • Total interest expense declined 27.3 percent versus the three months ended June 30, 2009, to $25.6 million.
  • Non-interest expense declined 9.1 percent versus the three months ended June 30, 2009.
  • Total assets declined to $4.0 billion as of June 30, 2010, versus $5.2 billion on June 30, 2009.
  • Bank Capital Ratios improved and liquidity remained strong.

Provisions for Loan Losses and Net Charge Offs Improved

Provisions for loan losses during the quarter declined to $8.9 million, from $20.2 million in the previous quarter, and from $70.4 million for the three months ended June 30, 2009. "Our efforts to aggressively address problem loan situations over the past year are beginning to reflect positively in our financial results," said Chris Bauer, President and Chief Executive Officer of Anchor BanCorp Wisconsin, Inc.

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