Anchor BanCorp Wisconsin Inc. Announces Second Quarter Results
MADISON, Wis., Nov. 5, 2010 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) (or the Corporation) today announced a net loss of $1.2 million, or $0.05 per common share, for the three months ended September 30, 2010. This compares to a net loss of $15.5 million for the previous quarter ended June 30, 2010. The results include $2.4 million in dividends accrued and discount accreted on the Corporation's Senior Preferred Stock owned by the U.S. Treasury under the Capital Purchase Program. Consolidated results primarily reflect the accounts and results of operations of AnchorBank fsb (the Bank), the Corporation's primary operating subsidiary.
Key Second Quarter Results
- Total Risk-Based Capital Ratio for the Bank improved to 8.14 percent, up from 7.63 percent at the end of the previous quarter. Under OTS (Office of Thrift Supervision) requirements, a bank is considered to be "adequately capitalized" if it has a risk-based capital level of 8.0 percent or greater.
- Net of charges related to the Corporation's participation in the Capital Purchase Program, AnchorBanCorp Wisconsin, Inc. generated net income of $1.2 million.
- Credit quality improved with declines in provisions for credit losses, early stage delinquencies and non-performing assets.
- Total interest expense declined 41.2 percent to $21.4 million compared to $36.4 million for the quarter ended September 30, 2009.
- Non-interest expense for the three months ended September 30, 2010, declined 22.7 percent to $34.1 million compared to the three months ended September 30, 2009.
- Total assets declined to $3.8 billion as of September 30, 2010, compared to $4.6 billion on September 30, 2009 primarily as a result of the sale of 15 branches of the Bank and a portion of the Bank's student loan portfolio during the first two quarters of the fiscal year.
Company Generates $1.2 Million in Net Income On An Operating BasisPrior to the $2.4 million dividends accrual and discount accretion related to the Corporation's participation in the U.S. Treasury's Capital Purchase Program, on a consolidated basis the Corporation generated net income of $1.2 million, versus a $75.1 million loss on the same basis for the same period last year.
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