Anchor BanCorp Wisconsin Inc. Announces Third Quarter Results
MADISON, Wis., Feb. 7, 2011 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) (ABCW, or the Corporation) today announced a net loss available to common equity of $14.0 million, or $0.66 per common share, for the three months ended December 31, 2010. This compares to a net loss of $13.4 million, or $0.63 per common share, for the same time period in 2009. For the nine months ended December 31, 2010, net loss available to common equity was $30.7 million, or $1.45 per common share, compared to a net loss of $160.1 million for the nine months ending December 31, 2009, or $7.56 per common share.
"Management has proactively continued to address both problem credits and the effect of the protracted recessionary impact in its key markets and on its customers," said Chris Bauer, President and Chief Executive Officer of the Bank and the Corporation. The Corporation's provision for credit losses continues to be a significant contributor to net losses in 2010. Results for the three months ended December 31, 2010, were adversely impacted by a provision for credit losses of $21.4 million, $11.0 million higher than the comparable period in 2009. For the nine months ended December 31, 2010, however, the provision was $41.0 million, significantly lower than the prior year expense of $141.8 million for the same period.
During 2010, management has been executing a strategy to improve the operating performance of the Bank, while in parallel seeking outside sources of capital. This plan included a strategic business review of its core businesses, branch footprint and supporting operations. As a result, the Bank has been able to decrease the size of its balance sheet, increase net interest income, decrease operating expenses and strengthen its capital base. Since March 31, 2010, the Corporation's asset base declined by 18.9 percent while net interest income improved by 19.2 percent for the three months ended December 31, 2010, as compared to the three months ended March 31, 2010. This asset reduction, combined with a 33.6 percent decline in non-interest expenses, enabled the Bank to improve its total risk-based capital ratio from 7.32 percent to 8.37 percent during that same time period.
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