This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,067.36 -307.40 -1.88%
S&P 500 1,917.91 -33.22 -1.70%
NASDAQ 4,674.5570 -58.94 -1.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs