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Anchor BanCorp Wisconsin Inc. Announces Third Quarter Results

Stocks in this article: ABCW

MADISON, Wis., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) today announced a net loss available to common equity of $15.1 million, or $0.71 per common share, for the three months ended December 31, 2012. This compares to a net loss available to common equity of $12.1 million, or $0.57 per common share and $15.3 million, or $0.72 per common share, for the three months ended September 30, 2012 and December 31, 2011, respectively.

Financial Highlights

  • AnchorBank, fsb (the "Bank) remains adequately capitalized 1 for the tenth consecutive quarter.
  • Tier 1 leverage and total risk-based capital ratios of 4.84 percent and 9.33 percent increased 21 and 27 basis points, respectively, during the quarter and 73 and 126 basis points, respectively, over the past twelve months.
  • Total assets fell during the past nine months, decreasing by $377.1 million or 13.5 percent to $2.4 billion at December 31, 2012.
  • Non-performing loans decreased 34.9 percent to $146.4 million at December 31, 2012 from $224.9 million at March 31, 2012 and $261.2 million at December 31, 2011.
  • Net charge-offs decreased by $3.1 million in the current quarter to $11.7 million from $14.8 million in the quarter ending September 30, 2012.
  • Gross return on mortgage banking totaled $7.8 million in the current quarter, an increase of $3.3 million, or 73.3 percent, from $4.5 million in the preceding quarter; and $2.3 million higher than the $5.5 million reported in the same period a year ago.
  • Cost of funds declined 10 basis points to 1.39 percent in the quarter ending December 31, 2012 compared to 1.49 percent in the preceding quarter, and declined 42 basis points compared to 1.81 percent in the year ago quarter as the Bank continued to judiciously manage deposit pricing.
  • Deposit mix improved as lower cost checking, savings, money market and escrow funds represent 64.7 percent of total deposits at December 31, 2012, up from 62.5 percent at September 30, 2012 and 57.2 percent at March 31, 2012.
  • FHLB advances totaling $150.0 million, with a weighted average floating rate of 1.41 percent, scheduled to mature in January 2015, were prepaid in December 2012 triggering an early termination penalty of $3.5 million.

1 Under standard regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.

Bank Capital Ratios

    December 31, 2012
  Dec. 31, Sep. 30, Dec. 31, Increase (dec.) vs.
(Dollars in thousands) 2012 2012 2011 9/30/12 12/31/11
Tier 1 capital  $ 116,846  $ 123,485  $ 125,811  $ (6,639)  $ (8,965)
Adjusted total assets  2,414,344  2,667,036  3,064,805  (252,692)  (650,461)
Tier 1 leverage ratio 4.84% 4.63% 4.11% 0.21% 0.73%
Total risk-based capital  $ 135,880  $ 144,284  $ 150,518  $ (8,404)  $ (14,638)
Risk-weighted assets  1,455,890  1,592,099  1,864,639  (136,209)  (408,749)
Total risk-based capital ratio 9.33% 9.06% 8.07% 0.27% 1.26%
Ref: Bank quarterly net income (loss)  $ (6,668)  $ (3,710)  $ (6,525)  $ (2,958)  $ (143)

The Bank's tier 1 leverage and total risk-based capital ratios of 4.84 percent and 9.33 percent at December 31, 2012, increased by 21 and 27 basis points, respectively, compared to September 30, 2012. The ratios benefited from a planned decrease in adjusted total assets, primarily loans held for investment, and risk-weighted assets during the quarter. Risk-weighted assets of $1.5 billion at December 31, 2012 decreased $136.2 million during the quarter reflecting a $143.5 million decrease in 100 percent risk-weighted loans at quarter end.

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