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Anchor BanCorp Wisconsin Inc. Announces Third Quarter Results

Credit Quality

    December 31, 2012
(Dollars in thousands) Dec. 31, Sep. 30, Dec. 31, Increase (dec.) vs.
  2012 2012 2011 9/30/12 12/31/11
Quarterly Financial Results          
Provision for credit losses  $ 4,660  $ 5,351  $ 8,380  $ (691)  $ (3,720)
Net charge-offs  11,750  14,827  15,848  (3,077)  (4,098)
Key Metrics (at period end)          
Loans 30 to 89 days past due  31,633  29,354  46,655  2,279  (15,022)
Non-performing loans (NPL)  146,355  156,543  261,152  (10,188)  (114,797)
Other real estate owned  90,000  94,918  86,925  (4,918)  3,075
Non-performing assets  236,355  251,461  348,077  (15,106)  (111,722)
Allowance for loan losses to NPL 57.23% 57.93% 50.13% -0.70% 7.10%

Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due rising modestly to $31.6 million as of December 31, 2012 from $29.4 million at September 30, 2012 but falling sharply compared to $46.7 million at December 31, 2011. Non-performing loans of $146.4 million at December 31, 2012 were lower than the preceding quarter and the year ago quarter, decreasing $10.2 million and $114.8 million, respectively. The impact of these trends contributed significantly to the lower provision for credit losses in the current quarter. Despite the decrease in provision for credit losses in the current quarter compared to the prior year quarter, the allowance for loan loss at 57.23 percent of non-performing loans at December 31, 2012 was nearly flat compared to 57.93 percent at September 30, 2012. Running somewhat counter to these favorable variances, other real estate owned decreased during the quarter to $90.0 million, but was up $3.1 million from a year ago reflecting the somewhat irregular financial statement impact of the resolution process for non-performing loans.

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