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

Mortgage Banking

  For the Quarter Ending: December 31, 2012
(In thousands) Dec. 31, Sep. 30, Dec. 31, Increase (dec.) vs.
  2012 2012 2011 9/30/12 12/31/11
           
Loan servicing income (loss), net  $ (951)  $ (590)  $ (1,555)  $ (361)  $ 604
Gain on sale of mortgages  7,153  7,176  6,040  (23)  1,113
OMSR (impairment) / recovery  1,570  (2,100)  985  3,670  585
Residential mortgage banking gross returns  $ 7,772  $ 4,486  $ 5,470  $ 3,286  $ 2,302
           
Key Metrics          
Origination volume (closed loans)  $ 283,300  $ 285,800  $ 412,800  $ (2,500)  $(129,500)
Serviced loan portfolio 2,974,000 3,034,000 3,170,000  (60,000)  (196,000)

Gross returns on residential mortgage banking totaled $7.8 million for the quarter ending December 31, 2012 compared to $4.5 million in the preceding quarter and $5.5 million in the year ago quarter. Higher returns in the quarter ending December 31, 2012 were largely due to an increase in gain on sale of mortgages over the comparable year ago period, reflecting wider margins on the sale of production into the secondary market and the execution of effective hedging strategies. OMSR (impairment) / recovery quarterly results are highly sensitive to changes in mortgage market interest rates as the current quarter reflects a 13 basis point increase in the 10-year Treasury rate. Loan servicing results also reflect the impact of rising interest rates as OMSR amortization expense decreased compared to the year ago period. Residential mortgage origination volume fell to $283.3 million in the current quarter compared to $285.8 million in the preceding quarter and $412.8 million in the year ago quarter as the uptick in interest rates has served to cool industry-wide customer demand for this product.

4 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs