Anchor BanCorp Wisconsin Inc. Announces Third Quarter Results
|For the Quarter Ending:||December 31, 2012|
|(In thousands)||Dec. 31,||Sep. 30,||Dec. 31,||Increase (dec.) vs.|
|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|
|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.
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