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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Anchor BanCorp Wisconsin Inc. Announces Third Quarter Results

About Anchor BanCorp Wisconsin Inc.

Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW. AnchorBank, fsb (the "Bank"), the wholly owned subsidiary, has 55 offices. All are located in Wisconsin.

Forward-Looking Statements

This news release contains certain forward-looking statements, as that term is defined in the U.S. federal securities laws. In the normal course of business, we, in an effort to help keep our shareholders and the public informed about our operations, may from time to time issue or make certain statements, either in writing or orally, that are or contain forward-looking statements. Generally, these statements relate to business plans or strategies, projected or anticipated benefits from acquisitions or dispositions made by or to be made by us, projections involving anticipated revenues, earnings, liquidity, profitability or other aspects of operating results or other future developments in our affairs or the industry in which we conduct business. Although we believe that the anticipated results or other expectations reflected in our forward-looking statements are based on reasonable assumptions, we can give no assurance that those results or expectations will be attained. You should not put undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to update them in light of new information or future events, except to the extent required by federal securities laws. Please refer to our Annual Report for the fiscal year ending March 31, 2012 on Form 10-K, as filed with the Securities and Exchange Commission, for a more comprehensive discussion of forward-looking statements and the risks and uncertainties associated with our business.

 ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
(Unaudited)
     
  December 31, March 31,
  2012 2012
  (In thousands, except share data)
Assets    
Cash and cash equivalents  $ 191,280  $ 242,980
Investment securities available for sale, at fair value  261,487  242,299
Investment securities held to maturity, at amortized cost  --  20
Loans    
Held for sale  31,483  39,332
Held for investment, net  1,738,242  2,057,744
Other real estate owned, net  90,000  88,841
Premises and equipment, net  25,038  25,453
Federal Home Loan Bank stock---at cost  25,630  35,792
Mortgage servicing rights, net  19,746  22,156
Accrued interest receivable  10,324  12,075
Other assets  19,149  22,760
Total assets  $ 2,412,379  $ 2,789,452
     
Liabilities and Stockholders' Deficit    
Deposits    
Non-interest bearing  $ 261,685  $ 264,700
Interest bearing  1,793,364  2,000,201
Total deposits  2,055,049  2,264,901
Other borrowed funds  317,102  476,103
Accrued interest and fees payable  56,821  43,327
Accrued taxes, insurance and employee related expenses  7,505  6,385
Other liabilities  22,524  28,286
Total liabilities  2,459,001  2,819,002
     
Preferred stock, $0.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $23,683 at December 31, 2012 and $18,785 at March 31, 2012  101,990  96,421
Common stock, $0.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued at December 31, 2012 and March 31, 2012  2,536  2,536
Additional paid-in capital  110,034  110,402
Retained deficit  (173,234)  (147,513)
Accumulated other comprehensive income  2,801  132
Treasury stock (4,116,114 shares at December 31, 2012 and 4,115,614 shares at March 31, 2012), at cost  (89,848)  (90,259)
Deferred compensation obligation  (901)  (1,269)
Total stockholders' deficit  (46,622)  (29,550)
Total liabilities and stockholders' deficit  $ 2,412,379  $ 2,789,452
     
         
 ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
         
  Three Months Ended Nine Months Ended
  December 31, December 31,
  2012 2011 2012 2011
Interest income (In thousands, except per share data)
Loans  $ 22,545  $ 28,324  $ 72,147  $ 90,370
Investment securities and Federal Home Loan Bank stock  1,394  1,395  4,478  8,311
Interest-earning deposits  191  257  541  407
Total interest income  24,130  29,976  77,166  99,088
Interest expense        
Deposits  2,067  6,047  8,614  20,093
Other borrowed funds  6,858  7,915  20,889  22,961
Total interest expense  8,925  13,962  29,503  43,054
Net interest income  15,205  16,014  47,663  56,034
Provision for credit losses  4,660  8,380  8,295  28,977
Net interest income after provision for credit losses  10,545  7,634  39,368  27,057
Non-interest income        
Net impairment losses on securities recognized in earnings  (115)  (156)  (325)  (337)
Loan servicing income (loss), net of amortization  (951)  (1,555)  (1,947)  (260)
Service charges on deposits  2,691  2,746  8,066  8,100
Investment and insurance commissions  952  910  2,942  2,864
Net gain on sale of loans  7,153  6,040  20,165  11,243
Net gain (loss) on sale and call of investment securities  (120)  20  (47)  6,362
Net gain on sale of OREO  767  1,273  5,539  4,177
Other income  1,467  1,490  4,005  4,135
Total non-interest income  11,844  10,768  38,398  36,284
Non-interest expense        
Compensation and benefits  10,088  10,678  30,594  30,504
Occupancy  2,060  2,070  5,822  5,975
Furniture and equipment  943  1,396  3,801  4,388
Federal deposit insurance premiums  1,442  1,828  4,567  5,535
Data processing  1,337  1,665  4,361  4,656
Communications  456  481  1,428  1,511
Marketing   226  149  839  883
OREO expense, net  10,190  7,451  25,312  22,051
Mortgage servicing rights impairment (recovery)  (1,570)  (985)  1,787  4,305
Legal services  1,143  1,403  4,156  3,684
Other professional fees  479  1,052  1,687  2,826
Insurance  447  420  1,238  1,158
Debt prepayment penalty  3,549  --  3,549  --
Other expense  3,231  2,663  8,958  8,640
Total non-interest expense  34,021  30,271  98,099  96,116
Loss before income taxes  (11,632)  (11,869)  (20,333)  (32,775)
Income tax expense (benefit)  10  --  (181)  10
Net loss  (11,642)  (11,869)  (20,152)  (32,785)
Preferred stock dividends in arrears  (1,654)  (1,572)  (4,898)  (4,687)
Preferred stock discount accretion  (1,853)  (1,853)  (5,569)  (5,569)
Net loss available to common equity   $ (15,149)  $ (15,294)  $ (30,619)  $ (43,041)
         
Net loss  $ (11,642)  $ (11,869)  $ (20,152)  $ (32,785)
Reclassification adjustment for realized net gains recognized in income  120  (20)  47  (6,362)
Reclassification adjustment for credit related other-than-temporary impairment, net  115  156  325  337
Change in net unrealized gains (losses) on available-for-sale securities  413  (460)  2,297  26,379
Comprehensive loss  $ (10,994)  $ (12,193)  $ (17,483)  $ (12,431)
         
Loss per common share:         
Basic  $ (0.71)  $ (0.72)  $ (1.44)  $ (2.03)
Diluted  (0.71)  (0.72)  (1.44)  (2.03)
CONTACT: Emily Campbell, VP - Marketing & Communications
         (608) 252-1436

5 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,054.83 +111.02 0.66%
S&P 500 1,973.83 +6.26 0.32%
NASDAQ 4,440.8060 +25.3160 0.57%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs