Anchor BanCorp Wisconsin Inc. Announces First Quarter Results

MADISON, Wis., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (OTC Market: ABCW.PK) today announced a net loss available to common equity of $3.4 million, or $0.16 per common share, for the three months ended June 30, 2012. This compares to a net loss available to common equity of $7.4 million, or $0.35 per common share and $8.2 million, or $0.38 per common share, for the three months ended March 31, 2012 and June 30, 2011, respectively.

Financial Highlights
  • AnchorBank fsb (the "Bank) remains adequately capitalized for the eighth consecutive quarter.
  • Net loss available to common equity decreased $4.0 million or 53.7 percent in the first quarter of fiscal 2013 compared to the preceding quarter ending March 31, 2012 and $4.7 million or 58.1 percent compared to the year ago quarter ending June 30, 2011.
  • Non-performing loans decreased to $189.0 million at June 30, 2012 from $224.9 million in the preceding quarter.
  • Net charge-offs also decreased, by $16.4 million or 67.4 percent, in the current quarter to $7.9 million from $24.3 million in the quarter ending March 31, 2012. Quarterly net charge-offs were below $10.0 million for the first time since the quarter ending March 31, 2010.
  • Gross return on mortgage banking totaled $4.2 million in the current quarter, a decrease of $3.6 million, or 46.5 percent from $7.8 million in the preceding quarter; but an increase of $2.4 million over the same period a year ago.
  • Total assets were essentially flat, decreasing by $5.4 million or 0.2 percent during the quarter to $2.8 billion at June 30, 2012.
  • Cost of funds declined to 1.56 percent in the quarter ending June 30, 2012 compared to 1.78 percent in the year ago quarter as the Bank aggressively managed deposit pricing.
  • Service charges on deposits improved to $2.9 million in the current quarter, up 7.3 percent and 2.6 percent over the preceding and prior year quarters, respectively.
  • Investment and insurance commissions increased 9.3 percent in the current quarter to $1.0 million compared to the quarter ending March 31, 2012.  This is the third time in the past three years that commission income has exceeded the million dollar threshold.

Bank Capital Ratios
    June 30, 2012
  June 30, March 31, June 30, Increase (decrease) vs.
(Dollars in thousands) 2012 2012 2011 3/31/12 6/30/11
           
Tier 1 capital $127,026 $125,894 $144,384 $1,132 ($17,358)
Adjusted total assets  2,783,319  2,792,122  3,255,388  (8,803)  (472,069)
Tier 1 leverage ratio 4.56% 4.51% 4.44% 0.05% 0.12%
           
Total risk-based capital $148,738 $149,141 $171,563 ($403) ($22,825)
Risk weighted assets  1,656,451  1,771,260  2,062,719  (114,809)  (406,268)
Total risk-based capital ratio 8.98% 8.42% 8.32% 0.56% 0.66%
           
Memo: Bank quarterly net income  $913 ($144) ($1,067) $1,057 $1,980

The Bank's tier 1 leverage and total risk-based capital ratios of 4.56 percent and 8.98 percent at June 30, 2012, increased by 5 and 56 basis points, respectively, compared to March 31, 2012. The ratios benefitted from a planned decrease in assets (adjusted total assets and risk weighted assets), and the favorable impact on tier 1 capital and risk-based capital of the net income reported in the current quarter compared to net losses in the past several quarters. Risk weighted assets of $1.7 billion at June 30, 2012 decreased $115.5 million during the quarter due in part to a $115.6 million increase in zero percent risk weighted assets as the Bank has accumulated additional liquidity in the form of  cash and cash equivalents on its balance sheet.  

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