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New capital for Anchor BanCorp Wisconsin
Updated 12:26 pm, Tuesday, August 13, 2013
MADISON, Wis. (AP) — A group of investors has agreed to recapitalize the struggling Anchor BanCorp Wisconsin, breathing new life into a company that hasn't posted a profit in the last five fiscal years.
Institutional and private investors from across the country have agreed to provide $175 million in new capital for Anchor BanCorp, the parent of the nearly century-old AnchorBank of Madison.
Anchor BanCorp, in turn, has filed for Chapter 11 reorganization in the Western District of U.S. Bankruptcy Court and will pay its major creditors much less than they are owed.
The holding company owes $183 million to a group of lenders led by U.S. Bank and $139 million to the U.S. Treasury from funds it obtained in 2009 through the Troubled Asset Relief Program, or TARP.
If the bankruptcy judge and the Federal Reserve Bank agree, Anchor will pay the U.S. Bank group $49 million to settle its debt and will give the Treasury Department 3.3 percent of the stock in the reorganized company, valued at about $6 million.
The reorganization and new capital will give the bank the opportunity to become a significant lender once again, said bank president Chris Bauer.
"At the end of the day, the bank will have been saved, it will save 700 jobs, and will allow us to pump a lot of new capital into the economy here," Bauer said.
Bauer stressed that AnchorBank isn't filing for Chapter 11 under the federal bankruptcy law, just the parent company. The bank will continue operating as normal, he said.
Anchor was founded in 1919 and fell into financial trouble about five years ago due to commercial loans that soured as the economy tanked.
The current Anchor BanCorp shareholders, whose investments actually diminished years ago, end up with nothing. Their shares will be eliminated as part of the restructuring.
Anchor will register to resume public trading with new shares when it emerges from bankruptcy, which could take an additional 90 days to complete, Bauer said.
Anyone looking think this will dead cat bounce after such a steep drop or does it have further to drop
I'm wondering why people are still buying a soon-be-canceled stock at ridiculous higher MV? We should see 0.0025 very soon as gaxc did after the CH11 filing!
Ive never owned shares in ABCW but why would you be glad??
It will be worthless persuant to the reorganization which wont happen for at least another 45 days.
Ha ha ha I'm glad!
I hope those that invested in ABCW do not have that much invested and can sell their shares this morning. I avoid banks that are not well capitalized when I purchase low price bank stocks.
The current common stock is now worthless
Pursuant to the plan of reorganization, the Holding Company will discharge its senior secured credit facility with approximately $183 million in outstanding obligations for a cash payment of $49 million. In addition, the Holding Company's TARP preferred securities with an aggregate liquidation preference and deferred dividends of approximately $139 million will be cancelled in exchange for new common equity that will represent approximately 3.3% of the pro forma equity of the reorganized Holding Company. The new equity investors will represent in the aggregate approximately 96.7% of the pro forma equity of the reorganized Holding Company. The shares of common stock of the Holding Company currently outstanding will be cancelled for no consideration pursuant to the plan of reorganization.
Anchor BanCorp Announces Recapitalization
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Anchor Bancorp Wisconsin Inc. (QB) (USOTC:ABCW)
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Today : Tuesday 13 August 2013
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Files for "Pre-packaged" Chapter 11 Reorganization
100% of Necessary Equity Financing Already Committed
Requisite Creditor Consents Already Obtained
Filing Does Not Include Anchorbank, fsb, and Bank Operations Remain Unaffected
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) ("Anchor BanCorp" or the "Holding Company") today announced that the Holding Company has entered into definitive stock purchase agreements with a number of institutional and other private investors as part of a $175 million recapitalization of the institution. No new investor will own in excess of 9.9% of the common equity of the recapitalized Holding Company.
At the same time, in order to facilitate the recapitalization, the Holding Company announced that it has filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Wisconsin to implement a "pre-packaged" plan of reorganization to restructure the Holding Company and recapitalize its wholly-owned subsidiary, AnchorBank, fsb ("AnchorBank" or the "Bank").
The plan has already received the consent of the Holding Company creditors necessary for approval of the plan, and has also received the consent of the Holding Company's sole preferred stockholder, the United States Department of the Treasury. As described above, Anchor BanCorp has already entered into binding subscriptions for $175 million in new common equity, which represents all the necessary equity financing to implement the plan and emerge as a recapitalized institution.
The Reorganization filing includes only Anchor BanCorp, the Holding Company for the Bank, allowing the Bank to remain outside of bankruptcy and to continue normal operations. The Bank operates 55 offices throughout Wisconsin. Operations at the Bank will continue as usual throughout the reorganization process.
"It is important for our customers, employees and the community to know that AnchorBank, which operates separately from the Holding Company, is not a part of the Chapter 11 process. The Chapter 11 filing includes only the Holding Company and does not affect AnchorBank, its people, or its services," said Chris Bauer, AnchorBank President & CEO. "It will be business as usual at the Bank. Our customers will continue to work with the same employees, our leadership team remains in place, committed to AnchorBank and its success, and all customer deposits remain safe and insured to the fullest extent possible by the FDIC. As such, there will be no interruption of AnchorBank services and customer programs, and there will be no changes in employment or leadership within the Bank."
Pursuant to the plan of reorganization, the Holding Company will discharge its senior secured credit facility with approximately $183 million in outstanding obligations for a cash payment of $49 million. In addition, the Holding Company's TARP preferred securities with an aggregate liquidation preference and deferred dividends of approximately $139 million will be cancelled in exchange for new common equity that will represent approximately 3.3% of the pro forma equity of the reorganized Holding Company. The new equity investors will represent in the aggregate approximately 96.7% of the pro forma equity of the reorganized Holding Company. The shares of common stock of the Holding Company currently outstanding will be cancelled for no consideration pursuant to the plan of reorganization.
Consummation of the foregoing reorganization and recapitalization is subject to certain conditions, including bankruptcy court approval of the plan of reorganization, receipt of all required regulatory approvals and closing of the capital raise, including satisfaction of the conditions contained in the subscription agreements for the new common equity. As noted above, subscription agreements have already been executed with respect to the entire $175 million common equity raise. Subject to the foregoing conditions, the reorganization process is expected to be completed within 45-90 days.
Mr. Bauer continued: "This is an important and necessary step in the transformation and turnaround of the Bank. Upon completion of this transaction, AnchorBank will have capital in excess of levels required by our regulators. This will position the Bank for a return to profitability and growth."
The securities to be issued in the recapitalization transaction will not be registered under the Securities Act of 1933, as amended, or the securities laws of any state and may not be transferred, sold or otherwise disposed of except while a registration statement relating thereto is in effect under such Act and applicable state securities laws or pursuant to an exemption from registration under such Act or such laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 wholly owned subsidiary, has 55 offices. All are located in Wisconsin.
Forward-Looking Statements
While big banks like J.P. Morgan Chase (JPM) and Citigroup (C) couldn’t return their TARP funds fast enough, dozens of publicly-traded lenders and thrifts are still sitting on nearly $5 billion in bailout cash some four years after the Great Recession ended.
These TARP holdouts include medium-sized institutions like $2.3 billion Synovus Financial (SNV) and Puerto Rican lender Popular (BPOP), as well as much smaller lenders such as Atlantic Bancshares, which is on the hook for just $2 million.
Banks that have been unable or unwilling to escape TARP now run the risk of being hit by a looming spike in dividend rates at the five-year anniversary of entering the government program as well as being stigmatized by customers and counterparties alike.
“If after four years they still haven’t repaid their money, that is a sign of an inherent weakness,” said Anthony Michael Sabino, a professor at St. John’s University. “Maybe it’s time to urge those banks to seek out a merger partner.”
According to SNL Financial, there are 75 publicly-traded banks and thrifts that remain in the TARP program, which was hastily cobbled together by the U.S. in the fall of 2008 following the implosion of investment bank Lehman Brothers. A recent report by the Treasury Department lists $4.68 billion in outstanding TARP payments as of June 30.
Virtually all of the biggest financial institutions, from Bank of America (BAC) and Goldman Sachs (GS) to Wells Fargo (WFC), have repaid their bailouts, with interest and dividends.
But some regional lenders, many of which struggled during the downturn more than their big-bank cousins, remain on the TARP list, raising questions about their overall health.
“A lot of the banks that have the ability to repay have probably done so,” said Andrew Wolcott, an analyst at SNL Financial.
Still on the Hook
Synovus, which is headquartered in Columbus, Ga., has not yet repaid the $967.9 million in TARP funds it received. A spokesman reiterated that Synovus expects to repay the money during the third quarter.
San Juan, Puerto Rico-based First BanCorp (FBP) owes $222.7 million of the original $400 million the U.S. provided.
John Pelling III, an investor relations officer at First BanCorp, referred questions about a TARP exit to the Treasury Department because the U.S. converted its preferred shares in the lender into common stock during a recapitalization. "We cannot control when they decide to sell their common shares -- only they can," he said.
A spokesman from the Treasury Department declined to comment, but pointed to comments made last week by Timothy Massad, Treasury's assistant secretary for financial stability.
"Our economy is in a stronger position because of our efforts, and we will continue to wind down the remaining CPP investments in a way that helps support community banks and protects taxpayer interests," Massad said.
Other public TARP holders include Bluffton, S.C.-based Atlantic Bancshares, El Monte, Calif.-based Cathay General Bancorp (CATY), which owes $129 million, and Anchor BanCorp Wisconsin (ABCW), which is also undergoing a recapitalization.
None of those lenders responded to a request for comment.
A spokesman from Popular, which is still on the hook for $935 million, declined to talk about TARP repayment because the lender is in the midst of a "quiet period" ahead of its earnings report on Thursday. However, the representative said the bailout repayment is likely to be a topic of conversation during the earnings call.
Some have criticized the Treasury Department for not concentrating enough on TARP now that the big banks have exited the program.
“Most of Treasury’s attention under TARP has focused on the bailout of and repayment of TARP funds by the largest banks and AIG, while notably less attention has been paid to the plight of smaller TARP banks and to TARP housing programs," said a spokesperson at the Office of the Special Inspector General for the TARP program.
Looming Rate Hike
In recent months, a number of lenders have either repaid their TARP funds or enacted plans to do so.
That’s at least partially because the dividend payments on preferred stock that banks are required to pay the U.S. are scheduled to soar from 5% to 9% at the fifth anniversary of their participation in TARP.
“It hops up and that creates an incentive for them to get out. You really don’t want to be paying that higher dividend,” said Ernie Patrikis, a partner at White & Case who previously served as general counsel of the New York Fed.
For some early TARP recipients, that deadline is quickly approaching.
For example, both 1st Financial Services, the bank holding company for Mountain 1st Bank & Trust Company, and Los Angeles-based Broadway Financial Corp. (BYFC) would see their dividend rates jump in November.
“A lot of people are trying to rush before that happens because that’s a pretty big jump in cost of capital,” said Wolcott.
Neither bank responded to a request for comment, but Wayne Bradshaw, CEO of Broadway Financial, recently told SNL his thrift is putting the finishing touches on a recapitalization.
“We're trying to put the bank in a better position to move forward as an institution, and in that process the TARP debt and everything else in the capital structure would be addressed," he said.
Moral Hazard Concerns Linger
While some banks scramble to repay TARP before their five-year anniversary, others simply may not be healthy enough to do so.
“I think the Federal Reserve and the Office of the Comptroller of the Currency have to exert a little pressure,” said Sabino. “A bank that hasn’t yet repaid its TARP money has its own internal problems that might only be solved by agreeing to merge with a stronger rival."
Despite the bailout cash still owed by some lenders, the U.S. has managed to turn a profit on the banking portion of TARP.
“The Treasury has made a pile of money. This is just the tail wagging the dog. These things will work out one way or another over time,” said Patrikis.
According to the Treasury Department, $271 billion has been recovered from TARP’s banking programs through repayments, dividends, interest and other income, compared with $245 billion originally invested in these companies.
TARP “worked,” Treasury said in its monthly report to Congress. “It helped stop widespread financial panic, it helped prevent what could have been a devastating collapse of our financial system, and it did so at a cost that is far less than what most people expected at the time the law was passed.”
Others are more concerned about the less-quantifiable costs of TARP, such as moral hazard.
“Banks screwed up royally and the government bailed them out,” said Sabino. “That’s the wrong message to send and that message is still resonating throughout the banking community. It sets the stage for repetition.”
Read more: http://www.foxbusiness.com/industries/2013/07/15/banking-crisis-is-over-but-tarp-bailout-is-still-alive-and-kicking/#ixzz2aZFYOVMA
Triggering Events That Accelerate or Increase a Direct Financial Obl
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement
Anchor BanCorp Wisconsin Inc. (the "Company") is a party to the Amended and Restated Credit Agreement, dated as of June 9, 2008 (as amended from time to time, the "Credit Agreement"), among the Company, the lenders from time to time a party thereto (the "Lenders"), and U.S. Bank National Association, as administrative agent for the Lenders (the "Agent"). As of March 31, 2013, the total revolving loan commitment under the Credit Agreement was $116.3 million and aggregate borrowings under the Credit Agreement were $116.3 million plus accrued interest and amendment fees payable of $53.3 million and $6.9 million, respectively. The Credit Agreement provides that the Company's obligations under the Credit Agreement become due and payable in full on the maturity date of June 30, 2013, and failure to make such payments on such maturity date constitutes an event of default under the Credit Agreement.
The Company has been exploring and is continuing to explore alternatives to address its capital needs, and has been engaged in ongoing discussions with the Lenders related to such alternatives. In connection therewith, the Company has entered into extensions of the maturity date and other amendments to the Credit Agreement with the Lenders on a recurring basis. The Company and the Lenders were prepared to enter into a further extension of the maturity date and related amendments under the Credit Agreement as of June 30, 2013.
Under the Order to Cease and Desist between the Company and the Office of Thrift Supervision, dated June 26, 2009, the Company may not incur, issue, renew, or rollover any debt, increase any current lines of credit, or guarantee the debt of any entity, without prior written notice to and written approval from the Federal Reserve System, which is the successor regulator to the Office of Thrift Supervision. On July 2, 2013, the Federal Reserve System informed the Company that it is not, at the current time, prepared to approve the further extension of the maturity date and related amendments under the Credit Agreement proposed by the Company.
The Company does not currently have the ability to satisfy its payment obligations under the Credit Agreement. Under the Credit Agreement, upon the occurrence of a payment default, (i) each Lender may at any time immediately terminate its revolving loan commitment, set off, and/or take such other steps to protect or preserve such Lender's interest in any collateral, and (ii) the Agent may, at the request of Lenders holding at least 66.67% of the unpaid principal balance, terminate the revolving loan commitment of each Lender, declare the unpaid principal balance, together with the interest accrued thereon and other amounts accrued to be immediately due and payable, and exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Credit Agreement and the other loan documents. Furthermore, from and after the maturity date, the unpaid principal balance under the Credit Agreement shall bear an additional 2.00% annual interest rate in addition to the base interest rate under the Credit Agreement (the "Default Rate"). The Default Rate is currently 17.00% per annum.
As of the date hereof, the Company has not received any notice from the Agent or the Lenders that they intend to exercise any remedies under the Loan Agreement in connection with the event of default described above. The Company intends to continue to pursue all alternatives to address its capital needs, although there can be no assurance that any such alternative will be consummated.
Its cool no worries
Ok, I'm sorry and I don't know shit and I was drunk!
http://host.madison.com/business/regulators-refuse-to-extend-loan-for-anchorbank-s-parent-company/article_d8d225fc-18b7-53b4-a61e-ab56a775ff7e.html I don't know how to make this so it can be clicked on. Sorry, limited computer skills. This is the other article I was referring to.
Just so we're all singin' from the same sheet of music...here's the article & link.
Regulators deny loan extension to Anchor BanCorp
Anchor owes $116.3 million, plus $60 million in interest and fees, to group led by U.S. Bank
July 5, 2013
Regulators won't let Anchor BanCorp Wisconsin Inc. receive another extension on a $116.3 million credit agreement from a group of lenders led by U.S. Bank, putting more financial pressure on the already troubled bank.
Although regulators have allowed Madison-based Anchor to extend the maturity date six times so far, the Federal Reserve hasn't approved the latest plan, Anchor disclosed Friday. The loan matured June 30.
"Frankly, it was a surprise and a disappointment," said Chris Bauer, chief executive of Anchor. "The key thing is that the bank group, led by U.S Bank, have all agreed, along with our board, to an extension."
The Fed holds sway over borrowing decisions at Anchor BanCorp by virtue of a special order it issued to the bank back in 2009 when loan defaults got the company in trouble. Regulators offered no explanation for denying the extension other than to say Anchor was unable to make the payments, Bauer said.
A spokeswoman for the Federal Reserve Bank of Chicago said Friday the regulator typically doesn't comment on individual banks.
"We can't speculate on what they think as they go through their process, but there are no other orders, no other deadlines that come along with this non-approval," said Bauer, a former Firstar Bank executive who was brought in four years ago to help Anchor recover.
U.S. Bank had no comment Friday afternoon.
Jon C. Bruss, chief executive of Fortress Partners Capital Management Ltd. in Hartland, noted that Anchor's document disclosing the issue states the Fed "is not, at the current time, prepared to approve the further extension" of the credit agreement. That might mean approval still is possible, he said.
But he was puzzled by the Fed's decision, because it technically forces the bank into default.
Anchor has hired an investment bank to try to help it raise capital. Bruss said regulators generally aren't fond of private equity ownership of banks.
"What I'm thinking is they are trying to drive Anchor into the arms of another — probably publicly traded — bank," Bruss said.
In addition to $116.3 million in principal, Anchor BanCorp owes more than $60 million in interest and fees on the credit agreement that matured June 30.
Anchor BanCorp is the parent company of AnchorBank, the fourth-largest bank based in Wisconsin.
Anchor, hit hard by real estate loans that started going bad during the recession, hasn't turned a profit in its last five fiscal years. Its 2013 loss of $48.1 million, however, was its smallest during that stretch. Anchor's worst one-year loss occurred in 2009, when it lost $232.8 million.
"Quite frankly, the bank continues to improve," Bauer said, noting a large reduction in shaky loans and in foreclosed properties on its books.
"We've been making new loans," Bauer said. "In fact, in the last couple of months we've actually increased our loan portfolio."
Anchor BanCorp also still has a $110 million Troubled Asset Relief Program, or TARP, investment from U.S. Treasury and owes the government more than $25 million in unpaid dividends. It received the TARP capital in 2009 during the financial crisis.
http://www.jsonline.com/business/regulators-deny-loan-extension-to-anchor-bancorp-b9948593z1-214405161.html
====================
In some ways the bigger question I have is why did the regulators wait as long as they did? Back in 2009 , 10 & 11 regulators were shutting down banks like Anchor as a matter of routine...then in late 2011 to early 2012 they unexpectedly took a sharp turn towards leniency ...with no explanation given.
During that time many banks turned the corner and regained enough financial strength to actually become profittable again. TARP helped fill in the gap until other capital raising efforts stepped in.
Anchor seems to be lagging more than most and it looks to me like Regulators have seen enough. In 6 months the banks' TARP loan interest rate jumps to 9%... so unless they find some large investors willing to infuse a half billion or more into the bank asap..I think Anchor is a goner.
Correction. It is the Wisconsin State Journal, not Business Journal. The analyst's name is Bruss. Sorry I am unable to give a direct link.
I am sorry, I don't have a link. It was an article from The Wisconsin Business Journal. I searched for news on anchor bank and clicked the WBJ link. It was a recent article; also check journal sentinel online. Both were approx. July 6 to July 10.
Could you post the link the article you refer to
TIA
xry
Furthermore, one analyst speculated in the article that it seemed as if the feds wanted to force ABCW into the arms of a bigger bank. I thought that made sense. Why would they extend the credit 6 times in a row then suddenly not renew? ABCW seemed genuinely surprised it was not extended. Is there something in the works between the gov wanting ABCW out of their hair, US Bank looking to get assests on the cheap, and ABCW now off the cliff, kicking their legs like Wile E. Coyote, just waiting to fall?
Thanks to both of you for responding to my question. I appreciate not being left hanging.
I have been following ABCW for some time. At first, out of local interest. I live in WI, am familiar with their areas of business, and think that ABCW is a potential investment. My question just seems like its out of nowhere because nobody posts on this board.
I read that after the feds would not extend the maturity date again, even with the ok by their creditors, they would not seek to enforce the terms. Why such friendly treatment by creditors? The biggest named creditor I saw referenced was US Bank. I thought perhaps they were friendly because they were looking at acquiring Anchor.
What interests you to ask this question all of a sudden? I'm sorry I didn't get it. Ok fuck it. Let me go to the thread of this anchor bank and see why you may be interested to compose such question. Man or woman...just buy some BNCC stock and you'll be okay by the end of the year. If you don't believe this shit, go check the board. I bet you'll thank me during thanksgiving by buying me some weed gift card, if that comes out to be true.
Sure...but why US Bank specifically?
8 ~ 10 months for regulators to put their stamp of approval on an acquisition is typical.
However if the bank is seized it could have a new owner by next week.
Is there a plausible scenario where US Bank acquires ABCW? If so what sort of time frame would be needed for this to happen?
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due falling again this quarter to $24.4 million as of March 31, 2013 from $31.6 million at December 31, 2012 and $30.6 million at March 31, 2012. Non-performing loans of $118.8 million at March 31, 2013 were lower than the preceding quarter and the year ago quarter, decreasing $27.6 million and $106.1 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 67.19 percent of non-performing loans at March 31, 2013 rose sharply compared to 57.23 percent at December 31, 2012. Other real estate owned, net of valuation allowance, also decreased during the quarter to $84.3 million, falling $5.7 million during the quarter but only $4.5 million lower than a year ago reflecting the somewhat irregular financial statement impact of the resolution process for non-performing loans.
Mortgage Banking
For the Quarter Ending: March 31, 2013
----------------------------------
(In thousands) Mar. 31, Dec. 31, Mar. 31, Increase (dec.) vs.
------------------------
2013 2012 2012 12/31/12 3/31/12
---------- ---------- ---------- ----------- -----------
Loan servicing
income (loss),
net $ 55 $ (951) $ (529) $ 1,006 $ 584
Gain on sale of
mortgages 3,030 7,153 6,437 (4,123) (3,407)
OMSR
(impairment) /
recovery 2,190 1,570 1,895 620 295
---------- ---------- ---------- ----------- -----------
Residential
mortgage
banking gross
returns $ 5,275 $ 7,772 $ 7,803 $ (2,497) $ (2,528)
========== ========== ========== =========== ===========
Key Metrics
----------------
Origination
volume (closed
loans) $ 169,300 $ 283,300 $ 294,200 $(114,000) $(124,900)
Serviced loan
portfolio 2,910,000 2,974,000 3,126,000 (64,000) (216,000)
Gross returns on residential mortgage banking totaled $5.3 million for the quarter ending March 31, 2013 compared to $7.8 million in both the preceding and year ago quarters. Lower returns in the quarter ending March 31, 2013 were largely due to a decrease in gain on sale of mortgages over the comparable prior periods, reflecting narrowing margins on the sale of production into the secondary market and a drop in origination volume during the period. OMSR (impairment) / recovery quarterly results improved primarily as a result of the increase in mortgage market interest rates as the current quarter reflected a 9 basis point increase in the 10-year Treasury rate. OMSR results are highly sensitive to changes in mortgage market interest rates as mortgage holders tend to hold onto mortgages when rates rise. 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 $169.3 million in the current quarter compared to $283.3 million in the preceding quarter and $294.2 million in the year ago quarter as the uptick in interest rates during the quarter has served to dampen industry-wide customer demand for this product.
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, 2013 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)
March 31,
-----------------------------------
2013 2012
----------------- ----------------
(In thousands, except share data)
Assets
Cash and cash equivalents $ 228,536 $ 242,980
Investment securities available for
sale, at fair value 266,787 242,299
Investment securities held to maturity,
at amortized cost -- 20
Loans
Held for sale 18,058 39,332
Held for investment, net 1,670,543 2,057,744
Other real estate owned, net 84,342 88,841
Premises and equipment, net 24,469 25,453
Federal Home Loan Bank stock--at cost 25,630 35,792
Mortgage servicing rights, net 21,824 22,156
Accrued interest receivable 9,563 12,075
Other assets 17,831 22,760
----------------- ----------------
Total assets $ 2,367,583 $ 2,789,452
================= ================
Liabilities and Stockholders' Deficit
Deposits
Non-interest bearing $ 267,732 $ 264,700
Interest bearing 1,757,293 2,000,201
----------------- ----------------
Total deposits 2,025,025 2,264,901
Other borrowed funds 317,225 476,103
Accrued interest and fees payable 61,290 43,327
Accrued taxes, insurance and employee
related expenses 6,389 6,385
Other liabilities 17,518 28,286
----------------- ----------------
Total liabilities 2,427,447 2,819,002
----------------- ----------------
Preferred stock, $0.10 par value,
5,000,000 shares authorized, 110,000
shares issued and outstanding;
dividends in arrears of $25,345 at
March 31, 2013 and $18,785 at March
31, 2012 103,833 96,421
Common stock, $0.10 par value,
100,000,000 shares authorized,
25,363,339 shares issued at March 31,
2013 and 2012 2,536 2,536
Additional paid-in capital 110,034 110,402
Retained deficit (189,097) (147,513)
Accumulated other comprehensive income 3,579 132
Treasury stock (4,116,114 shares at
March 31, 2013 and 4,115,614 shares at
March 31, 2012), at cost (89,848) (90,259)
Deferred compensation obligation (901) (1,269)
----------------- ----------------
Total stockholders' deficit (59,864) (29,550)
----------------- ----------------
Total liabilities and stockholders'
deficit $ 2,367,583 $ 2,789,452
================= ================
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive
Loss
------------------------------------------------------------------------------
(Unaudited)
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) today announced a net loss available to common equity of $17.5 million, or $0.82 per common share, for the three months ended March 31, 2013. This compares to a net loss available to common equity of $15.1 million, or $0.71 per common share and $7.4 million, or $0.35 per common share, for the three months ended December 31, 2012 and March 31, 2012, respectively. For the fiscal year ended March 31, 2013, net loss available to common equity was $48.1 million, compared to $50.4 million in the prior year.
Financial Highlights
•AnchorBank, fsb (the "Bank) remains adequately capitalized1 for the eleventh consecutive quarter.
•Tier 1 leverage and total risk-based capital ratios of 4.53 percent and 9.02 percent each decreased by 31 basis points during the quarter but increased 2 and 60 basis points, respectively, over the past twelve months.
•Total assets fell during the past twelve months, decreasing by $421.9 million or 15.1 percent to $2.4 billion at March 31, 2013.
•Non-performing loans decreased 18.8 percent to $118.8 million at March 31, 2013 from $146.4 million at December 31, 2012 and 47.2 percent from $224.9 million at March 31, 2012.
•Net charge-offs decreased by $7.1 million in the current quarter to $4.6 million from $11.7 million in the quarter ending December 31, 2012.
•Gross return on mortgage banking totaled $5.3 million in the current quarter, a decrease of $2.5 million, or 32.1 percent, from $7.8 million in the preceding quarter; and $2.5 million lower than the $7.8 million reported in the same period a year ago.
•Cost of funds declined 4 basis points to 1.35 percent in the quarter ending March 31, 2013 compared to 1.39 percent in the preceding quarter, and declined 37 basis points compared to 1.72 percent in the year ago quarter as the Bank continued to carefully manage deposit pricing.
•Deposit mix improved again this quarter as lower cost checking, savings, money market and escrow funds represent 67.5 percent of total deposits at March 31, 2013, up from 64.7 percent at December 31, 2012 and 57.2 percent at March 31, 2012.
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1 Under standard regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
Bank Capital Ratios
March 31, 2013
Mar. 31, Dec. 31, Mar. 31, Increase (dec.) vs.
(Dollars in thousands) 2013 2012 2012 12/31/12 3/31/12
Tier 1 capital $ 107,272 $ 116,846 $ 125,894 $ (9,574) $ (18,622)
Adjusted total assets 2,369,385 2,414,344 2,792,123 (44,959) (422,738)
Tier 1 leverage ratio 4.53% 4.84% 4.51% -0.31% 0.02%
Total risk-based capital $ 125,459 $ 135,880 $ 149,141 $ (10,421) $ (23,682)
Risk-weighted assets 1,391,386 1,455,890 1,771,260 (64,504) (379,874)
Total risk-based capital ratio 9.02% 9.33% 8.42% -0.31% 0.60%
Ref: Bank quarterly net income (loss) $ (9,259) $ (6,668) $ (144) $ (2,591) $ (9,115)
The Bank's tier 1 leverage and total risk-based capital ratios of 4.53 percent and 9.02 percent at March 31, 2013 each decreased by 31 basis points compared to December 31, 2012. The ratios declined as tier 1 and total risk-based capital fell 8.2 percent and 7.7 percent, respectively, during the quarter primarily due to the net loss in the period totaling $9.3 million. Adjusted total assets and risk-weighted assets of $2.4 billion and $1.4 billion, respectively, at March 31, 2013 decreased 1.9 percent and 4.4 percent, respectively, during the quarter benefitting the capital ratios. Lower adjusted and risk-weighted asset totals reflect a $67.7 million decrease in net loans held for investment during the period.
While the Bank remains adequately capitalized, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
•The Corporation currently owes $116.3 million of loan principal to various lenders led by U.S. Bank under a credit agreement that matures June 30, 2013. In addition, accrued but unpaid interest and fees totaling $60.2 million associated with this obligation are also due and payable at maturity.
•The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury's Capital Purchase Program ("CPP"). As permitted under the CPP program, the Corporation has deferred 16 quarterly preferred stock dividend payments to the Treasury; resulting in total unpaid dividends of $25.3 million, including compounding.
•While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.
Financial Results
Financial results for the fourth quarter ended March 31, 2013, include:
•Net interest margin improved to 2.62 percent for the three months ended March 31, 2013, from 2.35 percent for the same period in the previous year. Interest income decreased $5.4 million or 19.3 percent for the three months ended March 31, 2013, as compared to the same period in the prior year. This change was primarily due to a decline in average balances in the loan portfolio as principal repayments again outpaced new loan origination activity. Interest expense decreased $4.4 million or 35.7 percent for the three months ended March 31, 2013, as compared to the same period in the prior year, due to a planned reduction in high yield certificates of deposit. As a result, the cost of deposits declined from 0.83% to 0.34% when compared to the prior year quarter.
•The provision for credit losses decreased $3.8 million to $0.8 million for the three months ended March 31, 2013 compared to $4.6 million in the same period in the previous year. The improvement reflected the relatively steady quarter-over-quarter decrease in non-performing loans since June 2010.
•Non-interest income totaled $7.5 million, down $5.5 million compared to the same period in the previous year. The decrease was primarily due to lower gains on the sale of residential mortgage loans and a cash surrender value adjustment on bank-owned life insurance policies.
•Total non-interest expense increased by $7.3 million to $35.5 million from $28.2 million in the same period in 2012. The unfavorable variance was primarily due to higher OREO expenses reflecting an increase in the valuation allowance on repossessed property. Other non-interest expense also increased as realized and unrealized losses on the repurchase of serviced loans spiked during the current quarter.
"We are pleased to report our eleventh consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "We are also encouraged by a favorable trend in the net interest margin as this ratio has been moving higher over the past several quarters reflecting the impact of lower non-performing loans and continued pricing discipline on deposits. Despite lower asset totals again this quarter, we are continuing to make progress on implementing strategies to improve Bank financial results by slowing asset runoff to further improve our net interest margin," Bauer added.
Credit Quality
March 31, 2013
(Dollars in thousands) Mar. 31, Dec. 31, Mar. 31, Increase (dec.) vs.
2013 2012 2012 12/31/12 3/31/12
Quarterly Financial Results
Provision for credit losses $ 830 $ 4,660 $ 4,601 $ (3,830) $ (3,771)
Net charge-offs 4,621 11,750 24,336 (7,129) (19,715)
Key Metrics (at period end)
Loans 30 to 89 days past due 24,403 31,633 30,562 (7,230) (6,159)
Non-performing loans (NPL) 118,790 146,355 224,924 (27,565) (106,134)
Other real estate owned 84,342 90,000 88,841 (5,658) (4,499)
Non-performing assets 203,132 236,355 313,765 (33,223) (110,633)
Allowance for loan losses to NPL 67.19% 57.23% 49.45% 9.96% 17.74%
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due falling again this quarter to $24.4 million as of March 31, 2013 from $31.6 million at December 31, 2012 and $30.6 million at March 31, 2012. Non-performing loans of $118.8 million at March 31, 2013 were lower than the preceding quarter and the year ago quarter, decreasing $27.6 million and $106.1 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 67.19 percent of non-performing loans at March 31, 2013 rose sharply compared to 57.23 percent at December 31, 2012. Other real estate owned, net of valuation allowance, also decreased during the quarter to $84.3 million, falling $5.7 million during the quarter but only $4.5 million lower than a year ago reflecting the somewhat irregular financial statement impact of the resolution process for non-performing loans.
Mortgage Banking
For the Quarter Ending: March 31, 2013
(In thousands) Mar. 31, Dec. 31, Mar. 31, Increase (dec.) vs.
2013 2012 2012 12/31/12 3/31/12
Loan servicing income (loss), net $ 55 $ (951) $ (529) $ 1,006 $ 584
Gain on sale of mortgages 3,030 7,153 6,437 (4,123) (3,407)
OMSR (impairment) / recovery 2,190 1,570 1,895 620 295
Residential mortgage banking gross returns $ 5,275 $ 7,772 $ 7,803 $ (2,497) $ (2,528)
Key Metrics
Origination volume (closed loans) $ 169,300 $ 283,300 $ 294,200 $(114,000) $(124,900)
Serviced loan portfolio 2,910,000 2,974,000 3,126,000 (64,000) (216,000)
Gross returns on residential mortgage banking totaled $5.3 million for the quarter ending March 31, 2013 compared to $7.8 million in both the preceding and year ago quarters. Lower returns in the quarter ending March 31, 2013 were largely due to a decrease in gain on sale of mortgages over the comparable prior periods, reflecting narrowing margins on the sale of production into the secondary market and a drop in origination volume during the period. OMSR (impairment) / recovery quarterly results improved primarily as a result of the increase in mortgage market interest rates as the current quarter reflected a 9 basis point increase in the 10-year Treasury rate. OMSR results are highly sensitive to changes in mortgage market interest rates as mortgage holders tend to hold onto mortgages when rates rise. 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 $169.3 million in the current quarter compared to $283.3 million in the preceding quarter and $294.2 million in the year ago quarter as the uptick in interest rates during the quarter has served to dampen industry-wide customer demand for this product.
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, 2013 on Form 10-K, as filed with the Securities and Exchange Commission, for a more comprehensive di
ANCHOR BANCORP WISCONSIN INC. ANNOUNCES
THIRD QUARTER RESULTS
Madison, Wisconsin – Anchor BanCorp Wisconsin Inc. (OTC Market: ABCW) today announced a net loss available to common equity of $15.1 million, or $0.71 per common share, for the three months ended December 31, 2012. This compares to a net loss available to common equity of $12.1 million, or $0.57 per common share and $15.3 million, or $0.72 per common share, for the three months ended September 30, 2012 and December 31, 2011, respectively.
Financial Highlights
• AnchorBank, fsb (the “Bank) remains adequately capitalized 1 for the tenth consecutive quarter.
• Tier 1 leverage and total risk-based capital ratios of 4.84 percent and 9.33 percent increased 21 and 27 basis points, respectively, during the quarter and 73 and 126 basis points, respectively, over the past twelve months.
• Total assets fell during the past nine months, decreasing by $377.1 million or 13.5 percent to $2.4 billion at December 31, 2012.
• Non-performing loans decreased 34.9 percent to $146.4 million at December 31, 2012 from $224.9 million at March 31, 2012 and $261.2 million at December 31, 2011.
• Net charge-offs decreased by $3.1 million in the current quarter to $11.7 million from $14.8 million in the quarter ending September 30, 2012.
• Gross return on mortgage banking totaled $7.8 million in the current quarter, an increase of $3.3 million, or 73.3 percent, from $4.5 million in the preceding quarter; and $2.3 million higher than the $5.5 million reported in the same period a year ago.
• Cost of funds declined 10 basis points to 1.39 percent in the quarter ending December 31, 2012 compared to 1.49 percent in the preceding quarter, and declined 42 basis points compared to 1.81 percent in the year ago quarter as the Bank continued to judiciously manage deposit pricing.
• Deposit mix improved as lower cost checking, savings, money market and escrow funds represent 64.7 percent of total deposits at December 31, 2012, up from 62.5 percent at September 30, 2012 and 57.2 percent at March 31, 2012.
• FHLB advances totaling $150.0 million, with a weighted average floating rate of 1.41 percent, scheduled to mature in January 2015, were prepaid in December 2012 triggering an early termination penalty of $3.5 million.
1 Under standard regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
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Bank Capital Ratios
Dec. 31, Sep. 30, Dec. 31, December 31, 2012
Increase (dec.) vs.
(Dollars in thousands) 2012 2012 2011 9/30/12 12/31/11
Tier 1 capital
$ 116,846 $ 123,485 $ 125,811 $ (6,639 ) $ (8,965 )
Adjusted total assets
2,414,344 2,667,036 3,064,805 (252,692 ) (650,461 )
Tier 1 leverage ratio
4.84 % 4.63 % 4.11 % 0.21 % 0.73 %
Total risk-based capital
$ 135,880 $ 144,284 $ 150,518 $ (8,404 ) $ (14,638 )
Risk-weighted assets
1,455,890 1,592,099 1,864,639 (136,209 ) (408,749 )
Total risk-based capital ratio
9.33 % 9.06 % 8.07 % 0.27 % 1.26 %
Ref: Bank quarterly net income (loss)
$ (6,668 ) $ (3,710 ) $ (6,525 ) $ (2,958 ) $ (143 )
The Bank’s tier 1 leverage and total risk-based capital ratios of 4.84 percent and 9.33 percent at December 31, 2012, increased by 21 and 27 basis points, respectively, compared to September 30, 2012. The ratios benefited from a planned decrease in adjusted total assets, primarily loans held for investment, and risk-weighted assets during the quarter. Risk-weighted assets of $1.5 billion at December 31, 2012 decreased $136.2 million during the quarter reflecting a $143.5 million decrease in 100 percent risk-weighted loans at quarter end.
While the Bank reported higher capital ratios, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
• The Corporation currently owes $116.3 million of loan principal to various lenders led by U.S. Bank under a credit agreement that matures June 30, 2013. In addition, accrued but unpaid interest and fees totaling $55.5 million associated with this obligation are also due and payable at maturity.
• The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury’s Capital Purchase Program (“CPP”). As permitted under the CPP program, the Corporation has deferred 15 quarterly preferred stock dividend payments to the Treasury; resulting in total unpaid dividends of $23.7 million, including compounding.
• While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O’Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.
2
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Financial Results
Financial results for the third quarter ended December 31, 2012, include:
• Net interest margin improved to 2.42 percent for the three months ended December 31, 2012, from 2.18 percent for the same period in the previous year. Interest income decreased $5.8 million or 19.5 percent for the three months ended December 31, 2012, as compared to the same period in the prior year. This change was primarily due to a decline in average balances in the loan portfolio as principal repayments again outpaced new loan origination activity. Interest expense decreased $5.0 million or 36.1 percent for the three months ended December 31, 2012, as compared to the same period in the prior year, due to a planned reduction in certificate of deposit average balances and the rate paid on these accounts.
• The provision for credit losses decreased $3.7 million to $4.7 million for the three months ended December 31, 2012 compared to $8.4 million in the same period in the previous year. The improvement was largely due to a lower required allowance for losses on impaired loans, reflecting the relatively steady quarter-over-quarter decrease in non-performing loans since June 2010.
• Non-interest income totaled $11.8 million, up $1.1 million or 10.0 percent, compared to the same period in the previous year. The increase was primarily due to improved results from loan sales and loan servicing income; partially offset by lower net gains on sale of other real estate owned (“OREO”).
• Total non-interest expense increased by $3.8 million or 12.4 percent, to $34.0 million from $30.3 million in the same period in 2011. The unfavorable variance was primarily due to a $3.5 million penalty incurred upon the prepayment of $150.0 million of FHLB advances in December 2012. Also contributing to the variance was higher OREO expenses primarily due to an increase in provisions for losses on repossessed property. These unfavorable variances were partially offset by lower compensation and benefits, furniture and equipment and other professional expenses, reflecting ongoing efforts to reduce costs. Mortgage servicing rights impairment (recovery) also improved reflecting a slight increase in market interest rates during the current quarter ended December 31, 2012.
“We are pleased to report our tenth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized,” stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. “This is also the fourth consecutive quarter in which our capital ratios have increased over the previous quarter. The improvement in Bank capital ratios is primarily due to the tremendous effort expended to resolve issues in the credit portfolios and the resulting decrease in assets. Despite lower asset totals again this quarter, we are continuing to make progress on implementing strategies to increase Bank profitability by slowing asset runoff to improve our net interest margin,” Bauer added.
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Credit Quality
Dec. 31, Sep. 30, Dec. 31, December 31, 2012
Increase (dec.) vs.
(Dollars in thousands) 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.
Mortgage Banking
For the Quarter Ending: December 31, 2012
Dec. 31, Sep. 30, Dec. 31, Increase (dec.) vs.
(In thousands) 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
4
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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.
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.
For More Information
For more information, contact Emily Campbell, VP – Marketing & Communications, at (608) 252-1436.
8 February 2013 -- Anchor BanCorp Wisconsin Inc. (OTC: ABCW) reported a net loss available to common equity of USD15.1m for the three months ended December 31, 2012.
This compares to a net loss available to common equity of USD12.1m, or USD0.57 per common share and USD15.3m, or USD0.72 per common share, for the three months ended September 30, 2012 and December 31, 2011, respectively.
Anchor BanCorp Wisconsin Inc.'s subsidiary AnchorBank, fsb has 55 offices. All are located in Wisconsin.
ABCW is trading above its 10 week simple moving average, and its 13 week exponential moving average.
American Banker-12-26-12
Anchor BanCorp Wisconsin (ABCW) is trimming a chunk of its obligations.
The $2.7 billion-asset parent of AnchorBank in Madison, Wis., said Wednesday it has prepaid $150 million in advances from the Federal Home Loan Bank System that were due in 2015.
Though Anchor BanCorp's paying off the loans early triggered a penalty of $3.5 million, the move is expected to save the company roughly $2.1 million a year in interest.
Anchor BanCorp also said that its payment would improve its net interest margin and lift its Tier 1 leverage ratio to 4.77% from 4.63%, which it reported on Sept. 30.
The early payment represents part of the company's strategy "to increase bank profitability," Chris Bauer, Anchor BanCorp's chief executive, said in a news release
"Even though the bank's cash position has been reduced by $150 million, the bank's balance sheet remains strong as we continue to maintain a high degree of liquidity."
Anchor BanCorp has taken steps recently to address its capital needs. The company owes roughly $116.3 million to a group of lenders led by U.S. Bancorp (USB) that matures on June 30. Anchor BanCorp also owes the lenders $53.9 million in unpaid interest.
Anchor BanCorp owes the Treasury Department $23.1 million in dividend payments on $110 million in preferred stock the company pledged to Treasury in January 2009 in exchange for funds from the Troubled Asset Relief Program. The company has yet to repay any of the Tarp funds.
Anchor BanCorp lost $12.1 million in the quarter ended Sept. 30 compared with a loss of $19.6 million for the same period in 2011. The year-over-year improvement primarily reflected a 70% decrease in the company's loan-loss provision, which totaled $5.3 million. Nonperforming assets for the quarter fell 28%, to $251.5 million, from a year earlier.
Bauer told American Banker recently the company plans to boost lending to consumers and companies in the coming year. "We've been shrinking but we don't want to shrink anymore," Bauer said. "We're really trying to get back on the offense."
Sandler O'Neill and Partners is advising Anchor BanCorp on capital matters.
Anchor BanCorp quick check
http://banktracker.investigativereportingworkshop.org/banks/wisconsin/madison/anchorbank-fsb/
Anchor BanCorp Wisconsin Inc.
Madison, WI
Total TARP funds owed: $110,000,000
$110,000,000 on Jan. 30, 2009
http://banktracker.investigativereportingworkshop.org/tarp/wisconsin/madison/anchor-bancorp-wisconsin-inc/
Anchor BanCorp Wisconsin Inc. Announces Prepayment of $150 Million of FHLB Advances (12/26/12)
MADISON, Wis., Dec. 26, 2012 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (the "Corporation") (OTC Market:ABCW), the holding company for AnchorBank, fsb. (the "Bank), announced that the Bank has completed the prepayment of $150 million of Federal Home Loan Bank ("FHLB") advances. The borrowings extinguished were floating rate advances with maturities in 2015 and had a current weighted average rate of 1.41%. The repayment of the FHLB advances triggered a pre-payment penalty of $3.5 million.
Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank, commented, "As stated in our second quarter 2012 earnings release, we have been implementing strategies to increase Bank profitability. Given the economic environment, using excess cash at the Bank level to reduce total funding cost is an opportunity to enhance the Bank's profitability by increasing net interest margin going forward. Even though the Bank's cash position has been reduced by $150 million, the Bank's balance sheet remains strong as we continue to maintain a high degree of liquidity."
Results of the Transaction
• Eliminates estimated annualized interest cost of approximately $2.1 million on $150 million of paid off advances, reducing the Bank's overall cost of funds going forward.
• Reduces cash on hand, which earns only modest returns in the current interest rate environment.
• The FHLB advance pre-payment penalty of $3.5 million, or $0.17 per share, will be recouped by a higher net interest rate margin going forward.
• The Tier 1 leverage ratio adjusted for the pre-payment of the FHLB advances increases 14 basis points to 4.77% from 4.63% reported at September 30, 2012. The adjusted ratio only takes into account the reduction in FHLB advances and the prepayment fee.
• Better positions the Bank to compete in the current rate environment while maintaining a flexible liquidity position for future opportunities.
• The Bank's interest rate risk profile is relatively unchanged.
While the pre-payment of FHLB advances will increase the Tier 1 leverage ratio at the Bank, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
• The Corporation currently owes $116.3 million of loan principal to various lenders led by U.S. Bank under a credit agreement that matures June 30, 2013. In addition, accrued but unpaid interest and fees at November 30, 2012, totaling $53.9 million associated with this obligation are also due and payable at maturity.
• The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury's Capital Purchase Program ("CPP"). As permitted under the CPP program, the Corporation has deferred 15 quarterly preferred stock dividend payments to the Treasury; which has resulted in total unpaid dividends at November 30, 2012, of $23.1 million, including compounding.
• While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW. The Bank has 55 offices 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.
Emily Campbell, VP - Marketing & Communications
(608) 252-1436
http://www.globenewswire.com/news-release/2012/12/26/513545/10016591/en/Anchor-BanCorp-Wisconsin-Inc-Announces-Prepayment-of-150-Million-of-FHLB-Advances.html
AnchorBank of Madison will have more time to pay off a hefty bank loan.
November 30, 2012
The $116.3 million loan, from a consortium of banks led by U.S. Bank, was due in full Friday. But Anchor filed a document with federal regulators on Friday saying the lenders have agreed to extend the maturity of the loan until June 30, 2013, at a continuing annual interest rate of 15 percent. The bank will have to meet certain capitalization ratios and will have to keep its delinquent loans and foreclosed properties to no more than 13 percent of total loans and real estate.
It is the seventh time the maturity date has been extended, and along with the extra time, Anchor will have to pay an additional fee of $872,250.
That brings the total owed to $170.2 million, which includes $47.5 million in interest and nearly $7.3 million in fees.
"With the extension of the credit agreement, AnchorBank is able to advance (its) capital raising efforts, talking to and meeting with potential investors. Management is hopeful to have a comprehensive solution in the coming months," Chris Bauer, president and chief executive, said in a written statement.
The debt stems from a long-standing line of credit Anchor has had with the banks. Because of its struggle with bad real estate loans, Anchor has made no payments on the principal since December 2008 and no interest payments since December 2009.
Anchor also owes $132 million to the U.S. Treasury (TARP) based on $110 million in preferred stock purchased by the government through the Troubled Asset Relief Program in 2009. The bank has not been allowed to make dividend payments because of its financial difficulties.
http://host.madison.com/business/anchorbank-gets-more-time-to-pay-off-big-loan/article_a79a61e2-3b32-11e2-8e79-0019bb2963f4.html
*On the radar.
Anchor Bancorp, the holding company for Anchor Bank, has reported net loss available to common equity of $12.05 million, or $0.57 loss per share, for the second quarter ended September 30, 2012, compared to net loss available to common equity of $19.59 million, or $0.92 loss per share, for the same quarter ended September 30, 2011.
Net interest income for the second quarter ended September 30, 2012 was $16.06 million, compared to $18.5 million for the same quarter ended September 30, 2011.
Net loss available to common equity for the six months ended September 30, 2012 was $15.47 million, or $0.73 loss per share, compared to net loss available to common equity of $27.75 million, or $1.31 loss per share, for the same period ended September 30, 2011.
Net interest income for the six months ended September 30, 2012 was $32.46 million, compared to $40.02 million for the same period ended September 30, 2011.
Chris Bauer, president and CEO of the Corporation and the Bank, said: "We are pleased to report our ninth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized. This is the first time since March of 2009 that our total risk-based capital ratio at the Bank has exceeded 9%.
"The improvement in Bank capital ratios is primarily due to the tremendous effort expended to resolve issues in the credit portfolios and the resultant decrease in assets. We have recently developed and are implementing strategies to increase Bank profitability by slowing asset runoff to improve our net interest margin."
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW) today announced a net loss available to common equity of $12.1 million, or $0.57 per common share, for the three months ended September 30, 2012. This compares to a net loss available to common equity of $3.4 million, or $0.16 per common share and $19.6 million, or $0.92 per common share, for the three months ended June 30, 2012 and September 30, 2011, respectively.
Financial Highlights
-- AnchorBank, fsb (the "Bank) remains adequately capitalized1 for the
ninth consecutive quarter.
-- Tier 1 leverage and total risk-based capital ratios of 4.63 percent and
9.07 percent increased 7 and 9 basis points, respectively, during the
quarter and 47 and 92 basis points, respectively, over the past twelve
months.
-- Total assets fell during the past six months, decreasing by $124.0
million or 4.4 percent to $2.7 billion at September 30, 2012.
-- Non-performing loans decreased to $156.5 million at September 30, 2012
from $224.9 million at March 31, 2012 and $256.5 million at September
30, 2011.
-- Net charge-offs increased, by $6.9 million in the current quarter to
$14.8 million from $7.9 million in the quarter ending June 30, 2012.
-- Gross return on mortgage banking totaled $4.5 million in the current
quarter, an increase of $0.3 million, or 7.5 percent, from $4.2 million
in the preceding quarter; and $5.1 million higher than the $0.6 million
loss for the same period a year ago.
-- Cost of funds declined to 1.49 percent in the quarter ending September
30, 2012 compared to 1.84 percent in the year ago quarter as the Bank
continued to judiciously manage deposit pricing.
-- Deposit mix improved as lower cost checking, savings, money market and
escrow funds represent 62.5 percent of total deposits at September 30,
2012, up from 57.2 percent at March 31, 2012.
______________________________
1 Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
Bank Capital Ratios
September 30, 2012
Increase (decrease)
Sep. 30, Jun. 30, Sep. 30, vs.
----------------------
(Dollars in thousands) 2012 2012 2011 6/30/12 9/30/11
---------- ---------- ---------- ---------- ----------
Tier 1 capital $123,567 $127,026 $133,307 ($3,459) ($9,740)
Adjusted total assets 2,667,036 2,783,319 3,200,704 (116,283) (533,668)
Tier 1 leverage ratio 4.63% 4.56% 4.16% 0.07% 0.47%
Total risk-based capital $144,366 $148,738 $159,125 ($4,372) ($14,759)
Risk weighted assets 1,592,099 1,656,451 1,952,984 (64,352) (360,885)
Total risk-based capital
ratio 9.07% 8.98% 8.15% 0.09% 0.92%
Ref: Bank quarterly net
income (loss) ($3,710) $913 ($11,193) ($4,623) $7,483
The Bank's tier 1 and total risk-based capital ratios of 4.63 percent and 9.07 percent at September 30, 2012, increased by 7 and 9 basis points, respectively, compared to June 30, 2012. The ratios benefitted from a planned decrease in adjusted total assets, primarily loans held for investment, and risk-weighted assets during the quarter. Risk-weighted assets of $1.6 billion at September 30, 2012 decreased $64.4 million during the quarter reflecting a $60.3 million decrease in 100 percent risk-weighted assets primarily due to a reduction in loans in this category at quarter end. Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized.
While the Bank reported higher capital ratios, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
-- The Corporation currently owes $116.3 million of loan principal to
various lenders led by U.S. Bank under a credit agreement that matures
November 30, 2012. In addition, accrued but unpaid interest and fees
totaling $50.6 million associated with this obligation are also due and
payable at maturity.
-- The Corporation issued $110 million in preferred stock in January 2009
to the United States Treasury pursuant to the Treasury's Capital
Purchase Program ("CPP"). As permitted under the CPP program, the
Corporation has deferred 14 quarterly preferred stock dividend payments
to the Treasury; which has resulted in total unpaid dividends of $22.0
million, including compounding.
-- While the Bank has substantial liquidity, it is currently precluded by
its regulators from paying dividends to the Corporation for purposes of
repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor in efforts to address its capital needs.
Financial Results
Financial results for the second quarter ended September 30, 2012, include:
-- Net interest margin fell slightly to 2.44 percent for the three months
ended September 30, 2012, from 2.47 percent for the same period in the
previous year. Interest income decreased $7.0 million or 21.1 percent
for the three months ended September 30, 2012, as compared to the same
period in the prior year. This change was primarily due to a decline in
average balances in the loan and investment security portfolios and the
unfavorable impact of an increase in lower yielding interest-earning
deposits. Interest expense decreased $4.5 million or 31.1 percent for
the three months ended September 30, 2012, as compared to the same
period in the prior year, due to a planned reduction in certificate of
deposit average balances and the rate paid on these accounts.
-- The provision for credit losses decreased $11.8 million to $5.4 million
for the three months ended September 30, 2012 compared to $17.1 million
in the same period in the previous year. The improvement was largely due
to a lower required allowance for losses on impaired loans, reflecting
the relatively steady quarter-over-quarter decrease in non-performing
loans since June 2010.
-- Non-interest income totaled $13.1 million, down $3.4 million or 20.6
percent, compared to the same period in the previous year. The decrease
was primarily due to smaller net gains on the sale of investment
securities and lower loan servicing income, partially offset by higher
net gain on sale of residential mortgage loans.
-- Total non-interest expense decreased by $1.5 million or 4.3 percent, to
$32.5 million from $34.0 million in the same period in 2011. The
improvement was primarily due to a $3.0 million decrease in mortgage
servicing rights impairment, falling to $2.1 million in the current
quarter compared to $5.1 million in the three months ending September
30, 2011. Impairment in the prior year quarter reflected a sharp drop in
market interest rates as the 10-year Treasury rate fell 126 basis points
during that three month period a year ago causing a spike in mortgage
refinance activity. Improved results attributable to mortgage servicing
rights were partially offset by an increase in OREO expense of $2.3
million largely due to higher provisions for loss on repossessed
property in the current year period.
"We are pleased to report our ninth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "This is the first time since March of 2009 that our total risk-based capital ratio at the Bank has exceeded 9 percent. The improvement in Bank capital ratios is primarily due to the tremendous effort expended to resolve issues in the credit portfolios and the resultant decrease in assets. We have recently developed and are implementing strategies to increase Bank profitability by slowing asset runoff to improve our net interest margin," Bauer added.
Credit Quality
September 30, 2012
Increase (decrease)
(Dollars in thousands) Sep. 30, Jun. 30, Sep. 30, vs.
---------------------
2012 2012 2011 6/30/12 9/30/11
-------- -------- -------- ---------- ---------
Quarterly Financial Results
Provision for credit losses $5,351 ($1,716) $17,115 $7,067 ($11,764)
Net charge-offs 14,827 7,935 17,608 6,892 (2,781)
Key Metrics (at period end)
Loans 30 to 89 days past due 29,354 39,843 70,927 (10,489) (41,573)
Non-performing loans (NPL) 156,543 188,987 256,502 (32,444) (99,959)
Other real estate owned 94,918 83,955 92,970 10,963 1,948
Non-performing assets 251,461 272,942 349,472 (21,481) (98,011)
Allowance for loan loss to NPL 57.93% 53.17% 53.94% 4.76% 3.99%
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due falling to $29.4 million as of September 30, 2012 from $39.8 million at June 30, 2012 and $70.9 million at September 30, 2011. Non-performing loans of $156.5 million at September 30, 2012 were significantly lower than the preceding quarter and the year ago quarter, decreasing $32.4 million and $100.0 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 remains strong at 57.93 percent of non-performing loans at September 30, 2012. Running counter to these favorable variances, both net charge-offs and other real estate owned increased during the quarter reflecting the somewhat irregular timing of the financial statement impacts during execution of the resolution process for non-performing loans.
Mortgage Banking
For the Quarter Ending:
------------------------------- September 30, 2012
Increase (decrease)
(In thousands) Sep. 30, Jun. 30, Sep. 30, vs.
----------------------
2012 2012 2011 6/30/12 9/30/11
--------- --------- --------- ---------- ----------
Loan servicing income (loss), net ($590) ($406) $488 ($184) ($1,078)
Gain on sale of mortgages 7,176 5,836 4,010 1,340 3,166
OMSR (impairment) / recovery (2,100) (1,257) (5,069) (843) 2,969
--------- --------- --------- ---------- ----------
Residential mortgage banking
gross returns $4,486 $4,173 ($571) $313 $5,057
========= ========= ========= ========== ==========
Key Metrics
Origination volume (closed loans) $285,800 $258,500 $189,100 $27,300 $96,700
Serviced loan portfolio 3,034,000 3,095,000 3,212,000 (61,000) (178,000)
Gross returns on residential mortgage banking totaled $4.5 million for the quarter ending September 30, 2012 compared to $4.2 million in the preceding quarter and ($0.6) million in the year ago quarter. Higher returns in the quarter ending September 30, 2012 were largely due to an increase in gain on sale of mortgages over both comparable periods 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 and reflected a sharp drop in rates during the quarter ending September 30, 2011, with more moderate rate decreases during the current and preceding quarters in 2012. Loan servicing results also reflected the impact of lower interest rates as OMSR amortization expense has increased as rates have fallen during these reporting periods. Residential mortgage origination volume rose to $285.8 million in the current quarter compared to $258.5 million in the preceding quarter and $189.1 million in the year ago quarter as historically low interest rates have continued to fuel customer demand for this product.
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)
September
30, March 31,
2012 2012
------------ ------------
(In thousands, except
share data)
Assets
Cash and cash equivalents $ 331,679 $ 242,980
Investment securities available
for sale, at fair value 241,776 242,299
Investment securities held to
maturity, at amortized cost -- 20
Loans
Held for sale 34,274 39,332
Held for investment 1,859,473 2,057,744
Other real estate owned, net 94,918 88,841
Premises and equipment, net 25,552 25,453
Federal Home Loan Bank
stock---at cost 25,630 35,792
Mortgage servicing rights, net 18,526 22,156
Accrued interest receivable 10,878 12,075
Other assets 22,749 22,760
------------ ------------
Total assets $ 2,665,455 $ 2,789,452
============ ============
Liabilities and Stockholders'
Deficit
Deposits
Non-interest bearing $ 300,181 $ 280,931
Interest bearing 1,844,229 1,983,970
------------ ------------
Total deposits 2,144,410 2,264,901
Other borrowed funds 467,293 476,103
Accrued interest and fees
payable 52,382 43,327
Accrued taxes, insurance and
employee related expenses 7,550 6,385
Other liabilities 29,859 28,286
------------ ------------
Total liabilities 2,701,494 2,819,002
------------ ------------
Preferred stock, $0.10 par
value, 5,000,000 shares
authorized, 110,000 shares
issued and outstanding;
dividends in arrears of $22,029
at September 30, 2012 and
$18,785 at March 31, 2012 100,137 96,421
Common stock, $0.10 par value,
100,000,000 shares authorized,
25,363,339 shares issued at
September 30, 2012 and March
31, 2012 2,536 2,536
Additional paid-in capital 110,402 110,402
Retained deficit (159,739) (147,513)
Accumulated other comprehensive
income 2,153 132
Treasury stock (4,116,114 shares
at September 30, 2012 and
4,115,614 shares at March 31,
2012), at cost (90,259) (90,259)
Deferred compensation obligation (1,269) (1,269)
------------ ------------
Total stockholders' deficit (36,039) (29,550)
------------ ------------
Total liabilities and
stockholders' deficit $ 2,665,455 $ 2,789,452
============ ============
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
---------------------------------------------------------------------------------
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
------------------------ ------------------------
2012 2011 2012 2011
----------- ----------- ----------- -----------
Interest income (In thousands, except per share data)
Loans $ 24,314 $ 29,937 $ 49,602 $ 62,046
Investment securities and
Federal Home Loan Bank
stock 1,535 2,960 3,084 6,916
Interest-earning deposits 196 98 350 150
----------- ----------- ----------- -----------
Total interest income 26,045 32,995 53,036 69,112
Interest expense
Deposits 2,956 6,727 6,547 14,046
Other borrowed funds 7,030 7,768 14,031 15,046
----------- ----------- ----------- -----------
Total interest expense 9,986 14,495 20,578 29,092
----------- ----------- ----------- -----------
Net interest income 16,059 18,500 32,458 40,020
Provision for credit losses 5,351 17,115 3,635 20,597
----------- ----------- ----------- -----------
Net interest income after
provision for credit
losses 10,708 1,385 28,823 19,423
Non-interest income
Net impairment losses on
securities recognized in
earnings (146) (123) (210) (182)
Loan servicing income
(loss), net of amortization (590) 488 (996) 1,295
Service charges on deposits 2,693 2,754 5,375 5,354
Investment and insurance
commissions 958 917 1,990 1,954
Net gain on sale of loans 7,176 4,010 13,012 5,203
Net gain on sale of
investment securities 11 5,206 73 6,342
Net gain on sale of OREO 1,600 1,659 4,772 2,904
Other 1,354 1,525 2,538 2,646
----------- ----------- ----------- -----------
Total non-interest income 13,056 16,436 26,554 25,516
Non-interest expense
Compensation and benefits 10,036 9,749 20,506 19,826
Occupancy 1,929 1,925 3,762 3,905
Furniture and equipment 1,346 1,531 2,858 2,992
Federal deposit insurance
premiums 1,561 1,774 3,125 3,707
Data processing 1,639 1,608 3,024 2,991
Marketing 365 429 613 734
OREO expense, net 8,110 5,823 15,122 14,600
Mortgage servicing rights
impairment 2,100 5,069 3,357 5,290
Legal services 1,415 1,328 3,013 2,281
Other professional fees 565 756 1,208 1,774
Other 3,454 3,990 7,490 7,745
----------- ----------- ----------- -----------
Total non-interest
expense 32,520 33,982 64,078 65,845
----------- ----------- ----------- -----------
Loss before income taxes (8,756) (16,161) (8,701) (20,906)
Income tax expense (benefit) (191) -- (191) 10
----------- ----------- ----------- -----------
Net loss (8,565) (16,161) (8,510) (20,916)
Preferred stock dividends in
arrears (1,634) (1,579) (3,244) (3,115)
Preferred stock discount
accretion (1,853) (1,853) (3,716) (3,716)
----------- ----------- ----------- -----------
Net loss available to
common equity $ (12,052) $ (19,593) $ (15,470) $ (27,747)
=========== =========== =========== ===========
Net loss $ (8,565) $ (16,161) $ (8,510) $ (20,916)
Reclassification adjustment
for realized net gains
recognized in income (11) (5,206) (73) (6,342)
Reclassification adjustment
for credit related
other-than-temporary
impairment, net 146 123 210 182
Change in net unrealized
gains (losses) on
available-for-sale
securities 899 12,825 1,884 26,838
----------- ----------- ----------- -----------
Comprehensive loss $ (7,531) $ (8,419) $ (6,489) $ (238)
=========== =========== =========== ===========
Loss per common share:
Basic $ (0.57) $ (0.92) $ (0.73) $ (1.31)
Diluted (0.57) (0.92) (0.73) (1.31)
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Anchor BanCorp Wisconsin Inc.
CONTACT: Emily Campb
Attention,
Do not Miss Out on this Opportunity
ABCW is looking GOOD this Morning, REAL Good!!!
ABCW is below its 10 week simple moving average. This bearish sign is even more significant because the moving average is also trending lower.
The OBV shows that longer term accumulation has given way to near term selling pressure..
The On Balance Volume indicator presently offers a bullish signal.
ABCW is trading below the 0.55 Significant Point that would trigger a reversal of the Parabolic SAR's current bearish indication.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term selling pressure.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of ABCW has increased.
The ADX is below 20 which signifies that ABCW is not trending. Therefore the Bearish signal provided by the Directional Movement Index is not confirmed.
The Stochastic Oscillator is registering a strong bullish signal as the %K has crossed above the %D. In addition, the oscillator recently moved above the critical value of 20 suggesting that ABCW is no longer oversold
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.
Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized. "We are encouraged by our eighth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "Net income at the Bank of nearly one million in the quarter is also a promising development. We have not reported positive quarterly net earnings at the Bank level since September 2010," Bauer added.
While the Bank reported positive net quarterly earnings, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
•The Corporation currently owes $116.3 million to various lenders led by U.S. Bank under its credit agreement that matures November 30, 2012. In addition, accrued but unpaid interest and fees totaling $45.8 million associated with this obligation are also due and payable at maturity.
•The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury's Capital Purchase Program ("CPP"). As permitted under the CPP program, the Corporation has deferred thirteen quarterly preferred stock dividend payments to the Treasury totaling $20.4 million, including interest.
•While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor to assist in efforts to address its capital needs.
Financial Results
Financial results for the first quarter ended June 30, 2012, include:
•Net interest margin fell to 2.57 percent for the three months ended June 30, 2012, from 2.77 percent for the same period in the previous year. Interest income decreased $9.1 million or 25.3 percent for the three months ended June 30, 2012, as compared to the same period in the prior year primarily due to a decline in average balances in the loan and investment security portfolios. Interest expense decreased $4.0 million or 27.4 percent for the three months ended June 30, 2012, as compared to the same period in the prior year due to a reduction in certificate of deposit average balances and the rate paid on these accounts.
•The provision for credit losses improved $5.2 million to a recapture of $(1.7) million for the three months ended June 30, 2012 compared to $3.5 million of provision expense in the same period in the previous year. The change was largely due to a lower required general allowance for losses on non-impaired loans resulting from an improvement in the credit metrics which are used in part to establish this reserve.
•Non-interest income totaled $13.5 million, up $4.3 million or 47.2 percent, compared to the same period in the previous year. The increase was primarily due to $5.8 million of gains on sale of mortgage loans in the three months ending June 30, 2012, up $4.7 million over the prior year quarter, reflecting better execution in the sale of these instruments into the secondary market. Gains on sale of REO also contributed to this favorable variance as total net gains of $3.2 million in the current quarter were $1.9 million higher than reported in the year ago quarter.
•Total non-interest expense decreased by $0.4 million or 1.2 percent, compared to the same period a year ago largely due to a decrease of $1.9 million in OREO expense arising from lower loss provisions on repossessed property reflecting stabilizing real estate values. This favorable variance was partially offset by a $1.0 million increase in mortgage servicing rights impairment as market interest rates declined considerably during the current year quarter.
Credit Quality
June 30, 2012
(Dollars in thousands) June 30, March 31, June 30, Increase (decrease) vs.
2012 2012 2011 3/31/12 6/30/11
Quarterly Financial Results
Provision for credit losses ($1,716) $4,601 $3,482 ($6,317) ($5,198)
Net charge-offs 7,935 24,336 15,002 (16,401) (7,067)
Key Metrics (at period end)
Loans 30 to 89 days past due 39,843 30,562 68,665 9,281 (28,822)
Non-performing loans (NPL) 188,987 224,924 260,927 (35,937) (71,940)
Other real estate owned 83,955 88,841 89,491 (4,886) (5,536)
Non-performing assets 272,942 313,765 350,418 (40,823) (77,476)
Allowance for loan loss to NPL 53.17% 49.45% 53.17% 3.72% 0.00%
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due at $39.8 million as of June 30, 2012 compared to $68.7 million at June 30, 2011, although up $9.3 million over the preceding quarter. Non-performing loans of $189.0 million at June 30, 2012 were significantly lower than in the preceding quarter and the year ago quarter, decreasing $35.9 million and $71.9 million, respectively. The impact of these trends contributed to the lower provision for credit losses in the current quarter. Despite the decrease in provision for credit losses, the allowance for loan loss remains strong at 53.17 percent of non-performing loans at June 30, 2012. The level of non-performing assets (non-performing loans plus other real estate owned) has improved as the June 30, 2012 balance of $272.9 million is $40.8 million and $77.5 million lower than in the preceding quarter and year ago quarter reported amounts, respectively. Net charge-offs also declined notably, to $7.9 million in the current quarter compared to $24.3 million and $15.0 million in the quarters ending March 31, 2012 and June 30, 2011, respectively.
Bauer added, "Although we are pleased to see these favorable credit trends, considerable effort remains to be expended resolving troubled loans and the disposition of foreclosed properties. We continue to work aggressively to resolve the issues within the credit portfolios. The positive trends emerging on the credit front are partially offset by the negative impact of costs associated with carrying an elevated level of foreclosed properties on the Bank's balance sheet." Other real estate owned totaled $84.0 million at June 30, 2012, down from $88.8 million at March 31, 2012 and $89.5 million at June 30, 2011.
Mortgage Banking
For the Quarter Ending: June 30, 2012
(In thousands) June 30, March 31, June 30, Increase (decrease) vs.
2012 2012 2011 3/31/12 6/30/11
Loan servicing income (loss), net ($395) ($503) $814 $108 ($1,209)
Gain on sale of mortgages 5,823 6,406 1,156 (583) 4,667
OMSR (impairment) / recovery (1,257) 1,895 (221) (3,152) (1,036)
Residential mortgage banking gross returns $4,171 $7,798 $1,749 ($3,627) $2,422
Key Metrics
Origination volume (closed loans) $258,500 $294,200 $90,300 ($35,700) $168,200
Serviced loan portfolio 3,095,000 3,126,000 3,301,000 (31,000) (206,000)
Gross returns on residential mortgage banking totaled $4.2 million for the quarter ending June 30, 2012 compared to $7.8 million in the preceding quarter and $1.7 million in the year ago quarter. Lower returns in the quarter ending June 30, 2012 compared to the preceding quarter was primarily due to an unfavorable variance in OMSR of $3.2 million as lower market interest rates at quarter end resulted in an impairment charge vs. a recovery in the quarter ending March 31, 2012. Residential mortgage origination volume slipped to $258.5 million in the current quarter compared to $294.2 million in the preceding quarter but remained above the $235.6 million average origination volume over the past eight quarters. Gain on sale of mortgages was strong at $5.8 million compared to $6.4 million in the preceding quarter and $1.2 million in the year ago quarter, reflecting healthy margins on sale of this product into the secondary market and the execution of effective hedging strategies.
Commenting on residential mortgage activity, Bauer added, "The residential mortgage business continues to be a focus as customer demand, sparked by lower mortgage rates, has resulted in significantly higher revenues. It has also afforded us opportunities to increase product penetration rates for existing customers and to offer other products and services to customers new to the Bank."
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW.PK. AnchorBank fsb (the "Bank"), the wholly owned subsidiary, has 57 offices. All are located in Wisconsin.
For More Information
For more information, contact Emily Campbell, VP – Marketing & Communications, at (608) 252-1436.
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)
June 30, March 31,
2012 2012
(In thousands, except share data)
Assets
Cash and cash equivalents $ 368,369 $ 242,980
Investment securities available for sale, at fair value 231,644 242,299
Investment securities held to maturity, at amortized cost -- 20
Loans
Held for sale 27,938 39,332
Held for investment 1,959,551 2,058,008
Other real estate owned, net 83,955 88,841
Premises and equipment, net 27,422 25,453
Federal Home Loan Bank stock---at cost 30,522 35,792
Mortgage servicing rights, net 20,590 22,156
Accrued interest receivable 11,391 12,075
Other assets 22,694 22,496
Total assets $ 2,784,076 $ 2,789,452
Liabilities and Stockholders' Deficit
Deposits
Non-interest bearing $ 275,526 $ 264,751
Interest bearing 1,977,647 2,000,164
Total deposits 2,253,173 2,264,915
Other borrowed funds 476,378 476,103
Accrued interest and fees payable 47,937 43,320
Accrued taxes, insurance and employee related expenses 6,502 6,385
Other liabilities 28,594 28,279
Total liabilities 2,812,584 2,819,002
Preferred stock, $0.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $20,395 at June 30, 2012 and $18,785 at March 31, 2012 98,284 96,421
Common stock, $0.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued, 21,247,725 shares outstanding 2,536 2,536
Additional paid-in capital 110,402 110,402
Retained deficit (149,321) (147,513)
Accumulated other comprehensive income (loss) 1,119 132
Treasury stock (4,115,614 shares), at cost (90,259) (90,259)
Deferred compensation obligation (1,269) (1,269)
Total stockholders' deficit (28,508) (29,550)
Total liabilities and stockholders' deficit $ 2,784,076 $ 2,789,452
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended June 30,
2012 2011
Interest income: (In thousands, except per share data)
Loans $ 25,288 $ 32,109
Investment securities and Federal Home Loan Bank stock 1,549 3,956
Interest-bearing deposits 154 52
Total interest income 26,991 36,117
Interest expense:
Deposits 3,591 7,319
Other borrowed funds 7,001 7,278
Total interest expense 10,592 14,597
Net interest income 16,399 21,520
Provision for credit losses (1,716) 3,482
Net interest income after provision for credit losses 18,115 18,038
Non-interest income:
Net impairment losses on securities recognized in earnings (64) (59)
Loan servicing income (loss), net of amortization (395) 814
Service charges on deposits 2,866 2,794
Investment and insurance commissions 1,032 1,037
Net gain on sale of loans 5,823 1,173
Net gain on sale of investment securities 62 1,136
Net gain on sale of OREO 3,172 1,245
Other revenue from real estate partnership operations 5 38
Other 997 994
Total non-interest income 13,498 9,172
Non-interest expense:
Compensation and benefits 10,560 10,194
Occupancy 1,833 1,980
Furniture and equipment 1,586 1,544
Federal deposit insurance premiums 1,564 1,933
Data processing 1,385 1,383
Marketing 239 305
Expenses from real estate partnership operations 571 42
OREO operations - net expense 7,012 8,870
Mortgage servicing rights impairment (recovery) 1,257 221
Legal services 1,574 934
Other professional fees 643 1,018
Other 3,334 3,531
Total non-interest expense 31,558 31,955
Loss before income taxes 55 (4,745)
Income tax expense -- 10
Net loss 55 (4,755)
Preferred stock dividends in arrears (1,610) (1,536)
Preferred stock discount accretion (1,863) (1,863)
Net loss available to common equity $ (3,418) $ (8,154)
Net loss $ 55 $ (4,755)
Reclassification adjustment for realized net gains recognized in income (62) (1,136)
Reclassification adjustment for unrealized credit related other-than-temporary impairment losses recognized in income 68 59
Reclassification adjustment for credit related other-than-temporary impairment previously recognized on securities paid-off during the period (4) --
Change in net unrealized gains (losses) on available-for-sale securities 985 14,013
Comprehensive loss $ 1,042 $ 8,181
Loss per common share:
Basic $ (0.16) $ (0.38)
Diluted (0.16) (0.38)
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Financial Highlights (1)
(Unaudited)
Three Months Ended
June 30,
2012 2011
Yield on earning assets 4.22% 4.66%
Cost of funds 1.56 1.78
Interest rate spread 2.66 2.88
Net interest margin 2.57 2.77
Book value per common share (6.52) (5.41)
(1) Annualized when appropriate.
CONTACT: Emily Campbell
VP -- Marketing & Communications
(608) 252-1436
The RSI, is currently at 22.84%, below the critical value of 30, which suggests that ABCW is oversold.
Anchor BanCorp Wisconsin Inc. (OTC Market:ABCW.PK) today announced a net loss available to common equity of $7.4 million, or $0.35 per common share, for the three months ended March 31, 2012. This compares to a net loss available to common equity of $21.7 million, or $1.02 per common share, and $15.3 million, or $0.72 per common share, for the three months ended March 31, 2011 and December 31, 2011, respectively. For the fiscal year ended March 31, 2012, net loss available to common equity was $50.4 million, compared to $54.5 million in the prior year.
Financial Highlights
•AnchorBank fsb (the "Bank) remains adequately capitalized for the seventh consecutive quarter.
•Net loss available to common equity decreased $7.9 million or 51.7 percent in the fourth quarter of fiscal 2012 compared to the preceding quarter ending December 31, 2011 and $14.3 million or 66.0 percent compared to the year ago quarter ending March 31, 2011.
•Non-performing loans decreased to $224.9 million at March 31, 2012 from $261.2 million in the preceding quarter. Net charge-offs, however increased by $8.5 million in the current quarter to $24.3 million, from $15.8 million in the preceding quarter ending December 31, 2011.
•Gross mortgage banking revenue totaled $7.8 million in the current quarter, an increase of $2.4 million, or 43.4 percent over $5.4 million in the preceding quarter.
•Total assets decreased by $272.1 million, or 8.9 percent to $2.8 billion at March 31, 2012, compared to $3.1 billion at December 31, 2011 as the Bank allowed high rate CD's to roll off or re-price at today's lower interest rates.
•Cost of funds declined to 1.72% in the quarter ending March 31, 2012 compared to 1.85% in the year ago quarter as the Bank aggressively managed deposit pricing.
•Service charges on deposits improved to $2.7 million in the current quarter compared to $2.5 million in the same quarter a year ago, contrasting a national trend of declining fee revenue in the banking industry as the Bank carefully managed fee based services.
Bank Capital Ratios
March 31, 2012
March 31, December 31, March 31, Increase (decrease) vs.
(Dollars in thousands) 2012 2011 2011 12/31/11 3/31/11
Tier 1 capital $125,894 $125,881 $145,807 $13 ($19,913)
Adjusted total assets 2,792,122 3,064,805 3,422,303 (272,683) (630,181)
Tier 1 leverage ratio 4.51% 4.11% 4.26% 0.40% 0.25%
Total risk-based capital $149,141 $150,518 $174,453 ($1,377) ($25,312)
Risk weighted assets 1,771,260 1,864,639 2,170,197 (93,379) (398,937)
Total risk-based capital ratio 8.42% 8.07% 8.04% 0.35% 0.38%
The Bank's Tier 1 leverage and total risk-based capital ratios of 4.51 percent and 8.42 percent at March 31, 2012, increased by 40 and 35 basis points, respectively compared to December 31, 2011. The ratios benefitted from a planned decrease in assets (adjusted total assets and risk weighted assets), and the muted impact on Tier 1 capital and risk-based capital of the lower net loss reported in the current quarter as compared to the past several quarters.
Under regulatory requirements, a bank must have a Tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized. "We are encouraged by our seventh consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "These are our highest reported capital ratios since June 2009," Bauer added.
The Corporation, as the holding company of the Bank, however continues to be burdened with significant senior debt and preferred stock obligations:
•The Corporation currently owes $116.3 million to various lenders led by U.S. Bank under its credit agreement that matures November 30, 2012. In addition, accrued but unpaid interest and fees totaling $41.0 million associated with this obligation are also due and payable at maturity.
•The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury's Capital Purchase Program ("CPP"). As permitted under the CPP program, the Corporation has deferred twelve quarterly preferred stock dividend payments to the Treasury totaling $18.8 million, including interest.
•While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor to assist in capital raising efforts to address its capital needs.
Financial Results
Financial results for the fourth quarter ended March 31, 2012, include:
•Net interest margin fell to 2.35 percent for the three months ended March 31, 2012, from 2.63 percent for the same period in the previous year. The decrease was primarily due to a 300 basis point rate increase on the $116.3 million Credit Agreement to 15 percent per annum effective in May 2011, and sales of higher yielding investment securities in September 2011.
•Provision for credit losses of $4.6 million decreased $5.6 million, or 54.8 percent from $10.2 million in the same period a year ago largely due to a lower required general allowance for losses on non-impaired loans attributable to improved credit metrics which are used in part to establish this reserve.
•Non-interest income totaled $13.0 million, up $5.9 million or 82.7 percent, compared to the same period in the previous year. The increase was primarily due to higher gains on sale of mortgage loans reflecting better execution in the sale of these instruments into the secondary market. Gains on sale of REO also contributed to this favorable variance as total net gains of $1.9 million in the current quarter ended March 31, 2012 were $1.6 million higher than reported in the year ago quarter.
•Total non-interest expense decreased by $8.4 million or 22.9 percent, compared to the comparable period a year ago largely due to lower loss provisions on repossessed property reflecting stabilizing real estate values; and recovery of previously recorded mortgage servicing rights impairment as market interest rates drifted higher at the end of March 2012.
Credit Quality
March 31, 2012
(Dollars in thousands) March 31, December 31, March 31, Increase (decrease) vs.
2012 2011 2011 12/31/11 3/31/11
Quarterly Financial Results
Provision for credit losses $4,601 $8,380 $10,178 ($3,779) ($5,577)
Net charge-offs 24,336 15,848 17,428 8,488 6,908
Key Metrics (at period end)
Loans 30 to 89 days past due 30,562 46,655 76,723 (16,093) (46,161)
Non-performing loans (NPL) 224,924 261,152 282,645 (36,228) (57,721)
Other real estate owned 88,841 86,925 90,707 1,916 (1,866)
Non-performing assets 313,765 348,077 373,352 (34,312) (59,587)
Allowance for loan loss to NPL 49.45% 50.13% 53.11% -0.68% -3.66%
Certain key credit related metrics continue to trend favorably as both loans 30 to 89 days past due and non-performing loans as of March 31, 2012 were lower compared to the preceding quarter and the year ago quarter. 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, the allowance for loan loss remains strong at just shy of 50 percent of non-performing loans at March 31, 2012. The level of non-performing assets (non-performing loans plus other real estate owned) has also improved as the March 31, 2012 balance of $313.8 million is $34.3 million and $59.6 million lower than the preceding quarter and year ago quarter reported amounts, respectively. Net charge-offs however, spiked $8.5 million over the preceding quarter to $24.3 million reflecting the uneven nature of this activity as several larger exposures moved to charge-off status in the current quarter.
Bauer added, "Although we are pleased to see some favorable credit trends, much work remains to be done regarding troubled loans and the disposition of foreclosed properties. We continue to work aggressively to resolve the issues that remain in the credit portfolios. The positive trends emerging on the credit front are partially offset as we continue to be negatively impacted by ongoing costs associated with carrying an elevated level of foreclosed properties on the Bank's balance sheet." Other real estate owned totaled $88.8 million at March 31, 2012, up from $86.9 million at December 31, 2011, but a decrease of $1.9 million compared to $90.7 million at March 31, 2011.
Mortgage Banking
For the Quarter Ending: March 31, 2012
(In thousands) March 31, December 31, March 31, Increase (decrease) vs.
2012 2011 2011 12/31/11 3/31/11
Gross revenue
Loan servicing income (loss), net ($507) ($1,571) $516 $1,064 ($1,023)
Credit enhancement income 4 5 43 (1) (39)
Gain on sale of mortgages 6,406 6,018 1,600 388 4,806
OMSR (impairment) / recovery 1,895 985 (52) 910 1,947
Residential mortgage banking revenue $7,798 $5,437 $2,107 $2,361 $5,691
Key Metrics
Origination volume (closed loans) $294,200 $405,000 $105,000 ($110,800) $189,200
Serviced loan portfolio 3,126,000 3,173,000 3,366,000 (47,000) (240,000)
Residential mortgage banking revenue totaled $7.8 million for the quarter ending March 31, 2012 compared to $5.4 million in the preceding quarter and $2.1 million in the year ago quarter. Residential mortgage origination volume slipped to $294.2 million in the current quarter from the recent high water mark of $405.0 million set in the preceding quarter, yet is well above the $219.7 million average origination volume over the past two years. Gain on sale of mortgages was strong again this quarter at $6.4 million compared to $6.0 million in the preceding quarter and $1.6 million in the year ago quarter reflecting healthy margins on sale of this product into the secondary market and effective hedging strategies.
Commenting on residential mortgage activity, Bauer added, "Residential mortgages have been a focus over the past several months as customer demand, sparked by lower mortgage rates, resulted in significantly higher revenues. It has also afforded us an opportunity to increase product penetration rates for existing customers as well as to offer other products and services to customers new to the Bank."
Retirement of Certain Directors
Donald Kropidlowski, Greg Larson, and Donald Parker, who have served as directors since 1995, 1992, and 1999, respectively, have announced their retirement effective June 30, 2012.
Bauer said, "Messrs. Kropidlowski, Larson and Parker have been very dedicated and supportive of our efforts to address our financial issues." Bauer also indicated that with two Board members now being elected by the U.S. Treasury ("Treasury") as a result of shares issued to it in connection with the Troubled Asset Relief Program in 2009, the Board of Directors is expected to reduce the size of the Board following the Annual Meeting from eleven to eight members with six members elected by the holders of common stock and two members by the Treasury.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW.PK. AnchorBank fsb (the "Bank"), the wholly owned subsidiary, has 57 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)
March 31,
2012 2011
(In thousands, except share data)
Assets
Cash and cash equivalents $ 242,980 $ 107,015
Investment securities available for sale, at fair value 242,299 523,289
Investment securities held to maturity, at amortized cost 20 27
Loans
Held for sale 39,332 7,538
Held for investment 2,058,008 2,520,367
Other real estate owned, net 88,841 90,707
Real estate held for development and sale 457 717
Premises and equipment, net 25,453 29,127
Federal Home Loan Bank stock--at cost 35,792 54,829
Mortgage servicing rights, net 22,156 24,961
Accrued interest receivable 12,075 16,353
Other assets 22,039 19,895
Total assets $ 2,789,452 $ 3,394,825
Liabilities and Stockholders' Deficit
Deposits
Non-interest bearing $ 264,751 $ 240,671
Interest bearing 2,000,164 2,458,762
Total deposits 2,264,915 2,699,433
Other borrowed funds 476,103 659,005
Accrued interest and fees payable 43,320 28,319
Accrued taxes, insurance and employee related expenses 6,385 6,609
Other liabilities 28,279 14,630
Total liabilities 2,819,002 3,407,996
Preferred stock, $0.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $18,785 at March 31, 2012 and $12,507 at March 31, 2011 96,421 89,008
Common stock, $0.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued, 21,247,725 shares outstanding 2,536 2,536
Additional paid-in capital 110,402 111,513
Retained deficit (147,513) (103,362)
Accumulated other comprehensive income (loss) 132 (19,952)
Treasury stock (4,115,614 shares), at cost (90,259) (90,534)
Deferred compensation obligation (1,269) (2,380)
Total stockholders' deficit (29,550) (13,171)
Total liabilities and stockholders' deficit $ 2,789,452 $ 3,394,825
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended Year Ended
March 31, March 31,
2012 2011 2012 2011
Interest income: (In thousands, except per share data)
Loans $ 26,559 $ 33,231 $ 116,929 $ 150,692
Investment securities and Federal Home Loan Bank stock 1,427 3,943 9,738 15,251
Interest-bearing deposits 177 66 584 520
Total interest income 28,163 37,240 127,251 166,463
Interest expense:
Deposits 4,870 8,607 24,963 48,626
Other borrowed funds 7,405 7,173 30,366 32,757
Total interest expense 12,275 15,780 55,329 81,383
Net interest income 15,888 21,460 71,922 85,080
Provision for credit losses 4,601 10,178 33,578 51,198
Net interest income after provision for credit losses 11,287 11,282 38,344 33,882
Non-interest income:
Net impairment losses on securities recognized in earnings (231) (78) (568) (440)
Loan servicing income (loss), net of amortization (507) 516 (832) 1,592
Credit enhancement income on mortgage loans sold 4 43 71 648
Service charges on deposits 2,672 2,544 11,339 12,317
Investment and insurance commissions 944 752 3,808 3,448
Net gain on sale of loans 6,406 1,600 17,591 17,764
Net gain on sale of investment securities 217 709 6,579 8,661
Net gain on sale of OREO 1,942 315 6,118 3,640
Net gain on sale of branches -- 2 -- 7,350
Other revenue from real estate partnership operations 64 (295) 222 92
Other 1,469 997 5,028 4,431
Total non-interest income 12,980 7,105 49,356 59,503
Non-interest expense:
Compensation and benefits 10,878 10,203 41,741 42,002
Occupancy 1,971 2,236 7,946 8,541
Furniture and equipment 1,358 1,536 5,989 6,559
Federal deposit insurance premiums 1,654 2,283 7,189 11,402
Data processing 1,603 1,559 6,259 6,540
Marketing 582 514 1,461 1,479
Expenses from real estate partnership operations 121 115 881 662
OREO operations - net expense 6,633 12,093 28,777 31,165
Mortgage servicing rights impairment (recovery) (1,895) 52 2,410 (97)
Legal services 1,315 1,333 4,892 7,978
Other professional fees 844 1,387 3,669 5,294
Other 3,156 3,309 13,214 12,874
Total non-interest expense 28,220 36,620 124,428 134,399
Loss before income taxes (3,953) (18,233) (36,728) (41,014)
Income tax expense -- 150 10 164
Net loss (3,953) (18,383) (36,738) (41,178)
Preferred stock dividends in arrears (1,591) (1,503) (6,278) (5,934)
Preferred stock discount accretion (1,844) (1,843) (7,413) (7,412)
Net loss available to common equity $ (7,388) $ (21,729) $ (50,429) $ (54,524)
Net loss $ (3,953) $ (18,383) $ (36,738) $ (41,178)
Reclassification adjustment for realized net gains recognized in income (217) (709) (6,579) (8,661)
Reclassification adjustment for unrealized credit related other-than-
temporary impairment losses recognized in income 98 70 194 432
Reclassification adjustment for realized credit losses recognized in income 123 -- 364 --
Change in net unrealized gains (losses) on available-for-sale securities (274) 921 26,105 (6,324)
Comprehensive loss $ (4,223) $ (18,101) $ (16,654) $ (55,731)
Loss per common share:
Basic $ (0.35) $ (1.02) $ (2.37) $ (2.57)
Diluted (0.35) (1.02) (2.37) (2.57)
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Financial Highlights (1)
(Unaudited)
Three Months Ended Year Ended
March 31, March 31,
2012 2011 2012 2011
Yield on earning assets 4.17% 4.57% 4.34% 4.59%
Cost of funds 1.72 1.85 1.79 2.16
Interest rate spread 2.45 2.72 2.55 2.43
Net interest margin 2.35 2.63 2.45 2.35
Non-interest expense to average assets 3.89 4.22 3.96 3.50
Book value per common share (6.57) (5.80) (6.57) (5.80)
(1) Annualized when appropriate.
CONTACT: For more information, contact
Emily Campbell, VP - Marketing & Communications
(608) 252-1436
ABCW is substantially below its 10 week simple moving average. Although the moving average is still trending higher, it is likely that it will begin to follow the stock price lower.
Monday, ABCW closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 0.99.
ABCW is trading within its price channel.
The On Balance Volume indicator (OBV) shows that longer term selling pressure has given way to near term accumulation.
The RSI, is currently at 25.23%, below the critical value of 30, which suggests that ABCW is oversold. Although this does not necessarily mean that shares will rally, it is an indication that recent selling pressure is at a level that is not normally sustainable.
ABCW's MACD is indicating a weak bearish signal. Although the indicator is above the critical level of 0, which implies that the underlying moving averages are bullish, the MACD has crossed below its 9-week moving average or signal line. This suggests that positive momentum has begun to slow.
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Open these links (or the ones you desire) in background tabs
http://help.opera.com/Linux/9.52/en/keyboard.html
http://lifehacker.com/263940/force-links-to-open-in-the-background
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/ABCW
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/ABCW/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/ABCW/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/ABCW/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/ABCW/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/ABCW/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/ABCW/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/ABCW/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/ABCW/research
Google Finance Summary ~ http://www.google.com/finance?q=ABCW
Google Finance News ~ http://www.google.com/finance/company_news?q=ABCW
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=ABCW
Google Finance Financials ~ http://www.google.com/finance?q=ABCW&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=ABCW
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=ABCW&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=ABCW+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=ABCW+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=ABCW+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=ABCW
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=ABCW+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=ABCW+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/ABCW
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/ABCW
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=ABCW+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=ABCW+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=ABCW+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=ABCW+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=ABCW+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=ABCW+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=ABCW+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=ABCW+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=ABCW+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=ABCW+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=ABCW+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=ABCW&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=ABCW
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=ABCW
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=ABCW
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=ABCW
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=ABCW
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=ABCW&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=ABCW&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/ABCW?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/ABCW
Barchart Options Quotes ~ http://barchart.com/options/stocks/ABCW
Barchart Technical Chart ~ http://barchart.com/charts/stocks/ABCW&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/ABCW&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/ABCW
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=ABCW
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/ABCW
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/ABCW
Barchart News Headlines ~ http://barchart.com/news/stocks/ABCW
Barchart Profile ~ http://barchart.com/profile//ABCW
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=ABCW&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=ABCW&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=ABCW&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=ABCW&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/ABCW/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/ABCW/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/ABCW/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/ABCW/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/ABCW
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/ABCW/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/ABCW/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/ABCW/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/ABCW/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/ABCW/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/ABCW/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=ABCW&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=ABCW
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=ABCW
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=ABCW&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=ABCW
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=ABCW
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=ABCW&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=ABCW.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=ABCW®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/ABCW
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/ABCW/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/ABCW/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/ABCW/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=ABCW&selected=ABCW
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=ABCW&selected=ABCW
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/ABCW/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/ABCW/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/ABCW/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/ABCW/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/ABCW/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/ABCW/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/ABCW/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/ABCW/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/ABCW/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/ABCW/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/ABCW/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/ABCW/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/ABCW/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/ABCW/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=ABCW&selected=ABCW
NASDAQ Financials ~ http://www.nasdaq.com/symbol/ABCW/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/ABCW/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/ABCW/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/ABCW/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/ABCW/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/ABCW/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/ABCW/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/ABCW/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/ABCW.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/ABCW/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/ABCW/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/ABCW/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/ABCW/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/ABCW/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/ABCW/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=ABCW
YCharts ~ http://ycharts.com/companies/ABCW
YCharts Performance ~ http://ycharts.com/companies/ABCW/performance
YCharts Dashboard ~ http://ycharts.com/companies/ABCW/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=ABCW&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=ABCW&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=ABCW&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=ABCW
Zacks Quote ~ http://www.zacks.com/stock/quote/ABCW
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=ABCW
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=ABCW
Knobias ~ http://knobias.10kwizard.com/files.php?sym=ABCW
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=ABCW
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/ABCW/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=ABCW&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=ABCW®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=ABCW®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=ABCW®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=ABCW®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=ABCW®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=ABCW
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=ABCW
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=ABCW&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=ABCW&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=ABCW
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=ABCW&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=ABCW
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=ABCW
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=ABCW
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=ABCW
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=ABCW
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=ABCW
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=ABCW
Investorpoint ~ http://www.investorpoint.com/ enter "ABCW" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "ABCW" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=ABCW
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=ABCW
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=ABCW
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=ABCW
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=ABCW
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "ABCW" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=ABCW&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=ABCW
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=ABCW
Check those searches for recent ABCW mentions. If ABCW is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
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AnchorBank is a $3.2 billion bank and Wisconsin's largest thrift. We offer personal and business banking services to more than 138,000 households and businesses. From our beginnings in 1919, quality housing has been a high priority, and today AnchorBank is a leading lender in residential housing and commercial real estate.
We are constantly evolving our products and services to meet the changing needs of our customers. Through our TeleBranch™, we provide 24-hour automated telephone banking. Our WebBranch™ includes online banking capabilities and applications for most products. A full range of investment services is provided through our Anchor Investment Services (AIS) division.
AnchorBank, fsb is a wholly owned subsidiary of Anchor BanCorp Wisconsin Inc., which incorporated into a holding company on March 18, 1992, and went public on July 15, 1992. It is headquartered in Madison, Wisconsin.
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