Anchor BanCorp Wisconsin Inc. (ABCW, Financial) filed Quarterly Report for the period ended 2010-09-30.
Anchor Bancorp Wisconsin Inc. has a market cap of $11.1 million; its shares were traded at around $0.52 with and P/S ratio of 0.1.
Net interest income increased $3.4 million or 17.8% and decreased $2.7 million or 6.2% for the three and six months ended September 30, 2010, as compared to the same respective periods in the prior year. Interest income decreased $11.7 million or 21.1% for the three months ended September 30, 2010, as compared to the same period in the prior year. Interest expense decreased $15.1 million or 41.3% for the three months ended September 30, 2010, as compared to the same period in the prior year. Interest income decreased $27.4 million or 23.7% for the six months ended September 30, 2010, as compared to the same period in the prior year. Interest expense decreased $24.7 million or 34.5% for the six months ended September 30, 2010, as compared to the same period in the prior year. The net interest margin increased to 2.45% for the three-month period ended September 30, 2010 from 1.58% for the three-month period in the prior year and increased to 2.14% for the six-month period ended September 30, 2010 from 1.79% for the same period in the prior year. The change in the net interest margin reflects the increase in yield on interest-earning assets from 4.62% to 4.80% during the three months ended September 30, 2009 and 2010, respectively. The increase in the yield on interest-earning assets is primarily the result of the reversal of $1.5 million of interest income reserves on non-accrual loans. The interest rate spread increased to 2.56% from 1.62% for the three-month period and increased to 2.25% from 1.82% for the six-month period ended September 30, 2010, as compared to the same respective periods in the prior year.
Interest income on loans decreased $9.4 million or 19.0% and $22.5 million or 21.8%, for the three and six months ended September 30, 2010, as compared to the same respective periods in the prior year. These decreases were primarily attributable to a decrease of 3 basis points in the average yield on loans to 5.41% from 5.44% for the three-month period and a decrease of 16 basis points to 5.26% from 5.42% for the six month period. The decrease in the yield on loans was due to the level of loans on non-accrual status as well as a modest decline in rates on loans. In addition, the average balances of loans decreased $677.5 million and $739.4 million in the three months and six months ended September 30, 2010, respectively, as compared to the same periods in the prior year.
Interest income on investment securities decreased $2.1 million or 37.5% for the three-month period and decreased $4.7 million or 40.4% for the six-month period ended September 30, 2010, as compared to the same respective periods in the prior year, due to a decrease of $118.5 million in the three-month average balance and a decrease of $99.9 million in the six-month average balance of investment securities. In addition, there was a decrease of 79 basis points in the average yield on investment securities to 3.57% from 4.36% for the three-month period and a decrease of 118 basis points in the average yield on investment securities to 3.49% from 4.67% for the six-month period ended September 30, 2010. This decrease reflects managements change in mix of investment securities to a lower risk weighted category. Interest income on interest-bearing deposits decreased $235,000 and $254,000, respectively, for the three and six months ended September 30, 2010, as compared to the same respective periods in 2009, primarily due to a decrease in the average balances as well as decreases in the average yields for the three-month period.
Interest expense on deposits decreased $9.8 million or 42.5% and decreased $18.1 million or 38.4%, respectively, for the three and six months ended September 30, 2010, as compared to the same respective periods in 2009. This decrease was primarily attributable to a decrease of 68 basis points in the weighted average cost of deposits to 1.70% from 2.38% and a decrease of 64 basis points in the weighted average cost of deposits to 1.76% from 2.40% for the three and six months ended September 30, 2010, as well as a decrease in the average balance of deposits and
accrued interest of $760.6 million and $622.7 million, as compared to the same respective three- and six-month per
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Anchor Bancorp Wisconsin Inc. has a market cap of $11.1 million; its shares were traded at around $0.52 with and P/S ratio of 0.1.
Highlight of Business Operations:
Net income for the three and six months ended September 30, 2010 increased $76.3 million to net income of $1.2 million from a net loss of $75.1 million and increased $129.3 million or 92.2% to a net loss of $10.9 million from a net loss of $140.2 million as compared to the same respective period in the prior year. The decrease in net loss for the three-month period compared to the same period last year was largely due to a decrease in provision for credit losses of $50.2 million, a decrease in non-interest expense of $10.0 million, an increase in non-interest income of $12.8 million and an increase in net interest income of $3.4 million, which were partially offset by an increase in income tax expense of $14,000. The decrease in net loss for the six-month period compared to the same period last year was largely due to a decrease in provision for loan losses of $111.7 million, a decrease in non-interest expense of $13.5 million and an increase in non-interest income of $6.8 million, which were partially offset by a decrease in net interest income of $2.7 million and an increase in income tax expense of $14,000.Net interest income increased $3.4 million or 17.8% and decreased $2.7 million or 6.2% for the three and six months ended September 30, 2010, as compared to the same respective periods in the prior year. Interest income decreased $11.7 million or 21.1% for the three months ended September 30, 2010, as compared to the same period in the prior year. Interest expense decreased $15.1 million or 41.3% for the three months ended September 30, 2010, as compared to the same period in the prior year. Interest income decreased $27.4 million or 23.7% for the six months ended September 30, 2010, as compared to the same period in the prior year. Interest expense decreased $24.7 million or 34.5% for the six months ended September 30, 2010, as compared to the same period in the prior year. The net interest margin increased to 2.45% for the three-month period ended September 30, 2010 from 1.58% for the three-month period in the prior year and increased to 2.14% for the six-month period ended September 30, 2010 from 1.79% for the same period in the prior year. The change in the net interest margin reflects the increase in yield on interest-earning assets from 4.62% to 4.80% during the three months ended September 30, 2009 and 2010, respectively. The increase in the yield on interest-earning assets is primarily the result of the reversal of $1.5 million of interest income reserves on non-accrual loans. The interest rate spread increased to 2.56% from 1.62% for the three-month period and increased to 2.25% from 1.82% for the six-month period ended September 30, 2010, as compared to the same respective periods in the prior year.
Interest income on loans decreased $9.4 million or 19.0% and $22.5 million or 21.8%, for the three and six months ended September 30, 2010, as compared to the same respective periods in the prior year. These decreases were primarily attributable to a decrease of 3 basis points in the average yield on loans to 5.41% from 5.44% for the three-month period and a decrease of 16 basis points to 5.26% from 5.42% for the six month period. The decrease in the yield on loans was due to the level of loans on non-accrual status as well as a modest decline in rates on loans. In addition, the average balances of loans decreased $677.5 million and $739.4 million in the three months and six months ended September 30, 2010, respectively, as compared to the same periods in the prior year.
Interest income on investment securities decreased $2.1 million or 37.5% for the three-month period and decreased $4.7 million or 40.4% for the six-month period ended September 30, 2010, as compared to the same respective periods in the prior year, due to a decrease of $118.5 million in the three-month average balance and a decrease of $99.9 million in the six-month average balance of investment securities. In addition, there was a decrease of 79 basis points in the average yield on investment securities to 3.57% from 4.36% for the three-month period and a decrease of 118 basis points in the average yield on investment securities to 3.49% from 4.67% for the six-month period ended September 30, 2010. This decrease reflects managements change in mix of investment securities to a lower risk weighted category. Interest income on interest-bearing deposits decreased $235,000 and $254,000, respectively, for the three and six months ended September 30, 2010, as compared to the same respective periods in 2009, primarily due to a decrease in the average balances as well as decreases in the average yields for the three-month period.
Interest expense on deposits decreased $9.8 million or 42.5% and decreased $18.1 million or 38.4%, respectively, for the three and six months ended September 30, 2010, as compared to the same respective periods in 2009. This decrease was primarily attributable to a decrease of 68 basis points in the weighted average cost of deposits to 1.70% from 2.38% and a decrease of 64 basis points in the weighted average cost of deposits to 1.76% from 2.40% for the three and six months ended September 30, 2010, as well as a decrease in the average balance of deposits and
accrued interest of $760.6 million and $622.7 million, as compared to the same respective three- and six-month per
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