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Anchor BanCorp Wisconsin Inc. (ABCW) filed Quarterly Report for the period ended 2011-09-30.
Anchor Bancorp Wisconsin Inc. has a market cap of $11.27 million; its shares were traded at around $0.52 with and P/S ratio of 0.05.
This is the annual revenues and earnings per share of ABCW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ABCW.
Highlight of Business Operations:
Interest income on investment securities decreased $461,000 or 13.5% for the three-month period and increased $50,000 or 0.7% for the six-month period ended September 30, 2011, as compared to the respective periods in the prior year, largely due to sales of securities in 2011, partially offset in 2011 by the deployment of excess liquidity into the investment portfolio in 2010. This also resulted in a decrease of 78 basis points in the average yield on investment securities to 2.79% from 3.57% for the three-month period and a decrease of 50 basis points in the average yield on investment securities to 2.99% from 3.49% for the six-month period ended September 30, 2011. In addition, there was an increase of $38.5 million in the three-month average balances and an increase of $66.2 million in the six-month average balances. The increase in investment security average balances for the three- and six-month periods ending September 30, 2011 is a result of the Corporation’s balance sheet strategy of reducing loans and increasing lower risk-weighted investment securities. Interest income on interest-bearing depositsThe decrease for the six-month period ended September 30, 2011 was primarily due to a $7.2 million gain on sale of branches in the prior year. In addition, gain on sale of loans decreased $5.4 million, service charges on deposits decreased $1.2 million due to less fee income being collected as the result of a decline in deposits, credit enhancement income decreased $427,000, gain on sale of investment securities decreased $423,000, revenue from real estate operations decreased $336,000 and loan servicing income decreased $246,000 for the six-month period ended September 30, 2011, as compared to the respective period in the prior year. These decreases were partially offset by an increase in other non-interest income of $326,000 and an increase in investment and insurance commissions of $229,000 for the six-month period ended September 30, 2011, as compared to the prior year.
The decrease for the six-month period was primarily due to a decrease of $4.0 million in federal deposit insurance premiums due to a more favorable FDIC risk rating. In addition, legal services decreased $2.6 million primarily due to less need for external counsel to address corporate (i.e., non-banking related) issues in the current year period, compensation expense decreased $1.3 million due to branch sales and down-sizing, other professional fees decreased $1.0 million, OREO operations, net expense decreased $651,000, occupancy expense decreased $479,000, data processing expense decreased $363,000 and furniture and equipment expense decreased $348,000 for the six months ended September 30, 2011, as compared to the same period in the prior year. These decreases were partially offset by an increase in mortgage servicing rights impairment of $3.8 million and an increase of $204,000 in expenses from real estate partnership operations for the six months ended September 30, 2011, as compared to the same period in the prior year.
Total loans (including loans held for sale) decreased $224.8 million during the six months ended September 30, 2011. Activity for the period consisted of (i) sales of one to four family loans to the Fannie Mae of $231.8 million, (ii) principal repayments and other adjustments (the majority of which are undisbursed loan proceeds) of $272.5 million, (iii) transfer to foreclosed properties and repossessed assets of $49.8 million, partially offset by originations and refinances of $329.3 million.
Investment securities (both available for sale and held to maturity) decreased $328.1 million during the six months ended September 30, 2011 as a result of sales of $333.6 million, principal repayments of $20.4 million and fair value adjustments and net amortization of $26.0 million in this period. The sales of securities in the six months ended September 30, 2011 were executed to take advantage of an opportunity in the market to reduce risk-weighted assets and lower the market value of equity volatility at attractive price levels. Investment security sale transactions totaling $115.0 million were traded in September 2011 that settled in the following month resulting in a non-cash transfer from investment securities balance to a non-interest earning receivable on the consolidated balance sheets of that amount.
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