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Anchor BanCorp Wisconsin Inc. (ABCW) filed Quarterly Report for the period ended 2011-12-31.
Anchor Bancorp Wisconsin Inc. has a market cap of $6.5 million; its shares were traded at around $0.35 with and P/S ratio of 0.03.
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:
Smaller Balance Sheet – Total assets decreased just over $1 billion, or 23.1 percent, from $4.42 billion at March 31, 2010, to $3.39 billion at March 31, 2011, and another $333.3 million, or 9.8% during the nine months ending December 31, 2011. The declines were largely due to scheduled payoffs and amortization in loans receivable as well as significantly curtailed new loan origination activity. The declines were also the result of the aforementioned branch sales and the sale of a portion of the education loan portfolio in fiscal year 2011.Interest income decreased $30.1 million or 23.3% for the nine months ended December 31, 2011, as compared to the same period in the prior year primarily due to a decline in average loan balances as a result of branch sales, loan pay downs and transfers to OREO. Interest expense decreased $22.5 million or 34.4% for the nine months ended December 31 2011, as compared to the same period in the prior year due to a reduction in deposit accounts due to branch sales, reduced funding needs and improved pricing disciplines.
Interest income on investment securities decreased $3.0 million or 68.6% for the three-month period and decreased $3.0 million or 26.5% for the nine-month period ended December 31, 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 36 basis points in the average yield on investment securities to 2.87% from 3.23% for the three-month period and a decrease of 41 basis points in the average yield on investment securities to 2.97% from 3.38% for the nine-month period ended December 31, 2011. In addition, there was a decrease of $356.3 million in the three-month average balances and a decrease of $75.2 million in the nine-month average balances. The decrease in investment security average balances for the three- and nine-month periods ending December 31, 2011 is a result of the sale of investment securities for interest rate risk and capital management purposes totaling $333.8 million (proceeds on sale) in the nine months ending December 31, 2011. Interest income on interest-bearing deposits increased $179,000 and decreased $47,000, respectively, for the three and nine months ended December 31, 2011, as compared to the respective periods in 2010, primarily due to an increase in the average balance as well as a slight increase in the average yield for the three-month period and a decrease in the average balance offset by a slight increase in the average yield for the nine-month period.
The decrease for the three-month period ended December 31, 2011 was primarily due to a $1.2 million decline in net gain on sale of investment securities as well as a decrease of $1.2 million in loan servicing income. These declines were largely due to the sale in 2010 of investment securities with an amortized cost basis of $81.3 million at a gain of $1.2 million and an increase of $1.0 million in mortgage servicing rights amortization cost attributable to the impact of lower interest rates on the prepayment of underlying serviced loans. These decreases were partially offset by an increase in net gain on sale of loans of $417,000 attributable to a significantly higher volume of residential mortgage loan sales in 2011.
Investment securities available for sale decreased $338.6 million during the nine months ended December 31, 2011 as a result of sales of $333.8 million, principal repayments of $30.3 million and fair value adjustments and net amortization of $25.4 million in this period. The sales of securities in the nine months ended December 31, 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.
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