Anchor BanCorp Wisconsin Inc. (ABCW, Financial) filed Amended Quarterly Report for the period ended 2009-12-31.
Anchor Bancorp Wisconsin Inc. has a market cap of $15.18 million; its shares were traded at around $0.7 with and P/S ratio of 0.05.
Net Interest Income. Net interest income decreased $10.4 million or 31.7% and $30.0 million or 31.1% for the three and nine months ended December 31, 2009, respectively, as compared to the same respective periods in the prior year. Interest income decreased $11.1 million or 17.2% for the three months ended December 31, 2009 as compared to the same period in the prior year. Interest expense decreased $745,000 or 2.3% for the three months ended December 31, 2009 as compared to the same period in the prior year. Interest income decreased $30.1 million or 15.1% for the nine months ended December 31, 2009 as compared to the same period in the prior year. Interest expense decreased $229,000 or 0.2% for the nine months ended December 31, 2009 as compared to the same period in the prior year. The net interest margin decreased to 2.05% for the three-month period ended December 31, 2009 from 2.88% for the three-month period in the prior year and decreased to 1.87% for the nine-month period ended December 31, 2009 from 2.79% for the same period in the prior year. The change in the net interest margin reflects the decrease in yield on interest-earning assets from 5.69% to 4.92% during the three months and from 5.78% to 4.79% during the nine months ended December 31, 2009 and 2008, respectively. The decrease in the yield on interest-earning assets is primarily the result of the reversal of interest income on non-accrual loans as well as the decline in interest rates. The interest rate spread decreased to 2.13% from 2.88% for the three-month period and decreased to 1.93% from 2.77% for the nine-month period ended December 31, 2009 as compared to the same respective periods in the prior year.
Interest income on loans decreased $11.5 million or 19.1% and $33.3 million or 18.0%, for the three and nine months ended December 31, 2009, as compared to the same respective periods in the prior year. These decreases were primarily attributable to a decrease of 34 basis points in the average yield on loans to 5.56% from 5.90% for the three-month period and a decrease of 52 basis points to 5.47% from 5.99% for the nine-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 $580.4 million in the three months and decreased $420.1 million in the nine months ended December 31, 2009, respectively, as compared to the same periods in the prior year.
Interest income on mortgage-related securities increased $874,000 or 23.4% and increased $4.3 million or 38.5% for the three- and nine-month periods ended December 31, 2009, as compared to the same respective periods in the prior year, primarily due to an increase of $182.1 million in the three-month average balance and an
Read the The complete Report
Anchor Bancorp Wisconsin Inc. has a market cap of $15.18 million; its shares were traded at around $0.7 with and P/S ratio of 0.05.
Highlight of Business Operations:
General. Net income for the three and nine months ended December 31, 2009 increased $156.9 million or 93.9% to a net loss of $10.2 million from a net loss of $167.1 million and increased $34.5 million or 18.7% to a net loss of $150.4 million from a net loss of $184.9 million as compared to the same respective periods in the prior year. The increase in net income for the three-month period compared to the same period last year was largely due to a decrease in provision for loan losses of $82.5 million, a decrease in non-interest expense of $80.6 million and an increase in non-interest income of $6.1 million, which were partially offset by a decrease in net interest income of $10.4 million and a decrease in income tax benefit of $1.9 million. The increase in net income for the nine-month period compared to the same period last year was largely due to a decrease in provision for loan losses of $7.6 million, a decrease in non-interest expense of $54.3 million and an increase in non-interest income of $16.5 million, which were partially offset by a decrease in income tax benefit of $14.0 million and a decrease in net interest income of $30.0 million.Net Interest Income. Net interest income decreased $10.4 million or 31.7% and $30.0 million or 31.1% for the three and nine months ended December 31, 2009, respectively, as compared to the same respective periods in the prior year. Interest income decreased $11.1 million or 17.2% for the three months ended December 31, 2009 as compared to the same period in the prior year. Interest expense decreased $745,000 or 2.3% for the three months ended December 31, 2009 as compared to the same period in the prior year. Interest income decreased $30.1 million or 15.1% for the nine months ended December 31, 2009 as compared to the same period in the prior year. Interest expense decreased $229,000 or 0.2% for the nine months ended December 31, 2009 as compared to the same period in the prior year. The net interest margin decreased to 2.05% for the three-month period ended December 31, 2009 from 2.88% for the three-month period in the prior year and decreased to 1.87% for the nine-month period ended December 31, 2009 from 2.79% for the same period in the prior year. The change in the net interest margin reflects the decrease in yield on interest-earning assets from 5.69% to 4.92% during the three months and from 5.78% to 4.79% during the nine months ended December 31, 2009 and 2008, respectively. The decrease in the yield on interest-earning assets is primarily the result of the reversal of interest income on non-accrual loans as well as the decline in interest rates. The interest rate spread decreased to 2.13% from 2.88% for the three-month period and decreased to 1.93% from 2.77% for the nine-month period ended December 31, 2009 as compared to the same respective periods in the prior year.
Interest income on loans decreased $11.5 million or 19.1% and $33.3 million or 18.0%, for the three and nine months ended December 31, 2009, as compared to the same respective periods in the prior year. These decreases were primarily attributable to a decrease of 34 basis points in the average yield on loans to 5.56% from 5.90% for the three-month period and a decrease of 52 basis points to 5.47% from 5.99% for the nine-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 $580.4 million in the three months and decreased $420.1 million in the nine months ended December 31, 2009, respectively, as compared to the same periods in the prior year.
Interest income on mortgage-related securities increased $874,000 or 23.4% and increased $4.3 million or 38.5% for the three- and nine-month periods ended December 31, 2009, as compared to the same respective periods in the prior year, primarily due to an increase of $182.1 million in the three-month average balance and an
Read the The complete Report
