Anchor BanCorp Wisconsin Inc. (ABCW, Financial) filed Annual Report for the period ended 2010-03-31.
Anchor Bancorp Wisconsin Inc. has a market cap of $9.8 million; its shares were traded at around $0.45 .
The primary factors in competing for loans are interest rates, loan fee charges, and timeliness and quality of service to the borrower. Similar to the market for deposit and investment products, we focus on offering the best overall value to our loan customers. During the 2010 fiscal year we originated $1.20 billion in single family conforming loans. While single family conforming loans are subsequently sold to investors, a key competitive difference is that AnchorBank retains servicing on our residential mortgages, thereby ensuring a high level of continuing customer service. AnchorBank currently has a servicing portfolio of approximately $3.60 billion.
Mr. Bauer brings an extensive 33-year background in the banking sector, having previously served as Chairman and CEO of Firstar Bank Milwaukee, and head of commercial banking for Firstar Corporation, a $37-billion financial services company based in Milwaukee, at the time of his retirement in 1999. In 2000, Bauer founded First Business Bank Milwaukee and served as its Chairman of the Board until 2003. Under Mr. Bauers leadership, First Business Bank Milwaukee grew to more than $70 million in assets in only three years. Bauer was also recently elected Chairman of the Board of the American Automobile Association.
Focusing on developing operating efficiencies and re-engineering business processes has allowed the Corporation to reduce its compensation and benefits expenses from $14 million for the quarter ending September 2009 to $12 million for the quarters ending December 2009 and March 2010. Additional cost savings were generated by an all encompassing strategic business review completed in May, 2010. An approximately 13 percent reduction in core operating expenses is anticipated from this process, which reviewed staffing levels, vendor relationships and business processes. If fully implemented as planned, these efforts will lower core operating expenses (core operating expenses exclude non-recurring expenses and expenses that are temporarily elevated due to current economic conditions).
A core strategy to address our capital needs has been to reduce the size of our balance sheet, reduce our funding costs and shift our loan concentration in favor of a more balanced portfolio. Sales of portions of our loan portfolio, including our indirect auto loan portfolio, substantial portions of our student loan portfolio and sales of certain one-to-four family mortgage loans previously held for investment have generated a $158.2 million reduction in our assets during the fiscal year. Further balance sheet contraction of $291 million is anticipated in early fiscal 2011 as part of planned sales of branches in the Northwest region of the state and the Green Bay area, as discussed above. Overall the size of our loan portfolio has decreased by $952 million from a height of $4.39 billion as of March 31, 2008 to $3.44 billion as of March 31, 2010. At the same time, access to the secondary market for residential mortgage loans has allowed us to remain very active in the residential mortgage and refinancing markets without adding assets to our balance sheet.
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Anchor Bancorp Wisconsin Inc. has a market cap of $9.8 million; its shares were traded at around $0.45 .
Highlight of Business Operations:
As of September 30, 2009, the aggregate market value of the 21,589,792 outstanding shares of the Registrants common stock deemed to be held by non-affiliates of the registrant was $24.7 million, based upon the closing price of $1.30 per share of common stock as reported by the Nasdaq Global Market on such date. Although directors and executive officers of the Registrant and certain of its employee benefit plans were assumed to be affiliates of the Registrant for purposes of this calculation, the classification is not to be interpreted as an admission of such status.The primary factors in competing for loans are interest rates, loan fee charges, and timeliness and quality of service to the borrower. Similar to the market for deposit and investment products, we focus on offering the best overall value to our loan customers. During the 2010 fiscal year we originated $1.20 billion in single family conforming loans. While single family conforming loans are subsequently sold to investors, a key competitive difference is that AnchorBank retains servicing on our residential mortgages, thereby ensuring a high level of continuing customer service. AnchorBank currently has a servicing portfolio of approximately $3.60 billion.
Mr. Bauer brings an extensive 33-year background in the banking sector, having previously served as Chairman and CEO of Firstar Bank Milwaukee, and head of commercial banking for Firstar Corporation, a $37-billion financial services company based in Milwaukee, at the time of his retirement in 1999. In 2000, Bauer founded First Business Bank Milwaukee and served as its Chairman of the Board until 2003. Under Mr. Bauers leadership, First Business Bank Milwaukee grew to more than $70 million in assets in only three years. Bauer was also recently elected Chairman of the Board of the American Automobile Association.
Focusing on developing operating efficiencies and re-engineering business processes has allowed the Corporation to reduce its compensation and benefits expenses from $14 million for the quarter ending September 2009 to $12 million for the quarters ending December 2009 and March 2010. Additional cost savings were generated by an all encompassing strategic business review completed in May, 2010. An approximately 13 percent reduction in core operating expenses is anticipated from this process, which reviewed staffing levels, vendor relationships and business processes. If fully implemented as planned, these efforts will lower core operating expenses (core operating expenses exclude non-recurring expenses and expenses that are temporarily elevated due to current economic conditions).
A core strategy to address our capital needs has been to reduce the size of our balance sheet, reduce our funding costs and shift our loan concentration in favor of a more balanced portfolio. Sales of portions of our loan portfolio, including our indirect auto loan portfolio, substantial portions of our student loan portfolio and sales of certain one-to-four family mortgage loans previously held for investment have generated a $158.2 million reduction in our assets during the fiscal year. Further balance sheet contraction of $291 million is anticipated in early fiscal 2011 as part of planned sales of branches in the Northwest region of the state and the Green Bay area, as discussed above. Overall the size of our loan portfolio has decreased by $952 million from a height of $4.39 billion as of March 31, 2008 to $3.44 billion as of March 31, 2010. At the same time, access to the secondary market for residential mortgage loans has allowed us to remain very active in the residential mortgage and refinancing markets without adding assets to our balance sheet.
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