1
EXHIBIT 99.1
Press Release
FOR IMMEDIATE RELEASE OTC: ABCW
July 24, 2001
ANCHOR BANCORP WISCONSIN INC. ANNOUNCES
RECORD FIRST QUARTER EARNINGS
Madison, WI. Anchor BanCorp Wisconsin Inc. (NASDAQ "ABCW") reported record net
income of $7.9 million for the quarter ended June 30, 2001 which compares to
$7.0 million for the same quarter last year. Diluted earnings per share for the
quarter ended June 30, 2001 were $.35 which compares to $.29 for the same
quarter last year, a 20.7% increase. Book value increased to $9.92 per share,
from $9.10 per share.
Non interest income increased 48.9%. This includes an increase in our net gain
on sale of loans of $1.3 million and an increase of $.3 million in other
non-interest income. "Our deposits grew 14.6% which favorably impacted other
non-interest income. Increasing non-interest income has been a goal of ours,"
said Douglas J. Timmerman, President.
The Board of Directors increased the quarterly cash dividend to 8.25 cents per
share from 7.5 cents per share on the common stock of the corporation. The
dividend is payable on August 15, 2001 to the stockholders of record at the
close of business on August 1, 2001.
On June 15, 2001, Anchor and Ledger Capital Corp announced that they had entered
into a definitive agreement providing for the merger of Ledger with and into
Anchor. Ledger is the parent holding company for Ledger Bank, S.S.B. a $507
million financial institution with 4 full service offices and one limited
service office in 3 Wisconsin cities in the greater Milwaukee metropolitan area.
AnchorBank fsb, the wholly owned subsidiary of ABCW, has 49 full service offices
and three loan origination offices. All are located in Wisconsin.
For more information contact: Mike Helser, CFO (608) 252-1810 or Douglas J.
Timmerman, President, at (608) 252-8782.
More
2
ANCHOR BANCORP WISCONSIN INC.
FINANCIAL HIGHLIGHTS
(Dollars in thousands - except per share amounts)
(Unaudited)
THREE MONTHS ENDED JUNE 30,
------------------------------- PERCENT
2001 2000 CHANGE
----------- -------- --------
OPERATIONS DATA:
Net interest income $21,223 $20,581 3.1%
Provision for loan losses 210 185 13.5
Net gain on sale of loans 1,691 360 369.7
Other non-interest income 3,328 3,010 10.6
Non-interest expense 13,696 12,695 7.9
Income before taxes 12,336 11,071 11.4
Income taxes 4,425 4,086 8.3
Net income 7,911 6,985 13.3
SELECTED FINANCIAL RATIOS (1):
Yield on earning assets 7.65% 7.77% (1.5)%
Cost of funds 4.97 5.05 (1.6)
Interest rate spread 2.68 2.72 (1.5)
Net interest margin 2.86 2.94 (2.7)
Return on average assets 1.01 0.95 6.4
Return on average equity 14.19 12.92 9.8
Average equity to average assets 7.13 7.36 (3.1)
Non-interest expenses to average assets 1.75 1.73 1.4
PER SHARE:
Basic earnings per share $0.36 $0.30 20.0
Diluted earnings per share 0.35 0.29 20.7
Book value per share 9.92 9.10 9.0
3
JUNE 30,
------------------------------- PERCENT
2001 2000 CHANGE
----------- -------- --------
FINANCIAL CONDITION:
Total assets $3,180,228 $3,020,721 5.3%
Loans receivable, net
Loans held for sale 39,206 2,137 1,734.6
Loans held for investment 2,430,195 2,408,939 0.9
Investment securities available for sale 55,074 43,111 27.7
Investment securities held to maturity 54,109 51,037 6.0
Mortgage-related securities available for sale 141,096 55,114 156.0
Mortgage-related securities held to maturity 191,039 233,552 (18.2)
Deposits 2,202,577 1,922,008 14.6
Borrowings 698,966 830,714 (15.9)
Stockholders' equity 225,739 215,203 4.9
Allowance for loan losses 23,924 24,404 (2.0)
Non-performing assets 6,018 5,096 18.1
- -----------------
(1) Annualized when appropriate.
4
- --------------------------------------------------------------------------------
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
- --------------------------------------------------------------------------------
(Unaudited)
JUNE 30, 2001 MARCH 31, 2001
-------------------------------------
(In Thousands)
ASSETS
Cash and cash equivalents $118,069 $105,042
Investment securities available for sale 55,074 22,216
Investment securities held to maturity 54,109 33,913
Mortgage-related securities available for sale 141,096 173,968
Mortgage-related securities held to maturity 191,039 205,191
Loans receivable, net
Loans held for sale 39,206 17,622
Loans held for investment 2,430,195 2,414,976
Foreclosed properties and repossessed assets, net 342 313
Real estate held for development and sale 47,127 48,658
Office properties and equipment 25,563 25,734
Other assets 78,408 79,841
---------- ----------
Total assets $3,180,228 $3,127,474
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $2,202,577 $2,119,320
Borrowings 698,966 740,598
Advance payments by borrowers for taxes and insurance 13,215 7,918
Other liabilities 39,731 40,026
---------- ----------
Total liabilities 2,954,489 2,907,862
---------- ----------
Preferred stock, $.10 par value, 5,000,000 shares authorized, none
outstanding - -
Common stock, $.10 par value, 100,000,000 shares authorized,
25,363,339 shares issued 2,536 2,536
Additional paid-in capital 56,571 56,571
Retained earnings, substantially restricted 203,683 197,599
Accumulated other comprehensive income 2,522 1,954
Less: Treasury stock (2,602,772 shares and 2,548,416 shares,
respectively), at cost (39,233) (38,339)
Common stock purchased by benefit plans (340) (709)
---------- ----------
Total stockholders' equity 225,739 219,612
---------- ----------
Total liabilities and stockholders' equity $3,180,228 $3,127,474
========== ==========
5
ANCHOR BANCORP WISCONSIN INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
THREE MONTHS ENDED JUNE 30,
2001 2000
--------------------------------
(In Thousands)
Interest income:
Loans $48,950 $47,359
Mortgage-related securities 5,710 4,746
Investment securities and interest-bearing deposits 2,064 2,316
-------- --------
Total interest income 56,724 54,421
Interest expense:
Deposits 24,900 21,858
Notes payable and other 10,601 11,982
-------- --------
Total interest expense 35,501 33,840
-------- --------
Net interest income 21,223 20,581
Provision for loan losses 210 185
-------- --------
Net interest income after provision for loan losses 21,013 20,396
Non-interest income:
Service charges on deposits 1,559 1,400
Net gain on sale of loans 1,691 360
Other income 1,769 1,610
-------- --------
Total non-interest income 5,019 3,370
Non-interest expense:
Compensation 7,663 7,194
Occupancy 1,051 982
Federal insurance premiums 99 94
Other 4,883 4,425
-------- --------
Total non-interest expense 13,696 12,695
Income before income taxes 12,336 11,071
Income taxes 4,425 4,086
-------- --------
$ 7,911 $ 6,985
Net income ======== ========
Earnings per share:
Basic $0.36 $0.30
Diluted 0.35 0.29