Anchor Bancorp (NASDAQ:ANCB) (“Company”), the holding company for
Anchor Bank (“Bank”), today reported net income of $655,000 or
$0.27 per diluted share, for the fourth quarter of its fiscal year
ended June 30, 2017 compared to net income of $335,000 or $0.14 per
diluted share for the same period last year. For the fiscal
year ended June 30, 2017 the Company reported net income of $2.4
million or $0.97 per diluted share, compared to net income of
$495,000 or $0.20 per diluted share for the fiscal year ended June
30, 2016.
"I am pleased with our quarter as well as our year-end results.
Over the last year, deposits increased by $44.3 million, net loans
by $30.5 million and borrowings declined by $16.5 million. We
managed to increase our net interest margin during fiscal 2017
while decreasing our efficiency ratio," stated Jerald L. Shaw the
Company's President and Chief Executive Officer.
Fiscal Fourth Quarter Highlights
- Loan receivable, net, increased $30.5 million or 8.8% to $377.9
million at June 30, 2017 from $347.4 million at June 30, 2016;
- Nonperforming loans decreased $1.2 million, or 48.7%, to $1.2
million at June 30, 2017 from $2.4 million at March 31, 2017 and
were $2.0 million at June 30, 2016;
- Our allowance for loan losses to nonperforming loans increased
to 338.5% at June 30, 2017 from 167.4% at March 31, 2017, and
191.6% at June 30, 2016; and
- Net interest margin ("NIM") was 4.32% during the fourth
quarter, an increase of 22 basis points compared to 4.10% for the
preceding quarter and 18 basis points more than the 4.14% for the
quarter ended June 30, 2016.
Balance Sheet Review
Total assets increased by $31.0 million, or 7.2%, to $462.5
million at June 30, 2017 from $431.5 million at June 30, 2016. Cash
and cash equivalents increased $5.9 million, or 70.6%, to $14.2
million at June 30, 2017 from $8.3 million at June 30, 2016 due to
an increase in deposits. Securities available-for-sale and
held-to-maturity decreased during the year by $2.5 million, or
10.5%, and $1.3 million, or 21.3%, respectively. The decreases in
these portfolios were primarily the result of contractual principal
repayments.
Loans receivable, net, increased $30.5 million, or 8.8%, to
$377.9 million at June 30, 2017 from $347.4 million at
June 30, 2016. Construction loans increased $27.4 million, or
125.5%, to $49.2 million at June 30, 2017 from $21.8 million at
June 30, 2016. There was $61.6 million in undisbursed
construction loan commitments at June 30, 2017. Our construction
loans are primarily for the construction of multi-family and
hospitality properties and to a lesser extent, loans for the
construction of one-to-four family residences. Multi-family
loans increased $6.8 million, or 12.6%, to $60.5 million at June
30, 2017 from $53.7 million at June 30, 2016. Commercial real
estate loans increased $6.0 million, or 4.0%, to $155.5 million at
June 30, 2017 from $149.5 million at June 30, 2016. Land
loans increased $1.2 million, or 17.8%, to $8.0 million at June 30,
2017 from $6.8 million at June 30, 2016. One-to-four family
loans decreased $1.5 million, or 2.4%, to $59.7 million at June 30,
2017 from $61.2 million at June 30, 2016. Consumer
loans decreased $3.4 million, or 15.2%, to $18.7 million at June
30, 2017 from $22.1 million at June 30, 2016. Commercial
business loans decreased $5.2 million, or 14.2%, to $31.6 million
at June 30, 2017 from $36.8 million at June 30, 2016.
Loans receivable consisted of the following at the dates
indicated:
|
|
June 30, 2017 |
|
March 31, 2017 |
|
June 30, 2016 |
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
59,735 |
|
|
$ |
59,275 |
|
|
$ |
61,230 |
|
Multi-family |
60,500 |
|
|
61,106 |
|
|
53,742 |
|
Commercial |
155,525 |
|
|
147,336 |
|
|
149,527 |
|
Construction |
49,151 |
|
|
49,939 |
|
|
21,793 |
|
Land
loans |
8,054 |
|
|
9,330 |
|
|
6,839 |
|
Total
real estate |
332,965 |
|
|
326,986 |
|
|
293,131 |
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
Home
equity |
13,991 |
|
|
14,655 |
|
|
16,599 |
|
Credit
cards |
2,596 |
|
|
2,559 |
|
|
2,969 |
|
Automobile |
627 |
|
|
622 |
|
|
597 |
|
Other
consumer |
1,524 |
|
|
1,643 |
|
|
1,933 |
|
Total
consumer |
18,738 |
|
|
19,479 |
|
|
22,098 |
|
|
|
|
|
|
|
Business: |
|
|
|
|
|
Commercial business |
31,603 |
|
|
37,762 |
|
|
36,848 |
|
|
|
|
|
|
|
Total
Loans |
383,306 |
|
|
384,227 |
|
|
352,077 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Deferred
loan fees and loan premiums, net |
1,292 |
|
|
1,393 |
|
|
947 |
|
Allowance
for loan losses |
4,106 |
|
|
3,959 |
|
|
3,779 |
|
|
|
|
|
|
|
Loans receivable,
net |
$ |
377,908 |
|
|
$ |
378,875 |
|
|
$ |
347,351 |
|
|
|
|
|
|
|
Total liabilities increased $28.4 million between June 30, 2017
and June 30, 2016, primarily as the result of a $44.3 million
increase in deposits, primarily due to a $26.1 million increase in
certificates of deposit and a $13.9 million increase in money
market accounts, partially offset by the repayment of $16.5 million
of FHLB advances during the year ended June 30, 2017. The increase
in deposit accounts was the result of the Bank's deposit marketing
campaign, as well as other deposit gathering activities. We
have also increased commercial lending which has increased the
level of larger deposit customers.
Deposits consisted of the following at the dates indicated:
|
|
|
|
|
|
|
June 30, 2017 |
|
March 31, 2017 |
|
June 30, 2016 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
(Dollars in thousands) |
Noninterest-bearing
demand deposits |
$ |
52,606 |
|
|
15.2 |
% |
|
$ |
57,732 |
|
|
16.8 |
% |
|
$ |
50,781 |
|
|
16.8 |
% |
Interest-bearing demand
deposits |
31,464 |
|
|
9.1 |
|
|
29,863 |
|
|
8.7 |
|
|
27,419 |
|
|
9.1 |
|
Money market
accounts |
73,154 |
|
|
21.2 |
|
|
84,105 |
|
|
24.5 |
|
|
59,270 |
|
|
19.7 |
|
Savings deposits |
43,454 |
|
|
12.6 |
|
|
44,558 |
|
|
13.0 |
|
|
44,986 |
|
|
15.0 |
|
Certificates of
deposit |
144,509 |
|
|
41.9 |
|
|
127,007 |
|
|
37.0 |
|
|
118,438 |
|
|
39.4 |
|
Total
deposits |
$ |
345,187 |
|
|
100.0 |
% |
|
$ |
343,265 |
|
|
100.0 |
% |
|
$ |
300,894 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Total delinquent loans (past due 30 days or more), increased
$621,000, or 19.0%, to $3.9 million at June 30, 2017 from $3.3
million at June 30, 2016. The increase was primarily due to a $2.0
million commercial real estate loan becoming delinquent during this
quarter although at June 30, 2017 the loan was still accruing
interest. The percentage of nonperforming loans, consisting solely
of nonaccrual loans, to total loans decreased to 0.3% at June 30,
2017 from 0.6% at June 30, 2016. The Company recorded a
$25,000 provision for loan losses for the quarter ended June 30,
2017 compared to a $175,000 provision for the quarter ended June
30, 2016 as a result of increased credit quality in our loan
portfolio. The allowance for loan losses of $4.1 million at
June 30, 2017 represented 1.1% of loans receivable and 338.5% of
nonperforming loans. This compares to an allowance for loan losses
of $3.8 million at June 30, 2016, representing 1.1% of loans
receivable and 191.6% of nonperforming loans.
Nonperforming loans decreased by $1.2 million to $1.2 million at
June 30, 2017 from $2.4 million at March 31, 2017 and $2.0 million
at June 30, 2016. Nonperforming loans consisted of the
following at the dates indicated:
|
|
|
|
June 30,
2017 |
|
|
|
March 31,
2017 |
|
|
|
June 30,
2016 |
|
|
|
|
|
(In thousands) |
|
|
|
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
1,170 |
|
|
$ |
2,059 |
|
|
$ |
1,539 |
|
Commercial |
— |
|
|
202 |
|
|
319 |
|
Total
real estate |
1,170 |
|
|
2,261 |
|
|
1,858 |
|
Consumer: |
|
|
|
|
|
Home
equity |
43 |
|
|
22 |
|
|
16 |
|
Other |
— |
|
|
— |
|
|
1 |
|
Total
consumer |
43 |
|
|
22 |
|
|
17 |
|
Business: |
|
|
|
|
|
Commercial business |
— |
|
|
82 |
|
|
97 |
|
Total |
$ |
1,213 |
|
|
$ |
2,365 |
|
|
$ |
1,972 |
|
|
|
|
|
|
|
Capital
As of June 30, 2017, the Bank exceeded all regulatory capital
requirements with, Tier 1 Leverage-Based Capital, Common Equity
Tier 1 Capital (CET1), Tier 1 Risk-Based Capital and Total
Risk-Based Capital ratios of 13.0%, 14.1%, 14.1% and 15.1%,
respectively. As of June 30, 2016, these ratios were 13.5%,
14.7%, 14.7%, and 15.7%, respectively.
Anchor Bancorp exceeded all regulatory capital requirements with
Tier 1 Leverage-Based Capital, CET1, Tier 1 Risk-Based Capital and
Total Risk-Based Capital ratios of 14.0%, 15.2%, 15.2%, and 16.2%
as of June 30, 2017. As of June 30, 2016, these ratios were
14.4%, 15.7%, 15.7%, and 16.6%, respectively.
Operating Results
Net interest income. Net interest income before the provision
for loan losses increased $636,000, or 16.1%, to $4.6 million for
the quarter ended June 30, 2017 from $3.9 million for the quarter
ended June 30, 2016. For the year ended June 30, 2017, net
interest income before the provision for loan losses increased $2.3
million, or 15.4%, to $17.0 million from $14.7 million for fiscal
2016. For both periods the increase was due primarily to an
increase in average loans receivable. Average loans
receivable, net, for the quarter ended June 30, 2017 increased
$47.7 million, or 13.8%, to $391.2 million from $343.5 million for
the quarter ended June 30, 2016. For the year ended June 30,
2017, average loans receivable, net, increased $59.0 million, or
19.0%, to $369.7 million from $310.7 million for the year ended
June 30, 2016.
The Company's net interest margin increased 18 basis points to
4.32% for the quarter ended June 30, 2017 compared to 4.14% for the
quarter ended June 30, 2016. The yield on mortgage-backed
securities increased to 2.36% from 2.03% for the same period in the
prior year. The average yield on interest-earning assets
increased 28 basis points to 5.19% from 4.91% for the quarters
ended June 30, 2017 and 2016. The average cost of
interest-bearing liabilities increased 11 basis points to 1.08% for
the fourth quarter ended June 30, 2017 compared to 0.97% for the
same period in the prior year. For the year ended June 30,
2017, the Company's net interest margin increased seven basis
points to 4.19% compared to 4.12% for the year ended June 30,
2016. The improvement in our net interest margin compared to
the same period last year reflects an increase in average loans
receivable during the year, in particular construction loans. The
average yield on interest-earning assets increased 10 basis points
to 5.01% for the year ended June 30, 2017 compared to 4.91% for the
same period in the prior year. The average cost of interest-bearing
liabilities increased two basis points to 1.03% for the year ended
June 30, 2017 compared to 1.01% for the same period of the prior
year reflecting the low interest rate environment that persisted
throughout the year.
Provision for loan losses. In connection with its analysis of
the loan portfolio at June 30, 2017, management determined that a
$25,000 provision for loan losses was required for the quarter
compared to a $175,000 provision for the same period in the prior
year. There was a $310,000 provision for loan losses for the
year ended June 30, 2017 and a $340,000 provision for loan losses
was recorded during the same period in the prior year.
Noninterest income. Noninterest income increased $47,000, or
4.5%, to $1.1 million for the quarter ended June 30, 2017 compared
to $1.0 million for the same quarter a year ago. The increase
in noninterest income was primarily attributable due to the
$28,000, or 90.3%, increase in the gain on sale of loans to $59,000
from $31,000 for the same quarter a year ago. In addition,
other loan fees income increased $24,000 in the quarter ended June
30, 2017 to $214,000 compared to $190,000 for the same quarter a
year ago. Noninterest income increased $59,000, or 1.4%, to $4.3
million during the year ended June 30, 2017 compared to $4.2
million for the same period in 2016 primarily due to a $125,000 or
17.7% increase in other loan fees income during fiscal 2017
reflecting our increased loan production during the year.
Noninterest expense. Noninterest expense increased $213,000, or
4.7%, to $4.7 million for the quarter ended June 30, 2017 from $4.5
million for the quarter ended June 30, 2016. As announced on
April 11, 2017, we entered into a merger agreement with Washington
Federal, Inc. Pending the receipt of regulatory approvals, the
approval of Anchor's shareholders and the satisfaction of other
customary closing conditions, the transaction is expected to close
in the fourth calendar quarter of 2017. General and administrative
expenses increased $415,000, or 58.3%, to $1.1 million from
$712,000 primarily due to legal and professional fees of $406,000
associated with the proposed merger. In addition our information
technology costs increased $104,000, or 22.3%, to $571,000 from
$467,000 for the quarter ended June 30, 2017 primarily due to
increased core processing costs and a software termination cost of
$44,000. Partially offsetting these increases was a $167,000
decrease in compensation and benefits expense primarily due to a
$393,000 reduction in stock-based compensation expense related to
the Anchor Bancorp 2015 Equity Plan.
Noninterest expense decreased $502,000, or 2.8%, for the year
ended June 30, 2017 to $17.5 million from $18.0 million for the
year ended June 30, 2016. The decrease was primarily due to
compensation and benefits expense decreasing $689,000, or 7.1%,
from $9.7 million at June 30, 2016 to $9.0 million for the year
ended June 30, 2017. The decrease in compensation and
benefits expense was primarily due to a reduction of $1.2 million
of stock based compensation awarded under the Plan to $636,000 for
the year ended June 30, 2017 from $1.8 million in the previous
year. Partially offsetting the decrease in compensation and
benefits was an increase of $315,000 for employee loan commissions
to $505,000 for the year ended June 30, 2017 from $190,000 in the
previous year resulting from increased loan production. These
decreases were partially offset by a $345,000 increase in
information technology expense to $2.1 million for the year ended
June 30, 2017 from $1.8 million for the previous year primarily
resulting from the same reasons discussed above for the fourth
quarter. General and administrative costs increased $175,000,
or 5.5%, to $3.4 million during the year ended June 30, 2017 from
$3.2 million for the same period in 2016 primarily for the same
reason discussed above for the fourth quarter.
About the CompanyAnchor Bancorp is
headquartered in Lacey, Washington and is the parent company of
Anchor Bank, a community-based savings bank primarily serving
Western Washington through its 10 full-service banking offices
(including one Wal-Mart in-store location) within Grays Harbor,
Thurston, Lewis, Pierce and Mason counties, and one loan production
office located in King County, Washington. The Company's common
stock is traded on the NASDAQ Global Market under the symbol "ANCB"
and is included in the Russell 2000 Index. For more information,
visit the Company's web site www.anchornetbank.com.
Forward-Looking Statements:Certain matters discussed in this
press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements relate to, among other things,
expectations of the business environment in which we operate,
projections of future performance, perceived opportunities in the
market, potential future credit experience, and statements
regarding our mission and vision. These forward-looking statements
are based upon current management expectations and may, therefore,
involve risks and uncertainties. Our actual results, performance,
or achievements may differ materially from those suggested,
expressed, or implied by forward-looking statements as a result of
a wide variety or range of factors including, but not limited to:
increased competitive pressures; changes in the interest rate
environment; the credit risks of lending activities, including
changes in the level and trend of loan delinquencies and write-offs
that may be impacted by deterioration in the housing and commercial
real estate markets and may lead to increased losses and
nonperforming assets in our loan portfolio, and may result in our
allowance for loan losses not being adequate to cover actual
losses, and require us to materially increase our reserves; changes
in general economic conditions and conditions within the securities
markets; legislative and regulatory changes; the Agreement and Plan
of Merger (“Merger Agreement”) with Washington Federal, Inc. may be
terminated in accordance with its terms, and the merger may not be
completed; termination of the Merger Agreement could negatively
impact us; we will be subject to business uncertainties and
contractual restrictions while the merger is pending; the Merger
Agreement limits our ability to pursue an alternative acquisition
proposal and requires us to pay a termination fee of $2.2 million
under limited circumstances relating to alternative acquisition
proposals; results of examinations of us by the Federal Reserve
Bank of San Francisco and our bank subsidiary by the Federal
Deposit Insurance Corporation, the Washington State Department of
Financial Institutions, Division of Banks or other regulatory
authorities, including the possibility that any such regulatory
authority may, among other things, require us to increase our
reserve for loan losses, write-down assets, change our regulatory
capital position or affect our ability to borrow funds or maintain
or increase deposits, which could adversely affect our liquidity
and earnings and other factors described in the Company’s latest
annual Report on Form 10-K and Quarterly Reports on Form 10-Q and
other filings with the Securities and Exchange Commission-which are
available on our website at www.anchornetbank.com and on the
SEC’s website at www.sec.gov. Any of the forward-looking statements
that we make in this Press Release and in the other public
statements we make may turn out to be wrong because of the
inaccurate assumptions we might make, because of the factors
illustrated above or because of other factors that we cannot
foresee. Because of these and other uncertainties, our actual
future results may be materially different from those expressed or
implied in any forward-looking statements made by or on our behalf
and the Company's operating and stock price performance may be
negatively affected. Therefore, these factors should be considered
in evaluating the forward-looking statements, and undue reliance
should not be placed on such statements. We do not undertake and
specifically disclaim any obligation to revise any forward-looking
statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. These risks could cause our actual results for
fiscal 2018 and beyond to differ materially from those expressed in
any forward-looking statements by, or on behalf of us, and could
negatively affect the Company’s operations and stock price
performance.
|
ANCHOR BANCORP
AND SUBSIDIARY |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION |
June 30, |
|
March 31, |
|
June 30, |
(Dollars in
thousands), (unaudited) |
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Cash and
cash equivalents |
$ |
14,194 |
|
|
$ |
16,614 |
|
|
$ |
8,320 |
|
Securities available-for-sale, at fair value |
21,170 |
|
|
20,720 |
|
|
23,665 |
|
Securities held-to-maturity, at amortized cost |
4,949 |
|
|
5,145 |
|
|
6,291 |
|
Loans
held for sale |
1,551 |
|
|
1,528 |
|
|
1,864 |
|
Loans
receivable, net of allowance for loan losses
of $4,106, $3,959 and $3,779 |
|
377,908 |
|
|
|
378,875 |
|
|
|
347,351 |
|
Life
insurance investment, net of surrender charges |
20,030 |
|
|
19,902 |
|
|
19,515 |
|
Accrued
interest receivable |
1,332 |
|
|
1,198 |
|
|
1,182 |
|
Real
estate owned, net |
867 |
|
|
220 |
|
|
373 |
|
Federal
Home Loan Bank (FHLB) stock, at cost |
2,348 |
|
|
2,548 |
|
|
2,959 |
|
Property,
premises and equipment, net |
9,360 |
|
|
9,533 |
|
|
10,001 |
|
Deferred
tax asset, net |
8,011 |
|
|
8,319 |
|
|
8,870 |
|
Prepaid
expenses and other assets |
805 |
|
|
847 |
|
|
1,113 |
|
Total
assets |
$ |
462,525 |
|
|
$ |
465,449 |
|
|
$ |
431,504 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing |
$ |
52,606 |
|
|
$ |
57,732 |
|
|
$ |
50,781 |
|
Interest-bearing |
292,581 |
|
|
285,533 |
|
|
250,113 |
|
Total
deposits |
345,187 |
|
|
343,265 |
|
|
300,894 |
|
|
|
|
|
|
|
FHLB
advances |
45,500 |
|
|
50,500 |
|
|
62,000 |
|
Advance
payments by borrowers for taxes and insurance |
1,195 |
|
|
910 |
|
|
1,114 |
|
Supplemental Executive Retirement Plan liability |
1,709 |
|
|
1,702 |
|
|
1,691 |
|
Accounts
payable and other liabilities |
3,083 |
|
|
4,083 |
|
|
2,609 |
|
Total
liabilities |
396,674 |
|
|
400,460 |
|
|
368,308 |
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
Preferred
stock, $0.01 par value per share authorized 5,000,000 shares; no
shares issued or outstanding |
— |
|
|
— |
|
|
— |
|
Common
stock, $0.01 par value per share, authorized 45,000,000 shares;
2,504,740 issued and outstanding at June 30, 2017, and 2,504,740
issued and outstanding at March 31, 2017, and 2,515,803 issued and
outstanding at June 30, 2016 |
25 |
|
|
25 |
|
|
25 |
|
Additional paid-in capital |
22,619 |
|
|
22,459 |
|
|
22,157 |
|
Retained
earnings |
44,585 |
|
|
43,930 |
|
|
42,235 |
|
Unearned
Employee Stock Ownership Plan (ESOP) shares |
(607 |
) |
|
(623 |
) |
|
(672 |
) |
Accumulated other comprehensive loss, net of tax |
(771 |
) |
|
(802 |
) |
|
(549 |
) |
Total
stockholders’ equity |
65,851 |
|
|
64,989 |
|
|
63,196 |
|
Total
liabilities and stockholders’ equity |
$ |
462,525 |
|
|
$ |
465,449 |
|
|
$ |
431,504 |
|
|
ANCHOR BANCORP
AND SUBSIDIARY |
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME |
Three Months Ended |
|
Year Ended |
(Dollars in
thousands, except per share data) (unaudited) |
June 30, |
|
June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Interest
income: |
|
|
|
|
|
|
|
Loans
receivable, including fees |
$ |
5,324 |
|
|
$ |
4,506 |
|
|
$ |
19,580 |
|
|
$ |
16,779 |
|
Securities |
24 |
|
|
17 |
|
|
105 |
|
|
69 |
|
Mortgage-backed securities |
155 |
|
|
155 |
|
|
594 |
|
|
676 |
|
Total
interest income |
5,503 |
|
|
4,678 |
|
|
20,279 |
|
|
17,524 |
|
Interest
expense: |
|
|
|
|
|
|
|
Deposits |
770 |
|
|
618 |
|
|
2,758 |
|
|
2,587 |
|
FHLB
advances |
152 |
|
|
115 |
|
|
563 |
|
|
243 |
|
Total
interest expense |
922 |
|
|
733 |
|
|
3,321 |
|
|
2,830 |
|
Net
interest income before provision for loan losses |
4,581 |
|
|
3,945 |
|
|
16,958 |
|
|
14,694 |
|
Provision for loan
losses |
25 |
|
|
175 |
|
|
310 |
|
|
340 |
|
Net
interest income after provision for loan losses |
4,556 |
|
|
3,770 |
|
|
16,648 |
|
|
14,354 |
|
Noninterest
income: |
|
|
|
|
|
|
|
Deposit
service fees |
320 |
|
|
328 |
|
|
1,330 |
|
|
1,347 |
|
Other
deposit fees |
193 |
|
|
191 |
|
|
751 |
|
|
721 |
|
Other
loan fees |
214 |
|
|
190 |
|
|
832 |
|
|
707 |
|
Gain on
sale of loans |
59 |
|
|
31 |
|
|
183 |
|
|
158 |
|
Bank
owned life insurance |
127 |
|
|
127 |
|
|
515 |
|
|
540 |
|
Other
income |
183 |
|
|
182 |
|
|
653 |
|
|
732 |
|
Total
noninterest income |
1,096 |
|
|
1,049 |
|
|
4,264 |
|
|
4,205 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
Compensation and benefits |
2,222 |
|
|
2,389 |
|
|
9,019 |
|
|
9,708 |
|
General
and administrative expenses |
1,127 |
|
|
712 |
|
|
3,350 |
|
|
3,175 |
|
Real
estate owned holding costs |
11 |
|
|
50 |
|
|
48 |
|
|
146 |
|
Federal
Deposit Insurance Corporation insurance premiums |
39 |
|
|
66 |
|
|
145 |
|
|
264 |
|
Information technology |
571 |
|
|
467 |
|
|
2,105 |
|
|
1,760 |
|
Occupancy
and equipment |
456 |
|
|
480 |
|
|
1,889 |
|
|
1,875 |
|
Deposit
services |
111 |
|
|
143 |
|
|
462 |
|
|
477 |
|
Marketing |
167 |
|
|
184 |
|
|
564 |
|
|
674 |
|
Loss on
sale of property, premises and equipment |
— |
|
|
1 |
|
|
— |
|
|
4 |
|
Gain on
sale of real estate owned |
— |
|
|
(1 |
) |
|
(59 |
) |
|
(58 |
) |
Total
noninterest expense |
4,704 |
|
|
4,491 |
|
|
17,523 |
|
|
18,025 |
|
Income
before provision for income taxes |
948 |
|
|
328 |
|
|
3,389 |
|
|
534 |
|
Provision (benefit) for
income taxes |
293 |
|
|
(7 |
) |
|
1,039 |
|
|
39 |
|
Net income |
$ |
655 |
|
|
$ |
335 |
|
|
$ |
2,350 |
|
|
$ |
495 |
|
Basic earnings per
share |
$ |
0.27 |
|
|
$ |
0.14 |
|
|
$ |
0.98 |
|
|
$ |
0.20 |
|
Diluted earnings per
share |
$ |
0.27 |
|
|
$ |
0.14 |
|
|
$ |
0.97 |
|
|
$ |
0.20 |
|
|
|
As of or For the Quarter Ended(unaudited) |
|
June 30,2017 |
|
March 31,2017 |
|
December 31,2016 |
|
June 30,2016 |
|
(Dollars in thousands) |
SELECTED
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return on average
assets (1) |
0.58 |
% |
|
0.64 |
% |
|
0.39 |
% |
|
0.32 |
% |
Return on average
equity (2) |
4.48 |
|
|
4.79 |
|
|
2.85 |
|
|
2.31 |
|
Average
equity-to-average assets (3) |
12.85 |
|
|
13.31 |
|
|
13.76 |
|
|
14.07 |
|
Interest rate
spread (4) |
4.11 |
|
|
3.88 |
|
|
3.95 |
|
|
3.94 |
|
Net interest margin
(5) |
4.32 |
|
|
4.10 |
|
|
4.16 |
|
|
4.14 |
|
Efficiency ratio
(6) |
82.9 |
|
|
78.2 |
|
|
86.6 |
|
|
89.9 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
124.2 |
|
|
126.2 |
|
|
125.4 |
|
|
126.0 |
|
Other operating
expenses as a percent of average total assets |
4.1 |
% |
|
3.7 |
% |
|
4.1 |
% |
|
4.4 |
% |
Book value per common
share |
$ |
26.29 |
|
|
$ |
25.95 |
|
|
$ |
25.58 |
|
|
$ |
25.12 |
|
Tangible book value per
common share (7) |
$ |
26.20 |
|
|
$ |
25.86 |
|
|
$ |
25.5 |
|
|
$ |
25.04 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
(Anchor Bank) |
|
|
|
|
|
|
|
Tier 1 leverage |
13.0 |
% |
|
13.1 |
% |
|
13.3 |
% |
|
13.5 |
% |
Common equity Tier 1
capital |
14.1 |
|
|
13.7 |
|
|
14.2 |
|
|
14.7 |
|
Tier 1 risk-based |
14.1 |
|
|
13.7 |
|
|
14.2 |
|
|
14.7 |
|
Total risk-based |
15.1 |
|
|
14.6 |
|
|
15.2 |
|
|
15.7 |
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
Nonaccrual and loans 90
days or more past due and still accruing interest as a percent of
total loans |
0.3 |
% |
|
0.6 |
% |
|
0.8 |
% |
|
0.6 |
% |
Allowance for loan
losses as a percent of total loans |
1.1 |
|
|
1.0 |
|
|
1.1 |
|
|
1.1 |
|
Allowance as a percent
of total nonperforming loans |
338.5 |
|
|
167.4 |
|
|
139.1 |
|
|
191.6 |
|
Nonperforming assets as
a percent of total assets |
0.4 |
|
|
0.6 |
|
|
0.7 |
|
|
0.6 |
|
Net (recoveries)
charge-offs to average outstanding loans |
(0.03 |
)% |
|
0.01 |
% |
|
0.10 |
% |
|
0.11 |
% |
Classified loans |
$ |
3,222 |
|
|
$ |
2,645 |
|
|
$ |
3,115 |
|
|
$ |
2,773 |
|
_____________________ |
(1) Net income divided by average total assets,
annualized. |
(2) Net income divided by average equity, annualized. |
(3) Average equity divided by average total assets. |
(4) Difference between weighted average yield on
interest-earning assets and weighted average rate on
interest-bearing liabilities. |
(5) Net interest income as a percentage of average
interest-earning assets. |
(6) Noninterest expense divided by the sum of net interest
income and noninterest income. |
(7) Tangible book value per common share excludes intangible
assets. Tangible assets excludes intangible assets. This ratio
represents a non-GAAP financial measure. See also Non-GAAP
Financial Measures reconciliation tables below. |
|
Non-GAAP Financial Measures:In addition to results presented in
accordance with generally accepted accounting principles utilized
in the United States ("GAAP”), this earnings release contains the
tangible book value per share, a non-GAAP financial measure. We
calculate tangible common equity by excluding intangible assets
from stockholders’ equity. We calculate tangible book value per
share by dividing tangible common equity by the number of common
shares outstanding. We calculate tangible common equity by
excluding intangible assets from stockholders' equity. The Company
believes that this measure is consistent with the capital treatment
by our bank regulatory agencies, which excludes intangible assets
from the calculation of risk-based capital ratios and presents this
measure to facilitate comparison of the quality and composition of
the Company's capital over time and in comparison to its
competitors. This non-GAAP financial measure has inherent
limitations, is not required to be uniformly applied and is not
audited. Further, the non-GAAP financial measure should not be
considered in isolation or as a substitute for book value per share
or total stockholders' equity determined in accordance with GAAP
and may not be comparable to similarly titled measures reported by
other companies. Reconciliations of the GAAP and non-GAAP financial
measures is presented below.
|
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
June 30, 2016 |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
$ |
65,851 |
|
|
$ |
64,989 |
|
|
$ |
64,082 |
|
|
$ |
63,196 |
|
Less:
intangible assets |
|
232 |
|
|
214 |
|
|
213 |
|
|
206 |
|
Tangible common
stockholders' equity |
|
$ |
65,619 |
|
|
$ |
64,775 |
|
|
$ |
63,869 |
|
|
$ |
62,990 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
462,525 |
|
|
$ |
465,449 |
|
|
$ |
440,911 |
|
|
$ |
431,504 |
|
Less:
intangible assets |
|
232 |
|
|
214 |
|
|
213 |
|
|
206 |
|
Tangible assets |
|
$ |
462,293 |
|
|
$ |
465,235 |
|
|
$ |
440,698 |
|
|
$ |
431,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
stockholders' equity |
|
$ |
65,619 |
|
|
$ |
64,775 |
|
|
$ |
63,869 |
|
|
$ |
62,990 |
|
Common shares
outstanding at end of period |
|
|
2,504,740 |
|
|
2,504,740 |
|
|
2,504,740 |
|
|
2,515,803 |
|
Common stockholders'
equity (book value) per share (GAAP) |
|
$ |
26.29 |
|
|
$ |
25.95 |
|
|
$ |
25.58 |
|
|
$ |
25.12 |
|
Tangible common
stockholders' equity (tangible book value) per share
(non-GAAP) |
|
$ |
26.20 |
|
|
$ |
25.86 |
|
|
$ |
25.50 |
|
|
$ |
25.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:
Jerald L. Shaw, President and Chief Executive Officer
Terri L. Degner, EVP and Chief Financial Officer
Anchor Bancorp
(360) 491-2250
Grafico Azioni Anchor Bancorp (delisted) (NASDAQ:ANCB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Anchor Bancorp (delisted) (NASDAQ:ANCB)
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Da Giu 2023 a Giu 2024