Anchor Bancorp (NASDAQ:ANCB) (“Company”), the holding company for
Anchor Bank (“Bank”), today reported first quarter earnings for its
fiscal year ending June 30, 2018. For the quarter ended
September 30, 2017, the Company reported net income of $1.0
million or $0.43 per diluted share, compared to net income of
$573,000 or $0.24 per diluted share for the quarter ended September
30, 2016.
"We are pleased with the financial results of our first
quarter. Our net interest margin has remained strong year
over year and for the quarter was 4.14%," stated Jerald L. Shaw,
President and Chief Executive Officer. "Additionally we have
improved our efficiency ratio by 11.5% over the last year to 71.2%
for the current quarter, reflecting our increased net interest
income and expense control. Noninterest expense declined 9%
year over year," stated Mr. Shaw.
Fiscal First Quarter Highlights
- Loans receivable, net, increased $5.3 million, or 1.4%, to
$383.2 million at September 30, 2017 from $377.9 million at June
30, 2017;
- Deposits increased $3.2 million, or 0.9%, to $348.4 million at
September 30, 2017 from $345.2 million at June 30, 2017;
- Net interest income before provision for loan losses increased
$273,000, or 6.7%, to $4.3 million for the quarter ended September
30, 2017 compared to $4.1 million for the quarter ended September
30, 2016;
- Net interest margin ("NIM") was 4.14% for the quarter ended
September 30, 2017 compared to 4.16% for the quarter ended
September 30, 2016;
- The efficiency ratio improved to 71.2% for the quarter ended
September 30, 2017 compared to 82.7% for the quarter ended
September 30, 2016; and
- Book value per share at September 30, 2017 increased to $26.76
from $26.29 at June 30, 2017.
Balance Sheet Review
Total assets decreased by $2.1 million, or 0.5%, to $460.4
million at September 30, 2017 from $462.5 million at June 30, 2017.
Cash and cash equivalents decreased by $5.3 million, or 37.1%, to
$8.9 million at September 30, 2017, from $14.2 million at June 30,
2017 as we redeployed excess cash to fund the repayment of FHLB
advances and fund our loan growth. Securities
available-for-sale and held-to-maturity decreased $930,000, or
4.4%, and $396,000 or 8.0%, respectively. The decreases in
these portfolios were primarily the result of contractual principal
repayments.
Loans receivable, net, increased $5.3 million, or 1.4%, to
$383.2 million at September 30, 2017 from $377.9 million at
June 30, 2017. Construction loans increased $11.8 million, or
24.0%, to $61.0 million at September 30, 2017 from $49.2 million at
June 30, 2017. There was $57.0 million in undisbursed
construction loan commitments at September 30, 2017. Our
construction loans are primarily for the construction of
multi-family and to a lesser extent, loans for the construction of
single family properties. One-to-four family loans increased $1.8
million, or 3.0%, to $61.6 million at September 30, 2017 from $59.7
million at June 30, 2017. Multi-family loans increased
$512,000, or 0.8%, to $61.0 million at September 30, 2017 from
$60.5 million at June 30, 2017. Land loans increased $43,000,
or 0.5%, to $8.1 million at September 30, 2017 from $8.0 million at
June 30, 2017. Consumer loans decreased $155,000, or 0.83%,
to $18.6 million at September 30, 2017 from $18.7 million at June
30, 2017. Commercial business loans decreased $2.1 million,
or 6.8%, to $29.5 million at September 30, 2017 from $31.6 million
at June 30, 2017. Commercial real estate loans decreased $6.6
million, or 4.3%, to $148.9 million at September 30, 2017 from
$155.5 million at June 30, 2017. This decrease was primarily
due to the repayments of a $3.2 million commercial real estate loan
secured by a self-storage facility and a $1.7 million industrial
property. We also reclassified a $2.0 million multi-tenant
commercial real estate loan to real estate owned ("REO") and
recorded a $200,000 charge upon transfer to fair market value.
Loans receivable consisted of the following at the dates
indicated:
|
September 30,2017 |
|
June 30, 2017 |
|
September 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
61,555 |
|
|
$ |
59,735 |
|
|
$ |
60,067 |
|
Multi-family |
61,012 |
|
|
60,500 |
|
|
54,556 |
|
Commercial |
148,867 |
|
|
155,525 |
|
|
144,402 |
|
Construction |
60,963 |
|
|
49,151 |
|
|
30,635 |
|
Land
loans |
8,097 |
|
|
8,054 |
|
|
7,534 |
|
Total
real estate |
340,494 |
|
|
332,965 |
|
|
297,194 |
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
Home
equity |
13,991 |
|
|
13,991 |
|
|
16,890 |
|
Credit
cards |
2,535 |
|
|
2,596 |
|
|
2,871 |
|
Automobile |
573 |
|
|
627 |
|
|
630 |
|
Other
consumer |
1,484 |
|
|
1,524 |
|
|
1,776 |
|
Total
consumer |
18,583 |
|
|
18,738 |
|
|
22,167 |
|
|
|
|
|
|
|
Business: |
|
|
|
|
|
Commercial business |
29,455 |
|
|
31,603 |
|
|
36,688 |
|
|
|
|
|
|
|
Total Loans |
388,532 |
|
|
383,306 |
|
|
356,049 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Deferred
loan fees and loan premiums, net |
1,294 |
|
|
1,292 |
|
|
1,215 |
|
Allowance
for loan losses |
4,017 |
|
|
4,106 |
|
|
3,824 |
|
Loans receivable,
net |
$ |
383,221 |
|
|
$ |
377,908 |
|
|
$ |
351,010 |
|
Total liabilities decreased $3.1 million to $393.6 million at
September 30, 2017 from $396.7 million at June 30, 2017, primarily
as the result of the repayment of $7.8 million of FHLB advances,
partially offset by an increase of $3.2 million in deposits. The
increase in deposit accounts was the result of the Bank's deposit
marketing campaign; as well as other deposit gathering
activities.
Deposits consisted of the following at the dates indicated:
|
September 30, 2017 |
|
June 30, 2017 |
|
September 30, 2016 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
Noninterest-bearing
demand deposits |
$ |
54,474 |
|
|
15.7 |
% |
|
$ |
52,606 |
|
|
15.2 |
% |
|
$ |
55,329 |
|
|
18.2 |
% |
Interest-bearing demand
deposits |
31,424 |
|
|
9.0 |
|
|
31,464 |
|
|
9.1 |
|
|
27,522 |
|
|
9.0 |
|
Money market
accounts |
71,335 |
|
|
20.5 |
|
|
73,154 |
|
|
21.2 |
|
|
60,176 |
|
|
19.8 |
|
Savings deposits |
44,349 |
|
|
12.7 |
|
|
43,454 |
|
|
12.6 |
|
|
43,677 |
|
|
14.4 |
|
Certificates of
deposit |
146,794 |
|
|
42.1 |
|
|
144,509 |
|
|
41.9 |
|
|
117,502 |
|
|
38.6 |
|
Total
deposits |
$ |
348,376 |
|
|
100.0 |
% |
|
$ |
345,187 |
|
|
100.0 |
% |
|
$ |
304,206 |
|
|
100.0 |
% |
Credit Quality
Total delinquent loans (past due 30 days or more), decreased
$1.7 million to $2.4 million at September 30, 2017 from $4.1
million at June 30, 2017, primarily due to the transfer of the $2.0
million commercial real estate loan discussed above to REO at fair
market value of $1.8 million. The percentage of nonperforming
loans, consisting solely of nonaccrual loans, to total loans
decreased to 0.4% at September 30, 2017 from 1.0% at June 30, 2017.
The Company recorded a $75,000 provision for loan losses for the
quarter ended September 30, 2017. The allowance for loan losses of
$4.0 million at September 30, 2017 represented 1.0% of loans
receivable and 274.4% of nonperforming loans. This compares to an
allowance of $4.1 million at June 30, 2017, representing 1.1% of
loans receivable and 110.8% of nonperforming loans.
Nonperforming loans decreased to $1.5 million at September 30,
2017, from $3.7 million at June 30, 2017, and were $2.5 million at
September 30, 2016. Nonperforming loans consisted of the
following at the dates indicated:
|
September 30,2017 |
|
June 30, 2017 |
|
September 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
968 |
|
|
$ |
1,170 |
|
|
$ |
2,010 |
|
Commercial |
— |
|
|
1,992 |
|
|
315 |
|
Total
real estate |
968 |
|
|
3,162 |
|
|
2,325 |
|
Consumer: |
|
|
|
|
|
Home
equity |
207 |
|
|
242 |
|
|
37 |
|
Total
consumer |
207 |
|
|
242 |
|
|
37 |
|
Business: |
|
|
|
|
|
Commercial business |
289 |
|
|
300 |
|
|
96 |
|
Total |
$ |
1,464 |
|
|
$ |
3,704 |
|
|
$ |
2,458 |
|
|
|
|
|
|
|
As of September 30, 2017, the Company had four REO properties
with an aggregate book value of $2.7 million compared to three
properties with an aggregate book value of $867,000 at June 30,
2017, and three properties with an aggregate book value of $271,000
at September 30, 2016. The increase in the aggregate book
value of REO properties during the quarter ended September 30, 2017
from the prior quarter was primarily attributable to
reclassification of the commercial real estate loan, discussed
above.
Capital
As of September 30, 2017, the Bank was considered "well
capitalized" in accordance with its regulatory capital guidelines
and 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 13.3%,
14.0%, 14.0%, and 14.9% respectively. As of September 30,
2016, the Bank's Tier 1 Leverage-Based Capital, CET1, Tier 1
Risk-Based Capital, and Total Risk-Based Capital ratios were 13.3%,
14.3%, 14.3%, and 15.3%, 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 14.4%, 15.0%, 15.0%, and 16.0%
as of September 30, 2017. As of September 30, 2016, the
Company's Tier 1 Leverage-Based Capital, CET1, Tier 1 Risk-Based
Capital, and Total Risk-Based Capital ratios were 14.2%, 15.3%,
15.3%, and 16.2%, respectively.
Operating Results
Net interest income. Net interest income before the provision
for loan losses increased $273,000, or 6.7%, to $4.3 million for
the quarter ended September 30, 2017 compared to $4.1 million for
the same period last year primarily due to the increase in average
loans receivable, net. Average loans receivable, net, for the
quarter ended September 30, 2017 increased $31.9 million, or 9.0%,
to $387.0 million compared to $355.1 million for the quarter ended
September 30, 2016.
The Company's net interest margin was 4.14% for the quarter
ended September 30, 2017 compared to 4.16% for the quarter ended
September 30, 2016. The average yield on loans receivable, net,
increased seven basis points to 5.31% for the quarter ended
September 30, 2017 compared to 5.24% for the same period of the
prior year, reflecting the increase in construction loans.
The average yield on mortgage-backed securities decreased to 2.05%
from 2.24% for the same period in the prior year primarily due to
large principal pay downs resulting in an increase in amortization
of premiums. The average yield on interest-earning assets increased
11 basis points to 5.05% from 4.94% for the quarters ended
September 30, 2017 and 2016. The average cost of total deposits
increased 14 basis points to 1.13% for the quarter ended September
30, 2017 compared to 0.99% for the same period in the prior
year. The average cost of interest-bearing liabilities
increased 15 basis points to 1.14% for the quarter ended September
30, 2017 compared to 0.99% for the same period in the prior year,
reflecting the increases in the federal funds rate over the last
year.
Provision for loan losses. In connection with its analysis of
the loan portfolio, management determined that a $75,000 provision
for loan losses was required for both the quarters ended September
30, 2017 and 2016, primarily reflecting our recent loan growth.
Noninterest income. Noninterest income remained relatively the
same at $1.2 million for the quarters ended September 30, 2017 and
September 30, 2016. The $50,000 increase in commercial real estate
loan prepayment penalties was mostly offset by a decrease of
$35,000 in deposit service fees from $348,000 to $313,000 as
consumers reduced their deposit account overdrafts.
Noninterest expense. Noninterest expense decreased $396,000, or
9.2%, to $3.9 million for the quarter ended September 30, 2017 from
$4.3 million for the quarter ended September 30, 2016. Compensation
and benefits expense decreased $226,000 from $2.3 million or 9.8%,
to $2.1 million for the quarter ended September 30, 2017 compared
to the same period in the previous year. The decrease was primarily
due to a reduction in stock-based compensation expense from
$224,000 for the quarter last year to $47,000 for the quarter ended
September 30, 2017 related to the Anchor Bancorp 2015 Equity Plan.
General and administrative expenses declined $162,000 to $574,000
for the quarter ended September 30, 2017 compared to $736,000 for
the quarter ended September 30, 2016. This decrease was primarily
due to a $37,000 decline in consulting services, a $26,000 decrease
in credit card expenses due to the efficiencies realized from our
new credit card program, a $19,000 reduction in loan origination
expenses and no losses related to repossessed vehicles compared to
$23,000 for the same quarter last year. For the quarter ended
September 30, 2017 we expensed $34,000 associated with our proposed
merger with Washington Federal, Inc. compared to none for the same
period ended September 30, 2016 primarily due to legal and
professional fees which partially offset the decreases discussed
above.
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; 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 SUBSIDIARYCONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION(Dollars in thousands) (unaudited) |
September 30,2017 |
|
June 30, 2017 |
ASSETS |
|
|
|
Cash and
cash equivalents |
$ |
8,925 |
|
|
$ |
14,194 |
|
Securities available-for-sale, at fair value |
20,240 |
|
|
21,170 |
|
Securities held-to-maturity, at amortized cost |
4,553 |
|
|
4,949 |
|
Loans
held for sale |
— |
|
|
1,551 |
|
Loans
receivable, net of allowance for loan losses of $4,017 and
$4,106 |
383,221 |
|
|
377,908 |
|
Bank
owned life insurance investment, net of surrender charges |
20,159 |
|
|
20,030 |
|
Accrued
interest receivable |
1,344 |
|
|
1,332 |
|
Real
estate owned, net |
2,658 |
|
|
867 |
|
Federal
Home Loan Bank (FHLB) stock, at cost |
2,036 |
|
|
2,348 |
|
Property,
premises and equipment, net |
9,037 |
|
|
9,360 |
|
Deferred
tax asset, net |
7,666 |
|
|
8,011 |
|
Prepaid
expenses and other assets |
548 |
|
|
805 |
|
Total
assets |
$ |
460,387 |
|
|
$ |
462,525 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
LIABILITIES |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
54,474 |
|
|
$ |
52,606 |
|
Interest-bearing |
293,902 |
|
|
292,581 |
|
Total
deposits |
348,376 |
|
|
345,187 |
|
|
|
|
|
FHLB
advances |
37,700 |
|
|
45,500 |
|
Advance
payments by borrowers for taxes and insurance |
1,903 |
|
|
1,195 |
|
Supplemental Executive Retirement Plan liability |
1,717 |
|
|
1,709 |
|
Accounts
payable and other liabilities |
3,915 |
|
|
3,083 |
|
Total
liabilities |
393,611 |
|
|
396,674 |
|
|
|
|
|
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;
2,494,940 issued and outstanding at September 30, 2017 and
2,504,740 issued and outstanding at June 30, 2017 |
25 |
|
|
25 |
|
Additional paid-in capital |
22,447 |
|
|
22,619 |
|
Retained
earnings |
45,629 |
|
|
44,585 |
|
Unearned
Employee Stock Ownership Plan (ESOP) shares |
(590 |
) |
|
(607 |
) |
Accumulated other comprehensive loss, net of tax |
(735 |
) |
|
(771 |
) |
Total
stockholders’ equity |
66,776 |
|
|
65,851 |
|
Total
liabilities and stockholders’ equity |
$ |
460,387 |
|
|
$ |
462,525 |
|
|
|
|
|
|
|
|
|
|
ANCHOR BANCORP
AND SUBSIDIARYCONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
data) (unaudited) |
Three Months EndedSeptember 30, |
|
2017 |
|
2016 |
Interest income: |
|
|
|
Loans
receivable, including fees |
$ |
5,133 |
|
|
$ |
4,652 |
|
Securities |
34 |
|
|
23 |
|
Mortgage-backed securities |
130 |
|
|
166 |
|
Total
interest income |
5,297 |
|
|
4,841 |
|
Interest expense: |
|
|
|
Deposits |
842 |
|
|
619 |
|
FHLB
advances |
109 |
|
|
149 |
|
Total
interest expense |
951 |
|
|
768 |
|
Net
interest income before provision for loan losses |
4,346 |
|
|
4,073 |
|
Provision for loan
losses |
75 |
|
|
75 |
|
Net
interest income after provision for loan losses |
4,271 |
|
|
3,998 |
|
Noninterest
income: |
|
|
|
Deposit
service fees |
313 |
|
|
348 |
|
Other
deposit fees |
199 |
|
|
194 |
|
Other
loan fees |
228 |
|
|
235 |
|
Gain on
sale of loans |
110 |
|
|
101 |
|
Bank
owned life insurance investment |
129 |
|
|
132 |
|
Other
income |
193 |
|
|
147 |
|
Total
noninterest income |
1,172 |
|
|
1,157 |
|
Noninterest
expense: |
|
|
|
Compensation and benefits |
2,084 |
|
|
2,310 |
|
General
and administrative expenses |
574 |
|
|
736 |
|
Merger
expenses |
34 |
|
|
— |
|
Real
estate owned holding costs |
30 |
|
|
19 |
|
Federal
Deposit Insurance Corporation insurance premiums |
36 |
|
|
69 |
|
Information technology |
537 |
|
|
485 |
|
Occupancy
and equipment |
433 |
|
|
506 |
|
Deposit
services |
104 |
|
|
111 |
|
Marketing |
91 |
|
|
100 |
|
Loss on
sale of property, premises and equipment |
5 |
|
|
— |
|
Gain on
sale of real estate owned |
— |
|
|
(12 |
) |
Total
noninterest expense |
3,928 |
|
|
4,324 |
|
Income
before provision for income taxes |
1,515 |
|
|
831 |
|
Provision for income
taxes |
471 |
|
|
258 |
|
Net income |
$ |
1,044 |
|
|
$ |
573 |
|
Basic earnings per
share |
$ |
0.43 |
|
|
$ |
0.24 |
|
Diluted earnings per
share |
$ |
0.43 |
|
|
$ |
0.24 |
|
Weighted average number
of basic shares outstanding |
2,421,049 |
|
|
2,391,839 |
|
Weighted average number
of diluted shares outstanding |
2,432,960 |
|
|
2,414,679 |
|
|
|
|
|
|
|
|
|
As of or For the Quarter Ended(unaudited) |
|
September 30,2017 |
|
June 30, 2017 |
|
March 31,2017 |
|
September 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
SELECTED
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return on average
assets (1) |
0.93 |
% |
|
0.58 |
% |
|
0.64 |
% |
|
0.54 |
% |
Return on average
equity (2) |
6.85 |
|
|
4.48 |
|
|
4.79 |
|
|
3.88 |
|
Average
equity-to-average assets (3) |
13.52 |
|
|
12.85 |
|
|
13.31 |
|
|
13.95 |
|
Interest rate
spread(4) |
3.91 |
|
|
4.11 |
|
|
3.88 |
|
|
3.95 |
|
Net interest margin
(5) |
4.14 |
|
|
4.32 |
|
|
4.10 |
|
|
4.16 |
|
Efficiency ratio
(6) |
71.2 |
|
|
82.9 |
|
|
78.2 |
|
|
82.7 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
125.8 |
|
|
124.2 |
|
|
126.2 |
|
|
126.5 |
|
Other operating
expenses as a percent of average total assets |
3.5 |
% |
|
4.1 |
% |
|
3.7 |
% |
|
4.1 |
% |
Book value per common
share |
$ |
26.76 |
|
|
$ |
26.29 |
|
|
$ |
25.95 |
|
|
$ |
25.46 |
|
Tangible book value per
common share (7) |
$ |
26.67 |
|
|
$ |
26.20 |
|
|
$ |
25.86 |
|
|
$ |
25.37 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
(Anchor Bank) |
|
|
|
|
|
|
|
Tier 1 leverage |
13.3 |
% |
|
13.0 |
% |
|
13.1 |
% |
|
13.3 |
% |
Common equity tier 1
capital |
14.0 |
|
|
14.1 |
|
|
13.7 |
|
|
14.3 |
|
Tier 1 risk-based |
14.0 |
|
|
14.1 |
|
|
13.7 |
|
|
14.3 |
|
Total risk-based |
14.9 |
|
|
15.1 |
|
|
14.6 |
|
|
15.3 |
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
Nonaccrual and loans 90
days or more past due and still accruing interest as a percent of
total loans |
0.4 |
% |
|
1.0 |
% |
|
0.6 |
% |
|
0.7 |
% |
Allowance for loan
losses as a percent of total loans |
1.0 |
|
|
1.1 |
|
|
1.0 |
|
|
1.1 |
|
Allowance as a percent
of total nonperforming loans |
274.4 |
|
|
110.8 |
|
|
167.4 |
|
|
157.9 |
|
Nonperforming assets as
a percent of total assets |
0.9 |
|
|
1.0 |
|
|
0.6 |
|
|
0.6 |
|
Net charge-offs
(recoveries) to average outstanding loans |
0.04 |
% |
|
(0.03 |
)% |
|
0.01 |
% |
|
0.01 |
% |
Classified loans |
$ |
1,607 |
|
|
$ |
3,721 |
|
|
$ |
2,645 |
|
|
$ |
3,185 |
|
_____________________ |
|
|
|
|
|
|
|
(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 in the table 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 are presented below.
|
September 30,2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
September 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
Stockholders'
equity |
$ |
66,776 |
|
|
$ |
65,851 |
|
|
$ |
64,989 |
|
|
$ |
63,778 |
|
Less:
intangible assets |
246 |
|
|
232 |
|
|
214 |
|
|
216 |
|
Tangible common
stockholders' equity |
$ |
66,530 |
|
|
$ |
65,619 |
|
|
$ |
64,775 |
|
|
$ |
63,562 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
460,387 |
|
|
$ |
462,525 |
|
|
$ |
465,449 |
|
|
$ |
435,963 |
|
Less:
intangible assets |
246 |
|
|
232 |
|
|
214 |
|
|
216 |
|
Tangible assets |
$ |
460,141 |
|
|
$ |
462,293 |
|
|
$ |
465,235 |
|
|
$ |
435,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
stockholders' equity |
$ |
66,530 |
|
|
$ |
65,619 |
|
|
$ |
64,775 |
|
|
$ |
63,562 |
|
Common shares
outstanding at end of period |
2,494,940 |
|
|
2,504,740 |
|
|
2,504,740 |
|
|
2,505,219 |
|
Common stockholders'
equity (book value) per share (GAAP) |
$ |
26.76 |
|
|
$ |
26.29 |
|
|
$ |
25.95 |
|
|
$ |
25.46 |
|
Tangible common
stockholders' equity (tangible book value) per share
(non-GAAP) |
$ |
26.67 |
|
|
$ |
26.20 |
|
|
$ |
25.86 |
|
|
$ |
25.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Jerald L. Shaw, President and
Chief Executive OfficerTerri L. Degner, EVP and
Chief Financial OfficerAnchor
Bancorp(360) 491-2250
Anchor Bancorp (delisted) (NASDAQ:ANCB)
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