Anchor Bancorp (NASDAQ:ANCB) (“Company”), the holding company for
Anchor Bank (“Bank”), today reported net income of $1.2 million or
$0.48 per diluted share, for the fourth quarter of its fiscal year
ended June 30, 2018 compared to net income of $655,000 or $0.27 per
diluted share for the same period last year. For the fiscal
year ended June 30, 2018 the Company reported net income of $2.2
million or $0.90 per diluted share, compared to net income of $2.4
million or $0.97 per diluted share for the fiscal year ended June
30, 2017. The lower net income for the fiscal year ended June
30, 2018 compared to the prior fiscal year is due to a one-time
revaluation adjustment to the Company's deferred tax asset to
account for the future impact of lower corporate income tax rates
as a result of the Tax Cuts and Job Acts that was enacted on
December 22, 2017. The tax revaluation resulted in a $2.4
million increase in the Company's income tax expense and a
reduction in earnings per diluted share for the fiscal year ended
June 30, 2018.
"I am pleased with our results for both the current quarter and
the year. Over the last year both loans and deposits increased by
3.7% and 4.0% respectively. We ended the year with a strong net
interest margin as well as a significant reduction in our
non-interest expenses," stated Jerald L. Shaw the Company's
President and Chief Executive Officer.
Fiscal Fourth Quarter Highlights
- Loan receivable, net, increased $14.1 million or 3.7% to $392.0
million at June 30, 2018 from $377.9 million at June 30, 2017;
- Deposits increased $13.8 million, or 4.0%, to $359.0 million at
June 30, 2018 from $345.2 million at June 30, 2017;
- Nonperforming loans decreased $230,000, or 19.7%, to $936,000
at June 30, 2018 from $1.2 million at March 31, 2018 and decreased
$2.8 million or 74.7% from June 30, 2017; and
- Allowance for loan losses to nonperforming loans increased to
466.9% at June 30, 2018 from 365.1% at March 31, 2018, and 110.8%
at June 30, 2017.
In addition, on July 17, 2018, we signed a definitive merger
agreement with FS Bancorp, Inc. ("FS Bancorp") pursuant to which FS
Bancorp will acquire the Company for stock and cash valued at
approximately $77 million. The merger is currently expected,
subject to receipt of Company shareholder, regulatory approvals and
other customary closing conditions, to close during the fourth
quarter of calendar 2018 or early in the first quarter of calendar
2019. On the same date, we mutually terminated the
merger agreement, as amended, with Washington Federal, Inc.
("Washington Federal").
Balance Sheet Review
Total assets increased by $7.1 million, or 1.5%, to $469.6
million at June 30, 2018 from $462.5 million at June 30, 2017.Cash
and cash equivalents increased $3.4 million, or 23.8%, to $17.6
million at June 30, 2018 from $14.2 million at June 30, 2017 due to
an increase in deposits. Securities available-for-sale and
held-to-maturity decreased during the year by $3.4 million, or
16.3%, and $1.4 million, or 27.6%, respectively. The decreases in
these portfolios were primarily the result of contractual principal
repayments.
Loans receivable, net, increased $14.1 million, or 3.7%, to
$392.0 million at June 30, 2018 from $377.9 million at
June 30, 2017. Construction loans increased $36.7 million, or
74.7%, to $85.9 million at June 30, 2018 from $49.2 million at June
30, 2017. Our construction loans are for the construction of
multi-family and commercial real estate properties and to a lesser
extent, loans for the construction of one-to-four family
residences. There was $28.6 million in undisbursed construction
loan commitments at June 30, 2018. One-to-four family loans
increased $2.4 million, or 4.0%, to $62.1 million at June 30, 2018
from $59.7 million at June 30, 2017. Commercial business
loans decreased $11.3 million, or 35.7%, to $20.3 million at June
30, 2018 from $31.6 million at June 30, 2017 primarily related to
the payoff of a $9.0 million loan participation. Commercial real
estate loans decreased $5.5 million, or 3.5%, to $150.0 million at
June 30, 2018 from $155.5 million at June 30, 2017. We also
reclassified a $2.0 million multi-tenant commercial real estate
loan to real estate owned ("REO") and recorded during the year
ended June 30, 2018 a $200,000 charge upon transfer to reflect its
fair market value. Multi-family loans decreased $2.9 million,
or 4.7%, to $57.6 million at June 30, 2018 from $60.5 million at
June 30, 2017. Land loans decreased $2.5 million, or 31.5%,
to $5.5 million at June 30, 2018 from $8.0 million at June 30,
2017. Consumer loans decreased $2.8 million, or 15.1%, to
$15.9 million at June 30, 2018 from $18.7 million at June 30,
2017.
Loans receivable consisted of the following at the dates
indicated:
|
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
62,110 |
|
|
$ |
62,788 |
|
|
$ |
59,735 |
|
Multi-family |
57,639 |
|
|
58,847 |
|
|
60,500 |
|
Commercial |
150,050 |
|
|
152,928 |
|
|
155,525 |
|
Construction |
85,866 |
|
|
85,247 |
|
|
49,151 |
|
Land
loans |
5,515 |
|
|
6,234 |
|
|
8,054 |
|
Total
real estate |
361,180 |
|
|
366,044 |
|
|
332,965 |
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
Home
equity |
12,291 |
|
|
13,309 |
|
|
13,991 |
|
Credit
cards |
2,284 |
|
|
2,346 |
|
|
2,596 |
|
Automobile |
372 |
|
|
392 |
|
|
627 |
|
Other
consumer |
960 |
|
|
1,310 |
|
|
1,524 |
|
Total
consumer |
15,907 |
|
|
17,357 |
|
|
18,738 |
|
|
|
|
|
|
|
Business: |
|
|
|
|
|
Commercial business |
20,329 |
|
|
20,575 |
|
|
31,603 |
|
|
|
|
|
|
|
Total
Loans |
397,416 |
|
|
403,976 |
|
|
383,306 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Deferred
loan fees and loan premiums, net |
1,002 |
|
|
1,146 |
|
|
1,292 |
|
Allowance
for loan losses |
4,370 |
|
|
4,257 |
|
|
4,106 |
|
|
|
|
|
|
|
Loans receivable,
net |
$ |
392,044 |
|
|
$ |
398,573 |
|
|
$ |
377,908 |
|
|
|
|
|
|
|
Total liabilities increased over the last year by $5.5 million
to $402.2 million at June 30, 2018 primarily as the result of a
$13.8 million increase in deposits partially offset by a $8.5
million decrease in Federal Home Loan Bank advances.
The increase in deposits was primarily due to a $21.0 million
increase in certificates of deposit and a $5.3 million increase in
demand deposits partially offset by a $13.3 million decrease in
money market accounts. The increase in certificate of
deposits 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:
|
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
(Dollars in thousands) |
Noninterest-bearing
demand deposits |
$ |
55,381 |
|
|
15.4 |
% |
|
$ |
57,767 |
|
|
16.0 |
% |
|
$ |
52,606 |
|
|
15.2 |
% |
Interest-bearing demand
deposits |
34,030 |
|
|
9.5 |
|
|
33,446 |
|
|
9.3 |
|
|
31,464 |
|
|
9.1 |
|
Money market
accounts |
59,863 |
|
|
16.7 |
|
|
64,344 |
|
|
17.9 |
|
|
73,154 |
|
|
21.2 |
|
Savings deposits |
44,271 |
|
|
12.3 |
|
|
45,052 |
|
|
12.5 |
|
|
43,454 |
|
|
12.6 |
|
Certificates of
deposit |
165,476 |
|
|
46.1 |
|
|
159,610 |
|
|
44.3 |
|
|
144,509 |
|
|
41.9 |
|
Total
deposits |
$ |
359,021 |
|
|
100.0 |
% |
|
$ |
360,219 |
|
|
100.0 |
% |
|
$ |
345,187 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Total delinquent loans (past due 30 days or more), decreased
$2.1 million, or 51.1%, to $2.0 million at June 30, 2018 from $4.1
million at June 30, 2017. The percentage of nonperforming loans,
consisting solely of nonaccrual loans, to total loans decreased to
0.2% at June 30, 2018 from 1.0% at June 30, 2017. The Company
recorded a $105,000 provision for loan losses for the quarter ended
June 30, 2018 compared to a $25,000 provision for the quarter ended
June 30, 2017 primarily as a result of growth in our constructions
loans in our loan portfolio. The allowance for loan losses of
$4.4 million at June 30, 2018 represented 1.1% of total loans and
466.9% of nonperforming loans. This compares to an allowance for
loan losses of $4.1 million at June 30, 2017, representing 1.1% of
total loans and 110.8% of nonperforming loans.
Nonperforming loans decreased by $230,000 to $936,000 at June
30, 2018 from $1.2 million at March 31, 2018 and were $3.7 million
at June 30, 2017. Nonperforming loans consisted of the
following at the dates indicated:
|
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
|
|
|
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
507 |
|
|
$ |
682 |
|
|
$ |
1,170 |
|
Commercial |
— |
|
|
— |
|
|
1,992 |
|
Total
real estate |
507 |
|
|
682 |
|
|
3,162 |
|
Consumer: |
|
|
|
|
|
Home
equity |
207 |
|
|
216 |
|
|
242 |
|
Total
consumer |
207 |
|
|
216 |
|
|
242 |
|
Business: |
|
|
|
|
|
Commercial business |
222 |
|
|
268 |
|
|
300 |
|
Total |
$ |
936 |
|
|
$ |
1,166 |
|
|
$ |
3,704 |
|
|
|
|
|
|
|
At both June 30, 2018 and March 31, 2018, the Company had two
REO properties with an aggregate book value of $737,000 compared to
three properties with an aggregate book value of $867,000 at June
30, 2017.
Capital
As of June 30, 2018, 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 13.5%, 15.5%, 15.5% and 16.6%,
respectively. As of June 30, 2017, these ratios were 13.0%,
14.1%, 14.1%, and 15.1%, 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%, 16.6%, 16.6%, and 17.7%
as of June 30, 2018. As of June 30, 2017, these ratios were
14.0%, 15.2%, 15.2%, and 16.2%, respectively.
Operating Results
Net interest income. Net interest income before the provision
for loan losses increased $137,000, or 3.0%, to $4.7 million for
the quarter ended June 30, 2018 from $4.6 million for the quarter
ended June 30, 2017. For the year ended June 30, 2018, net
interest income before the provision for loan losses increased $1.2
million, or 7.5%, to $18.2 million from $17.0 million for fiscal
2017. 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, 2018 increased $9.6
million, or 2.4%, to $400.8 million from $391.2 million for the
quarter ended June 30, 2017. For the year ended June 30,
2018, average loans receivable, net, increased $26.8 million, or
7.2%, to $396.5 million from $369.7 million for the year ended June
30, 2017.
The Company's net interest margin increased four basis points to
4.36% for the quarter ended June 30, 2018 compared to 4.32% for the
quarter ended June 30, 2017. The average yield on mortgage-backed
securities increased to 2.41% from 2.36% for the same period in the
prior year primarily as a result of larger principal
paydowns. The average yield on interest-earning assets
increased 18 basis points to 5.37% from 5.19% for the quarters
ended June 30, 2018 and 2017. The average cost of
interest-bearing liabilities increased 20 basis points to 1.28% for
the fourth quarter ended June 30, 2018 compared to 1.08% for the
same period in the prior year. For the year ended June 30,
2018, the Company's net interest margin increased seven basis
points to 4.26% compared to 4.19% for the year ended June 30,
2017. 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 21 basis points
to 5.22% for the year ended June 30, 2018 compared to 5.01% for the
same period in the prior year. The average cost of interest-bearing
liabilities increased 16 basis points to 1.19% for the year ended
June 30, 2018 compared to 1.03% for the same period of the prior
year primarily as a result of increases in short-term interest
rates.
Provision for loan losses. In connection with its analysis of
the loan portfolio at June 30, 2018, management determined that a
$105,000 provision for loan losses was required for the quarter
compared to a $25,000 provision for the same period in the prior
year. The provision for loan losses for the year ended June
30, 2018 was $405,000 compared to a $310,000 provision for loan
losses recorded in the prior year. primarily due to loan growth
during the 2018 fiscal year.
Noninterest income. Noninterest income decreased $139,000, or
12.7%, to $957,000 for the quarter ended June 30, 2018 compared to
$1.1 million for the same quarter a year ago. The decrease in
noninterest income was primarily attributable due to a $74,000, or
23.1%, decrease in deposit service fees to $246,000 from $320,000
for the same quarter a year ago as consumers reduced their deposit
account overdrafts. In addition, other income decreased
$66,000 in the quarter ended June 30, 2018 to $117,000 compared to
$183,000 for the same quarter a year ago primarily due to a
decrease of $52,000 for prepayment charges on commercial mortgage
loans. Noninterest income decreased $221,000, or 5.2%, to
$4.0 million during the year ended June 30, 2018 compared to $4.3
million for the same period in 2017 primarily due to a $232,000 or
17.4% decrease in deposit service fees income during fiscal 2018
for the same reason discussed above.
Noninterest expense. Noninterest expense decreased $644,000, or
13.7%, to $4.1 million for the quarter ended June 30, 2018 from
$4.7 million for the quarter ended June 30, 2017. Merger expenses
decreased $399,000, or 98.3%, from $406,000 to $7,000 primarily due
to legal and professional fees associated with the terminated
proposed merger with Washington Federal incurred during the same
period in fiscal 2017. General and administrative expenses
decreased $142,000, or 19.7%, to $579,000 from $721,000 primarily
due to a $106,000 reversal in unfunded commitment reserve expense
due to a decline in our unfunded commitment reserve reflecting the
decrease in undisbursed construction loans during the quarter ended
June 30, 2018.
Noninterest expense decreased $1.8 million, or 10.3%, for the
year ended June 30, 2018 to $15.7 million from $17.5 million for
the year ended June 30, 2017. The decrease was primarily due
to general and administrative expense decreasing $705,000, or
23.9%, from $2.9 million at June 30, 2017 to $2.2 million for the
year ended June 30, 2018. Unfunded commitment reserve expense
declined for reasons discussed above. Merger expenses related
to the terminated proposed merger with Washington Federal decreased
$343,000, or 84.5%, to $63,000 in fiscal 2018 from $406.000 in
fiscal 2017 as the merger was pending throughout fiscal 2018.
Compensation and benefits decreased $321,000, or 3.6%, to $8.7
million from $9.0 million. The decrease in compensation and
benefits expense was primarily due to a reduction of $545,000 of
stock based compensation awarded under the Anchor Bancorp 2015
Equity Plan to $91,000 for the year ended June 30, 2018 from
$636,000 in the previous year and a $379,000 decrease reflecting
reduced staffing partially offset by $581,000 in retention bonuses
paid associated with the then pending Washington Federal merger.
These decreases were partially offset by a $109,000 increase in
real estate holding costs to $157,000 for the year ended June 30,
2018 from $48,000 primarily due to a $200,000 charge upon transfer
of a commercial real estate property to REO to reflect its fair
market value.
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 9 full-service banking offices
within Grays Harbor, Thurston, Lewis, and Pierce 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:
the Agreement and Plan of Merger (“Merger Agreement”) with FS
Bancorp may be terminated in accordance with its terms, and the
merger may not be completed; governmental approval of our pending
merger with FS Bancorp may not be obtained or adverse regulatory
conditions may be imposed in connection with governmental approvals
of the merger; conditions to the closing of the pending merger with
FS Bancorp may not be satisfied, including the approval by our
shareholders; delays in closing our pending merger with FS Bancorp;
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 $2.7 million under
limited circumstances relating to alternative acquisition
proposals; 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; 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 2019 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) |
June 30, 2018 |
|
March 31, 2018 |
|
June 30, 2017 |
ASSETS |
|
|
|
|
|
Cash and
cash equivalents |
$ |
17,568 |
|
|
$ |
20,272 |
|
|
$ |
14,194 |
|
Securities available-for-sale, at fair value |
17,725 |
|
|
18,714 |
|
|
21,170 |
|
Securities held-to-maturity, at amortized cost |
3,584 |
|
|
3,740 |
|
|
4,949 |
|
Loans
held for sale |
98 |
|
|
— |
|
|
1,551 |
|
Loans
receivable, net of allowance for loan losses
of $4,370, $4,257 and $4,106 |
392,044 |
|
|
398,573 |
|
|
377,908 |
|
Life
insurance investment, net of surrender charges |
20,546 |
|
|
20,417 |
|
|
20,030 |
|
Accrued
interest receivable |
1,423 |
|
|
1,459 |
|
|
1,332 |
|
Real
estate owned, net |
737 |
|
|
737 |
|
|
867 |
|
Federal
Home Loan Bank (FHLB) stock, at cost |
2,047 |
|
|
2,407 |
|
|
2,348 |
|
Property,
premises and equipment, net |
8,664 |
|
|
8,785 |
|
|
9,360 |
|
Deferred
tax asset, net |
4,409 |
|
|
4,589 |
|
|
8,011 |
|
Prepaid
expenses and other assets |
809 |
|
|
516 |
|
|
805 |
|
Total
assets |
$ |
469,654 |
|
|
$ |
480,209 |
|
|
$ |
462,525 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing |
$ |
55,381 |
|
|
$ |
57,767 |
|
|
$ |
52,606 |
|
Interest-bearing |
303,640 |
|
|
302,452 |
|
|
292,581 |
|
Total
deposits |
359,021 |
|
|
360,219 |
|
|
345,187 |
|
|
|
|
|
|
|
FHLB
advances |
37,000 |
|
|
46,000 |
|
|
45,500 |
|
Advance
payments by borrowers for taxes and insurance |
1,077 |
|
|
2,144 |
|
|
1,195 |
|
Supplemental Executive Retirement Plan liability |
1,738 |
|
|
1,731 |
|
|
1,709 |
|
Accounts
payable and other liabilities |
3,374 |
|
|
3,862 |
|
|
3,083 |
|
Total
liabilities |
402,210 |
|
|
413,956 |
|
|
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;
2,484,030 issued and outstanding at June 30, 2018, and 2,484,030
issued and outstanding at March 31, 2018, and 2,504,740 issued and
outstanding at June 30, 2017 |
25 |
|
|
25 |
|
|
25 |
|
Additional paid-in capital |
22,298 |
|
|
22,258 |
|
|
22,619 |
|
Retained
earnings |
46,776 |
|
|
45,614 |
|
|
44,585 |
|
Unearned
Employee Stock Ownership Plan (ESOP) shares |
(540 |
) |
|
(556 |
) |
|
(607 |
) |
Accumulated other comprehensive loss, net of tax |
(1,115 |
) |
|
(1,088 |
) |
|
(771 |
) |
Total
stockholders’ equity |
67,444 |
|
|
66,253 |
|
|
65,851 |
|
Total
liabilities and stockholders’ equity |
$ |
469,654 |
|
|
$ |
480,209 |
|
|
$ |
462,525 |
|
ANCHOR BANCORP
AND SUBSIDIARYCONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
data) (unaudited) |
Three Months Ended June 30, |
|
Year EndedJune 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest
income: |
|
|
|
|
|
|
|
Loans
receivable, including fees |
$ |
5,626 |
|
|
$ |
5,324 |
|
|
$ |
21,651 |
|
|
$ |
19,580 |
|
Securities |
56 |
|
|
24 |
|
|
146 |
|
|
105 |
|
Mortgage-backed securities |
131 |
|
|
155 |
|
|
507 |
|
|
594 |
|
Total
interest income |
5,813 |
|
|
5,503 |
|
|
22,304 |
|
|
20,279 |
|
Interest
expense: |
|
|
|
|
|
|
|
Deposits |
905 |
|
|
770 |
|
|
3,436 |
|
|
2,758 |
|
FHLB
advances |
190 |
|
|
152 |
|
|
642 |
|
|
563 |
|
Total
interest expense |
1,095 |
|
|
922 |
|
|
4,078 |
|
|
3,321 |
|
Net
interest income before provision for loan losses |
4,718 |
|
|
4,581 |
|
|
18,226 |
|
|
16,958 |
|
Provision for loan
losses |
105 |
|
|
25 |
|
|
405 |
|
|
310 |
|
Net
interest income after provision for loan losses |
4,613 |
|
|
4,556 |
|
|
17,821 |
|
|
16,648 |
|
Noninterest
income: |
|
|
|
|
|
|
|
Deposit
service fees |
246 |
|
|
320 |
|
|
1,098 |
|
|
1,330 |
|
Other
deposit fees |
196 |
|
|
193 |
|
|
777 |
|
|
751 |
|
Other
loan fees |
265 |
|
|
214 |
|
|
877 |
|
|
832 |
|
Gain on
sale of loans |
4 |
|
|
59 |
|
|
175 |
|
|
183 |
|
Bank
owned life insurance |
129 |
|
|
127 |
|
|
516 |
|
|
515 |
|
Other
income |
117 |
|
|
183 |
|
|
600 |
|
|
653 |
|
Total
noninterest income |
957 |
|
|
1,096 |
|
|
4,043 |
|
|
4,264 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
Compensation and benefits |
2,280 |
|
|
2,222 |
|
|
8,698 |
|
|
9,019 |
|
General
and administrative expenses |
579 |
|
|
721 |
|
|
2,239 |
|
|
2,944 |
|
Merger
expenses |
7 |
|
|
406 |
|
|
63 |
|
|
406 |
|
Real
estate owned holding costs |
19 |
|
|
11 |
|
|
157 |
|
|
48 |
|
Federal
Deposit Insurance Corporation insurance premiums |
58 |
|
|
39 |
|
|
190 |
|
|
145 |
|
Information technology |
491 |
|
|
571 |
|
|
2,024 |
|
|
2,105 |
|
Occupancy
and equipment |
436 |
|
|
456 |
|
|
1,741 |
|
|
1,889 |
|
Deposit
services |
101 |
|
|
111 |
|
|
394 |
|
|
462 |
|
Marketing |
90 |
|
|
167 |
|
|
364 |
|
|
564 |
|
Gain on
sale of property, premises and equipment |
(1 |
) |
|
— |
|
|
(11 |
) |
|
— |
|
Gain on
sale of real estate owned |
— |
|
|
— |
|
|
(148 |
) |
|
(59 |
) |
Total
noninterest expense |
4,060 |
|
|
4,704 |
|
|
15,711 |
|
|
17,523 |
|
Income
before provision for income taxes |
1,510 |
|
|
948 |
|
|
6,153 |
|
|
3,389 |
|
Provision for income
taxes |
348 |
|
|
293 |
|
|
3,962 |
|
|
1,039 |
|
Net income |
$ |
1,162 |
|
|
$ |
655 |
|
|
$ |
2,191 |
|
|
$ |
2,350 |
|
Basic earnings per
share |
$ |
0.48 |
|
|
$ |
0.27 |
|
|
$ |
0.90 |
|
|
$ |
0.98 |
|
Diluted earnings per
share |
$ |
0.48 |
|
|
$ |
0.27 |
|
|
$ |
0.90 |
|
|
$ |
0.97 |
|
|
As of or For the Quarter Ended(unaudited) |
|
June 30, 2018 |
|
March 31, 2018 |
|
December 31, 2017 |
|
June 30, 2017 |
|
(Dollars in thousands) |
SELECTED
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return (loss) on
average assets (1) |
1.00 |
% |
|
1.19 |
% |
|
(1.22 |
)% |
|
0.58 |
% |
Return (loss) on
average equity (2) |
7.75 |
|
|
9.24 |
|
|
(9.31 |
) |
|
4.48 |
|
Average
equity-to-average assets (3) |
12.89 |
|
|
12.90 |
|
|
13.12 |
|
|
12.85 |
|
Interest rate
spread(4) |
4.09 |
|
|
4.04 |
|
|
4.05 |
|
|
4.11 |
|
Net interest margin
(5) |
4.36 |
|
|
4.28 |
|
|
4.27 |
|
|
4.32 |
|
Efficiency ratio
(6) |
71.5 |
|
|
67.3 |
|
|
72.1 |
|
|
82.9 |
|
Average
interest-earning assets to averageinterest-bearing liabilities |
126.1 |
|
|
124.4 |
|
|
124.1 |
|
|
124.2 |
|
Other operating
expenses as a percent of average total assets |
3.5 |
% |
|
3.2 |
% |
|
3.5 |
% |
|
4.1 |
% |
Book value per common
share |
$ |
27.15 |
|
|
$ |
26.67 |
|
|
$ |
26.19 |
|
|
$ |
26.29 |
|
Tangible book value per
common share (7) |
$ |
27.05 |
|
|
$ |
26.57 |
|
|
$ |
26.09 |
|
|
$ |
26.2 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
(Anchor Bank) |
|
|
|
|
|
|
|
Tier 1 leverage |
13.5 |
% |
|
13.2 |
% |
|
13.0 |
% |
|
13.0 |
% |
Common equity Tier 1
capital |
15.5 |
|
|
14.7 |
|
|
14.1 |
|
|
14.1 |
|
Tier 1 risk-based |
15.5 |
|
|
14.7 |
|
|
14.1 |
|
|
14.1 |
|
Total risk-based |
16.6 |
|
|
15.8 |
|
|
15.1 |
|
|
15.1 |
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
Nonperforming and loans
as a percent of total loans |
0.2 |
% |
|
0.3 |
% |
|
0.4 |
% |
|
1.0 |
% |
Allowance for loan
losses as a percent of total loans |
1.1 |
|
|
1.1 |
|
|
1.0 |
|
|
1.1 |
|
Allowance as a percent
of total nonperforming loans |
466.9 |
|
|
365.1 |
|
|
283.3 |
|
|
110.8 |
|
Nonperforming assets as
a percent of total assets |
0.4 |
|
|
0.4 |
|
|
1.0 |
|
|
1.0 |
|
Net charge-offs
(recoveries) to average outstanding loans |
0.00 |
% |
|
(0.002 |
)% |
|
0.00 |
% |
|
(0.03 |
)% |
Classified loans |
$ |
936 |
|
|
$ |
1,154 |
|
|
$ |
1,449 |
|
|
$ |
3,721 |
|
_____________________ |
|
|
|
|
|
|
|
(1)
Net income (loss) divided by average total assets,
annualized.(2)
Net income (loss) 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, 2018 |
|
March 31, 2018 |
|
December 31, 2017 |
|
June 30, 2017 |
|
(In thousands) |
|
|
|
|
|
|
|
|
Stockholders'
equity |
$ |
67,444 |
|
|
$ |
66,253 |
|
|
$ |
65,197 |
|
|
$ |
65,851 |
|
Less:
intangible assets |
250 |
|
|
257 |
|
|
260 |
|
|
232 |
|
Tangible common
stockholders' equity |
$ |
67,194 |
|
|
$ |
65,996 |
|
|
$ |
64,937 |
|
|
$ |
65,619 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
469,654 |
|
|
$ |
480,209 |
|
|
$ |
472,792 |
|
|
$ |
462,525 |
|
Less:
intangible assets |
250 |
|
|
257 |
|
|
260 |
|
|
232 |
|
Tangible assets |
$ |
469,404 |
|
|
$ |
479,952 |
|
|
$ |
472,532 |
|
|
$ |
462,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
stockholders' equity |
$ |
67,194 |
|
|
$ |
65,996 |
|
|
$ |
64,937 |
|
|
$ |
65,619 |
|
Common shares
outstanding at end of period |
2,484,030 |
|
|
2,484,030 |
|
|
2,489,030 |
|
|
2,504,740 |
|
Common stockholders'
equity (book value) per share (GAAP) |
$ |
27.15 |
|
|
$ |
26.67 |
|
|
$ |
26.19 |
|
|
$ |
26.29 |
|
Tangible common
stockholders' equity (tangible book value) per share
(non-GAAP) |
$ |
27.05 |
|
|
$ |
26.57 |
|
|
$ |
26.09 |
|
|
$ |
26.20 |
|
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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