Anchor Bancorp (NASDAQ:ANCB) (“Company”), the holding company for
Anchor Bank (“Bank”), today reported third quarter earnings for the
fiscal year ending June 30, 2017. For the quarter ended
March 31, 2017, the Company reported net income of $702,000 or
$0.29 per diluted share, compared to net income of $101,000 or
$0.04 per diluted share for the quarter ended March 31, 2016. For
the nine months ended March 31, 2017, the Company reported net
income of $1.7 million or $0.70 per diluted share, compared to net
income of $160,000 or $0.07 per diluted share for the same period
last year.
"I am pleased with the results of our ongoing
efforts to increase our loan portfolio with $31.5 million or 9.1%
growth during the first nine months of this fiscal year," stated
Jerald L. Shaw, President and Chief Executive Officer. "While
continued growth is important to us we have also been focused on
decreasing our noninterest expenses which have decreased 9.0% in
the current quarter as compared to the third quarter last year.
We have reduced our efficiency ratio to 78.2% for the current
quarter, a level we have not seen since before the financial
crisis," stated Mr. Shaw.
Fiscal Third Quarter
Highlights
- Loans receivable, net, increased $31.5 million, or 9.1%, to
$378.9 million at March 31, 2017 from $347.4 million at June 30,
2016;
- Deposits increased $42.4 million, or 14.1%, to $343.3 million
at March 31, 2017 from $300.9 million at June 30, 2016;
- Net interest income before provision for loan losses increased
$460,000, or 12.3%, to $4.2 million for the quarter ended March 31,
2017 compared to $3.7 million for the quarter ended March 31,
2016;
- Net interest margin ("NIM") remained unchanged at 4.10% for
both the quarter ended March 31, 2017 and the quarter ended March
31, 2016;
- The efficiency ratio improved to 78.2% for the quarter ended
March 31, 2017 compared to 95.8% for the quarter ended March 31,
2016; and
- Book value per share at March 31, 2017 increased to $25.95 from
$25.12 at June 30, 2016.
Balance Sheet Review
Total assets increased by $33.9 million, or 7.9%,
to $465.4 million at March 31, 2017 from $431.5 million at June 30,
2016. Cash and cash equivalents increased by $8.3 million, or
99.7%, to $16.6 million at March 31, 2017, from $8.3 million at
June 30, 2016 due to an increase in deposits. Securities
available-for-sale and held-to-maturity decreased $2.9 million, or
12.4%, and $1.1 million or 18.2%, respectively. The decreases
in these portfolios were primarily the result of contractual
principal repayments.
Loans receivable, net, increased $31.5 million, or
9.1%, to $378.9 million at March 31, 2017 from $347.4 million at
June 30, 2016. Construction loans increased $28.1 million, or
129.2%, to $49.9 million at March 31, 2017 from $21.8 million at
June 30, 2016. There was $65.9 million in undisbursed
construction loan commitments at March 31, 2017. Our construction
loans are primarily for the construction of one-to-four family
residences and to a lesser extent, loans for the construction of
multi-family and hospitality properties. Multi-family loans
increased $7.4 million, or 13.7%, to $61.1 million at March 31,
2017 from $53.7 million at June 30, 2016. Land loans increased $2.5
million, or 36.4%, to $9.3 million at March 31, 2017 from $6.8
million at June 30, 2016. Commercial business loans increased
$914,000, or 2.5%, to $37.8 million at March 31, 2017 from $36.8
million at June 30, 2016. One-to-four family loans decreased $1.9
million, or 3.2%, to $59.3 million at March 31, 2017 from $61.2
million at June 30, 2016. Commercial real estate loans
decreased $2.2 million, or 1.5%, to $147.3 million at March 31,
2017 from $149.5 million at June 30, 2016. This decrease was
partially due to the repayment of a $4.2 million commercial real
estate loan secured by a hotel and the sale during the first
quarter of a $4.0 million participation interest in a commercial
real estate loan which is secured by a parking structure.
Consumer loans decreased $2.6 million, or 11.9%, to $19.5 million
at March 31, 2017 from $22.1 million at June 30, 2016.
Loans receivable consisted of the following at the
dates indicated:
|
March 31, 2017 |
|
June 30, 2016 |
|
March 31, 2016 |
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
59,275 |
|
|
$ |
61,230 |
|
|
$ |
62,716 |
|
Multi-family |
61,106 |
|
|
53,742 |
|
|
57,169 |
|
Commercial |
147,336 |
|
|
149,527 |
|
|
139,462 |
|
Construction |
49,939 |
|
|
21,793 |
|
|
14,870 |
|
Land
loans |
9,330 |
|
|
6,839 |
|
|
6,086 |
|
Total
real estate |
326,986 |
|
|
293,131 |
|
|
280,303 |
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
Home
equity |
14,655 |
|
|
16,599 |
|
|
16,469 |
|
Credit
cards |
2,559 |
|
|
2,969 |
|
|
2,976 |
|
Automobile |
622 |
|
|
597 |
|
|
538 |
|
Other
consumer |
1,643 |
|
|
1,933 |
|
|
2,109 |
|
Total
consumer |
19,479 |
|
|
22,098 |
|
|
22,092 |
|
|
|
|
|
|
|
Business: |
|
|
|
|
|
Commercial business |
37,762 |
|
|
36,848 |
|
|
29,460 |
|
|
|
|
|
|
|
Total Loans |
384,227 |
|
|
352,077 |
|
|
331,855 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Deferred
loan fees and loan premiums, net |
1,393 |
|
|
947 |
|
|
1,319 |
|
Allowance
for loan losses |
3,959 |
|
|
3,779 |
|
|
3,974 |
|
Loans receivable,
net |
$ |
378,875 |
|
|
$ |
347,351 |
|
|
$ |
326,562 |
|
Total liabilities increased $32.2 million between
March 31, 2017 and June 30, 2016, primarily as the result of a
$42.4 million increase in deposits, primarily due to an increase in
money market accounts, partially offset by the repayment of $11.5
million of FHLB advances during the nine months ended March 31,
2017. The increase in money market 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:
|
March 31, 2017 |
|
June 30, 2016 |
|
March 31, 2016 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
(Dollars in thousands) |
Noninterest-bearing
demand deposits |
$ |
57,732 |
|
|
16.8 |
% |
|
$ |
50,781 |
|
|
16.8 |
% |
|
$ |
51,970 |
|
|
17.2 |
% |
Interest-bearing demand
deposits |
29,863 |
|
|
8.7 |
|
|
27,419 |
|
|
9.1 |
|
|
26,138 |
|
|
8.6 |
|
Money market
accounts |
84,105 |
|
|
24.5 |
|
|
59,270 |
|
|
19.7 |
|
|
59,759 |
|
|
19.7 |
|
Savings deposits |
44,558 |
|
|
13.0 |
|
|
44,986 |
|
|
15.0 |
|
|
45,467 |
|
|
15.0 |
|
Certificates of
deposit |
127,007 |
|
|
37.0 |
|
|
118,438 |
|
|
39.4 |
|
|
119,822 |
|
|
39.5 |
|
Total
deposits |
$ |
343,265 |
|
|
100.0 |
% |
|
$ |
300,894 |
|
|
100.0 |
% |
|
$ |
303,156 |
|
|
100.0 |
% |
Total stockholders' equity increased $1.8 million,
or 2.8%, to $65.0 million at March 31, 2017 from $63.2 million at
June 30, 2016 primarily due to net income of $1.7 million.
Credit Quality
Total delinquent loans (past due 30 days or more),
decreased $513,000 to $2.8 million at March 31, 2017 from $3.3
million at June 30, 2016. The percentage of nonperforming loans,
consisting solely of nonaccrual loans, to total loans remained
unchanged at 0.6% at both March 31, 2017 and June 30, 2016. The
Company recorded a $135,000 provision for loan losses for the
quarter ended March 31, 2017 compared to a $75,000 provision for
the quarter ended March 31, 2016 primarily as a result of an
increase in the net loans receivable portfolio. The allowance for
loan losses of $4.0 million at March 31, 2017 represented 1.0% of
loans receivable and 167.4% of nonperforming loans. This compares
to an allowance of $3.8 million at June 30, 2016, representing 1.1%
of loans receivable and 191.6% of nonperforming loans.
Nonperforming loans increased to $2.4 million at
March 31, 2017, from $2.0 million at June 30, 2016, and were $2.6
million at March 31, 2016. Nonperforming loans consisted of
the following at the dates indicated:
|
March 31, 2017 |
|
June 30, 2016 |
|
March 31, 2016 |
|
|
|
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
2,059 |
|
|
$ |
1,539 |
|
|
$ |
1,903 |
|
Commercial |
202 |
|
|
319 |
|
|
543 |
|
Total
real estate |
2,261 |
|
|
1,858 |
|
|
2,446 |
|
Consumer: |
|
|
|
|
|
Home
equity |
22 |
|
|
16 |
|
|
16 |
|
Credit
cards |
— |
|
|
— |
|
|
15 |
|
Other |
— |
|
|
1 |
|
|
29 |
|
Total
consumer |
22 |
|
|
17 |
|
|
60 |
|
Business: |
|
|
|
|
|
Commercial business |
82 |
|
|
97 |
|
|
99 |
|
Total |
$ |
2,365 |
|
|
$ |
1,972 |
|
|
$ |
2,605 |
|
We restructure our delinquent loans, when
appropriate, so our borrowers can continue to make payments while
minimizing the Company's potential loss. As of March 31,
2017, June 30, 2016, and March 31, 2016, there were 29, 37, and 38
loans, respectively, with aggregate net principal balances of $5.0
million, $8.8 million, and $9.0 million, respectively, classified
as “troubled debt restructurings,” of which, $477,000, $884,000,
and $980,000, respectively, were included in the nonperforming
loans above. At March 31, 2017, the Company had real estate
owned ("REO") with a book value of $220,000 compared to $373,000 at
June 30, 2016.
Capital
As of March 31, 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 13.1%,
13.7%, 13.7% and 14.6% respectively. As of March 31, 2016,
the Bank's Tier 1 Leverage-Based Capital, Common Equity Tier 1
Capital ("CET1"), Tier 1 Risk-Based Capital and Total Risk-Based
Capital ratios were 13.8%, 15.4%, 15.4%, and 16.5%,
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 14.1%,
14.7%, 14.7% and 15.6% as of March 31, 2017. As of March 31,
2016, the Company's Tier 1 Leverage-Based Capital, Common Equity
Tier 1 Capital ("CET1"), Tier 1 Risk-Based Capital and Total
Risk-Based Capital ratios were 15.2%, 17.0%, 17.0% and 18.1%,
respectively.
Operating Results
Net interest income. Net interest income before the
provision for loan losses increased $460,000, or 12.3%, to $4.2
million for the quarter ended March 31, 2017 compared to $3.7
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 March 31, 2017 increased $51.4 million,
or 15.9%, to $374.0 million compared to $322.6 million for the
quarter ended March 31, 2016.
The Company's net interest margin remained
unchanged at 4.10% for both the quarters ended March 31, 2017 and
2016. The average yield on loans receivable, net, decreased four
basis points to 5.20% for the quarter ended March 31, 2017 compared
to 5.24% for the same period of the prior year. The average
yield on mortgage-backed securities decreased to 1.98% from 2.18%
for the same period in the prior year primarily due to large
principal pay downs reflecting an increase in amortization of
premiums. The average yield on interest-earning assets increased
six basis points to 4.92% from 4.86% for the quarters ended March
31, 2017 and 2016. The average cost of total deposits increased
three basis points to 1.01% for the quarter ended March 31, 2017
compared to 0.98% for the same period in the prior year. The
average cost of interest-bearing liabilities increased seven basis
points to 1.03% for the quarter ended March 31, 2017 compared to
0.96% for the same period in the prior year. The average
yield on interest-earning assets increased three basis points to
4.94% for the nine months ended March 31, 2017 compared to 4.91%
for the same period in the prior year. The average cost of
interest-bearing liabilities decreased one basis point to 1.01% for
the nine months ended March 31, 2017 compared to 1.02% for the same
period of the prior year.
Provision for loan losses. In connection with its
analysis of the loan portfolio, management determined that a
$135,000 provision for loan losses was required for the quarter
ended March 31, 2017 compared to a $75,000 for the quarter ended
March 31, 2016, primarily reflecting our recent loan growth. The
provision for loan losses for the nine months ended March 31, 2017
was $285,000 compared to $165,000 for the same period last
year.
Noninterest income. Noninterest income increased
$75,000, or 7.9%, to $1.0 million for the quarter ended March 31,
2017 compared to $948,000 for the same quarter a year ago. The
increase in noninterest income was primarily attributable to the
$50,000, or 33.6% increase in other income in the quarter ended
March 31, 2017 to $199,000 compared to $149,000 for the same
quarter a year ago primarily due to prepayment penalties from one
multi-family loan repayment. In addition, gain on sale of
loans increased $26,000 to a gain of $25,000 from a loss of $1,000
for the same period in the previous year. Noninterest income
remained virtually unchanged at $3.2 million during the nine months
ended March 31, 2017 and March 31, 2016.
Noninterest expense. Noninterest expense decreased
$404,000, or 9.0%, to $4.1 million for the quarter ended March 31,
2017 from $4.5 million for the quarter ended March 31, 2016. The
decrease in noninterest expense was primarily due to a $292,000, or
11.8%, decrease in compensation and benefits expense primarily due
to a $365,000 reduction in stock-based compensation expense related
to the Anchor Bancorp 2015 Equity Plan. Marketing expense
decreased $104,000, or 44.4% for the quarter ended March 31, 2017
compared to the quarter ended March 31, 2016. These decreases were
partially offset by an increase of $74,000, or 17.0%, for
information technology expense to $509,000 for the quarter ended
March 31, 2017 from $435,000 for the quarter ended March 31, 2016
primarily due to increased core processing costs. Noninterest
expense decreased $714,000, or 5.3%, to $12.8 million during the
nine months ended March 31, 2017 compared to $13.5 million for the
same period in 2016.
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 2017 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) |
March 31, 2017 |
|
June 30, 2016 |
|
|
|
|
ASSETS |
|
|
|
Cash and
cash equivalents |
$ |
16,614 |
|
|
$ |
8,320 |
|
Securities available-for-sale, at fair value |
20,720 |
|
|
23,665 |
|
Securities held-to-maturity, at amortized cost |
5,145 |
|
|
6,291 |
|
Loans
held for sale |
1,528 |
|
|
1,864 |
|
Loans
receivable, net of allowance for loan losses of $3,959 and
$3,779 |
378,875 |
|
|
347,351 |
|
Bank
owned life insurance investment, net of surrender charges |
19,902 |
|
|
19,515 |
|
Accrued
interest receivable |
1,198 |
|
|
1,182 |
|
Real
estate owned, net |
220 |
|
|
373 |
|
Federal
Home Loan Bank (FHLB) stock, at cost |
2,548 |
|
|
2,959 |
|
Property,
premises and equipment, net |
9,533 |
|
|
10,001 |
|
Deferred
tax asset, net |
8,319 |
|
|
8,870 |
|
Prepaid
expenses and other assets |
847 |
|
|
1,113 |
|
Total
assets |
$ |
465,449 |
|
|
$ |
431,504 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
LIABILITIES |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
57,732 |
|
|
$ |
50,781 |
|
Interest-bearing |
285,533 |
|
|
250,113 |
|
Total
deposits |
343,265 |
|
|
300,894 |
|
|
|
|
|
FHLB
advances |
50,500 |
|
|
62,000 |
|
Advance
payments by borrowers for taxes and insurance |
910 |
|
|
1,114 |
|
Supplemental Executive Retirement Plan liability |
1,702 |
|
|
1,691 |
|
Accounts
payable and other liabilities |
4,083 |
|
|
2,609 |
|
Total
liabilities |
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 March 31, 2017 and 2,515,803
issued and outstanding at June 30, 2016 |
25 |
|
|
25 |
|
Additional paid-in capital |
22,459 |
|
|
22,157 |
|
Retained
earnings |
43,930 |
|
|
42,235 |
|
Unearned
Employee Stock Ownership Plan (ESOP) shares |
(623 |
) |
|
(672 |
) |
Accumulated other comprehensive loss, net of tax |
(802 |
) |
|
(549 |
) |
Total
stockholders’ equity |
64,989 |
|
|
63,196 |
|
Total
liabilities and stockholders’ equity |
$ |
465,449 |
|
|
$ |
431,504 |
|
ANCHOR BANCORP
AND SUBSIDIARYCONSOLIDATED STATEMENTS OF
INCOME(Dollars in thousands, except per share
data) (unaudited) |
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Interest income: |
|
|
|
|
|
|
|
Loans
receivable, including fees |
$ |
4,861 |
|
|
$ |
4,231 |
|
|
$ |
14,255 |
|
|
$ |
12,273 |
|
Securities |
29 |
|
|
15 |
|
|
81 |
|
|
52 |
|
Mortgage-backed securities |
132 |
|
|
174 |
|
|
439 |
|
|
520 |
|
Total
interest income |
5,022 |
|
|
4,420 |
|
|
14,775 |
|
|
12,845 |
|
Interest expense: |
|
|
|
|
|
|
|
Deposits |
708 |
|
|
627 |
|
|
1,987 |
|
|
1,969 |
|
FHLB
advances |
127 |
|
|
66 |
|
|
411 |
|
|
128 |
|
Total
interest expense |
835 |
|
|
693 |
|
|
2,398 |
|
|
2,097 |
|
Net
interest income before provision for loan losses |
4,187 |
|
|
3,727 |
|
|
12,377 |
|
|
10,748 |
|
Provision for loan
losses |
135 |
|
|
75 |
|
|
285 |
|
|
165 |
|
Net
interest income after provision for loan losses |
4,052 |
|
|
3,652 |
|
|
12,092 |
|
|
10,583 |
|
Noninterest
income: |
|
|
|
|
|
|
|
Deposit
service fees |
314 |
|
|
315 |
|
|
1,010 |
|
|
1,018 |
|
Other
deposit fees |
185 |
|
|
172 |
|
|
558 |
|
|
530 |
|
Other
loan fees |
175 |
|
|
189 |
|
|
618 |
|
|
517 |
|
Gain
(loss) on sale of loans |
25 |
|
|
(1 |
) |
|
125 |
|
|
127 |
|
Bank
owned life insurance investment |
125 |
|
|
124 |
|
|
387 |
|
|
413 |
|
Other
income |
199 |
|
|
149 |
|
|
469 |
|
|
550 |
|
Total
noninterest income |
1,023 |
|
|
948 |
|
|
3,167 |
|
|
3,155 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
Compensation and benefits |
2,191 |
|
|
2,483 |
|
|
6,797 |
|
|
7,318 |
|
General
and administrative expenses |
654 |
|
|
735 |
|
|
2,223 |
|
|
2,463 |
|
Real
estate owned holding costs |
(1 |
) |
|
29 |
|
|
37 |
|
|
94 |
|
Federal
Deposit Insurance Corporation insurance premiums |
14 |
|
|
66 |
|
|
106 |
|
|
198 |
|
Information technology |
509 |
|
|
435 |
|
|
1,534 |
|
|
1,292 |
|
Occupancy
and equipment |
485 |
|
|
455 |
|
|
1,433 |
|
|
1,394 |
|
Deposit
services |
111 |
|
|
99 |
|
|
350 |
|
|
334 |
|
Marketing |
130 |
|
|
234 |
|
|
397 |
|
|
490 |
|
Loss on
sale of property, premises and equipment |
— |
|
|
2 |
|
|
— |
|
|
6 |
|
Gain on
sale of real estate owned |
(20 |
) |
|
(61 |
) |
|
(59 |
) |
|
(57 |
) |
Total
noninterest expense |
4,073 |
|
|
4,477 |
|
|
12,818 |
|
|
13,532 |
|
Income
before provision for income taxes |
1,002 |
|
|
123 |
|
|
2,441 |
|
|
206 |
|
Provision for income
taxes |
300 |
|
|
22 |
|
|
746 |
|
|
46 |
|
Net income |
$ |
702 |
|
|
$ |
101 |
|
|
$ |
1,695 |
|
|
$ |
160 |
|
Basic earnings per
share |
$ |
0.29 |
|
|
$ |
0.04 |
|
|
$ |
0.71 |
|
|
$ |
0.07 |
|
Diluted earnings per
share |
$ |
0.29 |
|
|
$ |
0.04 |
|
|
$ |
0.70 |
|
|
$ |
0.07 |
|
Weighted average number
of basic shares outstanding |
2,406,072 |
|
|
2,456,784 |
|
|
2,400,217 |
|
|
2,455,274 |
|
Weighted average number
of diluted shares outstanding |
2,431,139 |
|
|
2,465,256 |
|
|
2,422,171 |
|
|
2,456,459 |
|
|
As of or For the Quarter Ended(unaudited) |
|
March 31, 2017 |
|
December 31, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
(Dollars in thousands) |
SELECTED
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return on average
assets (1) |
0.64 |
% |
|
0.39 |
% |
|
0.32 |
% |
|
0.10 |
% |
Return on average
equity (2) |
4.79 |
|
|
2.85 |
|
|
2.31 |
|
|
0.70 |
|
Average
equity-to-average assets (3) |
13.31 |
|
|
13.76 |
|
|
14.07 |
|
|
14.56 |
|
Interest rate
spread(4) |
3.88 |
|
|
3.95 |
|
|
3.94 |
|
|
3.90 |
|
Net interest margin
(5) |
4.10 |
|
|
4.16 |
|
|
4.14 |
|
|
4.10 |
|
Efficiency ratio
(6) |
78.2 |
|
|
86.6 |
|
|
89.9 |
|
|
95.8 |
|
Average
interest-earning assets to average interest-bearing
liabilities |
126.2 |
|
|
125.4 |
|
|
126.0 |
|
|
126.3 |
|
Other operating
expenses as a percent of average total assets |
3.7 |
% |
|
4.1 |
% |
|
4.4 |
% |
|
4.5 |
% |
Book value per common
share |
$ |
25.95 |
|
|
$ |
25.58 |
|
|
$ |
25.12 |
|
|
$ |
26.07 |
|
Tangible book value per
common share (7) |
$ |
25.86 |
|
|
$ |
25.50 |
|
|
$ |
25.04 |
|
|
$ |
25.98 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS
(Anchor Bank) |
|
|
|
|
|
|
|
Tier 1 leverage |
13.1 |
% |
|
13.3 |
% |
|
13.5 |
% |
|
13.8 |
% |
Common equity tier 1
capital |
13.7 |
|
|
14.2 |
|
|
14.7 |
|
|
15.4 |
|
Tier 1 risk-based |
13.7 |
|
|
14.2 |
|
|
14.7 |
|
|
15.4 |
|
Total risk-based |
14.6 |
|
|
15.2 |
|
|
15.7 |
|
|
16.5 |
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
Nonaccrual and loans 90
days or more past due and still accruing interest as a percent of
total loans |
0.6 |
% |
|
0.8 |
% |
|
0.6 |
% |
|
0.8 |
% |
Allowance for loan
losses as a percent of total loans |
1.0 |
|
|
1.1 |
|
|
1.1 |
|
|
1.2 |
|
Allowance as a percent
of total nonperforming loans |
167.4 |
|
|
139.1 |
|
|
191.6 |
|
|
152.6 |
|
Nonperforming assets as
a percent of total assets |
0.6 |
|
|
0.7 |
|
|
0.6 |
|
|
0.7 |
|
Net charge-offs
(recoveries) to average outstanding loans |
0.01 |
% |
|
0.10 |
% |
|
0.11 |
% |
|
(0.01 |
)% |
Classified loans |
$ |
2,645 |
|
|
$ |
3,115 |
|
|
$ |
2,773 |
|
|
$ |
3,193 |
|
_____________________ |
|
|
|
|
|
|
|
(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.
|
March 31, 2017 |
|
December 31, 2016 |
|
June 30, 2016 |
|
March 31, 2016 |
|
(In thousands) |
|
|
|
|
|
|
|
|
Stockholders'
equity |
$ |
64,989 |
|
|
$ |
64,082 |
|
|
$ |
63,196 |
|
|
$ |
64,101 |
|
Less:
intangible assets |
214 |
|
|
213 |
|
|
206 |
|
|
218 |
|
Tangible common
stockholders' equity |
$ |
64,775 |
|
|
$ |
63,869 |
|
|
$ |
62,990 |
|
|
$ |
63,883 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
465,449 |
|
|
$ |
440,911 |
|
|
$ |
431,504 |
|
|
$ |
420,002 |
|
Less:
intangible assets |
214 |
|
|
213 |
|
|
206 |
|
|
218 |
|
Tangible assets |
$ |
465,235 |
|
|
$ |
440,698 |
|
|
$ |
431,298 |
|
|
$ |
419,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common
stockholders' equity |
$ |
64,775 |
|
|
$ |
63,562 |
|
|
$ |
62,990 |
|
|
$ |
63,043 |
|
Common shares
outstanding at end of period |
2,504,740 |
|
|
2,504,740 |
|
|
2,515,803 |
|
|
2,458,486 |
|
Common stockholders'
equity (book value) per share (GAAP) |
$ |
25.95 |
|
|
$ |
25.58 |
|
|
$ |
25.12 |
|
|
$ |
26.07 |
|
Tangible common
stockholders' equity (tangible book value) per share
(non-GAAP) |
$ |
25.86 |
|
|
$ |
25.50 |
|
|
$ |
25.04 |
|
|
$ |
25.98 |
|
Jerald L. Shaw, President and Chief Executive Officer
Terri L. Degner, EVP and Chief Financial Officer
Anchor Bancorp
(360) 491-2250
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