Anchor Bancorp (NASDAQ - ANCB) (“Company”), the holding company for
Anchor Bank (“Bank”), today reported first quarter earnings for its
fiscal year ending June 30, 2019. For the quarter ended
September 30, 2018, the Company reported net income of $1.3
million or $0.52 per diluted share, compared to net income of $1.0
million or $0.43 per diluted share for the quarter ended September
30, 2017.
"I am pleased with our results and the continued decline in our
efficiency ratio to 67.7% for the first quarter," stated Jerald L.
Shaw, President and Chief Executive Officer. "Our deposits
increased $6.6 million from June 30, 2018, reflecting the continued
success of our deposit gathering initiatives. Our efforts resulted
in the return on average assets increasing nine basis points to
1.09% as compared to last quarter," stated Mr. Shaw.
Fiscal First Quarter Highlights
- Return on average assets for the quarter ended September 30,
2018 increased to 1.09% compared to 0.93% for the quarter ended
September 30,2017;
- Net interest income before provision for loan losses increased
$377,000, or 8.7%, to $4.7 million for the quarter ended September
30, 2018 compared to $4.3 million for the quarter ended September
30, 2017;
- The efficiency ratio improved to 67.7% for the quarter ended
September 30, 2018 from 71.2% for the quarter ended September 30,
2017;
- Net interest margin ("NIM") was 4.29% for the quarter ended
September 30, 2018 compared to 4.14% for the quarter ended
September 30, 2017;
- Total delinquent loans (past due 30 days or more), decreased
$500,000, or 25.0%, to $1.5 million at September 30, 2018 from $2.0
million at June 30, 2018; and
- Return on average equity for the quarter ended September 30,
2018 was 8.18% compared to 6.85% for the quarter ended September
30, 2017.
Balance Sheet Review
Total assets increased by $9.2 million, or 2.0%, to $478.9
million at September 30, 2018 from $469.7 million at June 30, 2018.
Cash and cash equivalents increased by $33.0 million, or 187.7%, to
$50.5 million at September 30, 2018, from $17.6 million at June 30,
2018, reflecting proceeds received from increased loan
repayments. Securities available-for-sale and
held-to-maturity decreased $908,000, or 5.1%, and $297,000 or 8.3%,
respectively, during the recent quarter compared to June 30,
2018. The decreases in these portfolios were primarily the
result of contractual principal repayments.
Loans receivable, net, decreased $22.8 million, or 5.8%, to
$369.3 million at September 30, 2018 from $392.0 million at
June 30, 2018 due primarily to a decrease in construction
loans. Construction loans decreased $21.8 million, or 25.3%, to
$64.1 million at September 30, 2018 from $85.9 million at June 30,
2018. There was $21.8 million in undisbursed construction
loan commitments at September 30, 2018. Our construction loans are
primarily for the construction of single-family properties and to a
lesser extent, loans for the construction of multi-family and
commercial properties. Commercial business loans decreased $7.2
million, or 35.6%, to $13.1 million at September 30, 2018 from
$20.3 million at June 30, 2018. Multi-family loans decreased
$1.3 million, or 2.3%, to $56.3 million at September 30, 2018 from
$57.6 million at June 30, 2018. Land loans decreased
$382,000, or 6.9%, to $5.1 million at September 30, 2018 from $5.5
million at June 30, 2018. These decreases were partially offset by
an increase in commercial real estate loans of $6.4 million, or
4.3%, to $156.5 million at September 30, 2018 from $150.1 million
at June 30, 2018. One-to-four family loans increased $1.3 million,
or 2.1%, to $63.4 million at September 30, 2018 from $62.1 million
at June 30, 2018. Consumer loans increased $251,000, or 1.6%,
to $16.2 million at September 30, 2018 from $15.9 million at June
30, 2018.
Loans receivable consisted of the following at the dates
indicated:
|
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
63,387 |
|
|
$ |
62,110 |
|
|
$ |
61,555 |
|
Multi-family |
56,292 |
|
|
57,639 |
|
|
61,012 |
|
Commercial |
156,452 |
|
|
150,050 |
|
|
148,867 |
|
Construction |
64,106 |
|
|
85,866 |
|
|
60,963 |
|
Land loans |
5,133 |
|
|
5,515 |
|
|
8,097 |
|
Total real estate |
345,370 |
|
|
361,180 |
|
|
340,494 |
|
|
|
|
|
|
|
Consumer: |
|
|
|
|
|
Home equity |
12,522 |
|
|
12,291 |
|
|
13,991 |
|
Credit cards |
2,198 |
|
|
2,284 |
|
|
2,535 |
|
Automobile |
299 |
|
|
372 |
|
|
573 |
|
Other consumer |
1,139 |
|
|
960 |
|
|
1,484 |
|
Total consumer |
16,158 |
|
|
15,907 |
|
|
18,583 |
|
|
|
|
|
|
|
Business: |
|
|
|
|
|
Commercial business |
13,098 |
|
|
20,329 |
|
|
29,455 |
|
|
|
|
|
|
|
Total Loans |
374,626 |
|
|
397,416 |
|
|
388,532 |
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
Deferred loan fees and loan premiums, net |
915 |
|
|
1,002 |
|
|
1,294 |
|
Allowance for loan losses |
4,420 |
|
|
4,370 |
|
|
4,017 |
|
Loans receivable, net |
$ |
369,291 |
|
|
$ |
392,044 |
|
|
$ |
383,221 |
|
Total liabilities increased $8.0 million to $410.2 million at
September 30, 2018 from $402.2 million at June 30, 2018, primarily
as the result of an increase of $6.6 million in deposits.
Deposits increased primarily due to a $11.6 million increase in
interest bearing demand deposits, a $4.3 million increase in
noninterest bearing demand deposits, and a $2.6 million increase in
savings deposits partially offset by a decreases of $7.6 million
and $4.3 million in money market accounts and in certificates of
deposit, respectively. The increase in demand 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:
|
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
(Dollars in thousands) |
Noninterest-bearing demand deposits |
$ |
59,725 |
|
|
16.3 |
% |
|
$ |
55,381 |
|
|
15.4 |
% |
|
$ |
54,474 |
|
|
15.7 |
% |
Interest-bearing demand deposits |
45,623 |
|
|
12.5 |
|
|
34,030 |
|
|
9.5 |
|
|
31,424 |
|
|
9.0 |
|
Money market accounts |
52,222 |
|
|
14.3 |
|
|
59,863 |
|
|
16.7 |
|
|
71,335 |
|
|
20.5 |
|
Savings deposits |
46,869 |
|
|
12.8 |
|
|
44,271 |
|
|
12.3 |
|
|
44,349 |
|
|
12.7 |
|
Certificates of deposit |
161,218 |
|
|
44.1 |
|
|
165,476 |
|
|
46.1 |
|
|
146,794 |
|
|
42.1 |
|
Total deposits |
$ |
365,657 |
|
|
100.0 |
% |
|
$ |
359,021 |
|
|
100.0 |
% |
|
$ |
348,376 |
|
|
100.0 |
% |
Credit Quality
Total delinquent loans (past due 30 days or more), decreased
$500,000 to $1.5 million at September 30, 2018 from $2.0 million at
June 30, 2018. At September 30, 2018 and June 30, 2018 the
percentage of nonperforming loans, consisting solely of nonaccrual
loans, to total loans remained the same at 0.2%. The Company
recorded a $50,000 provision for loan losses for the quarter ended
September 30, 2018. The allowance for loan losses of $4.4
million at September 30, 2018 represented 1.2% of total loans and
497.8% of nonperforming loans. This compares to an allowance of
$4.4 million at June 30, 2018, representing 1.1% of total loans and
466.9% of nonperforming loans.
Nonperforming loans decreased to $888,000 at September 30, 2018,
from $936,000 at June 30, 2018, and were $1.5 million at September
30, 2017. Nonperforming loans consisted of the following at
the dates indicated:
|
September 30, 2018 |
|
June 30, 2018 |
|
September 30, 2017 |
|
|
|
|
(In thousands) |
Real estate: |
|
|
|
|
|
One-to-four family |
$ |
450 |
|
|
$ |
507 |
|
|
$ |
968 |
|
Total real estate |
450 |
|
|
507 |
|
|
968 |
|
Consumer: |
|
|
|
|
|
Home equity |
297 |
|
|
207 |
|
|
207 |
|
Total consumer |
297 |
|
|
207 |
|
|
207 |
|
Business: |
|
|
|
|
|
Commercial business |
141 |
|
|
222 |
|
|
289 |
|
Total |
$ |
888 |
|
|
$ |
936 |
|
|
$ |
1,464 |
|
|
|
|
|
|
|
As of September 30, 2018, the Company had three real estate
owned ("REO") properties with an aggregate book value of $742,000
compared to two properties with an aggregate book value of $737,000
at June 30, 2018, and four properties with an aggregate book value
of $2.7 million at September 30, 2017.
Capital
As of September 30, 2018, 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 13.9%,
17.1%, 17.1%, and 18.2% respectively. As of September 30,
2017, the Bank's Tier 1 Leverage-Based Capital, CET1, Tier 1
Risk-Based Capital, and Total Risk-Based Capital ratios were 13.3%,
14.0%, 14.0%, and 14.9%, 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 14.8%, 18.1%, 18.1%, and 19.3%
as of September 30, 2018. As of September 30, 2017, the
Company's Tier 1 Leverage-Based Capital, CET1, Tier 1 Risk-Based
Capital, and Total Risk-Based Capital ratios were 14.4%, 15.0%,
15.0%, and 16.0%, respectively.
Operating Results
Net interest income. Net interest income before the provision
for loan losses increased $377,000, or 8.7%, to $4.7 million for
the quarter ended September 30, 2018 compared to $4.3 million for
the same period last year primarily due to a 41 basis point
increase in the average yield on loans receivable, net.
The Company's net interest margin was 4.29% for the quarter
ended September 30, 2018 compared to 4.14% for the quarter ended
September 30, 2017. The average yield on loans receivable, net,
increased 41 basis points to 5.72% for the quarter ended September
30, 2018 compared to 5.31% for the same period of the prior year,
reflecting rate increases. The average yield on mortgage-backed
securities increased to 2.23% for the current quarter from 2.05%
for the same period in the prior year primarily due to a decrease
of large principal pay downs resulting in an increase in
amortization of premiums. The average yield on interest-earning
assets increased 24 basis points to 5.29% from 5.05% for the
quarters ended September 30, 2018 and 2017, respectively. The
average cost of total deposits increased eight basis points to
1.21% for the quarter ended September 30, 2018 compared to 1.13%
for the same period in the prior year. The average cost of
interest-bearing liabilities increased 15 basis points to 1.29% for
the quarter ended September 30, 2018 compared to 1.14% for the same
period in the prior year, reflecting the increase in the targeted
federal funds rate over the last year.
Provision for loan losses. In connection with its analysis of
the loan portfolio, management determined that a $50,000 provision
for loan losses was required for the quarter ended September 30,
2018 compared to $75,000 for the same period last year, primarily
reflecting loan credit quality a decrease in our loan
portfolio.
Noninterest income. Noninterest income decreased $23,000, or
2.0%, to $1.1 million for the quarter ended September 30, 2018
compared to $1.2 million for the same period in the previous
year. The decrease in noninterest income is primarily
attributable to the $112,000, or 101.8%, decrease in sale of loans
in the quarter ended September 30, 2018 to a loss of $2,000
compared to a gain of $110,000 for the same quarter a year ago due
to no loan sales during the current quarter. The decrease was
offset by an increase in other income of $148,000, or 76.7%, to
$341,000, compared to the same quarter a year ago primarily due to
$242,000 of prepayment penalties in the current quarter.
Deposit service fees decreased $52,000, or 16.6% for the quarter
ended September 30, 2018 compared to the same quarter last year due
to our Shelton branch closure.
Noninterest expense. Noninterest expense increased $48,000, or
1.2%, for the quarter ended September 30, 2018 to $4.0 million from
$3.9 million for the quarter ended September 30, 2017. The
increase was primarily due to a $232,000 increase in merger
expenses due to our pending merger with FS Bancorp, Inc. ("FS
Bancorp") and a $50,000 REO impairment on a single-family property
to reflect its fair market value. These increases were
partially offset by a $122,000, or 5.9% decrease in, compensation
expense and smaller decreases in nearly all other noninterest
expenses. The decrease in compensation expense was primarily
due to reduced staffing resulting from our Shelton branch closure
and a $35,000 reduction in stock based compensation awarded under
the Anchor Bancorp 2015 Equity Plan to $12,000 for the quarter
ended September 30, 2018 from $47,000 for the quarter ended
September 30, 2017.
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 nine 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; 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) |
September 30, 2018 |
|
June 30, 2018 |
|
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
50,546 |
|
|
$ |
17,568 |
|
Securities available-for-sale, at fair value |
16,817 |
|
|
17,725 |
|
Securities held-to-maturity, at amortized cost |
3,287 |
|
|
3,584 |
|
Loans held for sale |
999 |
|
|
98 |
|
Loans receivable, net of allowance for loan losses
of $4,420 and $4,370 |
369,291 |
|
|
392,044 |
|
Bank owned life insurance investment, net of
surrender charges |
20,675 |
|
|
20,546 |
|
Accrued interest receivable |
1,424 |
|
|
1,423 |
|
Real estate owned (REO), net |
742 |
|
|
737 |
|
Federal Home Loan Bank (FHLB) stock, at
cost |
2,047 |
|
|
2,047 |
|
Property, premises and equipment, net |
8,515 |
|
|
8,664 |
|
Deferred tax asset, net |
3,187 |
|
|
3,585 |
|
Prepaid expenses and other assets |
1,350 |
|
|
1,633 |
|
Total assets |
$ |
478,880 |
|
|
$ |
469,654 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
LIABILITIES |
|
|
|
Deposits: |
|
|
|
Noninterest-bearing |
$ |
59,725 |
|
|
$ |
55,381 |
|
Interest-bearing |
305,932 |
|
|
303,640 |
|
Total deposits |
365,657 |
|
|
359,021 |
|
|
|
|
|
FHLB advances |
37,000 |
|
|
37,000 |
|
Advance payments by borrowers for taxes and
insurance |
1,975 |
|
|
1,077 |
|
Supplemental Executive Retirement Plan
liability |
1,746 |
|
|
1,738 |
|
Accounts payable and other liabilities |
3,826 |
|
|
3,374 |
|
Total liabilities |
410,204 |
|
|
402,210 |
|
|
|
|
|
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 September
30, 2018 and 2,484,030 issued and outstanding at June 30, 2018 |
25 |
|
|
25 |
|
Additional paid-in capital |
22,343 |
|
|
22,298 |
|
Retained earnings |
48,063 |
|
|
46,776 |
|
Unearned Employee Stock Ownership Plan (ESOP)
shares |
(523 |
) |
|
(540 |
) |
Accumulated other comprehensive loss, net of
tax |
(1,232 |
) |
|
(1,115 |
) |
Total stockholders’ equity |
68,676 |
|
|
67,444 |
|
Total liabilities and stockholders’ equity |
$ |
478,880 |
|
|
$ |
469,654 |
|
ANCHOR BANCORP AND SUBSIDIARYCONSOLIDATED
STATEMENTS OF INCOME(Dollars in thousands, except
per share data) (unaudited) |
Three Months Ended September
30, |
|
2018 |
|
2017 |
Interest income: |
|
|
|
Loans receivable, including fees |
$ |
5,528 |
|
|
$ |
5,133 |
|
Securities |
173 |
|
|
34 |
|
Mortgage-backed securities |
115 |
|
|
130 |
|
Total interest income |
5,816 |
|
|
5,297 |
|
Interest expense: |
|
|
|
Deposits |
914 |
|
|
842 |
|
FHLB advances |
179 |
|
|
109 |
|
Total interest expense |
1,093 |
|
|
951 |
|
Net interest income before provision for loan
losses |
4,723 |
|
|
4,346 |
|
Provision for loan losses |
50 |
|
|
75 |
|
Net interest income after provision for loan
losses |
4,673 |
|
|
4,271 |
|
Noninterest income: |
|
|
|
Deposit service fees |
261 |
|
|
313 |
|
Other deposit fees |
194 |
|
|
199 |
|
Other loan fees |
226 |
|
|
228 |
|
(Loss) gain on sale of loans |
(2 |
) |
|
110 |
|
Bank owned life insurance investment |
129 |
|
|
129 |
|
Other income |
341 |
|
|
193 |
|
Total noninterest income |
1,149 |
|
|
1,172 |
|
Noninterest expense: |
|
|
|
Compensation and benefits |
1,962 |
|
|
2,084 |
|
General and administrative expenses |
580 |
|
|
574 |
|
Merger expenses |
266 |
|
|
34 |
|
REO impairment |
50 |
|
|
— |
|
REO holding costs |
20 |
|
|
30 |
|
Federal Deposit Insurance Corporation insurance
premiums |
47 |
|
|
36 |
|
Information technology |
498 |
|
|
537 |
|
Occupancy and equipment |
398 |
|
|
433 |
|
Deposit services |
96 |
|
|
104 |
|
Marketing |
59 |
|
|
91 |
|
Loss on sale of property, premises and
equipment |
— |
|
|
5 |
|
Total noninterest expense |
3,976 |
|
|
3,928 |
|
Income before provision for income taxes |
1,846 |
|
|
1,515 |
|
Provision for income taxes |
559 |
|
|
471 |
|
Net income |
$ |
1,287 |
|
|
$ |
1,044 |
|
Basic earnings per share |
$ |
0.52 |
|
|
$ |
0.43 |
|
Diluted earnings per share |
$ |
0.52 |
|
|
$ |
0.43 |
|
Weighted average number of basic shares outstanding |
2,484,011 |
|
|
2,421,049 |
|
Weighted average number of diluted shares outstanding |
2,489,475 |
|
|
2,432,960 |
|
|
As of or For the Quarter
Ended(unaudited) |
|
September 30, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
|
September 30, 2017 |
|
(Dollars in thousands) |
SELECTED PERFORMANCE RATIOS |
|
|
|
|
|
|
|
Return on average assets (1) |
1.09 |
% |
|
1.00 |
% |
|
1.19 |
% |
|
0.93 |
% |
Return on average equity (2) |
8.18 |
|
|
7.75 |
|
|
9.24 |
|
|
6.85 |
|
Average equity-to-average assets (3) |
13.31 |
|
|
12.89 |
|
|
12.90 |
|
|
13.52 |
|
Interest rate spread(4) |
4.00 |
|
|
4.09 |
|
|
4.04 |
|
|
3.91 |
|
Net interest margin (5) |
4.29 |
|
|
4.36 |
|
|
4.28 |
|
|
4.14 |
|
Efficiency ratio (6) |
67.7 |
|
|
71.5 |
|
|
67.3 |
|
|
71.2 |
|
Average interest-earning assets to average interest-bearing
liabilities |
129.9 |
|
|
126.1 |
|
|
124.4 |
|
|
125.8 |
|
Other operating expenses as a percent of average total assets |
3.4 |
% |
|
3.5 |
% |
|
3.2 |
% |
|
3.5 |
% |
Book value per common share |
$ |
27.65 |
|
|
$ |
27.15 |
|
|
$ |
26.67 |
|
|
$ |
26.76 |
|
Tangible book value per common share (7) |
$ |
27.56 |
|
|
$ |
27.05 |
|
|
$ |
26.57 |
|
|
$ |
26.67 |
|
|
|
|
|
|
|
|
|
CAPITAL RATIOS (Anchor Bank)
|
|
|
|
|
|
|
|
Tier 1 leverage |
13.9 |
% |
|
13.5 |
% |
|
13.2 |
% |
|
13.3 |
% |
Common equity tier 1 capital |
17.1 |
|
|
15.5 |
|
|
14.7 |
|
|
14.0 |
|
Tier 1 risk-based |
17.1 |
|
|
15.5 |
|
|
14.7 |
|
|
14.0 |
|
Total risk-based |
18.2 |
|
|
16.6 |
|
|
15.8 |
|
|
14.9 |
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
Nonaccrual and loans 90 days or more past due and still accruing
interest as a percent of total loans |
0.2 |
% |
|
0.2 |
% |
|
0.3 |
% |
|
0.4 |
% |
Allowance for loan losses as a percent of total loans |
1.2 |
|
|
1.1 |
|
|
1.1 |
|
|
1.0 |
|
Allowance as a percent of total nonperforming loans |
497.8 |
|
|
466.9 |
|
|
365.1 |
|
|
274.4 |
|
Nonperforming assets as a percent of total assets |
0.3 |
|
|
0.4 |
|
|
0.4 |
|
|
0.9 |
|
Net charge-offs (recoveries) to average outstanding loans |
0.00 |
% |
|
0.00 |
% |
|
(0.002 |
)% |
|
0.04 |
% |
Classified loans |
$ |
888 |
|
|
$ |
936 |
|
|
$ |
1,154 |
|
|
$ |
1,607 |
|
_____________________ |
|
|
|
|
|
|
|
(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, 2018 |
|
June 30, 2018 |
|
March 31, 2018 |
|
September 30, 2017 |
|
(In thousands) |
|
|
|
|
|
|
|
|
Stockholders' equity |
$ |
68,676 |
|
|
$ |
67,444 |
|
|
$ |
66,253 |
|
|
$ |
66,776 |
|
Less: intangible assets |
228 |
|
|
250 |
|
|
257 |
|
|
246 |
|
Tangible common stockholders' equity |
$ |
68,448 |
|
|
$ |
67,194 |
|
|
$ |
65,996 |
|
|
$ |
66,530 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
478,880 |
|
|
$ |
469,654 |
|
|
$ |
480,209 |
|
|
$ |
460,387 |
|
Less: intangible assets |
228 |
|
|
250 |
|
|
257 |
|
|
246 |
|
Tangible assets |
$ |
478,652 |
|
|
$ |
469,404 |
|
|
$ |
479,952 |
|
|
$ |
460,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common stockholders' equity |
$ |
68,448 |
|
|
$ |
67,194 |
|
|
$ |
65,996 |
|
|
$ |
66,530 |
|
Common shares outstanding at end of period |
2,484,030 |
|
|
2,484,030 |
|
|
2,484,030 |
|
|
2,494,940 |
|
Common stockholders' equity (book value) per share (GAAP) |
$ |
27.65 |
|
|
$ |
27.15 |
|
|
$ |
26.67 |
|
|
$ |
26.76 |
|
Tangible common stockholders' equity (tangible book value)
per share (non-GAAP) |
$ |
27.56 |
|
|
$ |
27.05 |
|
|
$ |
26.57 |
|
|
$ |
26.67 |
|
Contact:Jerald L. Shaw, President and
Chief Executive OfficerTerri L. Degner, EVP and
Chief Financial OfficerAnchor
Bancorp(360) 491-2250
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