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Article Excerpt
MADISON, Wis., Feb. 5 /PRNewswire-FirstCall/ -- Anchor BanCorp Wisconsin Inc. announced net income of $10.4 million for the quarter ended December 31, 2006, and net income of $30.7 million for the nine-month period ended December 31, 2006. This compares to $10.9 million for the same quarter in 2005 and $33.2 million for the nine-month period ended December 31, 2005. Net interest income was $32.5 million for the quarter and $98.2 million for the nine-month period ended December 31, 2006, down 3.9% and 1.2%, respectively, versus the same period a year ago.
Douglas J. Timmerman, Chairman, noted, "Despite an increase in our provision for loan losses of $2.7 million during the quarter ended December 31, 2006 versus the same quarter last year, our net income was impacted much more modestly, decreasing by $458,000." During the quarter ended December 31, 2006 loan loss provisions were increased to $3.4 million versus $700,000 for the same period a year ago. Timmerman added, "The increase in our provision for loan losses is based on management's recognition that the slowing economy, and in particular the housing market, make it prudent that we continue to add to reserves at this time."
"However," said Timmerman, "AnchorBank is committed to continued growth." Total assets increased to $4.51...
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