Anchor BanCorp. Reports Smaller Net Loss in Q3

The financially troubled Anchor BanCorp Wisconsin Inc. today announced a net loss available to common equity of $15.3 million, or 72 cents per common share, for the three months ended December 31, 2011.

This quarterly performance compares to a net loss available to common equity of $19.6 million, or 92 center per common share, and $15.4 million, or 72 cents per common share, for the three months ended September 30, 2011, and December 31, 2010, respectively.

For the nine months ended December 31, 2011, net loss available to common equity was $43.0 million, compared to $32.8 million for the same period in the prior year.

In other financial metrics, gross mortgage banking revenue totaled $5.4 million for the quarter, a 118.3% increase in residential mortgage origination volume over the preceding quarter.

Total assets decreased by $333.3 million, or 9.8%, to $3.1 billion.

Chris Bauer, president and CEO of Anchor BanCorp., acknowledged the bank holding company continues to be burdened with bad loans and "significant senior debt and preferred stock obligations.” Under a credit agreement that matures November 30, 2012, the corporation currently owes $116.3 million to various lenders led by U.S. Bank. The corporation also has accrued but unpaid interest and fees totaling $36.3 million associated with this debt.

Anchor BanCorp. issued $110 million in preferred stock in 2009 to the United States Treasury under the Treasury’s Capital Purchase Program.