AnchorBank’s parent company, Anchor BanCorp Wisconsin Inc., reported a profit for the quarter ending Sept. 30.
The company recorded net income of $15.5 million, or $1.62 per diluted common share. That’s up from $5 million in the same quarter a year ago. Pre-tax net income for the quarter ending Sept. 30 of $25.9 million, or $2.71 per diluted share, included a negative provision for loan losses of $22.4 million, or $2.34 per diluted share, which was partially offset by $1.5 million in expense related to early lease termination expenses associated with several previously announced operational efficiency initiatives.
Anchor management anticipates these operational efficiency initiatives will result in annual net cost savings of approximately $5.4 million related to reduced compensation, occupancy, and other operating costs.
