Anchor BanCorp Wisconsin Inc. and its wholly-owned subsidiary, AnchorBank, recorded net income of $107.5 million ($11.37 per share) during the second quarter.
Net income for the quarter ending June 30 includes a one-time income tax benefit, net of current quarter provision, of $103.0 million ($10.89 per share) primarily resulting from the reversal of substantially all of the company’s net deferred tax asset valuation allowance.
Pre-tax income of $4.5 million (48 cents per share) included the impact of one-time gains and costs associated with several previously announced operational efficiency initiatives during the quarter. Management anticipates these initiatives will result in annual net cost savings of approximately $5.4 million related to reduced compensation, occupancy, and other operating costs.
