AnchorBank reports 2Q profit

Special to The Freeman

August 7, 2014

MADISON AnchorBank said Thursday its second-quarter net income rose to $2.6 million, or 29 cents a share, compared with a loss of more than $8.9 million, or 42 cents a share, in the second period of 2013.

Madison-based Anchor BanCorp Wisconsin Inc. said net interest income rose to almost $17.9 million compared to the $13.4 million posted at the same time last year. Noninterest expenses decreased by 16.5 percent to $22.9 million.

Through the first six months of 2014, net income was $4.5 million, or 50 cents a share, compared with a loss of $26.5 million, or $1.25, in the first six months of 2013.

"We are encouraged by AnchorBank's continued, steady progress since the recapitalization," said Chris Bauer, president and chief executive. "We remain focused on our overall financial health and profitability, with a strategic focus on expanded commercial banking and lending capabilities."