The struggling Anchor BanCorp Wisconsin Inc. reported a loss of $21.7 million for the quarter that ended March 31, narrowing losses by 27% from a year earlier.
For the fiscal year ending that also ended March 31, the company reported late Tuesday a loss of $54.5 million, a 71% improvement from a year earlier.
During that same period, assets shrunk by nearly 25%, to $3.4 billion, which helped boost capital ratios at the company's thrift unit. At March 31, AnchorBank had a leverage ratio of 4.26% and a total risk-based capital ratio of 8.04%, keeping it just above the thresholds for adequately capitalized status.
A year earlier, AnchorBank thrift was undercapitalized. Still, the Office of Thrift Supervision has ordered the thrift to boost those ratios to 8% and 12% respectively. Additionally, the company was technically insolvent at March 31, with a negative $13.2 million in shareholders' equity.
There were improvements to other key metrics. Nonperforming assets totaled $397 million, down 13% from a year earlier. The loan-loss provision fell 50% from a year earlier, to $10 million. Interest expense fell 54% from a year earlier, to $8.6 million.
