Anchor BanCorp Wisconsin Inc. reported first quarter net income of $1.9 million, or 21 cents per share, up from a net loss of $14 million, or 66 cents per share, in the first quarter of 2013.
Total assets were $2.1 billion at the end of the first quarter, down from $2.4 billion in the same period a year ago.
The Madison-based Anchor Bank parent, which recently underwent bankruptcy reorganization and a $175 million recapitalization, has 54 Wisconsin offices.
The net loss in the first quarter of 2013 was attributed to preferred stock dividends and discount accretions that are no longer recorded, which influenced the first quarter 2014 results. The preferred stock was canceled during the recapitalization.
“We are pleased with the action taken by the Office of the Comptroller of the Currency in lifting the bank’s cease and desist order at the beginning of April. We continue to see steady progress in earnings during the two quarters since the recapitalization and remain encouraged by the opportunities presented by the recapitalization,” said Chris Bauer, president and chief executive officer of AnchorBank. “We continue to improve our financial health and profitability, as well as work on implementing new strategies to develop a relationship-focused, service-driven franchise with expanded commercial lending, improved asset quality, increased core deposits and a more efficient operating model, which we believe positions us well for success.”