Anchor BanCorp Wisconsin Inc. on Monday reported a 9% year-over-year drop in earnings for its fiscal first quarter, to $10.6 million.
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The Madison company's diluted earnings per share for the three months, which ended June 30, fell 6%, to 49 cents. That missed estimates by 4 cents, according to Thomson Financial.
The $4.4 billion-asset company said its earnings fell because it did fewer real estate development projects in California. Income from real estate development partnerships fell 61%, to $4.5 million. That lowered noninterest income by 29%, to $13.3 million.
Anchor's net interest income after provisions for loan losses fell 1%, to $31.6 million. Its loan-loss provision was up 355%, to $1.2 million.
