SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

þ		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 001-34955

ANCHOR BANCORP WISCONSIN INC.

Wisconsin		39-1726871
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
25 West Main Street Madison, Wisconsin		53703
(Address of principal executive office)		(Zip Code)

(608) 252-8700

Not Applicable

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o		Accelerated filer o		Non-accelerated filer þ (Do not check if a smaller reporting company)		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class: Common stock — $.10 Par Value
Number of shares outstanding as of July 31, 2011: 21,677,594

 

 

ANCHOR BANCORP WISCONSIN INC.
INDEX — FORM 10-Q

		Page #
Part I — Financial Information
Item 1 Financial Statements
Unaudited Consolidated Balance Sheets as of June 30, 2011 and March 31, 2011			2
Unaudited Consolidated Statements of Operations for the Three Months Ended June 30, 2011 and 2010			3
Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended June 30, 2011 and Year Ended March 31, 2011			5
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2011 and 2010			6
Notes to Unaudited Consolidated Financial Statements			8
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations			37
Executive Overview			37
Results of Operations			43
Financial Condition			46
Risk Management			51
Credit Risk Management			52
Liquidity Risk Management			57
Market Risk Management			61
Item 3 Quantitative and Qualitative Disclosures About Market Risk			67
Item 4 Controls and Procedures			67
Part II — Other Information
Item 1 Legal Proceedings			68
Item 1A Risk Factors			68
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds			68
Item 3 Defaults Upon Senior Securities			68
Item 4 Removed and Reserved			68
Item 5 Other Information			68
Item 6 Exhibits			68
Signatures			69
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES

(unaudited)

		June 30,				March 31,
		2011				2011
		(In Thousands, Except Share Data)
Assets
Cash and due from banks		$	44,730			$	34,596
Interest-bearing deposits			84,016				72,419
Cash and cash equivalents			128,746				107,015
Investment securities available for sale			470,771				523,289
Investment securities held to maturity (fair value of $25 and $28, respectively)			25				27
Loans:
Held for sale			16,333				7,538
Held for investment, less allowance for loan losses of $138,740 at June 30, 2011 and $150,122 at March 31, 2011			2,390,987				2,520,367
Foreclosed properties and repossessed assets, net			89,491				90,707
Real estate held for development and sale			717				717
Office properties and equipment			28,365				29,127
Federal Home Loan Bank stock—at cost			54,829				54,829
Accrued interest and other assets			60,603				61,209
Total assets		$	3,240,867			$	3,394,825
Liabilities and Stockholders’ Deficit
Deposits
Non-interest bearing		$	260,939			$	240,671
Interest bearing deposits and accrued interest			2,388,536				2,466,489
Total deposits and accrued interest			2,649,475				2,707,160
Other borrowed funds			543,679				654,779
Other liabilities			52,703				46,057
Total liabilities			3,245,857				3,407,996
Commitments and contingent liabilities (Note 10)
Preferred stock, $.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $14,043 at June 30, 2011 and $12,507 at March 31, 2011			90,871				89,008
Common stock, $.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued, 21,677,594 shares outstanding			2,536				2,536
Additional paid-in capital			111,513				111,513
Retained deficit			(109,980	)			(103,362	)
Accumulated other comprehensive loss related to AFS securities			(3,297	)			(16,397	)
Accumulated other comprehensive loss related to OTTI non credit issues			(3,719	)			(3,555	)
Total accumulated other comprehensive loss			(7,016	)			(19,952	)
Treasury stock (3,685,745 shares), at cost			(90,534	)			(90,534	)
Deferred compensation obligation			(2,380	)			(2,380	)
Total stockholders’ deficit			(4,990	)			(13,171	)
Total liabilities and stockholders’ deficit		$	3,240,867			$	3,394,825

See accompanying Notes to Unaudited Consolidated Financial Statements.

ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES

(unaudited)

		Three Months Ended June 30,
		2011				2010
		(In Thousands, Except Per Share Data)
Interest income:
Loans		$	32,109			$	40,681
Investment securities and Federal Home Loan Bank stock			3,956				3,445
Interest-bearing deposits			52				250
Total interest income			36,117				44,376
Interest expense:
Deposits			7,327				15,815
Other borrowed funds			7,270				9,673
Total interest expense			14,597				25,488
Net interest income			21,520				18,888
Provision for credit losses			3,482				8,934
Net interest income after provision for credit losses			18,038				9,954
Non-interest income:
Total other than temporary losses			—				—
Portion of loss recognized in other comprehensive income			—				—
Reclassification from accumulated other comprehensive income			(59	)			(86	)
Net impairment losses recognized in earnings			(59	)			(86	)
Loan servicing income, net of amortization			768				1,153
Credit enhancement income on mortgage loans sold			46				253
Service charges on deposits			2,794				3,753
Investment and insurance commissions			1,037				956
Net gain on sale of loans			1,173				1,347
Net gain on sale of investment securities			1,136				112
Net gain on sale of branches			—				4,930
Other revenue from real estate partnership operations			38				386
Other			994				863
Total non-interest income			7,927				13,667

(Continued)

ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Con’t .)

		Three Months Ended June 30,
		2011				2010
		(In Thousands, Except Per Share Data)
Non-interest expense:
Compensation		$	10,194			$	11,825
Occupancy			1,980				2,367
Federal deposit insurance premiums			1,933				4,075
Furniture and equipment			1,544				1,762
Data processing			1,383				1,572
Marketing			305				307
Other expenses from real estate partnership operations			42				502
Foreclosed properties and repossessed assets—net expense			7,625				5,656
Mortgage servicing rights impairment			221				190
Legal services			934				2,099
Other professional fees			575				1,794
Other			3,974				3,546
Total non-interest expense			30,710				35,695
Loss before income taxes			(4,745	)			(12,074	)
Income tax expense (benefit)			10				—
Net loss			(4,755	)			(12,074	)
Preferred stock dividends in arrears			(1,536	)			(1,585	)
Preferred stock discount accretion			(1,863	)			(1,863	)
Net loss available to common equity		$	(8,154	)		$	(15,522	)
Comprehensive income (loss)		$	8,181			$	(4,202	)
Loss per common share:
Basic		$	(0.38	)		$	(0.73	)
Diluted			(0.38	)			(0.73	)
Dividends declared per common share			—				—

See accompanying Notes to Unaudited Consolidated Financial Statements.

Statements Of Changes in Stockholders Equity

																										Accu-
																										mulated
																										Other
										Additional												Deferred				Compre-
		Preferred				Common				Paid-in				Retained				Treasury				Compensation				hensive
		Stock				Stock				Capital				(Deficit)				Stock				Obligation				(Loss)				Total
Balance at April 1, 2010		$	81,596			$	2,536			$	114,662			$	(54,677	)		$	(90,975	)		$	(5,529	)		$	(5,399	)		$	42,214
Comprehensive income (loss):
Net loss			—				—				—				(41,178	)			—				—				—				(41,178	)
Non-credit portion of other-than- temporary impairments:
Available-for-sale securities, net of tax of $0			—				—				—				—				—				—				8				8
Reclassification adjustment for net gains realized in income, net of tax of $0			—				—				—				—				—				—				(8,661	)			(8,661	)
Reclassification adjustment for credit portion of other-than-temporary impairment realized in income, net of tax of $0			—				—				—				—				—				—				432				432
Change in net unrealized gains (losses) on available-for-sale securities net of tax of $0			—				—				—				—				—				—				(6,332	)			(6,332	)
Comprehensive loss																														$	(55,731	)
Issuance of treasury stock			—				—				—				(95	)			441				—				—				346
Change in deferred compensation obligation			—				—				(3,149	)			—				—				3,149				—				—
Accretion of preferred stock discount			7,412				—				—				(7,412	)			—				—				—				—
Balance at March 31, 2011		$	89,008			$	2,536			$	111,513			$	(103,362	)		$	(90,534	)		$	(2,380	)		$	(19,952	)		$	(13,171	)
Comprehensive income (loss):
Net loss			—				—				—				(4,755	)			—				—				—				(4,755	)
Reclassification adjustment for net gains realized in income, net of tax of $0			—				—				—				—				—				—				(1,136	)			(1,136	)
Reclassification adjustment for credit portion of other-than-temporary impairment realized in income, net of tax of $0			—				—				—				—				—				—				59				59
Change in net unrealized gains (losses) on available-for-sale securities net of tax of $0			—				—				—				—				—				—				14,013				14,013
Comprehensive loss																														$	8,181
Accretion of preferred stock discount			1,863				—				—				(1,863	)			—				—				—				—
Balance at June 30, 2011		$	90,871			$	2,536			$	111,513			$	(109,980	)		$	(90,534	)		$	(2,380	)		$	(7,016	)		$	(4,990	)

See accompanying Notes to Consolidated Financial Statements

ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES

(Unaudited)

		Three Months Ended June 30,
		2011				2010
		(In Thousands)
Operating Activities
Net loss		$	(4,755	)		$	(12,074	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision for credit losses			3,482				8,934
Provision for OREO losses			1,245				3,051
Depreciation and amortization			909				1,192
Amortization and accretion of investment securities, net			371				1,126
Mortgage servicing rights impairment			221				190
Cash paid due to origination of loans held for sale			(80,549	)			(140,297	)
Cash received due to sale of loans held for sale			72,927				136,766
Net gain on sales of loans			(1,173	)			(1,347	)
Net gain on sale of investment securities			(1,136	)			(112	)
Gain on sale of foreclosed properties			(4,890	)			(1,162	)
Gain on sale of branches			—				(4,930	)
Net impairment losses recognized in earnings			59				86
Stock-based compensation expense			—				22
Decrease in accrued interest receivable			730				690
(Increase) decrease in prepaid expense and other assets			(345	)			11,116
Increase in accrued interest payable on deposits			2,962				1,176
Increase (decrease) in other liabilities			3,193				(947	)
Net cash (used in) provided by operating activities			(6,749	)			3,480
Investing Activities
Proceeds from sales of securities			55,757				4,315
Proceeds from maturities of securities			—				42,000
Purchase of securities			—				(123,037	)
Principal collected on securities			10,405				14,526
Net decrease in loans held for investment			102,646				170,017
Purchases of office properties and equipment			(156	)			(60	)
Sales of office properties and equipment			9				9,947
Proceeds from sale of foreclosed properties			28,113				14,365
Investment in real estate held for development and sale			—				53
Net cash provided by investing activities			196,774				132,126

(Continued)

ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Cont’d)
(Unaudited)

		Three Months Ended June 30,
		2011				2010
		(In Thousands)
Financing Activities
Decrease in deposit accounts		$	(61,183	)		$	(328,780	)
Increase in advance payments by borrowers for taxes and insurance			3,989				3,694
Proceeds from borrowed funds			1,550,000				—
Repayment of borrowed funds			(1,661,100	)			(88,300	)
Net cash provided by (used in) financing activities			(168,294	)			(413,386	)
Net increase (decrease) in cash and cash equivalents			21,731				(277,780	)
Cash and cash equivalents at beginning of period			107,015				512,162
Cash and cash equivalents at end of period		$	128,746			$	234,382
Supplementary cash flow information:
Cash paid or credited to accounts:
Interest on deposits and borrowings		$	11,635			$	24,392
Income taxes			—				—
Non-cash transactions:
Transfer of loans to foreclosed properties			23,252				10,231

See accompanying Notes to Unaudited Consolidated Financial Statements

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 — Principles of Consolidation

The unaudited consolidated financial statements include the accounts and results of operations of Anchor BanCorp Wisconsin Inc. (the “Corporation”) and its wholly-owned subsidiaries, AnchorBank fsb (the “Bank”) and Investment Directions, Inc. (“IDI”). The Bank’s accounts and results of operations include its wholly-owned subsidiaries ADPC Corporation and Anchor Investment Corporation. Significant inter-company balances and transactions have been eliminated. The Corporation also consolidates certain variable interest entities (joint ventures and other 50% or less owned partnerships) to which the Corporation is the primary beneficiary.

Note 2 — Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the unaudited consolidated financial statements have been included.

In preparing the unaudited consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of foreclosed real estate, mortgage servicing rights and deferred tax assets, and the fair value of investment securities. The results of operations and other data for the three-month period ended June 30, 2011 are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2012. We have evaluated all subsequent events through the date of this filing. The interim unaudited consolidated financial statements presented herein should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Corporation’s Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

The Corporation’s investment in real estate held for investment and sale includes 50% owned real estate partnerships which are considered variable interest entities which are consolidated by the entity that will absorb a majority of the entity’s expected losses, receives a majority of the entity’s expected residual returns, or both, as a result of ownership, contractual or other financial interests in the entity.

Certain prior period accounts have been reclassified to conform to the current period presentations with no impact on net income (loss) or total equity.

Note 3 — Significant Risks and Uncertainties

Regulatory Agreements

On June 26, 2009, the Corporation and the Bank each consented to the issuance of an Order to Cease and Desist (the “Corporation Order” and the “Bank Order,” respectively, and together, the “Orders”) by the Office of Thrift Supervision (the “OTS”).

The Corporation Order requires the Corporation to notify, and in certain cases to obtain the permission of, the OTS prior to: (i) declaring, making or paying any dividends or other capital distributions on its capital stock, including the repurchase or redemption of its capital stock; (ii) incurring, issuing, renewing or rolling over any debt, increasing any current lines of credit or guaranteeing the debt of any entity; (iii) making certain changes to its directors or senior executive officers; (iv) entering into, renewing, extending or revising any contractual arrangement related to compensation or benefits with any of its directors or senior executive officers; and (v) making any golden parachute payments or prohibited indemnification payments. The Corporation developed and submitted to the OTS a three-year cash flow plan, which must be reviewed at least quarterly by the Corporation’s management and board for material deviations between the cash flow plan’s projections and actual results (the “Variance Analysis Report”). Within thirty days following the end of each quarter, the Corporation is required to provide the OTS its Variance Analysis Report for that quarter. These reports have been submitted.

The Bank Order requires the Bank to notify, or in certain cases obtain the permission of, the OTS prior to (i) increasing its total assets in any quarter in excess of an amount equal to net interest credited on deposit liabilities during the quarter; (ii) accepting, rolling over or renewing any brokered deposits; (iii) making certain changes to its directors or senior executive officers; (iv) entering into, renewing, extending or revising any contractual arrangement related to compensation or benefits with any of its directors or senior executive officers; (v) making any golden parachute or prohibited indemnification payments; (vi) paying dividends or making other capital distributions on its capital stock; (vii) entering into certain transactions with affiliates; and (viii) entering into third-party contracts outside the normal course of business.

The Orders also required the Bank to meet and maintain a core capital ratio equal to or greater than 8% and a total risk-based capital ratio equal to or greater than 12% by December 31, 2009. The Bank must also submit, and has submitted, to the OTS, within prescribed time periods, a written capital restoration plan, a problem asset plan, a revised business plan, and an implementation plan resulting from a review of commercial lending practices. The Orders also require the Bank to review its current liquidity management policy and the adequacy of its allowance for loan and lease losses.

On August 31, 2010, the OTS approved the Capital Restoration Plan submitted by the Bank, although the approval included a Prompt Corrective Action Directive (“PCA”). The only new requirement of the PCA is that the Bank shall obtain prior written approval from the Regional Director before entering into any contract or lease for the purchase or sale of real estate or of any interest therein, except for contracts entered into in the ordinary course of business for the purchase or sale of real estate owned due to foreclosure (“REO”) where the contract does not exceed $3.5 million and the sales price of the REO does not fall below 85% of the net carrying value of the REO.

At March 31, 2011 and June 30, 2011 the Bank had a core capital ratio of 4.26% and 4.44%, respectively, and a total risk-based capital ratio of 8.04% and 8.32%, respectively, each below the required capital ratios set forth above. Without a waiver by the OTS or amendment or modification of the Orders, the Bank could be subject to further regulatory action. All customer deposits remain fully insured to the highest limits set by the FDIC.

The description of each of the Orders and the corresponding Stipulation and Consent to Issuance of Order to Cease and Desist were previously filed as Exhibits to the Corporation’s Annual Report on Form 10-K for the fiscal year ended March 31, 2009.

On July 21, 2011, the OTS, which was our primary regulator, ceased operations pursuant to the provisions of the Dodd-Frank Act. As of July 21, 2011, regulation of the Bank was assumed by the Office of the Comptroller of the Currency (“OCC”), and the Federal Reserve became the primary regulator for the Corporation. The full impact of the change in regulators on our operations will not be known for some time. The Federal Reserve and the OCC are now responsible for the administration of the Cease and Desist Order.

Going Concern

The Corporation and the Bank continue to diligently work with their financial and professional advisors in seeking qualified sources of outside capital, and in achieving compliance with the requirements of the Orders. The Corporation and the Bank continue to consult with the successors to the OTS, Federal Reserve, the OCC and FDIC on a regular basis concerning the Corporation’s and Bank’s proposals to obtain outside capital and to develop action plans that will be acceptable to federal regulatory authorities, but there can be no assurance that these actions will be successful, or that even if one or more of the Corporation’s and Bank’s proposals are accepted by the Federal regulators, that these proposals will be successfully implemented. While the Corporation’s management continues to exert maximum effort to attract new capital, significant operating losses in fiscal 2009, 2010 and 2011, significant levels of criticized assets and low levels of capital raise substantial doubt as to the Corporation’s ability to continue as a going concern. If the Corporation and Bank are unable to achieve compliance with the requirements of the Orders, or implement an acceptable capital restoration plan, and if the Corporation and Bank cannot otherwise comply with such commitments and regulations, the OCC or FDIC could force a sale, liquidation or federal conservatorship or receivership of the Bank.

The Corporation and the Bank have submitted a capital restoration plan stating that the Corporation intends to restore the capital position of the Bank. On August 31, 2010, the OTS accepted this plan.

Further, the Corporation entered into an amendment dated May 25, 2011 and executed May 31, 2011 (“Amendment No. 7”) to the Amended and Restated Credit Agreement (“Credit Agreement”) with U.S. Bank NA, as described in Note 13, in which existing financial covenants remained the same and the interest rate was increased to 15.0%. Under the terms of the Credit Agreement, the Agent and the lenders have certain rights, including the right to accelerate the maturity of the borrowings if all covenants are not complied with. As of June 30, 2011, the Corporation was in compliance with the financial and non-financial covenants contained in the Credit Agreement, as amended, although there is no guarantee that the Corporation will remain in compliance with the covenants. As of the date of this filing, the Corporation does not have sufficient cash on hand to reduce the outstanding borrowings to zero. There can be no assurance that we will be able to raise sufficient capital or have sufficient cash on hand to reduce the outstanding borrowings to zero by November 30, 2011, which may limit our ability to fund ongoing operations.

Credit Risks

While the Corporation has devoted, and will continue to devote, substantial management resources toward the resolution of all delinquent, impaired and nonaccrual loans, no assurance can be made that management’s efforts will be successful. These conditions also raise substantial doubt as to the Corporation’s ability to continue as a going concern. The continuing recession and the decrease in valuations of real estate have had a significant adverse impact on the Corporation’s consolidated financial condition and results of operations. As reported in the accompanying unaudited interim consolidated financial statements, the Corporation has incurred a net loss of $12.1 million and $4.8 million for the three months ended June 30, 2010 and June 30, 2011, respectively. Stockholders’ equity increased from a deficit of $13.2 million or (0.39)% of total assets at March 31, 2011 to a deficit of $5.0 million at June 30, 2011. At June 30, 2011, the Bank’s risk-based capital is considered adequately capitalized for regulatory purposes. However, the Bank’s risk-based capital and Tier 1 capital ratios are below the target levels of the Bank Order dated June 26, 2009. The provision for credit losses was $3.5 million for the three months ended June 30, 2011. The Corporation’s net interest income will continue to be impacted by the level of non-performing assets and the Corporation expects additional losses into the next fiscal year.

Note 4 — Recent Accounting Pronouncements

ASU No. 2010-20, “Receivables (Topic 830) — Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.” ASU 2010-20 requires entities to provide disclosures designed to facilitate financial statement users’ evaluation of (i) the nature of credit risk inherent in the entity’s portfolio of financing receivables, (ii) how that risk is analyzed and assessed in arriving at the allowance for credit losses and (iii) the changes and reasons for those changes in the allowance for credit losses. Disclosures must be disaggregated by

portfolio segment, the level at which an entity develops and documents a systematic method for determining its allowance for credit losses, and class of financing receivable, which is primarily a disaggregation of portfolio segment. The required disclosures include, among other things, a rollforward of the allowance for credit losses as well as information about modified, impaired, non-accrual and past due loans and credit quality indicators. ASU 2010-20 was effective for the Corporation’s financial statements as of December 31, 2010, as it relates to disclosures required as of the end of a reporting period. Disclosures that relate to activity during a reporting period will be required for the Corporation’s financial statements that include periods beginning on or after January 1, 2011. In January 2011, the FASB issued ASU No. 2011-01 “Receivables (Topic 310): Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20” which defers the effective date of the loan modification disclosures pending further guidance.

ASU No. 2011-02, “Receivables (Topic 310) — A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” ASU 2011-02 states that in evaluating whether a restructuring constitutes a troubled debt restructuring, a creditor must separately conclude that both of the following exist: (i ) the restructuring constitutes a concession and (ii) the debtor is experiencing financial difficulties. In addition, the amendments to Topic 310 clarify that a creditor is precluded from using the effective interest rate test in the debtor’s guidance on restructuring of payables when evaluating whether a restructuring constitutes a troubled debt restructuring. ASU 2011-02 is effective for interim and annual periods beginning on or after June 15, 2011. The Corporation does not anticipate a material effect upon the adoption of this pronouncement.

ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” In May 2011, the FASB issued ASU No. 2011-04. ASU No. 2011-04 results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (“IFRS”). The changes to U.S. GAAP as a result of ASU No. 2011-04 are as follows: (1) The concepts of highest and best use and valuation premise are only relevant when measuring the fair value of nonfinancial assets (that is, it does not apply to financial assets or any liabilities); (2) U.S. GAAP currently prohibits application of a blockage factor in valuing financial instruments with quoted prices in active markets. ASU No. 2011-04 extends that prohibition to all fair value measurements; (3) An exception is provided to the basic fair value measurement principles for an entity that holds a group of financial assets and financial liabilities with offsetting positions in market risks or counterparty credit risk that are managed on the basis of the entity’s net exposure to either of those risks. This exception allows the entity, if certain criteria are met, to measure the fair value of the net asset or liability position in a manner consistent with how market participants would price the net risk position; (4) Aligns the fair value measurement of instruments classified within an entity’s shareholders’ equity with the guidance for liabilities; and (5) Disclosure requirements have been enhanced for recurring Level 3 fair value measurements to disclose quantitative information about unobservable inputs and assumptions used, to describe the valuation processes used by the entity, and to describe the sensitivity of fair value measurements to changes in unobservable inputs and interrelationships between those inputs. In addition, entities must report the level in the fair value hierarchy of items that are not measured at fair value in the statement of condition but whose fair value must be disclosed. The provisions of ASU No. 2011-04 are effective for the Corporation’s interim reporting period beginning on or after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on the Corporation’s financial statements.

ASU No. 2011-05, "Presentation of Comprehensive Income.” In June 2011, the FASB issued ASU No. 2011-05. The provisions of ASU No. 2011-05 allow an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The statement(s) are required to be presented with equal prominence as the other primary financial statements. ASU No. 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders’ equity but does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The provisions of ASU No. 2011-05 are effective for the Corporation’s interim reporting period beginning on or after December 15, 2011, with retrospective application required. The adoption of ASU No. 2011-05 is expected to result in presentation changes to the Corporation’s statements of income and the addition of a statement of comprehensive income. The adoption of ASU No. 2011-05 will have no material impact on the Corporation’s financial statements.

Note 5 — Investment Securities

The amortized cost and fair values of investment securities are as follows (in thousands):

						Gross				Gross
		Amortized				Unrealized				Unrealized
		Cost				Gains				(Losses)				Fair Value
At June 30, 2011:
Available-for-sale:
U.S. government sponsored and federal agency obligations		$	4,035			$	160			$	—			$	4,195
Corporate stock and bonds			1,151				147				(1	)			1,297
Agency CMOs and REMICs			318				17				—				335
Non-agency CMOs			38,820				285				(3,835	)			35,270
Residential agency mortgage-backed securities			5,867				282				(6	)			6,143
GNMA securities			427,596				1,841				(5,906	)			423,531
		$	477,787			$	2,732			$	(9,748	)		$	470,771
Held-to-maturity:
Residential agency mortgage-backed securities		$	25			$	—			$	—			$	25
At March 31, 2011:
Available-for-sale:
U.S. government sponsored and federal agency obligations		$	4,037			$	89			$	—			$	4,126
Corporate stock and bonds			1,151				87				(19	)			1,219
Agency CMOs and REMICs			342				16				—				358
Non-agency CMOs			49,921				371				(3,655	)			46,637
Residential agency mortgage-backed securities			6,131				282				(24	)			6,389
GNMA securities			481,659				1,158				(18,257	)			464,560
		$	543,241			$	2,003			$	(21,955	)		$	523,289
Held-to-maturity:
Residential agency mortgage-backed securities		$	27			$	1			$	—			$	28

The table below shows the Corporation’s gross unrealized losses and fair value of investments, aggregated by investment category and length of time that individual investments have been in a continuous unrealized loss position at June 30, 2011 and March 31, 2011.

		At June 30, 2011
		Unrealized loss position								Unrealized loss position
		Less than 12 months								12 months or more								Total
						Unrealized								Unrealized								Unrealized
Description of Securities		Fair Value				Loss				Fair Value				Loss				Fair Value				Loss
										(In Thousands)
Corporate stock and other		$	86			$	(1	)		$	—			$	—			$	86			$	(1	)
Non-agency CMOs			3,545				(78	)			19,739				(3,757	)			23,284				(3,835	)
Residential mortgage-backed securities			939				(6	)			—				—				939				(6	)
GNMA securities			248,469				(5,906	)			—				—				248,469				(5,906	)
		$	253,039			$	(5,991	)		$	19,739			$	(3,757	)		$	272,778			$	(9,748	)

		At March 31, 2011
		Unrealized loss position								Unrealized loss position
		Less than 12 months								12 months or more								Total
						Unrealized								Unrealized								Unrealized
Description of Securities		Fair Value				Loss				Fair Value				Loss				Fair Value				Loss
										(In Thousands)
Corporate stock and other		$	—			$	—			$	68			$	(19	)		$	68			$	(19	)
Non-agency CMOs			4,020				(22	)			22,382				(3,633	)			26,402				(3,655	)
Residential mortgage-backed securities			948				(24	)			—				—				948				(24	)
GNMA securities			390,689				(18,257	)			—				—				390,689				(18,257	)
		$	395,657			$	(18,303	)		$	22,450			$	(3,652	)		$	418,107			$	(21,955	)

The tables above represent 34 investment securities at June 30, 2011 compared to 46 at March 31, 2011 that, due to the current interest rate environment and other factors, have declined in value but do not presently represent other than temporary losses. Management evaluates securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. In estimating other-than-temporary impairment losses on investment securities, management considers many factors which include: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Corporation to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

To determine if an other-than-temporary impairment exists on a debt security, the Corporation first determines if (a) it intends to sell the security or (b) it is more likely than not that it will be required to sell the security before its anticipated recovery. If either of the conditions are met, the Corporation will recognize an other-than-temporary impairment in earnings equal to the difference between the security’s fair value and its adjusted cost basis. If neither condition is met, the Corporation determines (a) the amount of the impairment related to credit loss and (b) the amount of the impairment due to all other factors. The difference between the present values of the cash flows expected to be collected and the amortized cost basis is the credit loss. The credit loss is the portion of the other-than-temporary impairment that is recognized in earnings and is a reduction to the cost basis of the security. The portion of total impairment related to all other factors is included in other comprehensive income (loss).

All of the Corporation’s other-than-temporary impaired debt securities are non-agency CMOs. On a cumulative basis, for securities owned as of June 30, 2011, other-than-temporary impairments recognized in earnings by year of vintage were $1.6 million for 2007, $317,000 for 2006, $349,000 for 2005 and $25,000 prior to 2005.

The Corporation utilizes an independent pricing service to run a discounted cash flow model in the calculation of other-than-temporary impairments on non-agency CMOs. This model is also used to determine the portion of the other-than-temporary impairment that is due to credit losses, and the portion that is due to all other factors. On securities with other-than-temporary impairment, the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the debt security is the credit loss.

To estimate fair value of non-agency CMOs, the cash flow model discounted estimated expected cash flows after credit losses at rates ranging from 4.0% to 12.0%. The rates utilized are based on the risk free rate equivalent to the remaining average life of the security, plus a spread for normal liquidity and a spread to reflect the uncertainty of the cash flow estimates. The pricing service benchmarks its fair value results to a pricing service and monitors the market for actual trades. The cash flow model includes these inputs in its derivation of the discount rates used to estimate fair value. There are no payments in kind allowed on these non-agency CMOs.

The significant inputs used for calculating the credit loss portion of securities with other-than-temporary impairment (“OTTI”) include prepayment assumptions, loss severities, original FICO scores, historical rates of delinquency, percentage of loans with limited underwriting, historical rates of default, original loan-to-value ratio, aggregate property location by metropolitan statistical area, original credit support, current credit support, and weighted-average maturity. The discount rates used to establish the net present value of expected cash flows for purposes of determining OTTI ranged from 5.0% to 7.5%. The rates used equate to the effective yield implicit in the security at

the date of acquisition for the bonds for which the Corporation has not in the past incurred OTTI. For the bonds for which the Corporation has previously recorded OTTI, the discount rate used equates to the accounting yield on the security as of the valuation date. Default rates were calculated separately for each category of underlying borrower based on delinquency status (i.e. current, 30 to 59 days delinquent, 60 to 89 days delinquent, 90+ days delinquent, and foreclosure balances) of the loans as of June 1, 2011. These balances were entered into a loss migration model to calculate projected default rates, which are benchmarked against results that have recently been experienced by other major servicers on non-agency CMOs with similar attributes. The month 1 to month 24 constant default rate in the model ranged from 3.3% to 10.9%.

At June 30, 2011, the Corporation had 14 non-agency CMOs with a fair value of $35.1 million and an adjusted cost basis of $38.7 million that were other-than-temporarily impaired. At March 31, 2011, the Corporation had 21 non-agency CMOs with a fair value of $28.2 million and an adjusted cost basis of $31.8 million that were other-than-temporarily impaired. Seven non-agency CMOs with OTTI due to intent to sell and a fair value of $2.7 million as of March 31, 2011 were sold in the quarter ended June 30, 2011. The loss on these securities was recognized in earnings as of March 31, 2011. The increase in other-than-temporary impairment due to credit of $59,000 was included in earnings for the three months ended June 30, 2011.

The Corporation has $4.1 million in net unrealized losses on long-term Ginnie Mae (“GNMA”) securities as of June 30, 2011 due to increases in interest rates and factors other than credit. The Corporation has reviewed this portfolio for other-than-temporary impairment. Management has concluded that no OTTI exists and that the unrealized losses are properly classified in accumulated other comprehensive income (loss).

The following table is a rollforward of the amount of other-than-temporary impairment related to credit losses that have been recognized in earnings for which a portion of an other-than-temporary impairment was recognized in other comprehensive income (loss) for the three months ended June 30, 2011 and 2010 (in thousands):

		Three Months Ended				Three Months Ended
		June 30, 2011				June 30, 2010
Beginning balance of the amount of OTTI related to credit losses		$	2,197			$	1,889
Increases to the amount related to the credit loss for which OTTI was previously recognized			59				86
Ending balance of the amount of OTTI related to credit losses		$	2,256			$	1,975

The cost of investment securities sold is determined using the specific identification method. Sales of investment securities available for sale are summarized below:

		Three Months Ended
		June 30,
		2011				2010
		(in thousands)
Proceeds from sales:		$	55,757			$	4,315
Gross gains on sales			1,141				112
Gross losses on sales			(5	)			—
Net gain (loss) on sales		$	1,136			$	112

At June 30, 2011 and March 31, 2011, investment securities available-for-sale with a fair value of approximately $411.0 million and $420.8 million, respectively, were pledged to secure deposits, borrowings and for other purposes as permitted or required by law.

The fair value of investment securities by contractual maturity at June 30, 2011 are shown below. Actual maturities may differ from contractual maturities because issuers have the right to call or prepay obligations with or without call or prepayment penalties.

						After 1				After 5
						Year				Years
		Within 1				through 5				through 10				Over Ten
		Year				Years				Years				Years				Total
						(Dollars In Thousands)
Available-for-sale, at fair value:
U.S. government sponsored and federal agency obligations		$	—			$	4,195			$	—			$	—			$	4,195
Corporate stock and other			—				—				—				1,297				1,297
Agency CMOs and REMICs			—				—				—				335				335
Non-agency CMOs			—				23				2,080				33,167				35,270
Residential mortgage-backed securities			—				404				1,469				4,270				6,143
GNMA securities			—				—				593				422,938				423,531
Total		$	—			$	4,622			$	4,142			$	462,007			$	470,771
Held-to-maturity, at fair value:
Residential mortgage-backed securities		$	—			$	2			$	23			$	—			$	25
Total		$	—			$	2			$	23			$	—			$	25
		$	—			$	4,624			$	4,165			$	462,007			$	470,796
Held-to-maturity, at cost:
Residential mortgage-backed securities		$	—			$	2			$	23			$	—			$	25

Note 6 — Loans Receivable

Loans receivable held for investment consist of the following (in thousands):

		June 30,				March 31,
		2011				2011
Residential		$	631,772			$	648,514
Commercial and Industrial			74,325				99,689
Land and Construction			232,506				251,043
Multi-Family			393,568				423,587
Other Commercial Real Estate			273,042				276,688
Retail/office			395,290				419,439
Other Consumer			275,495				287,151
Education			268,616				276,735
			2,544,614				2,682,846
Contras to loans:
Allowance for loan losses			(138,740	)			(150,122	)
Undisbursed loan proceeds*			(11,339	)			(8,761	)
Unearned loan fees			(3,419	)			(3,476	)
Unearned interest			(125	)			(115	)
Net discount on loans purchased			(4	)			(5	)
			(153,627	)			(162,479	)
		$	2,390,987			$	2,520,367

Residential Loans

At June 30, 2011, $631.8 million, or 24.8%, of the Bank’s total loans unpaid principal balance receivable consisted of residential loans, substantially all of which were 1 to 4 family dwellings. Residential loans consist of both adjustable and fixed-rate loans. The adjustable-rate loans currently in the Bank’s portfolio have up to 30-year maturities and terms which permit the Bank to annually increase or decrease the rate on the loans, based on a designated index. These loans are documented according to standard industry practices. This is generally subject to a limit of 2% per adjustment and an aggregate 6% adjustment over the life of the loan. The Bank makes a limited number of interest-only loans which tend to have a shorter term to maturity and does not originate negative amortization and option payment ARMS.

Adjustable-rate loans decrease the risks associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying property may be adversely affected by higher interest rates. The Bank believes that these risks, which have not had a material adverse effect on the Bank to date, generally are less than the risks associated with holding fixed-rate loans in an increasing interest rate environment. At June 30, 2011, approximately $429.0 million, or 67.9%, of the Bank’s permanent residential loans unpaid principal balance receivable consisted of loans with adjustable interest rates. Also, as interest rates decline, borrowers may refinance their mortgages into fixed-rate loans thereby prepaying the balance of the loan prior to maturity.

The Bank continues to originate long-term, fixed-rate conventional mortgage loans. The Bank generally sells current production of these loans with terms of 15 years or more to Fannie Mae, Freddie Mac and other institutional investors, while keeping some of the 10-year term loans in its portfolio. In order to provide a full range of products

to its customers, the Bank also participates in the loan origination programs of Wisconsin Housing and Economic Development Authority (“WHEDA”), Wisconsin Department of Veterans Affairs (“WDVA”) and the USDA Rural Guarantee Program. The Bank retains the right to service substantially all loans that it sells.

At June 30, 2011, approximately $202.8 million, or 32.1%, of the Bank’s permanent residential loans unpaid principal balance receivable consisted of loans that provide for fixed rates of interest. Although these loans generally provide for repayments of principal over a fixed period of ten to 30 years, it is the Bank’s experience that, because of prepayments and due-on-sale clauses, such loans generally remain outstanding for a substantially shorter period of time.

Commercial and Industrial Loans

The Bank originates loans for commercial, corporate and business purposes, including issuing letters of credit. At June 30, 2011, the unpaid principal balance of commercial and industrial loans amounted to $74.3 million, or 2.9%, of the Bank’s total loans unpaid principal balance receivable. The Bank’s commercial business loan portfolio is comprised of loans for a variety of purposes and generally is secured by equipment, machinery and other business assets. Commercial business loans generally have terms of five years or less and interest rates that float in accordance with a designated published index. Substantially all of such loans are secured and backed by the personal guarantees of the owners of the business.

Commercial Real Estate Loans

The Bank originates commercial real estate loans that it typically holds in its loan portfolio. Such loans generally have adjustable rates and shorter terms than single-family residential loans, thus increasing the sensitivity of the loan portfolio to changes in interest rates, as well as providing higher fees and rates than residential loans. At June 30, 2011, the Bank had $1.29 billion of loans unpaid principal balance secured by commercial real estate, which represented 50.9% of the Bank’s total loans unpaid principal balance receivable. The Bank generally limits the origination of such loans to its primary market area.

The Bank’s commercial real estate loans are primarily secured by apartment buildings, office and industrial buildings, warehouses, small retail shopping centers and various special purpose properties, including hotels, restaurants and nursing homes.

Although terms vary, commercial real estate loans generally have amortizations of 15 to 25 years, as well as balloon payments of two to five years, and terms which provide that the interest rates thereon may be adjusted annually at the Bank’s discretion, based on a designated index.

Consumer Loans

The Bank offers consumer loans in order to provide a full range of financial services to its customers. At June 30, 2011, $544.1 million, or 21.4%, of the Bank’s consolidated total loans unpaid principal balance receivable consisted of consumer loans. Consumer loans typically have higher interest rates than mortgage loans but generally involve more risk than mortgage loans because of the type and nature of the collateral and, in certain cases, the absence of collateral.

The largest component of the Bank’s other consumer loan portfolio is second mortgage and home equity loans. The primary home equity loan product has an adjustable interest rate that is linked to the prime interest rate and is secured by a mortgage, either a primary or a junior lien, on the borrower’s residence. New home equity lines do not exceed 85% of appraised value at the loan origination date. A fixed-rate home equity second mortgage term product is also offered.

Approximately $268.6 million, or 10.6%, of the Bank’s total loans unpaid principal balance receivable at June 30, 2011 consisted of education loans. These are generally made for a maximum of $3,500 per year for undergraduate studies and $8,500 per year for graduate studies and are placed in repayment on an installment basis within six months of graduation. Education loans generally have interest rates that adjust annually in accordance with a

designated index. Both the principal amount of an education loan and interest thereon generally are guaranteed by the Great Lakes Higher Education Corporation up to 97% of the balance of the loan, which generally obtains reinsurance of its obligations from the U.S. Department of Education. Education loans may be sold to the U.S. Department of Education or to other investors. The Bank received no proceeds from sale of education loans during the first quarter of fiscal 2012.

The remainder of the Bank’s consumer loan portfolio consists of vehicle loans and other secured and unsecured loans that have been made for a variety of consumer purposes. These include credit extended through credit cards issued by a third party, ELAN Financial Services, pursuant to an agency arrangement under which the Bank participates in outstanding balances, currently at 25% to 28%, with a third party, ELAN Financial Services. The Bank also shares 33% to 37% of annual fees paid to ELAN and 30% of late payment, over limit and cash advance fees paid to ELAN as well as 25% to 30% of interchange income paid to ELAN.

A summary of the activity in the allowance for loan losses follows:

		Three Months Ended June 30,
		2011				2010
		(Dollars In Thousands)
Allowance at beginning of period		$	150,122			$	179,644
Provision			3,620				8,934
Charge-offs			(17,710	)			(22,193	)
Recoveries			2,708				264
Allowance at end of period		$	138,740			$	166,649

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2011 (in thousands):

						Commercial				Commercial
		Residential				and Industrial				Real Estate				Consumer				Total
Allowance for Loan Losses:
Beginning balance		$	20,487			$	19,541			$	106,445			$	3,649			$	150,122
Provisions			390				(197	)			2,733				694				3,620
Charge-offs			(1,756	)			(2,522	)			(12,574	)			(858	)			(17,710	)
Recoveries			506				643				1,415				144				2,708
Ending balance		$	19,627			$	17,465			$	98,019			$	3,629			$	138,740
Allowance for Loan Losses:
Ending allowance balance attributable to loans:
Individually evaluated for impairment		$	8,714			$	10,061			$	28,331			$	450			$	47,556
Collectively evaluated for impairment			10,913				7,404				69,688				3,179				91,184
Total ending allowance balance		$	19,627			$	17,465			$	98,019			$	3,629			$	138,740
Loans:
Loans individually evaluated		$	60,713			$	18,513			$	250,889			$	32,178			$	362,293
Loans collectively evaluated			571,059				55,812				1,043,517				511,933				2,182,321
Total ending gross loans balance		$	631,772			$	74,325			$	1,294,406			$	544,111			$	2,544,614

The provision for credit losses reflected on the consolidated statements of operations includes the provision for loan losses and the provision for unfunded commitment losses as follows:

		Three Months Ended June 30,
		2011				2010
		(Dollars In Thousands)
Provision for loan losses		$	3,620			$	8,934
Provision for unfunded commitment losses			(138	)			—
Provision for credit losses		$	3,482			$	8,934

At June 30, 2011, the Corporation has identified $362.3 million of loans as impaired which includes performing troubled debt restructurings. At March 31, 2011, impaired loans were $395.7 million. A loan is identified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement and thus are placed on non-accrual status. Interest income on impaired loans is recognized on a cash basis. The average carrying amount is calculated on an annual basis based on quarter end balances. The carrying amount represents the unpaid principal balance less the associated allowance.

The following table presents loans individually evaluated for impairment by class of loans as of June 30, 2011 (in thousands):

														Average				Interest
		Carrying				Unpaid Principal				Associated				Carrying				Income
		Amount				Balance				Allowance				Amount				Recognized
With no specific allowance recorded:
Residential		$	31,027			$	31,027			$	N/A			$	37,855			$	45
Commercial and Industrial			9,154				9,154				N/A				11,576				(9	)
Land and Construction			39,979				39,979				N/A				46,029				(52	)
Multi-Family			37,568				37,568				N/A				43,570				127
Retail/Office			35,161				35,161				N/A				40,813				(21	)
Other Commercial Real Estate			45,179				45,179				N/A				48,713				634
Education			—				—				N/A				—				—
Other Consumer			660				660				N/A				1,065				28
Subtotal			198,728				198,728				—				229,621				752
With an allowance recorded:
Residential			20,972				29,686				8,714				30,208				80
Commercial and Industrial			(702	)			9,359				10,061				11,585				(94	)
Land and Construction			21,370				25,200				3,830				29,012				(4	)
Multi-Family			6,194				14,067				7,873				15,631				124
Retail/Office			22,784				31,675				8,891				33,351				175
Other Commercial Real Estate			14,323				22,060				7,737				22,862				133
Education			25,518				25,549				31				26,276				—
Other Consumer			5,550				5,969				419				5,915				97
Subtotal			116,009				163,565				47,556				174,840				511
Total
Residential			51,999				60,713				8,714				68,063				125
Commercial and Industrial			8,452				18,513				10,061				23,161				(103	)
Land and Construction			61,349				65,179				3,830				75,041				(56	)
Multi-Family			43,762				51,635				7,873				59,201				251
Retail/Office			57,945				66,836				8,891				74,164				154
Other Commercial Real Estate			59,502				67,239				7,737				71,575				767
Education			25,518				25,549				31				26,276				—
Other Consumer			6,210				6,629				419				6,980				125
		$	314,737			$	362,293			$	47,556			$	404,461			$	1,263