This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Anchor Bancorp Files Its December 31, 2010 Form 10-Q

Stocks in this article: ANCB

Nasdaq GS: ANCB – Anchor Bancorp (“Company”), the holding company for Anchor Bank today announced the results for its quarter ended December 31, 2010. Anchor Bank completed its conversion from a mutual to a stock savings bank on January 26, 2011. In connection with the conversion Anchor Bancorp issued 2,550,000 shares of common stock which raised $25.5 million of new capital. The Company today filed its Form 10-Q for the quarterly period ended December 31, 2010.

As reported in the Form 10-Q filing, at December 31, 2010, the Company’s total assets were $495.3 million, a decrease of $49.5 million from June 30, 2010, the date of the financial statements presented in the prospectus for the conversion offering. Loans decreased $33.6 million during the same period to $355.8 million at December 31, 2010 as the Company continued its deleveraging strategy to fulfill regulatory capital requirements. At December 31, 2010, total equity was $43.4 million.

For the quarter ended December 31, 2010, the Company reported a net loss before benefit for income tax of ($126 thousand) compared to a net loss before income tax of ($1.7 million) for the same period the prior year. Additional financial information is contained in the Form 10-Q.

President and Chief Executive Officer Jerald L. Shaw stated, “We viewed the results for the quarter ended December 31, 2010 as continuing our recovery trends. While we had not yet completed our stock offering at December 31, 2010, we continued to make efforts to control costs and focus on improving asset quality. We look forward to providing shareholders quarterly earnings releases now that we are a public company.”

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond our control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Our filings with the Securities and Exchange Commission, describe some of these factors, including risk elements related to increased regulatory scrutiny and certain business limitations in connection with the Order to Cease and Desist, the level of nonperforming assets, certain risk elements in the loan portfolio, the allowance for losses on loans, interest rate risk, earnings and profitability risks, and liquidity risks. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,058.02 +83.71 0.49%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,533.1340 -16.0920 -0.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs