LACEY, Wash., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Anchor Bancorp (Nasdaq:ANCB) ("Company"), the holding company for Anchor Bank ("Bank"), today reported a net loss of $314,000 or $0.13 per diluted share, for the fiscal fourth quarter ended June 30, 2012 compared to a net loss of $4.7 million or $1.92 per diluted share for the same period last year. For the year ended June 30, 2012 the Company reported a net loss of $1.7 million or $0.70 compared to a net loss of $8.8 million for the year ended June 30, 2011. The Company completed its initial public offering on January 25, 2011 with the issuance of 2,550,000 shares of its common stock, which generated net proceeds of $23.2 million; therefore, operating results before that date pertain to the Bank only.
"We continue to focus on improving our asset quality and this is reflected in the decrease in our non-performing assets which declined $4.0 million for the quarter and $11.5 million for the year ended June 30, 2012", stated Jerald L. Shaw, President and Chief Executive Officer. "The decreases were a result of payoffs of several non-performing loans as well as upgrades and the sale of real estate owned. During the quarter we also completed our core system conversion which will reduce our IT related costs as well as provide additional functionality. While the local economy remains sluggish we are beginning to see an increase in loan demand. We continue to minimize our interest rate risk by reallocating assets and structuring our liabilities by maintaining higher than typical cash balances to provide us more flexibility as the economy recovers."
Fiscal Fourth Quarter Highlights (at or for the period ended June 30, 2012, compared to March 31, 2012, or June 30, 2011):
- Total loan delinquencies (those loans 30 days or more past due date) including non-accrual loans decreased to $14.2 million at June 30, 2012, compared to $26.0 million at June 30, 2011 and $16.4 million at March 31, 2012;
- Provision for loan losses was $1.4 million for the quarter ended June 30, 2012 compared to $3.0 million for the quarter ended June 30, 2011;
- Net loan charge-offs decreased to $181,000 for the quarter ended June 30, 2012 from $3.5 million for the quarter ended June 30, 2011 and $966,000 for the quarter ended March 31, 2012;
- Non-performing assets decreased $4.0 million to $15.4 million or 3.3% of total assets at June 30, 2012 compared to $19.4 million, or 4.0% of total assets at March 31, 2012. At June 30, 2011 non-performing assets were $26.9 million, or 5.5% of total assets;
- Net interest margin increased 29 basis points to 3.76% for the quarter ended June 30, 2012 compared to 3.47% for the quarter ended March 31, 2012. Net interest margin decreased 13 basis points from 3.78% to 3.65% for the year ended June 30, 2011.