LACEY, Wash., Oct. 24, 2012 (GLOBE NEWSWIRE) -- Anchor Bancorp (Nasdaq:ANCB) ("Company"), the holding company for Anchor Bank ("Bank"), today reported first quarter earnings for the fiscal year ending June 30, 2013. For the quarter ended September 30, 2012, the Company reported net income of $278,000 or $0.11 per diluted share, compared to a net loss of $1.7 million for the same period last year.
"Our year-over-year earnings improved as a result of the continued improvement in our credit quality. Non-performing assets decreased $8.5 million from September 30, 2011 and decreased $1.4 million from June 30, 2012. Our total non-interest expenses decreased $2.1 million during the current quarter as compared to the quarter ended September 30, 2011 which reflects the decline in non-performing assets as well as technology expenses while we take advantage of efficiencies from our new core processing system that was completed last year. While rates have been low for a protracted period, our net interest margin has remained virtually unchanged from September 30, 2011 at 3.68%. We continue to maintain higher liquidity which will provide opportunity when the economy recovers", stated Jerald L. Shaw, President and Chief Executive Officer.
Fiscal First Quarter Highlights
- Total loan delinquencies (those loans 30 days or more past payment due date) including non-performing loans increased to $18.9 million at September 30, 2012, compared to $14.2 million at June 30, 2012;
- Provision for loan losses was $300,000 for the quarter ended September 30, 2012 compared to $525,000 for the quarter ended September 30, 2011;
- Net loan charge-offs increased to $677,000 for the quarter ended September 30, 2012 from $398,000 for the quarter ended September 30, 2011;
- Non-performing assets decreased $1.4 million to $14.0 million or 3.0% of total assets at September 30, 2012 from $15.4 million at June 30, 2012 which represented 3.3% of total assets. At September 30, 2011, non-performing assets were $22.5 million or 4.6% of total assets;
- Net interest margin decreased one basis point to 3.68% for the quarter ended September 30, 2012 as compared to 3.69% for the quarter ended September 30, 2011. Net interest margin decreased eight basis points from 3.76% for the quarter ended June 30, 2012.