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Anchor Bancorp Reports Second Quarter Fiscal 2013 Earnings

Balance Sheet Review

Total assets decreased by $2.0 million, or 0.4%, to $468.8 million at December 31, 2012 from $470.8 million at June 30, 2012.   Cash and due from banks decreased $4.4 million or 5.6%, loans receivable decreased $2.0 million, or 0.7%, and securities available-for-sale increased, $1.5 million, or 3.1%.

Mortgage-backed securities available for sale increased $1.7 million, or 3.6%, to $48.8 million at December 31, 2012 from $47.1 million at June 30, 2012. The increase in this portfolio was primarily the result of purchases of eight Freddie Mac mortgage-backed securities totaling $10.2 million and contractual payments of $8.2 million.

Loans receivable, net, decreased $2.0 million or 0.7% to $285.7 million at December 31, 2012 from $287.7 million at June 30, 2012 as a result of normal principal reductions, transfers to REO and loan charge-offs exceeding new loan production. Commercial real estate loans increased $11.5 million or 11.8% to $108.8 million from $97.3 million at June 30, 2012 and one-to-four family loans decreased $5.7 million or 6.9% to $77.0 million from $82.7 million during the same period. The Bank continues to reduce its exposure to land and construction loans. The balance of these loans declined to $10.0 million at December 31, 2012 compared to $13.8 million at June 30, 2012. All other loan categories decreased a net $4.0 million.

Loans receivable consisted of the following at the dates indicated:
Real Estate: December 31, 2012   June 30, 2012   December 31, 2011
  (In thousands)
One-to-four family  $  77,035    $ 82,709    $ 90,352 
Multi-family 40,824   42,032   46,004
Commercial 108,786   97,306   100,189
Construction 4,581   6,696   8,128
Land loans 5,429   7,062   6,131
Total real estate 236,655   235,805   250,804
           
Consumer:          
Home equity 28,064   31,504   33,402
Credit cards 5,014   5,180   6,653
Automobile 2,409   3,342   4,287
Other consumer 2,822   2,968   3,259
Total consumer 38,309   42,994   47,601
           
Business:          
Commercial business loans 16,730   16,618   16,083
           
           
Total Loans 291,694   295,417   314,488
           
Less:          
Deferred loan fees 808   605   562
Allowance for loan losses 5,152   7,057   6,469
Loans receivable, net  $ 285,734     $ 287,755    $ 307,457

Total liabilities decreased $2.3 million between June 30, 2012 and December 31, 2012, primarily as the result of a $2.5 million or 0.7% decrease in deposits.  Our core deposits, which consist of all deposits other than certificates of deposit increased by $10.0 million or 5.7% to $184.6 million from $174.6 million at June 30, 2012.

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