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 Reports Fourth Quarter And Fiscal 2013 Financial Results

Stocks in this article: ANCB

LACEY, Wash., July 30, 2013 (GLOBE NEWSWIRE) -- Anchor Bancorp (Nasdaq:ANCB) ("Company"), the holding company for Anchor Bank ("Bank"), today reported a net loss of $812,000 or $0.33 per diluted share, for the fourth quarter of its fiscal year ended June 30, 2013 compared to a net loss of $314,000 or $0.13 per diluted share for the same period last year. For the fiscal year ended June 30, 2013 the Company reported a net loss of $255,000 or $0.10 per diluted share compared to a net loss of $1.7 million or $0.70 per diluted share for the fiscal year ended June 30, 2012.

"Our year-over-year operating results improved as a result of our continued commitment to improving our credit quality. Through our focused efforts on managing our problem assets, nonperforming loans decreased $2.6 million and total classified assets decreased $15.5 million from June 30, 2012 to June 30, 2013. As a result of these declines, we were able to reduce our general loan loss provision by $2.0 million. In addition, our total noninterest expense decreased $2.6 million from last year as real estate owned related expenses decreased significantly and our operating efficiencies benefited from last year's core system conversion," stated Jerald L. Shaw, the Company's President and Chief Executive Officer.

Fiscal Fourth Quarter Highlights (at or for the period ended June 30, 2013, compared to March 31, 2013, or June 30, 2012):

  • Total classified loans decreased $15.5 million or 47.3% to $17.3 million at June 30, 2013 from $32.8 million at June 30, 2012 and were $30.4 million at March 31, 2013;
  • Total delinquent loans (past due 30 days or more) decreased $4.0 million or 28.2% to $10.2 million at June 30, 2013 from $14.2 million at June 30, 2012;
  • Total nonperforming loans decreased by $2.6 million or 29.9% to $6.2 million at June 30, 2013 from $8.7 million at June 30, 2012; and
  • No provision for loan losses was recorded for the quarter ended June 30, 2013 compared to $1.4 million for the quarter ended June 30, 2012.

Credit Quality

Total delinquent loans (past due 30 days or more), decreased $4.0 million, or 28.2% to $10.2 million at June 30, 2013 from $14.2 million at June 30, 2012. The ratio of nonperforming loans, which includes nonaccrual loans and loans which are 90 days or more past due and still accruing interest, to total loans decreased to 2.2% at June 30, 2013 from 3.0% at June 30, 2012. The Company recorded no provision for loan losses for the current quarter compared to $1.4 million for the quarter ended June 30, 2012 reflecting the improvement in our asset quality. The allowance for loan losses of $5.1 million at June 30, 2013 represented 1.8% of loans receivable and 83.6% of nonperforming loans.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

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