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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.

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