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Anchor Bancorp Reports First Quarter Fiscal 2014 Earnings

LACEY, Wash., Oct. 25, 2013 (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, 2014. For the quarter ended September 30, 2013, the Company reported a net loss of $12,000 or $0.00 per diluted share, compared to a net income of $278,000 or $0.11 per diluted share for the same period last year.

"We are pleased with the ongoing improvement of our classified loans; a decrease of 6.6% during the quarter and 48.4% decrease year-over-year. We are also pleased with the number of sales within real estate owned; we have sold 25 properties within the last 12 months. This quarter we did recognize additional impairments in real estate owned as we continue to liquidate these properties. We have several properties under contract that we expect to close within the next 45 days. Additionally this quarter we repaid $47.4 million in FHLB borrowings with an average cost of 1.33%," stated Jerald L. Shaw, President and Chief Executive Officer.

Fiscal First Quarter Highlights (at or for the quarter ended September 30, 2013, compared to June 30, 2013, or September 30, 2012):
  • Total classified loans decreased $1.2 million or 6.6% to $16.1 million at September 30, 2013 from $17.3 million at June 30, 2013 and were $31.3 million at September 30, 2012;
  • No provision for loan losses was recorded for the quarters ended September 30, 2013 and June 30, 2013 compared to $300,000 for the quarter ended September 30, 2012;
  • Net charge-offs to average outstanding loans was 0.07% at September 30, 2013 compared to 0.06% at June 30, 2013 and 0.20% at September 30, 2012; and
  • Loans receivable, net, increased $3.2 million or 1.2% to $280.7 million at September 30, 2013 from $277.5 million at June 30, 2013.

Credit Quality

Total delinquent loans (past due 30 days or more), nonaccrual loans and loans 90 days or more past due and still accruing interest increased $1.7 million to $11.9 million at September 30, 2013 from $10.2 million at June 30, 2013. The ratio of nonperforming loans, which includes nonaccrual loans and loans which are 90 days or more past due, to total loans remained unchanged at 2.2% at both September 30, 2013 and June 30, 2013. The Company recorded no provision for loan losses for the current quarter compared to $300,000 for the quarter ended September 30, 2012 reflecting the improvement in our asset quality. The allowance for loan losses of $4.9 million at September 30, 2013 represented 1.7% of loans receivable and 80.0% of nonperforming loans.

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