LACEY, Wash., Jan. 28, 2014 (GLOBE NEWSWIRE) -- Anchor Bancorp (Nasdaq:ANCB) ("Company"), the holding company for Anchor Bank ("Bank"), today reported second quarter results for the fiscal year ending June 30, 2014. For the quarter ended December 31, 2013, the Company reported a net loss of $248,000 or $0.10 per diluted share, compared to net income of $225,000 or $0.09 per diluted share for the same period last year. For the six months ended December 31, 2013, the Company reported a net loss of $260,000 or $0.11 per diluted share, compared to net income of $503,000 or $0.20 per diluted share for the same period last year.
"Identifying and resolving problem loans and reducing our nonperforming assets remains our top priorities. We continue to make progress in these areas. We are pleased with the ongoing improvement of our classified loans; a decrease of 23.5% during the quarter and 51.3% decrease year-over-year. We are also pleased with the continued decreases in real estate owned although the weak real estate market in communities we serve has resulted in additional impairments in value. Our net interest margin continues to improve with the elimination of higher cost FHLB borrowings during the quarter as well as continuing downward repricing of longer term certificates of deposit," stated Jerald L. Shaw, President and Chief Executive Officer.
Fiscal Second Quarter Highlights (at or for the quarter ended December 31, 2013, compared to June 30, 2013, or December 31, 2012):
- Total classified loans decreased $4.9 million or 28.5% to $12.4 million at December 31, 2013 from $17.3 million at June 30, 2013 and were $25.4 million at December 31, 2012;
- No provision for loan losses was recorded for the quarters ended December 31, 2013 and June 30, 2013 compared to $225,000 for the quarter ended December 31, 2012;
- Total real estate owned, net ("REO") decreased $1.2 million or 19.3% to $5.0 million at December 31, 2013 from $6.2 million at June 30, 2013 and were $8.6 million at December 31, 2012;
- Net interest margin increased 31 basis points to 3.89% for the quarter ended December 31, 2013 from 3.58% for the quarter ended December 31, 2012.
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