Aug 31, 201102:59 PMBlog

Anchor Bancorp posts loss for Q4, year

Aug 31, 2011 - 02:59 PM
Anchor Bancorp, the holding company for Anchor Bank reported a net loss of $4.7 million, or $1.92 per diluted share, for the fiscal fourth quarter ended June 30. That compares to a net loss of $1.1 million for the same period last year.

For the year ended June 30, 2011, the company reported a net loss of $8.8 million, compared to net income of $420,000 for the year ended June 30, 2010.
The company completed its initial public offering on Jan. 25, 2011, with the issuance of 2.55 million shares of its common stock. The IPO generated net proceeds of $23.2 million. Therefore, operating results before that date pertain to the bank only.

Total loan delinquencies, including non-performing loans, for the Lacey-based company decreased to $26 million on June 30, 2011, compared to $28.5 million on June 30, 2010. Provision for loan losses were $8.1 million and $2.6 million during the years ended June 30 , 2011, and June 30, 2010, respectively;

Net loan charge-offs were $4.2 million for the quarter and $17.6 million for the year. Nonperforming assets decreased $8.3 million to $26.9 million on June 30, 2011, which represented 5.5 percent of total assets. That compares to $35.2 million a year earlier or 6.5 percent of total assets.


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