News Column

Anchor Bank parent earns quarterly profit

June 3, 2014

By Rolf Boone, The Olympian (Olympia, Wash.)



June 03--The Lacey-based parent company to Anchor Bank earned a profit in its fiscal third quarter as the bank continues to resolve problem loans.

Anchor Bancorp earned net income of $385,000 or 16 cents a share in the third quarter, compared to net income of $55,000 or two cents a share in the same period a year ago.

"Identifying and resolving problem loans and reducing our nonperforming assets remain our top priorities," said Jerry Shaw, president and chief executive of Anchor Bancorp, in a statement.

Shaw added that although some nonperforming loans continue to result in bank-owned property, the "real estate market has begun to stabilize which has resulted in less pricing pressure as we sell the properties."

Although home prices have rebounded in recent months, that wasn't widely the case in April, according to the most recent Northwest Multiple Listing Service data.

Year-over-year median prices in April fell 4.67 percent in Thurston County and fell just under 1 percent in Pierce County, the data show.

But Anchor Bank also does business in Grays Harbor County, Lewis County and Mason County, and median prices shot higher in all three counties.

In Grays Harbor County, where Anchor Bank got its start, median prices jumped 34.3 percent in April to $123,500 from $91,975 in April a year ago.

Median prices also rose 24.6 percent in Lewis County and eight percent in Mason County, the data show.

Other highlights of the quarter:

-No provision for loan losses -- setting aside money to cover potentially bad loans -- was recorded in the third quarter, compared to a $225,000 provision in the third quarter a year ago.

-Nonperforming loans fell to $4.8 million in the third quarter from $7 million a year ago.

-Total bank-owned property fell to $5.5 million in the third quarter from $6.9 million a year ago.

Anchor Bancorp's stock, which trades under the ticker symbol ANCB, has traded between $15.05 a share and $19.84 a share in the past 52 weeks.

Rolf Boonerboone@theolympian.com 360-754-5403

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(c)2014 The Olympian (Olympia, Wash.)

Visit The Olympian (Olympia, Wash.) at www.theolympian.com

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Source: Olympian (Olympia, WA)


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