Published January 29, 2013
Anchor Bancorp doubles net income in fiscal 2QRolf Boone/The Business Blog
The parent company to Anchor Bank more than doubled its profit in its fiscal second quarter, earning $225,000, the company announced Tuesday.Improving credit quality and a lower provision for loan losses, helped Anchor Bancorp of Lacey earn net income of $225,000 in the quarter, or 9 cents a share, compared to net income of $93,000, or 4 cents a share, in the same quarter a year ago.Total non-performing loans fell nearly 30 percent to $9.1 million from $12.9 million in the year-ago period. And its provision for loan losses -- the amount of money set aside to cover potentially bad loans -- fell to $225,000 from $475,000 in the same year-over-year period.Anchor Bank has 13 bank branches, including three Walmart locations, in Grays Harbor, Thurston, Lewis, Pierce and Mason counties.On Tuesday, the companys stock, which trades under the ticker symbol ANCB, closed up a penny at $14.10 a share, still trading near its 52-week high. In the past 52 weeks, the stock has ranged between $8.25 a share to $16.23 a share.