The Lacey-based parent company of Anchor bank more than doubled its profit in its fiscal fourth quarter, the company announced Monday.
And that higher profit was due to improvements in credit quality.
“Our nonperforming assets are at their lowest levels since 2008,” said Jerry Shaw, president and chief executive, in a statement.
Anchor Bancorp earned net income of $624,000, or 25 cents a share, compared to net income of $298,000, or 12 cents a share, in the same quarter a year ago.
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“This is the first quarter where we believe our expenses related to nonperforming assets have reached a normalized level, as reflected by the $1.2 million decrease in (bank owned property) related expenses during fiscal 2015 as compared to fiscal 2014,” Shaw said.
Although the company reported a higher profit, the fourth quarter results included a one-time loss of $758,000 from the sale of two loan centers.
Shaw was still upbeat, saying expenses tied to the two loan centers have been eliminated.
Anchor’s stock, which trades under the ticker symbol ANCB, responded well to the earnings report on Monday, rising more than 2 percent to close at $22.35 a share.