After an activist investor raised concerns about the performance of Anchor Bancorp — the parent company of Anchor Bank — the company reported a fiscal first quarter profit.
At the end of October, the $380 million Anchor Bancorp announced it had earned a quarterly profit of $345,000, or 14 cents a share, compared to a profit of $113,000 or five cents a share, for the same period a year ago.
“With the majority of our credit issues behind us, we are focused on future growth,” said Jerry Shaw, president and chief executive of Anchor Bancorp, in a statement. He added that net loans grew by $1.6 million and deposits by $1.3 million in the quarter.
Shaw also said the company has benefited from two recent bank branch decisions: the Puyallup branch was moved from a Walmart to a larger location, and the Hoquiam branch was closed.
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“With our Aberdeen branch in close proximity we believe our Hoquiam customers will use this branch to continue to receive the great customer service expected from us,” Shaw said in a statement.
The company stock, which trades under the ticker symbol ANCB, is trading near its 52-week high of $24.40 a share.