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.
“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.