Loan growth helped Lacey-based Anchor Bancorp earn a higher quarterly profit, the company announced Monday.
Anchor Bancorp, the parent company of Anchor Bank, earned net income of $702,000 in its fiscal third quarter, up from $101,000 in the same period a year ago. On a per share basis, the company earned 29 cents a share versus 4 cents a share a year ago.
“I am pleased with the results of our ongoing efforts to increase our loan portfolio with $31.5 million, or 9.1 percent growth, during the first nine months of the fiscal year,” said Jerry Shaw, president and chief executive officer, in a statement.
Anchor Bancorp also announced in the quarter that it’s set to merge with Washington Federal in an all-stock transaction. The merger is expected to close in the third quarter of the year.