After a string of profitable quarters, the Lacey-based parent company of Anchor Bank reported a net loss for its fiscal second quarter.
Citing expenses tied to a new stock incentive plan and a recent proxy challenge, Anchor Bancorp announced a net loss of $286,000, or 12 cents a share, compared with net income of $8.8 million, or $3.55 a share, for the same period a year ago.
The $8.8 million profit included an $8.3 million tax benefit.
Still, the company showed growth in the quarter, including a $3 million increase in deposits and nearly $30 million in loans.
“Our renewed emphasis on loan production exceeded our expectations this quarter with $28.1 million in loan growth, principally consisting of multifamily loans and commercial business loans,” President and Chief Executive Jerry Shaw said in a statement.
The company expects to save $150,000 after the company closed its Hoquiam branch.
In the past 52 weeks, Anchor Bancorp’s stock, which trades under the ticker symbol ANCB, has traded between $26.94 a share and $20.40 a share.