Anchor, Timberland report quarterly earnings
The parent companies of Anchor and Timberland banks have reported quarterly earnings.
Lacey-based Anchor Bancorp’s profit fell to $335,000 for its fiscal fourth quarter, compared to $624,000 in the same period a year ago.
Earnings per share fell to 14 cents from 25 cents in the same year-over-year period.
Meanwhile, Anchor also announced that it has retained the investment banking firm of Keefe Bruyette & Woods to explore strategic options, including the potential sale or merger of the company.
Activist investors have recently pressured the company to do more to increase shareholder value. Joel Lawson IV of Berwyn, Pennsylvania, who owns about 9 percent of Anchor Bancorp, urged change last year and was rewarded with his choice of board member. Now, the Stilwell Group of New York, through its attorney, has asked that the company be sold.
Hoquiam-based Timberland Bancorp’s profit rose to $2.55 million for its fiscal third quarter, compared to $2.16 million a year ago. Earnings per share rose to 36 cents from 31 cents.
Rolf Boone: 360-754-5403, @rolf_boone
This story was originally published August 1, 2016 at 11:04 AM with the headline "Anchor, Timberland report quarterly earnings."