Anchor Bancorp, the holding company for Anchor Bank, reported net income of $223,000, or 9 cents per diluted share, for the fiscal quarter ended March 31. That compares to a net loss of $3.4 million, or $1.36 per diluted share, for the same period last year.
The Lacey-based company completed its initial public offering on Jan. 25, 2011, with the issuance of 2,550,000 shares of its common stock, which generated net proceeds of $23.2 million. Therefore, operating results before that date pertain to the bank only.
For the fiscal third quarter total loan delinquencies (those loans 30 days or more past due date), including non-accrual loans, decreased to $16.4 million, compared to $26 million at June 30, 2011. Provision for loan losses was $300,000 for the quarter, compared to $3.6 million for the quarter ended March 31. Net loan charge-offs decreased to $966,000, from $6.7 million.