Anchor Bancorp's losses widened in the third quarter, though the Lacey, Wash.-based company shrunk its nonperforming assets.
The $489.5 million-asset Anchor reported a net loss of $1.72 million, more than twice as large as its $648,000 loss a year earlier. Anchor's provision for loan losses fell 55.5% to $525,000, and its nonperforming assets fell 16.4% to $4.4 million. Nonperforming assets, as a percentage of total assets, also shrank to 4.6% from 5.5%. Net loan chargeoffs fell 94.3%, to $398,000 from $7 million.
Net interest income, after the provision, rose 11.3% to $3.66 million year over year, while noninterest income fell 6.1% to $1.5 million.
Anchor President and Chief Executive Jerald L. Shaw said the economy in the greater Seattle area "has been slow to recover," causing a slowdown in loan demand.
The quarter was Anchor's second full quarter as a public company, after the thrift raised about $23.2 million in a January offering.
