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Anchor Bancorp reports net income of $1.4 million.

Lacey, WA: Anchor Bancorp reported a net income of $1.4 million or $0.57 per diluted share, compared to net income of $702,000 or $0.29 per diluted share for the quarter ended March 31, 2017.

The lower net income for the nine months ended March 31, 2018 as compared to the same period in the previous year was the result of a one-time revaluation adjustment to the Company's deferred tax asset to account for the future impact of lower corporate tax rates as a result of the Tax Cuts and Jobs Act that was enacted on December 22, 2017. The tax revaluation resulted in a $2.4 million increase in the Company's income tax expense and a ($0.96) reduction in earnings per diluted share for the fiscal second quarter.

For the nine months ended March 31, 2018, the Company reported net income of $1.0 million or $0.42 per diluted share, compared to net income of $1.7 million or $0.70 per diluted share for the same period last year. Allowance for losses as a percent of nonperforming loans increased to 365.1% from 110.8% at June 30, 2017.

Total assets increased by $17.7 million, or 3.8%, to $480.2 million at March 31, 2018 from $462.5 million at June 30, 2017. Cash and cash equivalents increased by $6.1 million, or 42.8%, to $20.3 million at March 31, 2018, from $14.2 million at June 30, 2017. Securities available-for-sale and held-to-maturity decreased $2.5 million, or 11.6%, and $1.2 million or 24.4%, respectively. The decreases in these portfolios were primarily the result of contractual principal repayments.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Article Type:Financial report
Date:May 9, 2018
Words:282
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