Anchor Bancorp (ANCB) has reported a 595.05 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $0.70 million, or $0.29 a share in the quarter, compared with $0.10 million, or $0.04 a share for the same period last year.
Revenue during the quarter grew 10.33 percent to $5.08 million from $4.60 million in the previous year period. Net interest income for the quarter rose 12.34 percent over the prior year period to $4.19 million. Non-interest income for the quarter rose 7.91 percent over the last year period to $1.02 million.
Anchor Bancorp has made provision of $0.14 million for loan losses during the quarter, up 80 percent from $0.08 million in the same period last year.
Net interest margin was stable at 4.10 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 78.20 percent from 95.80 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"I am pleased with the results of our ongoing efforts to increase our loan portfolio with $31.5 million or 9.1% growth during the first nine months of this fiscal year," stated Jerald L. Shaw, President and Chief Executive Officer. "While continued growth is important to us we have also been focused on decreasing our noninterest expenses which have decreased 9.0% in the current quarter as compared to the third quarter last year. We have reduced our efficiency ratio to 78.2% for the current quarter, a level we have not seen since before the financial crisis," stated Mr. Shaw.
Liabilities outpace assets growth Total assets stood at $465.45 million as on Mar. 31, 2017, up 10.82 percent compared with $420 million on Mar. 31, 2016. On the other hand, total liabilities stood at $400.46 million as on Mar. 31, 2017, up 12.52 percent from $355.90 million on Mar. 31, 2016.
Loans outpace deposit growth Net loans stood at $378.88 million as on Mar. 31, 2017, up 16.02 percent compared with $326.56 million on Mar. 31, 2016. Deposits stood at $343.26 million as on Mar. 31, 2017, up 13.23 percent compared with $303.16 million on Mar. 31, 2016.
Investments stood at $25.86 million as on Mar. 31, 2017, down 17.69 percent or $5.56 million from year-ago. Shareholders equity stood at $64.99 million as on Mar. 31, 2017, up 1.39 percent or $0.89 million from year-ago.
Return on average assets moved up 54 basis points to 0.64 percent in the quarter from 0.10 percent in the last year period. At the same time, return on average equity increased 409 basis points to 4.79 percent in the quarter from 0.70 percent in the last year period.
Tier-1 leverage ratio was stable at 13.10 percent in the quarter, when compared with the last year period. Average equity to average assets ratio was 13.31 percent for the quarter, down from 14.56 percent for the previous year quarter. Book value per share for quarter was almost stable at $25.95, when compared with the previous year period.
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