Anchor Bancorp Q1 Profit Up

(RTTNews) - Anchor Bancorp (ANCB) Monday reported first-quarter net income of $1.29 million or $0.52 per share, up from $1.04 million or $0.43 per share last year.

Net interest income for the quarter rose to $4.72 million from $4.35 million last year. Non-interest income decreased to $1.15 million from $1.17 million last year.

Provision for loan losses dropped to $50 thousand from $75 thousand last year.

"I am pleased with our results and the continued decline in our efficiency ratio to 67.7% for the first quarter," stated CEO Jerald Shaw. "Our deposits increased $6.6 million from June 30, 2018, reflecting the continued success of our deposit gathering initiatives. Our efforts resulted in the return on average assets increasing nine basis points to 1.09% as compared to last quarter."