Anchor Bancorp (ANCB) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.42 million, or $ 0.17 a share in the quarter, against a net loss of $0.29 million, or $0.12 a share in the last year period.
Revenue during the quarter grew 9.35 percent to $5.03 million from $4.60 million in the previous year period. Net interest income for the quarter rose 17.46 percent over the prior year period to $4.12 million. Non-interest income for the quarter fell 15.22 percent over the last year period to $0.99 million.
Anchor Bancorp has made provision of $0.08 million for loan losses during the quarter, up 7.14 percent from $0.07 million in the same period last year.
Net interest margin improved 8 basis points to 4.16 percent in the quarter from 4.08 percent in the last year period. Efficiency ratio for the quarter improved to 86.60 percent from 107.10 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"I am pleased with our continued loan growth of $3.1 million or 0.89% for the quarter; additionally we have maintained a strong net interest margin at 4.16%," stated Jerald L. Shaw, president and chief executive officer. While our efficiency ratio increased from September 30, 2016 we continue to focus on increasing our income and reducing expenses, which we believe will improve our efficiency ratio over time," stated Mr. Shaw.
Liabilities outpace assets growthTotal assets stood at $440.91 million as on Dec. 31, 2016, up 10.39 percent compared with $399.42 million on Dec. 31, 2015. On the other hand, total liabilities stood at $376.83 million as on Dec. 31, 2016, up 12.11 percent from $336.14 million on Dec. 31, 2015.
Loans outpace deposit growthNet loans stood at $354.13 million as on Dec. 31, 2016, up 13.68 percent compared with $311.52 million on Dec. 31, 2015. Deposits stood at $327.60 million as on Dec. 31, 2016, up 8.21 percent compared with $302.73 million on Dec. 31, 2015.
Investments stood at $27.46 million as on Dec. 31, 2016, down 15.79 percent or $5.15 million from year-ago. Shareholders equity stood at $64.08 million as on Dec. 31, 2016, up 1.26 percent or $0.80 million from year-ago.
Tier-1 leverage ratio stood at 13.30 percent for the quarter. Average equity to average assets ratio was 13.76 percent for the quarter. Book value per share was $25.58 for the quarter.
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