While Anchor BanCorp halved the number of nonperforming loans it had a year ago, the parent of Anchor Bank more than doubled its losses compared to last year. For the quarter ending March 31, Anchor BanCorp reported a net loss of $17.5 million (82 cents/share), compared to a loss of $7.4 million (35 cents/share) a year earlier. Total assets fell to $2.4 billion, a 15% decline.
By June 30, Anchor is scheduled to pay $116.9 million plus $60.2 million in interest and fees to a consortium of banks led by U.S. Bank. It also owes $25.3 million in unpaid dividends for $110 million in TARP money it received from the U.S. Treasury.
