Anchor BanCorp posts $113M in net income

For the first time in five years, Anchor BanCorp posted a quarterly profit, thanks to September’s infusion of $175 million from investors to help keep the bank afloat. The recapitalization brought the company out of Chapter 11 bankruptcy but eliminated its previous stock.

For the quarter ending Sept. 30, AnchorBank’s parent company posted net income of $113.3 million, compared to a net loss of $8.6 million for the same period a year ago. The company had $97 million in nonperforming loans, but that figure was also down, from $156.5 million a year ago. Nonperforming assets also decreased year-to-year, from $251.5 million on Sept. 30, 2012 to $162.9 million in 2013.