PORTLAND, Ore., May 1, 2009 (GLOBE NEWSWIRE) -- In a release issued on April 30, 2009 by Albina Community Bancorp (OTCBB:ACBC), under the same headline, note that the Company is correcting Operating Results financials. In addition, a Balance Sheet financial table has been added. The corrected information follows:
Operating Results
Revenue, consisting of net interest income and noninterest income, was $1.7 million in the first quarter of 2009 compared to $2.1 million in the first quarter of 2008. For the first quarter of 2009, net interest income, before the provision for loan losses, was $1.3 million. After the $1.8 million provision for loan losses, first quarter 2009 net interest loss was $522,000, down from net interest income of $801,000 a year ago, which included a provision for loan losses of $1.7 million.
Albina Community Bancorp
Balance Sheet
(Dollars in thousands) As of the Date Ended
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March 31, Dec. 31, March 31, Annual
2009 2008 2008 %Change
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(unaudited)(unaudited)(unaudited)
ASSETS
Cash and due from banks $ 540 $ 396 $ 620 -13%
Interest-bearing deposits 12,525 13,646 1,620 673%
Federal funds sold 4,465 5,715 13,053 -66%
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Total cash and cash
equivalents 17,530 19,757 15,292 15%
Time deposits with other banks 4,333 4,532 5,524 -22%
Investment securities 39,887 17,684 10,743 271%
Federal Home Loan Bank Stock 1,325 1,325 1,002 32%
Loans
Albina originated loans 124,529 128,378 107,716 16%
Commercial participations
purchased 20,103 19,939 23,063 -13%
Consumer participations
purchased 13,826 14,906 19,000 -27%
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Total loans 158,458 163,224 149,779 6%
Allowance for loan and lease
losses (3,133) (2,736) (2,277) 38%
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Net loans 155,326 160,488 147,502 5%
Property and equipment, net 5,590 5,673 5,889 -5%
Other real estate owned 476 -- -- 0%
Other assets 7,335 6,224 5,966 23%
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Total assets $ 231,803 $ 215,683 $ 191,919 21%
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LIABILITIES AND EQUITY
Deposits
Non-interest bearing
deposits $ 20,682 $ 19,291 $ 21,966 -6%
Interest-bearing accounts 36,633 41,264 49,052 -25%
Savings accounts 3,882 3,763 6,059 -36%
Time certificates 119,513 102,800 69,127 73%
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Total deposits 180,710 167,117 146,205 24%
Notes payable 31,863 28,314 24,338 31%
Subordinated debentures 6,186 6,186 6,186 0%
Other liabilities 1,679 1,583 1,918 -12%
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Total liabilities 220,438 203,200 178,647 23%
Shareholders' equity:
Preferred stock 2,482 2,482 2,482 0%
Common stock 8,593 8,580 8,562 0%
Retained earnings 381 1,513 2,029 -81%
Accum. other comp. income (91) (92) 198 -146%
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Total shareholders' equity 11,365 12,483 13,271 -14%
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Total liabilities and equity $ 231,803 $ 215,683 $ 191,919 21%
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FINANCIAL RATIOS
Loans / deposits 85.95% 96.03% 100.89%
Non-performing loans / total
loans 10.42% 7.97% 1.69%
Reserve / loans 1.98% 1.68% 1.52%
Tangible book value per share $ 8.62 $ 9.50 $ 10.10