Albina Community Bancorp (OTCBB: ACBC), the holding company of Portland's only certified community development bank, today reported profits of $292,000, or $0.22 per diluted share, in 2011, compared to a net loss of $4.9 million, or $3.91 per share, in 2010. Improving credit quality, strong net interest margin, sustained core deposit growth and better operating efficiencies contributed to profitability in three of the last four quarters. In the fourth quarter of 2011, Albina earned $157,000, or $0.12 per share, compared to a net loss of $126,000, or $0.10 per share in the preceding quarter, and lost $1.3 million, or $0.92 per share in the fourth quarter a year ago.
"We saw many encouraging signs in the fourth quarter, including receiving grant funding from the U.S. Treasury," said Cheryl Cebula, President and Chief Executive Officer of Albina Community Bank. "Having received this award in seven of the past nine years, we believe our return to profitability was a contributing factor toward receiving this award.
"Strengthening our franchise is paramount, and we are very pleased to expand our board of directors with three of Portland's leading business and philanthropic leaders," Cebula continued. "Having J. Duncan Campbell, Michael Powell and Kay D. Toran join our board of directors strengthens our leadership team, and these distinguished individuals are expected to help us attract new business and new investors.
"Albina Community Bank was recently the recipient of the prestigious Bank Enterprise Award (BEA), a $247,000 cash award from the U.S. Department of Treasury's Community Development Financial Institution Fund (CDFI), in recognition of the Bank's community and economic development activities in the Portland neighborhoods," said Cebula. CDFI funds are awarded to viable financial institutions that have the financial and managerial capacity to provide affordable and appropriate financial products and services that positively impact their communities.
Financial Highlights: (for the period ended December 31, 2011)
- Earned $292,000, or $0.22 per diluted share, for 2011. Fourth quarter net income totaled $157,000, or $0.12 per share.
- Net interest margin (NIM) increased 58 basis points to 4.42% for the year, compared to 3.84% for 2010.
- Nonperforming assets declined by 35% to $5.4 million, at December 31, 2011, compared to $8.3 million a year ago.
- Allowance for loan losses stood at $2.9 million, or 3.12% of total loans.
- Total assets declined 10% to $132.1 million, compared to $146.5 million a year ago.
- Diverse deposit mix with noninterest-bearing demand deposits increasing 13% to $32.7 million from a year earlier, and accounting for 27% of total deposits.
- Gross loans were $93.2 million, down 19% from $115.8 million a year ago.
Credit Quality
Credit quality metrics are still improving with non-performing assets (NPA) declining 35% from a year ago to $5.4 million, or 4.09% of total assets, at December 31, 2011, compared to $8.3 million, or 5.67% of total assets a year ago. At September 30, 2011, non-performing assets totaled $6.9 million, or 5.13% of total assets. "At year end, 56% or $2.9 million of loans that we classify as NPA continue to be current on payments. They are classified as nonaccrual due to cash flow deficiencies for the properties, which the borrowers are supplementing from other sources," said Cebula. Albina has had no real estate construction loans on its books since the fourth quarter of 2010.
Nonperforming loans (NPLs) fell by $2.2 million year-over-year to $4.6 million, representing 4.94% of total loans, compared to $6.8 million, or 5.84% of total loans, at the end of the fourth quarter a year ago. "We continue to diligently work with our borrowers to either bring loans into performing status or to convert NPLs to other real estate owned (OREO)," said Cebula. NPLs have declined 32% since December 31, 2010.
OREO, which consisted of one property, totaled $795,000 at December 31, 2011, unchanged from the preceding quarter, but substantially below the $1.5 million at the end of the fourth quarter a year ago. "This one remaining property under contract for sale was scheduled to close in December 2011. However, the owners incurred delays in securing related permits and requested an extension to proceed with due diligence; we are confident that the sale will go through during the first quarter of 2012," added Cebula.
For the full year in 2011, net charge-offs totaled $1.0 million, or 1.02% of average loans, compared to $3.7 million, or 2.83% of average loans in 2010. Net charge-offs in the fourth quarter of 2011 were $382,000, representing 0.40% of average loans outstanding, compared to $92,000 of recoveries in the fourth quarter of 2010. Net charge-offs in the third quarter of 2011 totaled $243,000, or 0.25% of average loans outstanding.
With the significant improvement in credit quality, Albina recorded a $150,000 provision for loan losses in the fourth quarter of 2011, compared to $200,000 in the fourth quarter a year ago. The provision for loan loss in the third quarter of 2011 was $400,000. The allowance for loan and lease losses totaled $2.9 million, or 3.12% of total loans at December 31, 2011, compared to $3.1 million, or 3.25% of total loans at September 31, 2011, and $3.3 million, or 2.85% of total loans a year ago.
Balance Sheet Results
Albina's total assets declined slightly to $132.1 million at December 31, 2011, from $134.4 million in the preceding quarter and fell 10% from $146.5 million in the fourth quarter a year ago.
The investment securities portfolio increased 21% to $19.1 million at December 31, 2011, from $18.8 million in the preceding quarter and up 21% from $15.8 million at December 31, 2010. "We maintain strong liquidity by holding liquid securities and through our available lines of credit at the Federal Home Loan Bank and the Federal Reserve Bank," said Cebula. "Excess liquidity is invested in securities until the underlying time deposits mature or loan originations increase." The investment portfolio consists entirely of investment grade agency securities that have an average life of one year.
Loans, net of reserves, declined to $90.3 million at quarter end, from $93.6 million at September 30, 2011, and $112.5 million at December 31, 2010. "Although loan originations have been down, we remain committed to assisting local businesses in the community," added Cebula. The decline in loans during the quarter reflects Albina's exit from the real estate construction market and other loan concentrations that present elevated risk.
Albina's loan portfolio remains well-diversified with a wide variety of borrowers and collateral. Approximately 70% of the loan portfolio is secured by either residential or commercial real estate, with more than 35% of Albina's commercial real estate (CRE) being owner-occupied. The following table shows the changes in the loan portfolio in each category:
December 31, | September 30, | December 31, | |||||||||||||||||||||||||
2011 | 2011 | 2010 | |||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||
Commercial business | $ | 20,370 | 21.8 | % | $ | 21,307 | 22.0 | % | $ | 25,653 | 22.2 | % | |||||||||||||||
R/E construction | - | 0.0 | % | - | 0.0 | % | 3,246 | 2.8 | % | ||||||||||||||||||
Commercial R/E | 47,327 | 50.8 | % | 49,020 | 50.7 | % | 56,478 | 48.8 | % | ||||||||||||||||||
Multifamily residential | 2,759 | 3.0 | % | 2,783 | 2.9 | % | 4,625 | 4.0 | % | ||||||||||||||||||
One to four family residential | 15,948 | 17.1 | % | 16,363 | 16.9 | % | 16,767 | 14.5 | % | ||||||||||||||||||
Consumer | 6,933 | 7.4 | % | 7,364 | 7.6 | % | 9,183 | 7.9 | % | ||||||||||||||||||
Unearned Loan Fees | (124 | ) | -0.1 | % | (121 | ) | -0.1 | % | (199 | ) | -0.2 | % | |||||||||||||||
Total Loans | $ | 93,212 | 100.0 | % | $ | 96,715 | 100.0 | % | $ | 115,752 | 100.0 | % | |||||||||||||||
Albina participates in loans with other banks to increase its reach and provide additional earnings and diversification for the portfolio. Consumer and commercial loan participations account for approximately 12% of the total loan portfolio. Consumer loan participations declined 27%, year-over-year, to $5.8 million. Commercial loan participations dropped 53% year-over-year to $5.5 million.
Noninterest-bearing deposits increased 13% year-over-year and accounted for 27% of total deposits; interest-bearing and savings accounts represented 40% of total deposits, and time certificates dropped 29% year-over-year representing 33% of total deposits at the end of the fourth quarter 2011. Deposits totaled $119.7 million at December 31, 2011, compared to $129.2 million a year earlier, and $122.2 million at September 30, 2011. The ratio of loans to deposits was 75.4% at December 31, 2011, compared with 87.0% a year earlier.
"People have responded tremendously to the home-town banking approach and we have benefitted from the increasing movement of money to local community banks," said Cebula. "Albina is well-known in our community, and customers are looking to develop and build a solid relationship with us. And, with their support, we are able to make a positive impact in our neighborhoods and continue our mission as their local community bank. As Portland's only certified community development bank, we pride ourselves on understanding the financial needs of the small businesses and the communities we serve."
Operating Results
Net interest income for the full year 2011 was $4.8 million, after a loan loss provision of $650,000, compared to $2.7 million, with a loan loss provision of $3.1 million, for 2010. Net interest income, before the provision for loan losses, was $1.2 million in the fourth quarter of 2011, compared to $1.3 million in both the third quarter of 2011 and in the fourth quarter a year ago. Net interest income was adversely impacted by lower yields available in investment securities, in part due to the flat yield curve, and a decrease in loan balances.
Net interest margin (NIM) increased 58 basis points to 4.42% for the full year 2011, compared to 3.84% for 2010, primarily as a result of maturing certificates of deposits and the run-off of high cost wholesale certificates of deposits which reduced funding costs substantially in 2011. The NIM for the fourth quarter of 2011 was 4.03%, up 22 basis points from 3.81% for the fourth quarter of 2010, and down 15 basis points from 4.18% in the third quarter of 2011. NIM remained high, however, in part due to a lower cost of deposits.
Non-interest income was $618,000 for the fourth quarter of 2011, compared to $454,000 in the preceding quarter and $62,000 for the fourth quarter of 2010. The increased income in the fourth quarter was predominantly due to the BEA cash award. Service charges and fees actually declined year-over-year, in spite of the increased number of customers that have flocked to Albina during the year. Merchant card interchange income in the fourth quarter was flat from the preceding quarter and up 14% year-over-year also reflecting the increased volume of customers. For the full year 2011, non-interest income was $1.9 million, up 62% from $1.2 million in 2010. The increase in non-interest income for the year also included the gain on sale of loans and OREO taken during 2011.
"The strategic steps we undertook to reduce our overhead expenses are reflected in our bottom line results," Cebula said. "The decline in total non-interest expense for the fourth quarter reflects a decrease in legal and professional fees and expenses related to managing the loan portfolio and OREO. FDIC assessments also dropped by 35% from a year ago. Total non-interest expense declined 38% to $1.5 million in the fourth quarter, from $2.5 million in the fourth quarter a year ago. For the full year, non-interest expense declined 27% to $6.4 million from $8.7 million in 2010."
Other News
Albina Community Bancorp also announced today that Jim Schlotfeldt, Chief Financial Officer, has resigned from Albina Community Bancorp to pursue an opportunity with another bank. "Jim has been a highly valued member of our management team and we appreciate all his contributions to our bank," said Cheryl Cebula. "We will take the time necessary to ensure that we find the best possible candidate to complete our management team."
About Albina Community Bancorp
Albina Community Bank is a locally owned, full-service, independent commercial bank committed to investing in individuals, families, businesses and local neighborhoods. The Bank promotes community development by providing products and services and banking solutions that are directed towards improving the social or economic conditions of underserved peoples or residents of distressed communities. Albina offers a wide range of competitive banking solutions, while also maintaining its mission to promote jobs, growth of small businesses, and wealth in our local Portland neighborhoods. Track Albina's community involvement by viewing its scorecard at: www.albinabank.com/company/scorecard.cfm.
Albina Community Bank opened in December 1995 as the sole subsidiary of Albina Community Bancorp. Albina is one of approximately 60 commercial banks across the United States certified by the U.S. Treasury Department's Community Development Financial Institutions Fund as a community development financial institution. Albina is the only CDFI-certified commercial bank headquartered in Oregon. Albina operates from five local Portland locations including offices at: 2002 Northeast Martin Luther King Jr. Boulevard; 8040 North Lombard in the St. Johns neighborhood of North Portland; 4020 Northeast Fremont Street in the Beaumont neighborhood; 5636 Northeast Sandy Boulevard in the Rose City Park neighborhood of the International District; and 431 Northwest 10th Avenue in Portland's Pearl District; and a remote ATM at New Columbia in North Portland. For more information about Albina Community Bank, please call 503-287-7537 or visit www.albinabank.com.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995, including statements concerning the continued financial performance of the company and its plans and opportunities for future growth. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially than those expected. Specific risks include, but are not limited to, general business and economic conditions, competitive factors, pricing pressures, further interest rate changes, and other factors listed from time to time in Albina Community Bancorp's regulatory reports.
Albina Community Bancorp | ||||||||||||||||||||||
Balance Sheet | ||||||||||||||||||||||
(Dollars in thousands) | As of the Date Ended | |||||||||||||||||||||
December 31, | September 30, | December 31, | Annual | |||||||||||||||||||
2011 | 2011 | 2010 | % Change | |||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Cash and due from banks | $ | 326 | $ | 368 | $ | 464 | -30 | % | ||||||||||||||
Interest-bearing deposits | 10,926 | 10,324 | 4,902 | 123 | % | |||||||||||||||||
Federal funds sold | 21 | 21 | 26 | -18 | % | |||||||||||||||||
Total cash and cash equivalents | 11,274 | 10,713 | 5,391 | 109 | % | |||||||||||||||||
Time deposits with other banks | - | - | 398 | -100 | % | |||||||||||||||||
Investment securities | 19,069 | 18,844 | 15,820 | 21 | % | |||||||||||||||||
Federal Home Loan Bank Stock | 1,325 | 1,325 | 1,325 | 0 | % | |||||||||||||||||
Loans | ||||||||||||||||||||||
Albina originated loans | 81,906 | 84,440 | 96,158 | -15 | % | |||||||||||||||||
Commercial participations purchased | 5,526 | 6,051 | 11,710 | -53 | % | |||||||||||||||||
Consumer participations purchased | 5,780 | 6,224 | 7,883 | -27 | % | |||||||||||||||||
Total loans | 93,212 | 96,715 | 115,752 | -19 | % | |||||||||||||||||
Allowance for loan and lease losses | (2,910 | ) | (3,142 | ) | (3,298 | ) | -12 | % | ||||||||||||||
Net loans | 90,302 | 93,573 | 112,454 | -20 | % | |||||||||||||||||
Property and equipment, net | 4,778 | 4,829 | 5,016 | -5 | % | |||||||||||||||||
Other real estate owned | 795 | 795 | 1,547 | -49 | % | |||||||||||||||||
Other assets | 4,562 | 4,270 | 4,549 | 0 | % | |||||||||||||||||
Total assets | $ | 132,105 | $ | 134,350 | $ | 146,500 | -10 | % | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||
Deposits | ||||||||||||||||||||||
Non-interest bearing deposits | $ | 32,749 | $ | 33,291 | $ | 29,094 | 13 | % | ||||||||||||||
Interest-bearing accounts | 40,948 | 40,378 | 40,227 | 2 | % | |||||||||||||||||
Savings accounts | 6,971 | 5,948 | 4,880 | 43 | % | |||||||||||||||||
Time certificates | 39,070 | 42,574 | 55,006 | -29 | % | |||||||||||||||||
Total deposits | 119,738 | 122,191 | 129,207 | -7 | % | |||||||||||||||||
Liabilities | ||||||||||||||||||||||
Other borrowings | 5,089 | 5,117 | 10,434 | -51 | % | |||||||||||||||||
Subordinated debentures | 6,186 | 6,186 | 6,186 | 0 | % | |||||||||||||||||
Other liabilities | 2,356 | 2,235 | 2,048 | 15 | % | |||||||||||||||||
Total liabilities | 133,369 | 135,729 | 147,876 | -10 | % | |||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||
Preferred stock | 2,482 | 2,482 | 2,482 | 0 | % | |||||||||||||||||
Common stock | 8,611 | 8,611 | 8,611 | 0 | % | |||||||||||||||||
Retained earnings | (12,546 | ) | (12,703 | ) | (12,839 | ) | 2 | % | ||||||||||||||
Accum. other comp. income | 190 | 231 | 370 | -49 | % | |||||||||||||||||
Total shareholders' equity | (1,263 | ) | (1,380 | ) | (1,376 | ) | 8 | % | ||||||||||||||
Total liabilities and equity | $ | 132,105 | $ | 134,350 | $ | 146,500 | -10 | % | ||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||||
Loans / deposits | 75.42 | % | 76.58 | % | 87.03 | % | ||||||||||||||||
Non-performing assets / total assets | 4.09 | % | 5.13 | % | 5.67 | % | ||||||||||||||||
Reserve / loans | 3.12 | % | 3.25 | % | 2.85 | % | ||||||||||||||||
Albina Community Bancorp | ||||||||||||||||||||||||||||||||||||
Income Statement | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per-share data) | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | Q4/Q4 | December 31, | ||||||||||||||||||||||||||||||||
2011 | 2011 | 2010 | % Chg | 2011 | 2010 | % Chg | ||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 1,483 | $ | 1,554 | $ | 1,761 | -16 | % | $ | 6,632 | $ | 8,002 | -17 | % | ||||||||||||||||||||||
Interest on investment securities | 53 | 76 | 125 | -57 | % | 343 | 625 | -45 | % | |||||||||||||||||||||||||||
Other interest income | 7 | 7 | 20 | -64 | % | 27 | 89 | -70 | % | |||||||||||||||||||||||||||
Total interest income | 1,543 | 1,638 | 1,906 | -19 | % | 7,002 | 8,716 | -20 | % | |||||||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||
Interest on deposits | 199 | 229 | 427 | -54 | % | 992 | 2,178 | -54 | % | |||||||||||||||||||||||||||
Interest on borrowings | 127 | 126 | 145 | -12 | % | 513 | 817 | -37 | % | |||||||||||||||||||||||||||
Total interest expense | 326 | 355 | 572 | -43 | % | 1,504 | 2,995 | -50 | % | |||||||||||||||||||||||||||
NET INTEREST INCOME | 1,218 | 1,284 | 1,334 | -9 | % | 5,497 | 5,721 | -4 | % | |||||||||||||||||||||||||||
Loan loss provision | 150 | 400 | 200 | -25 | % | 650 | 3,050 | -79 | % | |||||||||||||||||||||||||||
Net interest income after provision | 1,068 | 884 | 1,134 | -6 | % | 4,847 | 2,671 | 81 | % | |||||||||||||||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||||||||||||||||||
Service charges and fees | 155 | 145 | 169 | -8 | % | 588 | 749 | -21 | % | |||||||||||||||||||||||||||
Government payments and contracts | 247 | - | - | NM | 247 | - | NM | |||||||||||||||||||||||||||||
Loan fees on brokered loans | - | 5 | - | - | 5 | 48 | -90 | % | ||||||||||||||||||||||||||||
Merchant & card interchange income | 108 | 108 | 97 | 11 | % | 422 | 371 | 14 | % | |||||||||||||||||||||||||||
Realized gain/(loss) on sale of investment securities | - | 1 | - | NM | 4 | 130 | -97 | % | ||||||||||||||||||||||||||||
Realized gain/(loss) on sale of Loans & OREO | - | 87 | (309 | ) | NM | 205 | (532 | ) | NM | |||||||||||||||||||||||||||
Other income | 109 | 108 | 105 | 3 | % | 429 | 410 | 5 | % | |||||||||||||||||||||||||||
Total non-interest income | 618 | 454 | 62 | 896 | % | 1,900 | 1,175 | 62 | % | |||||||||||||||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 666 | 663 | 706 | -6 | % | 2,809 | 2,908 | -3 | % | |||||||||||||||||||||||||||
Occupancy and equipment | 164 | 162 | 197 | -17 | % | 685 | 748 | -8 | % | |||||||||||||||||||||||||||
Legal and professional | 189 | 139 | 397 | -65 | % | 745 | 1,228 | -43 | % | |||||||||||||||||||||||||||
Marketing | 51 | 33 | 44 | 15 | % | 160 | 184 | -13 | % | |||||||||||||||||||||||||||
Data processing | 184 | 184 | 183 | 1 | % | 752 | 794 | -5 | % | |||||||||||||||||||||||||||
Loan and OREO | 24 | 117 | 369 | -93 | % | 255 | 1,239 | -79 | % | |||||||||||||||||||||||||||
FDIC assessment | 107 | 92 | 142 | -25 | % | 478 | 737 | -35 | % | |||||||||||||||||||||||||||
Other | 151 | 74 | 447 | -66 | % | 564 | 867 | -35 | % | |||||||||||||||||||||||||||
Total non-interest expense | 1,536 | 1,464 | 2,486 | -38 | % | 6,448 | 8,705 | -27 | % | |||||||||||||||||||||||||||
PRETAX INCOME (LOSS) | 150 | (126 | ) | (1,289 | ) | NM | 300 | (4,858 | ) | NM | ||||||||||||||||||||||||||
Provision for income taxes | (7 | ) | - | - | NM | 8 | 15 | -50 | % | |||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | 157 | $ | (126 | ) | $ | (1,289 | ) | NM | $ | 292 | $ | (4,873 | ) | NM | |||||||||||||||||||||
NM- Not meaningful | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per share- Basic and Diluted | $ | 0.12 | $ | (0.10 | ) | $ | (0.92 | ) | NM | $ | 0.22 | $ | (3.91 | ) | NM | |||||||||||||||||||||
Weighted average shares outstanding- Basic and Diluted | 1,073,310 | 1,073,310 | 1,073,310 | 0 | % | 1,073,310 | 1,073,222 | 0 | % | |||||||||||||||||||||||||||
FINANCIAL RATIOS | ||||||||||||||||||||||||||||||||||||
Return on average assets | 0.45 | % | -0.36 | % | -0.74 | % | 0.21 | % | -2.79 | % | ||||||||||||||||||||||||||
Efficiency ratio | 83.68 | % | 84.25 | % | 178.02 | % | 87.16 | % | 126.22 | % | ||||||||||||||||||||||||||
Net interest margin | 4.03 | % | 4.18 | % | 3.81 | % | 4.42 | % | 3.84 | % | ||||||||||||||||||||||||||
Albina Community Bancorp | |||||||||||||||||||||||||||||||
Selected Highlights | |||||||||||||||||||||||||||||||
(Dollars in thousands) | As of the Date Ended | ||||||||||||||||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||||||||||||||||
2011 | 2011 | 2010 | |||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||
Commercial business | $ | 20,370 | 21.8 | % | $ | 21,307 | 22.0 | % | $ | 25,653 | 22.2 | % | |||||||||||||||||||
R/E construction | - | 0.0 | % | - | 0.0 | % | 3,246 | 2.8 | % | ||||||||||||||||||||||
Commercial R/E | 47,327 | 50.8 | % | 49,020 | 50.7 | % | 56,478 | 48.8 | % | ||||||||||||||||||||||
Multifamily residential | 2,759 | 3.0 | % | 2,783 | 2.9 | % | 4,625 | 4.0 | % | ||||||||||||||||||||||
One to four family residential | 15,948 | 17.1 | % | 16,363 | 16.9 | % | 16,767 | 14.5 | % | ||||||||||||||||||||||
Consumer | 6,933 | 7.4 | % | 7,364 | 7.6 | % | 9,183 | 7.9 | % | ||||||||||||||||||||||
Unearned Loan Fees | (124 | ) | -0.1 | % | (121 | ) | -0.1 | % | (199 | ) | -0.2 | % | |||||||||||||||||||
Total Loans | $ | 93,212 | 100.0 | % | $ | 96,715 | 100.0 | % | $ | 115,752 | 100.0 | % | |||||||||||||||||||
ASSET QUALITY | |||||||||||||||||||||||||||||||
Non-Performing loans: | |||||||||||||||||||||||||||||||
Loans past due 90 days or more | $ | 45 | $ | 81 | $ | 207 | |||||||||||||||||||||||||
Non-accrual loans | 4,561 | 6,013 | 6,552 | ||||||||||||||||||||||||||||
Total non-performing loans | 4,606 | 6,095 | 6,759 | ||||||||||||||||||||||||||||
OREO | 795 | 795 | 1,547 | ||||||||||||||||||||||||||||
Total non-performing assets | $ | 5,401 | $ | 6,890 | $ | 8,306 | |||||||||||||||||||||||||
Non-performing assets / total assets | 4.09 | % | 5.13 | % | 5.67 | % | |||||||||||||||||||||||||
Beginning ALLL - from previous FYE | $ | 3,298 | $ | 3,298 | $ | 3,921 | |||||||||||||||||||||||||
Provision for loan loss expense | 650 | 500 | 3,050 | ||||||||||||||||||||||||||||
Loan charge-offs | (1,365 | ) | (921 | ) | (4,669 | ) | |||||||||||||||||||||||||
Loan recoveries | 327 | 265 | 995 | ||||||||||||||||||||||||||||
(Charge-offs), net of recoveries | (1,038 | ) | (656 | ) | (3,673 | ) | |||||||||||||||||||||||||
Ending ALLL - YTD | $ | 2,910 | $ | 3,142 | $ | 3,298 | |||||||||||||||||||||||||
Average Loans | |||||||||||||||||||||||||||||||
Quarter | $ | 94,864 | $ | 97,836 | $ | 118,892 | |||||||||||||||||||||||||
YTD | 101,315 | 103,489 | 129,719 | ||||||||||||||||||||||||||||
Net charge-off | |||||||||||||||||||||||||||||||
Quarter | 382 | 243 | (92 | ) | |||||||||||||||||||||||||||
YTD | 1,038 | 656 | 3,673 | ||||||||||||||||||||||||||||
Net charge-offs as % of Average loans | |||||||||||||||||||||||||||||||
Quarter | 0.40 | % | 0.25 | % | -0.08 | % | |||||||||||||||||||||||||
YTD | 1.02 | % | 0.63 | % | 2.83 | % | |||||||||||||||||||||||||
Non-accrual loans | |||||||||||||||||||||||||||||||
Residential Development | $ | 1,000 | $ | 1,000 | $ | 3,052 | |||||||||||||||||||||||||
Commercial Real Estate | 3,314 | 4,553 | 3,388 | ||||||||||||||||||||||||||||
Commercial / Industrial | 247 | 460 | 113 | ||||||||||||||||||||||||||||
Total Non-accrual loans | $ | 4,561 | $ | 6,013 | $ | 6,552 |
Albina Community Bank
President & CEO
Cheryl Cebula,
503-288-7296