Albina Community Bancorp reported earnings correction for the third quarter of 2009. The company announced that in a release issued by company with the same headline on October 30, the year-to-date EPS was listed as $(2.09). The correct year-to-date EPS is $(4.23).

Albina Community Bancorp reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported following a $2.9 million provision for loan losses and a non-cash valuation allowance for the deferred tax asset of $1.2 million, the company lost $2.8 million or $2.09 per common share compared to $1.7 million loss or $1.29 per common share in the preceding quarter, when the provision was $2.3 million. In the third quarter a year ago, net income totaled $105,000 or $0.10 per share with a loan loss provision of $980,000. The company's core earnings, defined as pre-tax, pre-provision earnings, increased 72% for the third quarter of 2009 to $1.9 million from $1.1 million in the third quarter a year ago. Revenue, consisting of net interest income and noninterest income, was $4.3 million compared to $1.7 million in the preceding quarter and $2.7 million in the third quarter a year ago. Net interest income, before the provision for loan losses, was $1.5 million compared to $1.4 million, before the provision in the prior quarter, and $1.7 million in the third quarter a year ago. After the $2.9 million provision for loan losses, third quarter 2009 net interest loss was $1.4 million, down from net interest income of $718,000 a year ago, which included a provision for loan losses of $980,000. Pretax loss was $1.0 million compared to pretax income of $0.1 million for the same period of last year. Loss on average assets was 1.22% compared to return on average assets of 0.05% for the same period of last year. Loss on average equity was 25.03% compared to return on average equity of 0.81% for the same period of last year. Year-to-date, the company has recorded a total provision for loan losses of $7.1 million contributing to a net loss of $5.6 million or $2.09 per common share compared to a loss of $867,000, or $0.81 per common share, in the like period a year ago, with a loan loss provision of $3.0 million. Year-to-date, core earnings were $1.7 million compared to core earnings of $1.6 million for the first nine months of 2008. Net interest income was $4.2 million compared to $5.1 million for the same period of last year. Pretax loss was $5.4 million compared to $1.4 million for the same period of last year. Loss on average assets was 2.47% compared to 0.44% for the same period of last year. Loss on average equity was 50.76% compared to 6.69% for the same period of last year.

Albina Community Bancorp announced earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported pre tax loss of $2,540,000 and net loss of $1,696,000 or $1.29 per diluted share on total interest income of $2,707,000 compared with pre tax loss of $841,000 and net loss of $562,000 or $0.52 per diluted share on total interest income of $2,996,000 for the same period a year ago. For the quarter, the company reported negative return on average assets of 0.75% and negative return on average equity of 14.72% compared with negative return on average assets of 0.51% and negative return on average equity of 9.14% for the same period a year ago. For the six months, the company reported pre tax loss of $4,370,000 and net loss of $2,828,000 or $2.15 per diluted share on total interest income of $5,371,000 compared with pre tax loss of $1,507,000 and net loss of $972,000 or $0.90 per diluted share on total interest income of $6,045,000 for the same period a year ago. For the quarter, the company reported negative return on average assets of 1.25% and negative return on average equity of 24.54% compared with negative return on average assets of 0.49% and negative return on average equity of 7.30% for the same period a year ago. For the period, the company reported tangible book value per share of $7.48 compared with $9.36 for the same period a year ago.