Albina Bank Continues Neigborhood Growth

Albina Community Bank recently released its first-quarter earnings statement for 2006.

Albina Community Bancorp, parent company of Albina Community Bank, earned a net income of $73,867 for the quarter ending March 31, an increase from the $24,729 earned during the same period in 2005. Diluted earnings per share of common stock were $0.17, an increase from the $0.06 earned in the first quarter of 2005.

The bank is continuing work on its fifth branch at 5636 N.E. Sandy Blvd., and expects to open that branch in May.

Additionally, through a partnership with the Housing Authority of Portland, the Albina Community Bank's new ATM on Main Street in New Columbia in North Portland will be available to customers this month.

The bank has established depository relationships with other banks that will enable business clients to make their deposits at the other bank's branches, effectively expanding Albina's branch network.

"Through branch openings, remote ATMs, business depository, cash management and courier services, we're doing everything we can to provide greater access to smart local banking that also makes a difference in our neighborhoods," said Cheryl Cebula, executive vice president and chief operating officer.

Total assets were $126.6 million on March 31, compared to $112.1 million on March 31, 2005, a 12 percent increase. Loan net of reserves were $84.9 million, an increase of $2.6 million, or 3 percent from a year ago. Deposits increased $13.5 million, or 9 percent, to $108 million from levels on March 31, 2005, and $4.5 million, or 4.3 percent from Dec. 31, 2004.

The bank's nonperforming loans stand at $489,023 on March 31, representing 0.57 percent of total loans compared to zero for the first quarter of 2005. The allowance for loan losses to total loans ended the period at 1.42 percent and 1.44 percent for 2006 and 2005 respectively.

Albina Community Bank opened in December 1995 as the sole subsidiary of AlbinaCommunity Bancorp. It is one of just 51 commercial banks in the country and the only one in Oregon certified by the U.S. Treasury as a community development financial institution. Albina is additionally certified as a minority-owned bank. It is independently and locally owned through the Northeast Community Development Trust and individual shareholders in the community.

It operates from four locations: 2002 N.E. Martin Luther King Jr. Blvd., 8040 N. Lombard St., 4020B N.E. Fremont St. and 430 N.W. 10th Ave.