Pretax, pre-provision operating income was $2.5 million. Better than last year but was only 1.2% annualized on average asset of $830M.
Note pretax number included $1.1M released from ALLL.
Granted, 1Q is the end of winter and numbers are depressed normally but it also aggravated the weak credits. Too, the loan port was only $400M, less than 50% of asset. Once both returns to normal, earning power would be much better. Pretax, pre-provision number near 1.8% is not unthinkable. Before then, I'd still say that the bank is safe and not so cheap.
Still wondering why it did not already pay off TARP.