CORRECTION -- Albina Community Bancorp Reports First Quarter 2009 Results

• Press Release
• Source: Albina Community Bancorp
• On 6:13 pm EDT, Friday May 1, 2009

PORTLAND, Ore., May 1, 2009 (GLOBE NEWSWIRE) -- In a release issued on April 30, 2009 by Albina Community Bancorp (OTCBB:ACBC - News), 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:

Related Quotes

Symbol	Price	Change
ACBC.OB	1.01	+0.01

{"s" : "acbc.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}

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
                                --------------------------------------
                                March 31,   Dec. 31,  March 31, Annual
                                   2009       2008       2008   %Change
                                --------------------------------------
                               (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%
                                -------------------------------
     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%
                                -------------------------------
     Total loans                  158,458    163,224    149,779     6%

 Allowance for loan and lease
  losses                           (3,133)    (2,736)    (2,277)   38%
                                -------------------------------
   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%
                                -------------------------------
                                -------------------------------
     Total assets               $ 231,803  $ 215,683  $ 191,919    21%
                                ===============================

 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%
                                -------------------------------
     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%
                                -------------------------------
     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%
                                -------------------------------
     Total shareholders' equity    11,365     12,483     13,271   -14%
                                -------------------------------
                                -------------------------------
 Total liabilities and equity   $ 231,803  $ 215,683  $ 191,919    21%
                                ===============================

 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

Albina Community Bancorp
Robert L. McKean, President & CEO
(503) 288-7280
Jim Schlotfeldt, Chief Financial Officer
(503) 288-8495