(RTTNews) -  Albina Community Bancorp (ACBC.OB: News ) reported a third quarter net loss of $2.75 million or $2.09 per share, compared to net profit of $0.105 million or $0.10 per share in the same period last year. The current quarter net loss included 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's core earnings, defined as pre-tax, pre-provision earnings, rose 72% to $1.9 million from $1.1 million in the year-ago quarter.
Net interest income for the quarter was $1.52 million, down from $1.70 million in the previous year period. Total non-interest income rose to $2.75 million from $1.05 million in the prior year period.

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by RTT Staff Writer

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