Albina Community Bancorp in Portland, Ore., Friday reported losing $1.8 million in the fourth quarter, compared with a $60,000 loss for the same period in 2008.
The $202 million-asset company had a fourth-quarter provision of $2 million for loan losses, up 143%. Albina's ratio of nonperforming assets to assets decreased 87 basis points, to 6.85%, from the third quarter.
Net chargeoffs totaled $2.3 million, almost double what they were in the prior year.
The company also announced that James R. Bradshaw would be chairman of the company and Graham C. Bryce would be acting chairman of the bank subsidiary. They replaced Michael C. Henderson, who previously held both positions. Henderson left the company as a result of health problems, according to the release.
