ALBANY, N.Y. - Albank Financial Corp. earned $28.6 million last year, up 12% from 1993.

Fourth-quarter net income was $7.5 million, up from $6.5 million for the same period in 1993.

Albank's return on assets for 1994 was 1.02%, while return on equity was 9.11%.

Total loans were up to $1.8 billion, from $1.5 billion at the end of 1993. Nonperforming assets totaled $24.1 million, or 0.81% of all assets.

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