Willamette Community Bank Announces Q1 Earnings

For immediate release: April 19, 2019

Contact: Joan Reukauf, President and Chief Executive Officer
(541) 926-9000 or jreukauf@willamettecommunitybank.com

Better than expected Q1 earnings reports Willamette Community Bank

Albany, OR – April 19, 2019- Willamette Community Bank (the “Bank”) (OTCQB: WMCB) based in Albany, Oregon, reports an increase in first quarter earnings compared to the same period in 2018. “Our net income increased by 22% in the first quarter compared to last year at this same time. This is a result of our great growth in 2019 and effective management of our resources and loan portfolio,” said Willamette Community Bank President and CEO Joan Reukauf. First quarter net income is $158,000. Year-over-year, the Bank experienced nearly 15% growth in Total Assets and Loans, net of unearned income, and 16% growth in Total Deposits.

Growth from year-end has been more subdued. “First quarter growth can tend to be a little slower on the asset growth side due to timing of taxes and planning for our customers,” Reukauf commented. “While our assets remained relatively flat during the first quarter, we have a robust pipeline of opportunities working their way through our processes, setting us up for good growth in future quarters.”

Loan totals reached $109 million in the first quarter, an increase of our loan portfolio of 15% year over year compared to totals during the same period in 2018. “Even though our loan growth for first quarter was not where we expected it to be, we were able to improve our percentage of non-performing assets from 2.14% to 1.86%,” commented Reukauf. “Our loan administration and lenders do a phenomenal job working with our customers to find solutions that are not only good for the bank, but good for them as well. It truly is what we do best.”

“We did a great job in 2018 managing and maintaining our net interest margin amidst a rising rate environment, however, as rates remain higher than they have been in the last five years, our cost of funds has seen an increase,” commented Reukauf. “Our net interest margin for the quarter continues to be healthy at 4.43% compared to 4.38% for the 4th quarter of 2018. We continue to be vigilant over our cost of funds with focus on market expectations and, ultimately, the bank’s profitability as rates remain somewhat unstable in the foreseeable future.”

Financial Highlights (as of, or for the period ending March 31, 2019, except as noted)

  • Net income for the first quarter is $158,000, or $0.36 per share, an increase of $29,000 over the same period in the previous year. On a pre-tax/pre-provision basis, net income for the first quarter is $277,000, a 41% increase over the same period in 2018.
  • Net interest income increased year over year compared to first quarter 2018 by 15% to $1.48 million. Non-interest income increased by 56% from $82,000 in 2018 to $128,000 in 2019.
  • Return on average assets (ROAA) increased to 0.53% for the first quarter compared to the same period in 2018 of 0.52%, while return on average equity (ROAE) increased to 4.14% from 3.70% over the same period.
  • Loans grew 4% compared to 2018 end of year totals, finishing the quarter at $109 million.
  • The Bank’s capital ratios exceeded the regulatory guidelines for a well-capitalized financial institution under current regulatory requirement.

Willamette Community Bank serves its customers from three offices located in Albany, Lebanon and Salem.

Full financials are available on our website at www.willamettecommunitybank.com.

This document includes forward-looking information, which is subject to the “safe harbor” created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995. When the Bank uses or incorporates by reference in this letter the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “commit,” “believe” and similar expressions, the Company intends to identify forward-looking statements. Our actual results may differ materially from those projected in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control.

Performance Highlights:

March 2019 (unaudited)
Total Assets $148,808,342
Loans 108,647,556
Deposits 129,428,968
Shareholders’ Equity 19,005,325
Net Income $157,772
Book Value $10.36

March 2018 (unaudited)
Total Assets $129,868,166
Loans 94,588,210
Deposits 111,511,423
Shareholders’ Equity 18,163,599
Net Income $129,123
Book Value $9.90

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