Willamette Community Bank Announces Q2 Earnings

For immediate release: July 12, 2019

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

Willamette Community Bank reports quarterly earnings

Albany, OR – July 12, 2019- Willamette Community Bank (the “Bank”) (OTCQB: WMCB) based in Albany, Oregon, reports net income in the second quarter 2019 of $182,000, an increase of $99,000 or 120% over the same period in the previous year. “We have performed well the first half of the year by controlling expenses and creating efficiencies where we can,” said Willamette Community Bank President and CEO Joan Reukauf. “Pre-tax, pre-provision income nearly doubled in the second quarter to $530,000 and increased 59% year over year compared to totals during the same period in 2018.”

Loan growth continued through the second quarter of 2019. Loan totals increased 6% in the second quarter to $115 million. “Our focus continues to be on quality, sustainable growth,” Reukauf commented. “Our team of community-minded bankers are a great resource to small businesses and, in return, we are able to source and book quality loans, helping us to grow along with the communities we serve.” This loan growth represents an increase of our loan portfolio of 13% year over year compared to totals during the same period in 2018. Credit quality remains strong with an improvement in our percentage of non-performing assets from 1.86% to 1.37%.

Deposits remain at healthy levels with a 90% loan to deposit ratio in the second quarter. “A rising rate environment in the last two quarters made it challenging to grow deposit totals,” commented Reukauf. “That, and the seasonality that we tend to experience around this time of year within our communities contributed to subdued growth in our deposit portfolio.” Deposits have increased by 9% year over year compared to totals during the same period in 2018. “We continue to be vigilant over our cost of funds with focus on market expectations and, ultimately, the bank’s profitability. Our net interest margin at 4.36% remains among one of the highest in our peer group,” Reukauf continued.

The bank announced the addition of two very qualified, motivated commercial team leaders in the second quarter. “Rick Garrison and Dave Takata are amazing additions to our team, both with over 30+ years of banking and finance experience. The two of them will be instrumental in our future growth and community development. Their leadership will be key to building our Albany, Lebanon, and Salem teams and taking our institution to the next level,” commented Reukauf.

Financial Highlights (as of, or for the period ending June 30, 2019, except as noted)

  • Net income YTD is $340,000, an increase of $128,000 over the same period in the previous year. This represents an LTM $0.41 per share return compared to LTM $0.36 per share in March. On a pre-tax/pre-provision basis, net income for the second quarter is $253,000, a 67% increase over the same period in 2018.
  • Interest income increased year over year, compared to 2018, by 15% to $3.3 million. Non-interest income increased by 57% from $164,000 in 2018 to $257,000 in 2019.
  • Return on average assets (ROAA) increased to 0.46%. Compared to the same period in 2018, ROAA was 0.33%. Return on average equity (ROAE) is 3.60% compared to 2.68% over the same period in 2018.
  • Loans grew 10% compared to 2018 end of year totals, finishing the quarter at $115 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:

June 2019 (unaudited)
Total Assets $150,638,226
Loans 114,944,742
Deposits 127,713,484
Shareholders’ Equity 19,540,853
Net Income $340,081
Book Value $10.52

June 2018 (unaudited)
Total Assets $136,113,395
Loans 102,009,006
Deposits 117,749,791
Shareholders’ Equity 18,206,790
Net Income $212,067
Book Value $9.92

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