October 23, 2020
For immediate release: October 23, 2020
Contact: Joan Reukauf, President and Chief Executive Officer
(541) 926-9000 or firstname.lastname@example.org
Willamette Community Bank Reports Third Quarter Earnings
Albany, OR – October 23, 2020- Willamette Community Bank (the “Bank”) (OTCQB: WMCB) based in Albany, Oregon, releases its financial results for the third quarter of 2020. The bank grew total assets to $210 million, an increase of 35% or $55 million compared to the same period in the previous year. “While most of our growth this year is as a result of the Payment Protection Program which took effect in the second quarter, deposits continued to grow by 11% in the third quarter,” said Willamette Community Bank President and CEO Joan Reukauf. Earnings for the first three quarters of 2020 totaled $507,550. “Our participation in the PPP program has helped our earnings stay strong through the third quarter despite the current low rate environment,” commented Reukauf.
Loan totals came in at $147 million in the third quarter. “Loan growth has been sluggish with the unknowns of COVID-19 seemingly affecting the use and establishment of credit facilities. Small business owners were looking to ensure survival, putting growth plans on hold in lieu of better answers to a worldwide pandemic,” commented Reukauf. Non-performing assets continue to decrease and at quarter end totaled $788,460 or .54% of total loans. “The quality of our portfolio has been a primary focus as we continue to reach out to our customers, checking in on their financial health and offering any tools we can,” commented Reukauf.
Deposit totals came in at $181 million. So far this year, deposit totals have grown 40%. “We continue to see good core growth in deposits from both new and seasoned relationships,” commented Reukauf. “ Our participation the PPP earlier this year, as well as our continued outreach to customers, has provided a partnership platform in which we are able to deliver financial peace of mind as we help both existing and new customers work through this unusual time in our history.”
“2020 is proving to be a challenging year and this last quarter was no exception. News of wildfires spreading through our state, affecting our communities, customers, and employees was gut wrenching. As we learned of the devastation happening right before us, many felt powerless, asking themselves what they could possibly do to help. Our company wide efforts to help in any way we could from supplies, to volunteering, to cash donations, has quickly become one of the proudest moments in WCB history,” commented Reukauf.
Financial Highlights (as of, or for the period ending September 2020, except as noted)
- Net income for the third quarter is $507,550, or $0.37 LTM per share. On a pre-tax/pre-provision basis, YTD income is $822,950.
- Net interest income increased year over year compared to third quarter 2019 by 7.4%, to $4.9 million. Non-interest income came in at $354,455, a decrease of 7.2% compared to the same period in 2019. This decrease is mostly due to our way of helping our customers by not charging our normal fees for a short period of time in 2020.
- YTD return on average assets (ROAA) increased quarter over quarter to 0.38% from .35% during the third quarter, while YTD return on average equity (ROAE) increased to 3.34% from 2.96% over the same period.
- Loans stayed essentially the same quarter to quarter at $147 million. Loan totals for the year have grown 21% widely due to participation in the PPP.
- Deposits increased year over year compared to third quarter 2019 by 36% to $181 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.
September 2020 (unaudited)
Total Assets $209,887,453
Shareholders’ Equity $20,502,739
Net Income $507,550
Book Value $11.04
September 2019 (unaudited)
Total Assets $154,979,904
Shareholders’ Equity $19,729,593
Net Income $526,451
Book Value $10.62