Willamette Community Bank Announces Q3 Earnings

For immediate release: October 18, 2019

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

Willamette Community Bank reports record earnings

Albany, OR – October 18, 2019 – Willamette Community Bank (the “Bank”) (OTCQB: WMCB) based in Albany, Oregon, reports net income through the third quarter 2019 of $526,000, an increase of $131,000 or 33% over the same period in the previous year. “Concentration on growing our balance sheet and a focus on expense control resulted in continued growth in net income year over year,” said Willamette Community Bank President and CEO Joan Reukauf.

Loan growth continued through the third quarter of 2019. Loan totals increased 6% in the third quarter to $122 million. This loan growth represents an increase of our loan portfolio of 20% year over year compared to totals during the same period in 2018. “We continue to see good loan demand from our current client base, as well as new credit requests from the communities that we proudly serve,” commented Reukauf. Credit quality remains strong with an improvement in our percentage of non-performing assets from 1.37% to 1.26%.

Deposits have increased by 10% year over year compared to totals during the same period in 2018. “Increased cost of deposits has forced us to turn our attention to retention of deposits. Despite an increase in cost of funds year over year, we still maintain a healthy net interest margin of 4.40%,” commented Reukauf. “While deposit gathering has been an industry challenge, we are keeping up with loan demand, providing funding for our growth.”

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

  • Net income YTD is $526,000, an increase of $131,000 over the same period in the previous year. Earnings per share (LTM) were $0.41 at quarter end. On a pre-tax/pre-provision basis, net income for the third quarter is $842,000, a 39% increase over the same period in 2018.
  • Net interest income increased by 8% compared to the same period in 2018 to $4.5 million. Non-interest income increased by 43% from $267,000 in 2018 to $382,000 in 2019.
  • Return on average assets (ROAA) increased to 0.47%. Compared to the same period in 2018, ROAA was 0.40%. Return on average equity (ROAE) is 3.66% compared to 3.16% over the same period in 2018.
  • Loans grew 16% compared to 2018 end of year totals, finishing the quarter at $122 million. There were no loans that carried past due at quarter end.
  • 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:

September 2019 (unaudited)
Total Assets $154,979,904
Loans 121,795,607
Deposits 133,593,668
Shareholders’ Equity 19,729,593
Net Income $526,451
Book Value $10.62

September 2018 (unaudited)
Total Assets $140,425,110
Loans 101,691,289
Deposits 121,907,075
Shareholders’ Equity 18,334,373
Net Income $395,361
Book Value $9.99

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