Willamette Community Bank Announces Q4 Earnings

For immediate release: January 24, 2020

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

Willamette Community Bank ends the year with record earnings

Albany, OR – January 24, 2020- Willamette Community Bank (the “Bank”) (OTCQB: WMCB) based in Albany, Oregon, reports continued record setting net income through the fourth quarter 2019 of $700,000, a 10.4% increase over last year’s net income of $634,000. Pre-tax/pre-provision income hit the million-dollar milestone for the first time in the Bank’s history.

Loan growth for the year was strong, with an increase in the loan portfolio of 16.1% year over year. The loan portfolio grew to $122 million. “We had a strong year in not only loan growth, but retention of our customers. While we brought in valuable relationships in the fourth quarter, our local economies are experiencing a positive trend, providing an opportunity for customers to gain momentum and pay down or payoff short-term debt,” said Willamette Community Bank President and CEO Joan Reukauf. “Seeing our customers in strong positions is exactly what we work toward, building long-lasting relationships.” Credit quality remains strong with improvement in our non-performing assets to 1.39% of total loans, a significant decrease from the 2018 year-end performance of 3.71%.

Deposits remained relatively flat for the year due to a volatile rate environment and a large customer withdrawal that was planned for a construction project. “These past 12 months have been a challenge on the deposit front,” commented Reukauf. “The year began with a rapidly increasing rate environment, prompting our strategy to preserve our net interest margin while resisting a rapid increase in our cost of funds.” Deposits ended the year at $129 million. “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 is still among one of the highest in our peer group at 4.38%,” Reukauf continued.

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

  • Net income YTD is $700,000 an increase of 10.4% over last year. Earnings per share (LTM) were $0.38 at quarter end. On a pre-tax/pre-provision basis, net income for the year is at $1.1 million, a 19.0% increase year over year.
  • Net interest income increased by 6.6% year over year to $6.1 million. Non-interest income increased by 32.6% from $380,000 in 2018 to $504,000 in 2019.
  • Return on average assets (ROAA) is 0.46%. Return on average equity (ROAE) is 3.61%.
  • Loans grew 16.1% compared to 2018 end of year totals, finishing the quarter at $122 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:

December 2019 (unaudited)
Total Assets $150,579,457
Loans 121,656,576
Deposits 129,326,850
Shareholders’ Equity 19,910,453
Net Income $700,335
Book Value $10.72

December 2018 (unaudited)
Total Assets $148,143,415
Loans 104,789,470
Deposits 129,068,495
Shareholders’ Equity 18,749,094
Net Income $634,248
Book Value $9.99

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