ALBANY, Ore., April 27, 2017 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) based in Albany, Oregon, reported significant growth in the first quarter of 2017. Total Assets increased $9.2M over year-end 2016 to finish the quarter at $107.5M. This represents a 9.4% increase from year-end. On a year-to-year comparison, the Bank's Total Assets increased $9.5M from March 2016 levels (or 9.7%).
The asset growth was fueled by Total Deposits increasing to $96.3M, a 10.5% increase over December 2016 (or $9.2M). Willamette Community Bank President and CEO Dan McDowell states, "The growth that we have seen in the first quarter shows the positive reception to Willamette Community Bank by the community of Salem."
More modest growth was seen in the loan portfolio during the first quarter. While loans have grown $0.4M over year-end to $74.9M, they have declined $3.6M from an extremely strong Q1 2016. CEO McDowell further states, "In the latter half of 2016, the continued economic recovery created opportunities for several customers to reduce or payoff their debt and improve their financial footing, which we welcome. While deposit growth may be faster to recognize in a new market, we remain committed to helping businesses in Salem and our entire footprint with prudent loan growth in the coming quarters."
Net income for the quarter was $105K, a decline of $11K from the same period in 2016. While the earnings from Net Interest Income were down $70K for the period, the Bank was able to control Non-interest Expenses while opening the Salem facility. CEO McDowell states, "As anticipated, the opening of our Salem Branch and associated new costs have had and will continue to have an impact on our short term operating results. Management and the Board recognize the importance that this facility has for the long term creation of value for our shareholders."
Additionally, the Bank announces a 2% stock dividend payable to shareholders of record as of May 5, 2017. This is the third dividend in four years for Willamette Community Bank. A 2% dividend was declared last year and 3% dividend was declared in 2014.
Willamette Community Bank President and CEO Dan McDowell states, "The Board appreciates the support and patience of our shareholders as we work hard to accelerate our performance. With our continued strong results in 2016, it is appropriate to reward the shareholders who dedicated the capital necessary for our success. Our core operating metrics continue to improve and we are excited about our prospects for future growth."
Willamette Community Bank serves the Mid-Willamette Valley from three offices located in Albany, Lebanon and Salem. Full financials are available on our website at www.willamettecommunitybank.com.
This letter 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.
Dan McDowell, President and Chief Executive Officer
(541) 926-9000 or firstname.lastname@example.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/willamette-community-bank-reports-quarterly-results-announces-stock-dividend-300447629.html
SOURCE Willamette Community Bank