ALBANY, Ore., Nov. 14, 2014 /PRNewswire/ -- Willamette Community Bank ( OTCQB: WMCB) has reported third quarter earnings with a profit of $113,000, the most profitable quarter to date under bank CEO Dan McDowell. The performance was primarily due to continued growth in earning assets as well as reductions in both interest and non-interest related expenses. The bank's assets grew by $2.4 Million from the second quarter 2014, to total assets of $103.9 Million. Core deposits grew by roughly $2.32 Million for the quarter, while loans were up $2.8 Million. Cost of funds were slightly down, going from 0.35% to 0.34% during the quarter. Net interest margin was at 4.08%, relatively flat on the quarter over quarter basis, while asset quality continued to be strong, with only 0.03% of assets classified as non-performing. Willamette Community Bank's CEO, Dan McDowell, stated, "We have continued executing on the bank's strategy of growing relationships while managing our expenditures. Now that we have mobilized our brand, we will continue to temper our growth with prudent risk management. Our outstanding results in the third quarter reflect the efforts of our staff and the value of both our customer and community relationships."
Willamette Community Bank, headquartered in Albany, Oregon, is a community bank focused on creative business solutions and customer service. The bank, founded in 2003, has enjoyed consistent profitability since 2005. If you would like to learn more about Willamette Community Bank, please contact the bank at [email protected].
SOURCE Willamette Community Bank