Willamette Community Bank reports quarterly results, announces hiring of new Chief Credit Officer

ALBANY, Ore., July 28, 2017 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) based in Albany, Oregon, reported continued significant growth in the first half of 2017. Total Assets increased $17.6M over year-end 2016 to finish the quarter at $115.9M. This represents a 17.9% increase from year-end. On a year-to-year comparison, the Bank's Total Assets increased $17.3M from June 2016 levels (or 17.6%).

The asset growth was fueled by Total Deposits increasing to $104.5M, a 19.9% increase over December 2016 (or $17.4M). Willamette Community Bank President and CEO Dan McDowell states, "Our Salem Branch opened in mid-March and is already meeting our expectations for growth. We see evidence in all our markets that our consultative model of banking is making a difference for us and our customers."

Loan growth was robust in the second quarter, growing $8.0M, or 10.6% during the period. Loans finished the quarter at $82.8M, increasing from $74.9M the previous quarter and $74.4M at year-end. CEO McDowell further states, "The economic recovery has been slow and it has taken longer than anticipated for our customers to utilize their excess capacity.  The increased loan activity is an indication that companies have not only used up the excess capacity they had, they are building more. "

Net income for the first half of the year was $194K, a decline of $87K from the same period in 2016. Net Interest Income earnings were down $67K with the cost of funds increasing by $43K and the earning assets yielding $24K less due to volume mix. Nearly all of the increase in Non-Interest Expenses ($53K) were related to the opening of the new Salem facility. CEO McDowell states, "As anticipated, the opening of the Salem Branch in March of this year increased our occupancy expenses over the prior year.  With strong results already, the branch is meeting our expectations even faster than anticipated."

Chief Credit Officer – Willamette Community Bank is pleased to announce the hiring of David Frances as Senior Vice President and Chief Credit Officer.  "We are thrilled to have someone with David's deep credit background join our team in this important capacity.  With more than 25 years in various credit roles including community banks, he fits our credit culture and our Bank well" states McDowell.

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.

SOURCE Willamette Community Bank

Related Links

http://www.willamettecommunitybank.com/