ALBANY, Ore., Aug. 9, 2016 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) based in Albany, Oregon, today announced it plans to open a new branch in Salem, Oregon. The branch will replace the current loan production office in Salem. President and CEO Dan McDowell states, "Salem is a natural next step for Willamette Community Bank having spent a significant portion of my career in the market. Several of our current employees are also well known in the community. The loan production office we opened in 2014 has already produced good results for us and the market is demanding more of us than we can deliver through that office. We see this as an opportunity to expand into one of the largest markets in Oregon where we have a proven track record of performance. The move is further enhanced by the consolidation of both banks and branches in the Salem and Keizer communities." Willamette Community Bank's Salem branch is expected to open in early 2017.
Willamette Community Bank also reported net income of $281,298 or $.28 per share for Q2 2016, up from $237,792 or $.24 per share in Q1 2016. The 2016 results include approximately $50,000 of nonrecurring expenses primarily relating to the CFO transition that occurred earlier in the year.
Highlights for the period include:
Loans increased to $78.4 million up $6.6 million (9.24%) from the same period prior year.
Net Interest Margin of 4.64% remains very strong and was an improvement from 5.57% in Q1 2016.
Asset deployment is strong with an 88.45% loan to deposit ratio and earning assets representing 96.15% of total assets.
Credit quality remains strong with non-performing assets of .09% of assets which is in the top quartile of peer banks of similar size nationwide.