Willamette Community Bank reports quarterly results

ALBANY, Ore., Nov. 7, 2017 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) based in Albany, Oregon, reports strong growth through the third quarter of 2017. Total Assets increased $23.6M over year-end 2016 to finish the quarter at $121.8M. This represents a 24% increase from year-end and June 30, 2016.

The asset growth was fueled by Total Deposits increasing to $110.3M, a 26.7% increase over December 2016 (or $23.2M). Willamette Community Bank President and CEO Dan McDowell states, "Our Salem Branch, opened in March 2017, is driving the growth, but we are also seeing solid growth in our legacy markets of Albany and Lebanon."

Loan growth was robust in the third quarter, growing $7.0M, or 8.4% during the period. Loans finished the quarter at $89.8M, increasing from $82.8M the previous quarter and $74.4M at year-end (up $15.3M or 20.6% year-to-date). CEO McDowell further states, "Our strong loan growth has been properly funded with core deposits and the balance sheet remains well positioned to accommodate continued growth."

Net income through September 2017 was $313K, a decline of $90K from the same period in 2016. Net Interest Income was up $67K with interest income from higher loan balances offsetting the higher funding costs.  Nearly all of the increase in Non-Interest Expenses ($198K) were related to the opening of the new Salem facility. CEO McDowell states, "We knew that Salem was a good market for us. I am very pleased to see the investment in Salem rapidly becoming accretive to the bottom line. We remain focused on expansion of relationships with quality loan growth and prudent expense control."

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.

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SOURCE Willamette Community Bank