Willamette Community Bank announces third quarter results

ALBANY, Ore., Oct. 26, 2015 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) reported third quarter earnings of $133,000, continuing series of record quarterly earnings.  Through the third quarter, the Albany Oregon-based bank earned $371,000, a 300% improvement over prior year to date.  The results reflect a lower Cost of Funds, growth in earning assets and lower expenses.  Net interest margin, at 4.41%, has improved significantly from 4.08% at September 2014.  Total assets were $96.9 Million as of 9/30/2015, up 2.73% from year end 2014.  The bank reported net loan growth of $5 Million, up 7.1% from year end 2014.  Return on assets and return on equity increased year over year from .12% to .51% and 1.28% to 4.88% respectively.  Willamette Community Bank's CEO, Dan McDowell, stated, "I am pleased to see the ongoing execution of our strategy and focus on core operations beginning to payoff.  Our growth in quality earning assets coupled with a strong Net Interest Margin positions us well for continued strong performance in the face of potential interest rate increases."

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SOURCE Willamette Community Bank