|By PR Newswire||
|August 1, 2014 07:47 PM EDT||
ALBANY, Ore., Aug. 1, 2014 /PRNewswire/ -- Willamette Community Bank (OTCQB: WMCB) reported second quarter loss $46,000, primarily due to a $203,000 loan loss provision made in the quarter. Core operations remain strong, however, as the bank passed $100 Million in assets for the first time in its history, being $101.5 Million in total assets as of 6/30/2014. Core deposits grew by roughly $11.2 Million for the quarter, while loans were up $3.5 Million. Both loans and deposits grew at record pace for the bank. Cost of funds improved to 0.34% from 0.40% during the quarter. Net interest margin was at 4.01%, down slightly as deposit growth outpaced loans for the quarter, with significant growth in interest bearing transaction accounts. Willamette Community Bank's CEO, Dan McDowell, stated "Despite our provision, our asset quality remains strong and is among the best of community banks. As we have continued to execute our strategic plan, our growth has been exceptional in 2014. We expect our earnings will be equally strong as we effectively manage our classified assets."
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].
****disclaimer**** This announcement includes certain "forward-looking statements" such as estimates and statements that describe Willamette Community Bank's property, future plans, objectives or goals. All statements in this announcement, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or developments to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, market prices, environmental conditions, judicial, regulatory and political developments, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.
SOURCE Willamette Community Bank
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