Oregon Bancorp Reports Record Earnings

SALEM, Ore.--()--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the first quarter of $667,088 which is up from $471,224 during the same quarter of the previous year. First quarter earnings were $0.62 per share.

“We are pleased that our strong financial performance of 2015 has continued into 2016,” Neil D. Grossnicklaus, President and CEO stated. “The modest pace of economic growth coupled with low long-term interest rates is very good for our borrowers which translates into increased profitability for our bank.”

Oregon Bancorp’s return on assets of 1.74% and return on equity of 16.47% were driven primarily by strong commercial loan growth and complemented by continued robust fee income from the mortgage business channel. Commercial loan growth improved 11% over year-ago levels to $114.3 million and total deposits rose $24.7 million, or 21%.

“Growth in our commercial real estate loan portfolio has enabled improvement in profitability in our core commercial loan business,” commented Grossnicklaus. “We also generated $83 million in new mortgage loan originations during the quarter which positions us well heading into the home purchase season.”

Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates full-service Oregon branches in Salem, Keizer, Silverton, and Albany. The Bank also operates Home Loan Centers in Portland, Sherwood, Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver, Washington, and Coeur d’Alene, Priest River and Boise, Idaho.

     
QUARTERLY FINANCIAL REPORT - MARCH 2016
(in thousands except per share data)
Unaudited Unaudited
Summary Statements of Condition March 31, 2016     March 31, 2015
Cash and short term investments $ 14,231,974 $ 5,933,952
Securities 1,838,162 2,810,856
Loans:
Commercial 5,044,497 5,306,263
Commercial real estate 106,598,887 94,526,634
Other 2,881,571 3,406,892
Loan loss reserve and unearned income   (1,613,608 )       (1,584,798 )
Total net loans 112,911,347 101,654,991
Loans available for sale 27,460,970 29,671,134
Property and other assets   7,280,504         6,313,821  
Total assets $ 163,722,957       $ 146,384,754  
 
Deposits:
Noninterest-bearing demand $ 24,144,238 $ 20,805,460
Interest-bearing demand 9,331,583 6,070,486
Savings and Money Market 40,827,454 37,559,224
Certificates of deposit   68,289,987         53,412,857  
Total deposits 142,593,262 117,848,027
Other liabilities 4,222,533 13,542,225
Shareholders' equity   16,907,162         14,994,502  
Total liabilities and shareholders' equity $ 163,722,957       $ 146,384,754  
 
Book value per share $ 15.76 $ 14.27
 
 
Unaudited Unaudited
Summary Statements of Income

Quarter Ending
March 31, 2016

   

Quarter Ending
March 31, 2015

Interest income $ 1,718,612 $ 1,548,697
Interest expense   217,016         186,152  
Net interest income 1,501,596 1,362,545
Provision for loan losses - -
Noninterest income 4,166,630 3,700,588
Noninterest expense   4,592,031         4,303,909  
Net income before income taxes 1,076,195 759,224
Provision for income taxes   409,107         288,000  
Net income after income taxes $ 667,088       $ 471,224  
 
Net income per share, basic $ 0.62 $ 0.45

Contacts

Oregon Bancorp, Inc.
Neil Grossnicklaus
503-763-6351

Release Summary

Oregon Bancorp Reports Record Earnings

Contacts

Oregon Bancorp, Inc.
Neil Grossnicklaus
503-763-6351