SALEM, Ore.--(BUSINESS WIRE)--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the second quarter of $1,050,136, which is up from $444,197 during the same quarter of the previous year. Earnings per share rose to $0.97. The company declared a cash dividend of $0.30 per share during the quarter.
“We are very pleased with our strong financial performance in the first half of 2016,” Neil D. Grossnicklaus, President and CEO, stated. “The rebounding housing industry coupled with low long-term interest rates has translated into increased profitability for our company.”
Oregon Bancorp’s return on assets of 2.04% and return on equity of 19.67% were driven primarily by continued commercial loan growth and complemented by robust fee income from the mortgage business channel. Commercial loan growth improved modestly over year-ago levels while deposit growth was up 14% over the same period last year.
“The economy slowly continues to improve in the markets in which we operate,” commented Grossnicklaus. “We generated $123 million in new mortgage loan originations during the quarter and residential construction activity is growing at a sustainable pace.”
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 Meridian, Idaho.
QUARTERLY FINANCIAL REPORT - JUNE 2016 | ||||||||||
Unaudited | Unaudited | |||||||||
Summary Statements of Condition | June 30, 2016 | June 30, 2015 | ||||||||
Cash and short term investments | $ | 16,852,789 | $ | 6,368,283 | ||||||
Securities | 57,777 | 617,367 | ||||||||
Loans: | ||||||||||
Commercial | 5,952,531 | 5,518,476 | ||||||||
Commercial real estate | 101,994,471 | 100,335,672 | ||||||||
Other | 2,797,777 | 2,773,629 | ||||||||
Loan loss reserve and unearned income | (1,610,901 | ) | (1,588,579 | ) | ||||||
Total net loans | 109,133,878 | 107,039,198 | ||||||||
Loans available for sale | 37,244,871 | 38,946,932 | ||||||||
Property and other assets | 9,445,696 | 7,727,747 | ||||||||
Total assets | $ | 172,735,011 | $ | 160,699,527 | ||||||
Deposits: | ||||||||||
Noninterest-bearing demand | $ | 26,646,014 | $ | 20,349,540 | ||||||
Interest-bearing demand | 10,314,677 | 6,421,668 | ||||||||
Savings and Money Market | 41,015,880 | 37,376,072 | ||||||||
Certificates of deposit | 68,120,173 | 63,840,313 | ||||||||
Total deposits | 146,096,744 | 127,987,593 | ||||||||
Other liabilities | 8,628,984 | 17,237,217 | ||||||||
Shareholders' equity | 18,009,283 | 15,474,717 | ||||||||
Total liabilities and shareholders' equity | $ | 172,735,011 | $ | 160,699,527 | ||||||
Book value per share | $ | 16.62 | $ | 14.60 | ||||||
Unaudited | Unaudited | |||||||||
Summary Statements of Income |
Six Months Ending |
Six Months Ending |
||||||||
Interest income | $ | 3,598,952 | $ | 3,341,897 | ||||||
Interest expense | 450,298 | 402,276 | ||||||||
Net interest income | 3,148,654 | 2,939,621 | ||||||||
Provision for loan losses | - | - | ||||||||
Noninterest income | 9,652,277 | 7,354,240 | ||||||||
Noninterest expense | 10,078,381 | 8,776,991 | ||||||||
Net income before income taxes | 2,722,550 | 1,516,870 | ||||||||
Provision for income taxes | 1,005,326 | 601,449 | ||||||||
Net income after income taxes | $ | 1,717,224 | $ | 915,421 | ||||||
Net income per share, basic | $ | 1.59 | $ | 0.86 | ||||||