Oregon Bancorp Reports Record Q2 Earnings

SALEM, Ore.--()--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
June 30, 2016

   

Six Months Ending
June 30, 2015

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
 

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