SALEM, Ore.--(BUSINESS WIRE)--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the fourth quarter of 2016 of $954 thousand, which is up 92% from $498 thousand during the same quarter of the previous year. Earnings per share for the quarter were $0.88 and annual earnings per share reached $3.81. Full year net income results were a record for the company at $4.11 million. The company declared a cash dividend of $0.15 per share during the fourth quarter, bringing total 2016 dividends to $0.60 per share.
Return on average assets for 2016 reached 2.51% compared to 1.37% in 2015. Return on average equity for the full year was 22.82% compared to 12.55% for the year ago period. Net interest margin of 4.12% compares favorably to peer and deposit growth caused total assets to rise to $176.5 million from $150.7 million at the end of 2015.
“Our robust financial performance this year is attributable to a slowly improving economy and continued execution of our strategic plan,” Neil D. Grossnicklaus, President and CEO, stated. “As the housing market recovers and broader economy slowly advances we have expanded into select markets to provide small business financing and residential home loans across the region.
“Our results have been driven primarily by commercial loan growth and continued strong fee income from mortgage banking operations. The Pacific Northwest has enjoyed solid economic growth and continues to attract in-migration from other parts of the country which is a trend that we expect to continue.”
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates full-service Oregon branches in Salem, Keizer, Silverton, and Albany. The Bank also operates Home Loan Centers in Portland, Tualatin, Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver and Spokane, Washington, and Coeur d’Alene, Priest River and Meridian, Idaho.
|QUARTERLY FINANCIAL REPORT - DECEMBER 2016|
|Summary Statements of Condition||December 31, 2016||December 31, 2015|
|Cash and short term investments||$||17,458,362||$||9,786,949|
|Commercial real estate||113,843,750||102,615,517|
|Loan loss reserve and unearned income||(1,570,749||)||(1,602,495||)|
|Total net loans||121,566,747||109,480,888|
|Loans available for sale||28,536,192||22,986,913|
|Property and other assets||9,214,910||8,333,946|
|Savings and Money Market||49,130,389||37,861,330|
|Certificates of deposit||63,579,784||58,051,940|
|Total liabilities and shareholders' equity||$||176,776,211||$||150,673,993|
|Book value per share||$||18.29||$||15.30|
|Summary Statements of Income||
|Net interest income||6,417,576||6,092,751|
|Provision for loan losses||-||-|
|Net income before income taxes||6,581,726||3,081,382|
|Provision for income taxes||2,469,887||1,153,709|
|Net income after income taxes||$||4,111,839||$||1,927,673|
|Net income per share, basic||$||3.81||$||1.86|