SALEM, Ore.--(BUSINESS WIRE)--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the first quarter of 2017 of $808 thousand which is up 21% from $667 thousand during the same quarter of the previous year. Earnings per share for the quarter were $0.74. The company declared a cash dividend of $0.15 per share during the quarter.
Return on average assets for the first quarter reached 1.83% compared to 1.71% in 2016. Return on average equity for the quarter was 16.38% compared to 15.1% for the year ago period. Net interest margin of 4.00% compares favorably to peer and deposit growth caused total assets to rise to $177.2 million from $163.7 million a year ago.
“Robust financial performance as we begin 2017 stems largely from the strengthening local economy and a healthy housing market,” Neil D. Grossnicklaus, President and CEO stated. “Commercial loan growth indicates optimism amongst our small business customers and increasing home loan volumes reflects resilience in the face of increasing mortgage rates.”
“Our solid business loan growth and continued strong fee income from mortgage banking operations has been enabled by the addition of new loan generating capacity and talented staff members. The Pacific Northwest has enjoyed steady economic growth and in-migration from other parts of the country which is a trend that appears sustainable.”
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates full-service Oregon branches in Salem, Keizer, Silverton, and Albany. The Bank also operates Home Loan Centers in Portland, Tualatin, Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver and Spokane, Washington, and Coeur d’Alene, Priest River, Meridian, and Nampa Idaho.
|QUARTERLY FINANCIAL REPORT - MARCH 2017|
|Summary Statements of Condition||March 31, 2017||March 31, 2016|
|Cash and short term investments||$||16,731,650||$||14,231,974|
|Commercial real estate||117,228,815||106,598,887|
|Loan loss reserve and unearned income||(1,561,756||)||(1,613,608||)|
|Total net loans||124,524,621||112,911,347|
|Loans available for sale||25,895,568||27,460,970|
|Property and other assets||8,204,038||7,280,504|
|Savings and Money Market||49,612,588||40,827,454|
|Certificates of deposit||60,297,341||68,289,987|
|Total liabilities and shareholders' equity||$||177,210,008||$||163,722,957|
|Book value per share||$||17.66||$||15.76|
|Summary Statements of Income||Quarter Ending March 31, 2017||Quarter Ending March 31, 2016|
|Net interest income||1,600,751||1,501,596|
|Provision for loan losses||-||-|
|Net income before income taxes||1,288,455||1,076,195|
|Provision for income taxes||480,413||409,107|
|Net income after income taxes||$||808,042||$||667,088|
|Net income per share, basic||$||0.74||$||0.62|