Oregon Bancorp Reports 2017 First Quarter Earnings

Board Declares Cash Dividend

SALEM, Ore.--()--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
  Unaudited Unaudited
Summary Statements of Condition March 31, 2017   March 31, 2016
Cash and short term investments $ 16,731,650 $ 14,231,974
Investments 1,854,131 1,838,162
Loans:
Commercial 5,724,371 5,044,497
Commercial real estate 117,228,815 106,598,887
Other 3,133,191 2,881,571
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  
Total assets $ 177,210,008     $ 163,722,957  
 
Deposits:
Noninterest-bearing demand $ 27,635,014 $ 24,144,238
Interest-bearing demand 15,073,805 9,331,583
Savings and Money Market 49,612,588 40,827,454
Certificates of deposit   60,297,341       68,289,987  
Total deposits 152,618,748 142,593,262
Other liabilities 4,964,045 4,222,533
Shareholders' equity   19,627,215       16,907,162  
Total liabilities and shareholders' equity $ 177,210,008     $ 163,722,957  
 
Book value per share $ 17.66 $ 15.76
 
 
Unaudited Unaudited
Summary Statements of Income Quarter Ending March 31, 2017 Quarter Ending March 31, 2016
Interest income $ 1,818,848 $ 1,718,612
Interest expense   218,097       217,016  
Net interest income 1,600,751 1,501,596
Provision for loan losses - -
Noninterest income 5,507,900 4,166,630
Noninterest expense   5,820,196       4,592,031  
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

Contacts

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

Release Summary

Oregon Bancorp Reports 2017 First Quarter Earnings. Board Declares Cash Dividend.

Social Media Profiles

Contacts

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