SALEM, Ore.--(BUSINESS WIRE)--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the second quarter of 2017 of $1.42 million which is up 36% from $1.05 million during the same quarter of the previous year. Earnings per share for the quarter were $1.28. The company declared a cash dividend of $0.15 per share during the quarter.
Return on average assets for the second quarter reached 3.07% compared to 2.04% in 2016. Return on average equity for the quarter was 28.17% compared to 19.67% for the year ago period. Net interest margin of 4.29% compares favorably to peer and total assets rose to $193.1 million from $172.7 million a year ago.
“Commercial loan growth and continued strong mortgage banking revenues are the primary drivers in second quarter results,” Neil D. Grossnicklaus, President and CEO stated. “While interest rates have moved upward slightly, this has been offset by improvements in local economic conditions.
“Our continued business loan growth has also been aided by consolidation in the industry. We remain focused on individualized banking solutions to our small business customers. The impact of the millennial generation on home purchases is being realized and in-migration into the area continues.”
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 Ashland, Bend, Eugene, Grants Pass, Medford, Portland, Tualatin, and Wilsonville, Oregon, Spokane and Vancouver, Washington, and Coeur d’Alene, Meridian, Nampa, and Priest River, Idaho.
| QUARTERLY FINANCIAL REPORT - JUNE 2017 | |||||||||
| Unaudited | Unaudited | ||||||||
| Summary Statements of Condition | June 30, 2017 | June 30, 2016 | |||||||
| Cash and short term investments | $ | 16,949,869 | $ | 16,852,789 | |||||
| Investments | - | 57,777 | |||||||
| Loans: | |||||||||
| Commercial | 6,564,065 | 5,952,531 | |||||||
| Commercial real estate | 121,525,738 | 101,994,471 | |||||||
| Other | 3,251,323 | 2,797,777 | |||||||
| Loan loss reserve and unearned income | (1,570,740 | ) | (1,610,901 | ) | |||||
| Total net loans | 129,770,386 | 109,133,878 | |||||||
| Loans available for sale | 36,698,460 | 37,244,871 | |||||||
| Property and other assets | 10,242,438 | 9,445,696 | |||||||
| Total assets | $ | 193,661,153 | $ | 172,735,011 | |||||
| Deposits: | |||||||||
| Noninterest-bearing demand | $ | 28,872,468 | $ | 26,646,014 | |||||
| Interest-bearing demand | 12,718,803 | 10,314,677 | |||||||
| Savings and Money Market | 47,978,714 | 41,015,880 | |||||||
| Certificates of deposit | 60,926,013 | 68,120,173 | |||||||
| Total deposits | 150,495,998 | 146,096,744 | |||||||
| Other liabilities | 22,350,041 | 8,628,984 | |||||||
| Shareholders' equity | 20,815,114 | 18,009,283 | |||||||
| Total liabilities and shareholders' equity | $ | 193,661,153 | $ | 172,735,011 | |||||
| Book value per share | $ | 18.73 | $ | 16.62 | |||||
| Unaudited | Unaudited | ||||||||
|
Summary Statements of Income |
Six Months Ending |
Six Months Ending |
|||||||
| Interest income | $ | 3,792,320 | $ | 3,598,952 | |||||
| Interest expense | 434,967 | 450,298 | |||||||
| Net interest income | 3,357,353 | 3,148,654 | |||||||
| Provision for loan losses | - | - | |||||||
| Noninterest income | 13,242,132 | 9,652,277 | |||||||
| Noninterest expense | 13,034,733 | 10,078,381 | |||||||
| Net income before income taxes | 3,564,752 | 2,722,550 | |||||||
| Provision for income taxes | 1,332,603 | 1,005,326 | |||||||
| Net income after income taxes | $ | 2,232,149 | $ | 1,717,224 | |||||
|
Year-to-Date Net income per share, basic |
$ | 2.03 | $ | 1.59 | |||||
