SALEM, Ore.--(BUSINESS WIRE)--Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTC Pink: ORBN), reported net income for the third quarter of $1.44 million, which is up 180% from $515 thousand during the same quarter of the previous year. Earnings per share for the quarter were $1.33 and year to date earnings per share reached $2.93. The company declared a cash dividend of $0.15 per share during the quarter.
Return on average assets for the quarter reached 3.27% compared to 1.33% for the same period last year. Year-to-date ROAA is 2.55% compared to 1.36% for the same period in 2015. Return on average equity for the quarter was 30.97% compared to 13.08% for the year ago period. Year to date ROAE is 23.73% compared to 12.47% last year. Net interest margin of 3.98% compares favorably to recent quarters and deposit growth caused total assets to rise to $179.2 million from $149.5 million at the end of the third quarter in 2015.
“We are very pleased with our robust financial performance this year,” Neil D. Grossnicklaus, President and CEO, stated. “As the housing market recovers and broader economy slowly advances we are poised to take advantage of the improving conditions.
“Our results have been driven primarily by solid commercial loan originations and continued strong fee income from mortgage banking operations. The state of Oregon is showing healthy economic growth which has enabled established businesses to expand and has attracted new residents to the area benefiting our bottom line.”
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates full-service Oregon branches in Salem, Keizer, Silverton, and Albany. The Bank also operates Home Loan Centers in Portland, Tualatin, Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver, Washington, and Coeur d’Alene, Priest River and Meridian, Idaho.
|QUARTERLY FINANCIAL REPORT - SEPTEMBER 2016|
|Summary Statements of Condition||September 30, 2016||September 30, 2015|
|Cash and short term investments||$||18,010,718||$||4,532,121|
|Commercial real estate||100,801,068||103,417,520|
|Loan loss reserve and unearned income||(1,629,508||)||(1,592,976||)|
|Total net loans||108,227,011||111,091,257|
|Loans available for sale||43,856,928||24,818,178|
|Property and other assets||9,049,508||8,977,578|
|Savings and Money Market||46,813,491||38,254,840|
|Certificates of deposit||67,695,936||64,326,587|
|Total liabilities and shareholders' equity||$||179,188,741||$||149,523,055|
|Book value per share||$||17.69||$||15.10|
|Summary Statements of Income||September 30, 2016||September 30, 2015|
|Net interest income||4,753,060||4,544,031|
|Provision for loan losses||-||-|
|Net income before income taxes||4,912,322||2,288,913|
|Provision for income taxes||1,755,224||858,984|
|Net income after income taxes||$||3,157,098||$||1,429,929|
|Net income per share, basic||$||2.93||$||1.35|