Oregon Bancorp Announces First Quarter Earnings

First quarter 2020 net earnings of $2.3 million, or $1.02 per common share
Quarterly net earnings increased $759,305, or 47%
Year-over-Year commercial loan growth of 11% or $18 million

SALEM, Ore.--()--Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $2,380,737 for the first quarter of 2020 compared to $1,621,432 during the first quarter of 2019. This represents an increase of $759,305, or 47%, over the year-ago quarter. The improvement in quarterly net income was the result of an 11% increase in commercial loan balances and 55% increase in mortgage production from the 2019 first quarter.

Annualized return on assets rose to 3.56% compared to 2.64% in the year-ago period and return on average equity reached 24.66% compared to 21.94% in 2019. Total assets rose to $308 million from $264 million and earnings per share for the quarter were $1.02 compared to $0.71 for the same quarter a year ago. The company declared a quarterly dividend of $0.11 per share and a special cash dividend of $1.50 per share was paid on March 13, 2020.

Ryan Dempster, President and CEO, commented, “The world is dealing with the COVID-19 pandemic which has resulted in a significant disruption to the economy. We are monitoring the situation closely and taking every step to continue being a strong and safe resource for our customers.” He continued by saying “We are proud to have made over 100 loans to small businesses in connection with the Paycheck Protection Program established under the CARES Act. These loans are vital to our small business customers, their employees and the broader local economy.”

About Oregon Bancorp, Inc.

Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (Bank), a community bank headquartered in Salem, Oregon. The Bank operates full-service branches in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates Home Loan Centers in Bend, Eugene, Grants Pass, Medford, Tualatin, and West Linn, Oregon, Vancouver, Spokane, Newport and Yakima, Washington, and Coeur d’Alene and Meridian, Idaho. For more information about Oregon Bancorp, Inc. or its subsidiary, Willamette Valley Bank, please call (503) 485-2222 or visit our website at www.willamettevalleybank.com.

Forward Looking Statements

Certain statements in this release may be deemed “forward-looking statements”. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.

CONSOLIDATED BALANCE SHEETS

Unaudited

 

March 31,

Summary Statements of Condition

 

2020

 

 

2019

 

Cash and short term investments

 $

              22,902,162

 

 $

              50,690,431

 

Loans:
  Commercial real estate

 

               170,283,067

 

 

               154,312,573

 

  Commercial

 

                 12,051,408

 

 

                    9,167,333

 

  Other

 

                    3,902,202

 

 

                    3,664,107

 

  Loan loss reserve and unearned income

 

                  (2,425,837

)

 

                  (1,793,018

)

Total net loans

 

               183,810,840

 

 

               165,350,995

 

Loans available for sale

 

                 83,528,555

 

 

                 35,097,337

 

Property and other assets

 

                 17,970,015

 

 

                 13,280,591

 

    Total assets

 $

            308,211,572

 

 $

            264,419,354

 

 
Deposits:
  Noninterest-bearing demand

 $

              19,001,215

 

 $

              38,812,158

 

  Interest-bearing demand

 

                 44,561,804

 

 

                 20,889,812

 

  Savings and Money Market

 

                 58,006,561

 

 

                 71,967,100

 

  Certificates of deposit

 

               106,543,506

 

 

                 95,554,401

 

    Total deposits

 

               228,113,086

 

 

               227,223,471

 

Other liabilities

 

                 42,665,912

 

 

                    8,591,185

 

Shareholders' equity

 

                 37,432,574

 

 

                 28,604,698

 

    Total liabilities and shareholders' equity

 $

            308,211,572

 

 $

            264,419,354

 

 
Book value per share

 $

                        15.94

 

 $

                        12.40

 

 

CONSOLIDATED STATEMENTS OF NET INCOME

Unaudited

 

Three Months Ending

March 31, 2020

March 31, 2019

Interest income

 $

                2,951,146

 $

                2,861,828

Interest expense

 

                       608,599

 

                       527,799

  Net interest income

 

                    2,342,547

 

                    2,334,029

Provision for loan losses

 

                       390,000

 

                       190,000

  Net interest income after provision

 

                    1,952,547

 

                    2,144,029

Noninterest income

 

                 11,884,058

 

                    7,966,516

Noninterest expense

 

                 10,760,446

 

                    7,931,637

  Net income before income taxes

 

                    3,076,159

 

                    2,178,908

Provision for income taxes

 

                       695,422

 

                       557,476

  Net income after income taxes

 $

                2,380,737

 $

                1,621,432

 
    Net income per share, basic

 $

                          1.02

 $

                          0.71

 

Contacts

Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com

Contacts

Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com