Oregon Bancorp Announces First Quarter Earnings

First quarter 2021 net earnings of $7.3 million, or $3.06 per common share
Quarterly net earnings increased $4.9 million, or 207%
Quarterly commercial loan growth of $10.2 million, or 5%
Mortgage loan originations increased $198 million, or 80%, from first quarter 2020

SALEM, Ore.--()--Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $7.3 million for the first quarter of 2021 compared to $2.4 million during the first quarter of 2020. This represents an increase of $4.9 million, or 207%, over the year-ago quarter. The improvement in quarterly net income was the result of a $198 million, or 80%, increase in mortgage production from the 2020 first quarter.

Annualized return on assets rose to 7.97% compared to 3.56% in the year-ago period and return on average equity reached 45.85% compared to 24.66% in the first quarter of 2020. Total assets declined to $374 million from $396 million at year end and earnings per share for the quarter were $3.06 compared to $1.02 for the same quarter last year. The company declared a quarterly dividend of $0.26 per share that was paid April 15, 2021 and a special cash dividend of $3.50 per share was paid March 15, 2021.

Ryan Dempster, President and CEO, commented, “The continued growth in deposits and commercial and residential lending has been encouraging especially as I consider the challenges the communities we serve have faced over the last twelve months.” He continued by saying, “We are proud to have distributed $10 million of second draw loans under the United States Small Business Administration’s Paycheck Protection Program to 80 small businesses among the most impacted by the pandemic to help retain jobs for approximately 1,000 employees.”

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 conducts commercial and retail banking activities at four full-service branch locations in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates 13 Home Loan Centers located in Oregon, Washington, and 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
 
(in thousands except per share data)

March 31,

 

December 31,

Summary Statements of Condition

 

2021

 

 

 

2020

 

 

 

2020

 

Cash and short term investments

$

47,018

 

$

22,902

 

$

27,876

 

Loans:
Real estate

 

202,732

 

 

170,283

 

 

190,212

 

Commercial

 

30,947

 

 

12,051

 

 

32,320

 

Other

 

690

 

 

3,902

 

 

1,628

 

Unearned income

 

(970

)

 

(218

)

 

(729

)

Loan loss reserve

 

(2,598

)

 

(2,207

)

 

(2,482

)

Total net loans

 

230,801

 

 

183,811

 

 

220,948

 

Loans available for sale

 

75,596

 

 

83,529

 

 

125,738

 

Property and other assets

 

20,962

 

 

17,970

 

 

21,327

 

Total assets

$

374,377

 

$

308,212

 

$

395,889

 

 
Deposits:
Noninterest-bearing demand

$

27,130

 

$

19,001

 

$

26,881

 

Interest-bearing demand

 

83,724

 

 

44,562

 

 

72,520

 

Savings and Money Market

 

106,131

 

 

58,007

 

 

97,177

 

Certificates of deposit

 

73,061

 

 

106,544

 

 

72,110

 

Total deposits

 

290,046

 

 

228,113

 

 

268,687

 

Borrowings

 

6,343

 

 

30,798

 

 

48,500

 

Other liabilities

 

15,232

 

 

11,868

 

 

15,972

 

Shareholders' equity

 

62,756

 

 

37,433

 

 

62,729

 

Total liabilities and shareholders' equity

$

368,034

 

$

308,212

 

$

395,889

 

 
Book value per common share

$

26.30

 

$

15.94

 

$

26.55

 

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
Three Months Ending
March 31, 2021 March 31, 2020
Interest income

$

3,504

$

2,951

Interest expense

 

306

 

609

Net interest income

 

3,198

 

2,343

Provision for loan losses

 

113

 

390

Net interest income after provision

 

3,085

 

1,953

Noninterest income

 

23,504

 

11,884

Noninterest expense

 

16,544

 

10,760

Net income before income taxes

 

10,045

 

3,076

Provision for income taxes

 

2,745

 

695

Net income after income taxes

$

7,300

$

2,381

 
Net income per share, basic

$

3.06

$

1.02

 

 

Contacts

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

Contacts

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