Oregon Bancorp Reports Record Third Quarter Earnings

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
 
Unaudited Unaudited
Summary Statements of Condition September 30, 2016     September 30, 2015
Cash and short term investments $ 18,010,718 $ 4,532,121
Securities 44,576 103,921
Loans:
Commercial 6,134,336 6,435,311
Commercial real estate 100,801,068 103,417,520
Other 2,921,115 2,831,402
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  
Total assets $ 179,188,741       $ 149,523,055  
 
Deposits:
Noninterest-bearing demand $ 30,131,269 $ 20,961,927
Interest-bearing demand 10,698,557 6,399,049
Savings and Money Market 46,813,491 38,254,840
Certificates of deposit   67,695,936         64,326,587  
Total deposits 155,339,253 129,942,403
Other liabilities 4,668,675 3,576,637
Shareholders' equity   19,180,813         16,004,015  
Total liabilities and shareholders' equity $ 179,188,741       $ 149,523,055  
 
Book value per share $ 17.69 $ 15.10
 
 
Unaudited Unaudited
Year-to-Date Year-to-Date
Summary Statements of Income September 30, 2016     September 30, 2015
Interest income $ 5,446,366 $ 5,163,348
Interest expense   693,306         619,317  
Net interest income 4,753,060 4,544,031
Provision for loan losses - -
Noninterest income 16,223,314 10,835,583
Noninterest expense   16,064,052         13,090,701  
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

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