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ORBN($29.35) prints all-time high; Q3 EPS up 33% to $1.76


Oregon Bancorp Reports Record Third Quarter Earnings

SALEM, Ore.--(BUSINESS WIRE)-- Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the third quarter of 2017 of $1.96 million which is up 36% from $1.44 million during the same quarter of the previous year. Earnings per share for the quarter were $1.76 which is an increase of 33% over the same quarter a year ago. The company declared a cash dividend of $0.15 per share during the quarter.

Return on average assets (ROAA) for the third quarter reached 4.00% compared to 3.27% in 2016. Return on average equity (ROAE) for the quarter was 36.81% compared to 30.97% for the year ago period. Net interest margin of 4.06% compares favorably to peer and total assets rose to $204 million from $179 million a year ago. Year-to-date income rose to $4.2 million reflecting an ROAA of 3.00% and a 25.66% ROAE and representing a new high.

“Commercial loan growth and continued strong mortgage banking revenues are the primary drivers in third quarter results,” Neil Grossnicklaus, President and CEO stated. “We are pleased to see economic conditions improving in our primary markets driving the increased business loan originations.”

“Robust mortgage loan demand led primarily by home purchase activity resulted in record originations in our mortgage business line”, commented Ryan Dempster, Chief Financial Officer. “The bank generated $188.7 million in new loan volume during the quarter which is an increase of 37% over a year ago. Improved market share offset slightly higher loan rates compared to last year.”

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 - SEPTEMBER 2017
Unaudited Unaudited
Summary Statements of Condition September 30, 2017 September 30, 2016
Cash and short term investments $ 26,129,480 $ 18,010,718
Investments - 44,576
Loans:
Commercial 7,791,936 6,134,336
Commercial real estate 127,477,891 100,801,068
Other 4,311,825 2,921,115
Loan loss reserve and unearned income (1,569,262 ) (1,629,508 )
Total net loans 138,012,390 108,227,011
Loans available for sale 32,058,628 43,856,928
Property and other assets 8,059,626 9,049,508
Total assets $ 204,260,124 $ 179,188,741

Deposits:
Noninterest-bearing demand $ 30,715,769 $ 30,131,269
Interest-bearing demand 14,315,811 10,698,557
Savings and Money Market 46,533,222 46,813,491
Certificates of deposit 74,463,022 67,695,936
Total deposits 166,027,824 155,339,253
Other liabilities 15,513,863 4,668,675
Shareholders' equity 22,718,437 19,180,813
Total liabilities and shareholders' equity $ 204,260,124 $ 179,188,741

Book value per share $ 20.43 $ 17.70


Unaudited Unaudited
Summary Statements of Income

Year-to-Date
September 30, 2017


Year-to-Date
September 30, 2016
Interest income $ 6,022,324 $ 5,446,366
Interest expense 709,621 693,306
Net interest income 5,312,703 4,753,060
Provision for loan losses - -
Noninterest income 22,264,655 16,223,314
Noninterest expense 20,774,323 16,064,052
Net income before income taxes 6,803,035 4,912,322
Provision for income taxes 2,613,281 1,755,224
Net income after income taxes $ 4,189,754 $ 3,157,098

Year-to-Date Net income per share, basic $ 3.77 $ 2.93

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View source version on businesswire.com: http://www.businesswire.com/news/home/20171019006250/en/

Oregon Bancorp, Inc.
Neil Grossnicklaus, 503-763-6351

Source: Oregon Bancorp, Inc.