ORBN($24.25) prints all-time high; Q2 EPS up 36% to $1.28
Oregon Bancorp Reports 2017 Second Quarter Earnings
SALEM, Ore.--(BUSINESS WIRE)--July 20, 2017-- Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the second quarter of 2017 of $1.42 million which is up 36% from $1.05 million during the same quarter of the previous year. Earnings per share for the quarter were $1.28. The company declared a cash dividend of $0.15 per share during the quarter.
Return on average assets for the second quarter reached 3.07% compared to 2.04% in 2016. Return on average equity for the quarter was 28.17% compared to 19.67% for the year ago period. Net interest margin of 4.29% compares favorably to peer and total assets rose to $193.1 million from $172.7 million a year ago.
"Commercial loan growth and continued strong mortgage banking revenues are the primary drivers in second quarter results," Neil D. Grossnicklaus, President and CEO stated. "While interest rates have moved upward slightly, this has been offset by improvements in local economic conditions.
"Our continued business loan growth has also been aided by consolidation in the industry. We remain focused on individualized banking solutions to our small business customers. The impact of the millennial generation on home purchases is being realized and in-migration into the area continues."
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 - JUNE 2017 Unaudited Unaudited Summary Statements of Condition June 30, 2017 June 30, 2016 -------------------- --------------------- Cash and short term investments $ 16,949,869 $ 16,852,789 Investments - 57,777 Loans: Commercial 6,564,065 5,952,531 Commercial real estate 121,525,738 101,994,471 Other 3,251,323 2,797,777 Loan loss reserve and unearned income (1,570,740) (1,610,901) --------------- -------------- Total net loans 129,770,386 109,133,878 Loans available for sale 36,698,460 37,244,871 Property and other assets 10,242,438 9,445,696 --------------- -------------- Total assets $ 193,661,153 $ 172,735,011 =============== ==============
Deposits: Noninterest-bearing demand $ 28,872,468 $ 26,646,014 Interest-bearing demand 12,718,803 10,314,677 Savings and Money Market 47,978,714 41,015,880 Certificates of deposit 60,926,013 68,120,173 --------------- -------------- Total deposits 150,495,998 146,096,744 Other liabilities 22,350,041 8,628,984 Shareholders' equity 20,815,114 18,009,283 --------------- -------------- Total liabilities and shareholders' equity $ 193,661,153 $ 172,735,011 =============== ==============
Book value per share $ 18.73 $ 16.62
Unaudited Unaudited Summary Statements of Six Months Ending Six Months Ending Income June 30, 2017 June 30, 2016 -------------------- --------------------- Interest income $ 3,792,320 $ 3,598,952 Interest expense 434,967 450,298 --------------- -------------- Net interest income 3,357,353 3,148,654 Provision for loan losses - - Noninterest income 13,242,132 9,652,277 Noninterest expense 13,034,733 10,078,381 --------------- -------------- Net income before income taxes 3,564,752 2,722,550 Provision for income taxes 1,332,603 1,005,326 --------------- -------------- Net income after income taxes $ 2,232,149 $ 1,717,224 =============== ==============
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