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Oregon Bancorp Reports 2017 Second Quarter Earnings

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norweger1979   Thursday, 07/20/17 03:55:04 PM
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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

=============== ==============



Year-to-Date Net

income per share,

basic $ 2.03 $ 1.59



View source version on businesswire.com: http://www.businesswire.com/news/home/20170720006157/en/



CONTACT: Oregon Bancorp, Inc.

Neil Grossnicklaus, 503-763-6351



SOURCE: Oregon Bancorp, Inc.

Copyright Business Wire 2017



(END) Dow Jones Newswires

July 20, 2017 14:34 ET (18:34 GMT)


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