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Oregon Bancorp Reports Quarterly and Annual Results

January 24, 2020 GMT

SALEM, Ore.--(BUSINESS WIRE)--Jan 24, 2020--

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $3,069,170 for the fourth quarter of 2019 compared to $1,588,015 during the fourth quarter of 2018. Earnings per share for the quarter were $1.32 compared to $0.70 for the same quarter a year ago. The company also declared a cash dividend of $0.11 per share during December.

Year-to-date net income rose to $11.5 million in 2019, an increase of 52% from 2018 and representing a new high for the Company. Return on average assets for the year reached 4.46% compared to 3.37% in 2018 and return on average equity for the year was 36.42% compared to 29.89% in 2018. Total assets improved from $241 million at December 31, 2018 to $269 million December 31, 2019.

Asset quality remains positive with past due loans equaling 0.67% of total loans and non-performing loans as a percentage of total loans measuring 0.52%. Strong earnings have increased the Company’s ratio of equity to total assets to 14.25%.

“We continue to see good commercial and residential loan demand and increases in deposits have led to balance sheet growth from the prior year,” stated Ryan Dempster, President and Chief Executive Officer. “The Company’s asset quality and capital remain strong and provide a stable foundation for future growth. Earnings continued their upward trend from prior years and remain a leader among peer institutions.”

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 operates full-service branches in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates Home Loan Centers in Bend, Eugene, Grants Pass, Medford, Portland, Tualatin, and West Linn, Oregon, Vancouver, Spokane, Newport and Yakima, Washington, and Coeur d’Alene and Meridian, 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.

CONSOLIDATED BALANCE SHEETS
Unaudited
 
December 31,September 30,
Summary Statements of Condition

 

2019

 

 

2018

 

 

2019

 

Cash and short term investments

$

17,613,486

 

$

49,564,356

 

$

19,685,751

 

Investments

 

-

 

 

-

 

 

-

 

Loans:
Commercial

 

12,424,690

 

 

9,998,122

 

 

11,285,739

 

Commercial real estate

 

164,792,981

 

 

140,038,346

 

 

153,588,865

 

Other

 

4,216,716

 

 

4,562,367

 

 

3,304,553

 

Loan loss reserve and unearned income

 

(1,986,998

)

 

(1,624,035

)

 

(1,818,935

)

Total net loans

 

179,447,389

 

 

152,974,800

 

 

166,360,222

 

Loans available for sale

 

58,751,727

 

 

32,706,890

 

 

66,605,272

 

Property and other assets

 

13,669,164

 

 

6,331,331

 

 

13,562,618

 

Total assets

$

269,481,766

 

$

241,577,377

 

$

266,213,863

 

 
Deposits:
Noninterest-bearing demand

$

39,435,130

 

$

34,035,154

 

$

41,873,417

 

Interest-bearing demand

 

26,855,835

 

 

24,816,047

 

 

21,674,511

 

Savings and Money Market

 

54,654,082

 

 

48,135,966

 

 

52,264,726

 

Certificates of deposit

 

100,894,321

 

 

98,551,220

 

 

105,427,046

 

Total deposits

 

221,839,368

 

 

205,538,387

 

 

221,239,700

 

Other liabilities

 

9,246,772

 

 

6,664,385

 

 

9,586,799

 

Shareholders' equity

 

38,395,627

 

 

29,374,605

 

 

35,387,364

 

Total liabilities and shareholders' equity

$

269,481,766

 

$

241,577,377

 

$

266,213,863

 

 
Book value per share

$

16.54

 

$

12.92

 

$

15.25

 

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 
Twelve Months EndingThree Months Ending
 
December 31, 2019December 31, 2018December 31, 2019December 31, 2018
Interest income

$

12,134,009

$

10,273,968

$

3,064,676

$

2,823,595

Interest expense

 

2,376,925

 

1,723,820

 

619,677

 

500,334

Net interest income

 

9,757,084

 

8,550,148

 

2,444,999

 

2,323,261

Less Provision for loan losses

 

328,000

 

-

 

138,000

 

-

Noninterest income

 

45,839,886

 

34,475,460

 

12,399,571

 

7,086,339

Noninterest expense

 

39,902,657

 

33,102,666

 

10,623,829

 

7,521,184

Net income before income taxes

 

15,366,313

 

9,922,942

 

4,082,741

 

1,888,416

Provision for income taxes

 

3,859,118

 

2,369,548

 

1,013,571

 

300,401

Net income after income taxes

$

11,507,195

$

7,553,394

$

3,069,170

$

1,588,015

 
Net income per share, basic

$

4.98

$

2.64

$

1.32

$

0.70

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200124005086/en/

CONTACT: Ryan Dempster

Oregon Bancorp, Inc.

503-485-2222

bank@wvbk.com

KEYWORD: OREGON UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Oregon Bancorp, Inc.

Copyright Business Wire 2020.

PUB: 01/24/2020 09:30 AM/DISC: 01/24/2020 09:30 AM

http://www.businesswire.com/news/home/20200124005086/en