Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB:
ORBN), reported net income for the first quarter of $667,088 which is up
from $471,224 during the same quarter of the previous year. First
quarter earnings were $0.62 per share.
“We are pleased that our strong financial performance of 2015 has
continued into 2016,” Neil D. Grossnicklaus, President and CEO stated.
“The modest pace of economic growth coupled with low long-term interest
rates is very good for our borrowers which translates into increased
profitability for our bank.”
Oregon Bancorp’s return on assets of 1.74% and return on equity of
16.47% were driven primarily by strong commercial loan growth and
complemented by continued robust fee income from the mortgage business
channel. Commercial loan growth improved 11% over year-ago levels to
$114.3 million and total deposits rose $24.7 million, or 21%.
“Growth in our commercial real estate loan portfolio has enabled
improvement in profitability in our core commercial loan business,”
commented Grossnicklaus. “We also generated $83 million in new mortgage
loan originations during the quarter which positions us well heading
into the home purchase season.”
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank,
a community bank headquartered in Salem, Oregon. The Bank operates
full-service Oregon branches in Salem, Keizer, Silverton, and Albany.
The Bank also operates Home Loan Centers in Portland, Sherwood,
Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver,
Washington, and Coeur d’Alene, Priest River and Boise, Idaho.
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QUARTERLY FINANCIAL REPORT - MARCH 2016
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(in thousands except per share data)
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Unaudited
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Unaudited
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Summary Statements of Condition
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March 31, 2016
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March 31, 2015
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Cash and short term investments
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$
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14,231,974
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$
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5,933,952
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Securities
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1,838,162
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2,810,856
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Loans:
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Commercial
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5,044,497
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5,306,263
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Commercial real estate
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106,598,887
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94,526,634
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Other
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2,881,571
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3,406,892
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Loan loss reserve and unearned income
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(1,613,608
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)
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(1,584,798
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)
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Total net loans
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112,911,347
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101,654,991
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Loans available for sale
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27,460,970
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29,671,134
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Property and other assets
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7,280,504
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6,313,821
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Total assets
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$
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163,722,957
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$
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146,384,754
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Deposits:
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Noninterest-bearing demand
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$
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24,144,238
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$
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20,805,460
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Interest-bearing demand
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9,331,583
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6,070,486
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Savings and Money Market
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40,827,454
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37,559,224
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Certificates of deposit
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68,289,987
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53,412,857
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Total deposits
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142,593,262
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117,848,027
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Other liabilities
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4,222,533
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13,542,225
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Shareholders' equity
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16,907,162
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14,994,502
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Total liabilities and shareholders' equity
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$
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163,722,957
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$
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146,384,754
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Book value per share
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$
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15.76
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$
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14.27
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Unaudited
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Unaudited
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Summary Statements of Income
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Quarter Ending
March 31, 2016
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Quarter Ending
March 31, 2015
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Interest income
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$
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1,718,612
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$
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1,548,697
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Interest expense
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217,016
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186,152
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Net interest income
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1,501,596
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1,362,545
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Provision for loan losses
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-
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-
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Noninterest income
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4,166,630
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3,700,588
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Noninterest expense
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4,592,031
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4,303,909
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Net income before income taxes
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1,076,195
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759,224
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Provision for income taxes
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409,107
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288,000
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Net income after income taxes
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$
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667,088
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$
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471,224
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Net income per share, basic
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$
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0.62
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$
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0.45
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160425006507/en/
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