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Market Overview

Oregon Bancorp Announces Third Quarter Earnings

Share:

Third quarter 2019 net earnings of $3.4 million, or $1.49 per common share

Quarterly net earnings increased $1,053,727, or 44%

Quarterly Return on Assets grew to 5.31% and Return on Equity reached 41.14%

Year-over-Year loan growth of 13% or $19 million and deposit growth of 10% or $20 million

Oregon Bancorp, Inc. (OTC:ORBN) (the "Company"), parent company of Willamette Valley Bank, reported net income of $3,463,856 for the third quarter of 2019 compared to $2,410,129 during the third quarter of 2018. This represents a 44% increase year over year. The improvement in quarterly net income was the result of a 13% increase in commercial loan balances and 40% increase in mortgage production from the third quarter of 2018.

Quarterly return on assets rose to 5.31% compared to 4.16% in the year-ago period and return on equity reached 41.14% compared to 36.10% in the third quarter of 2018. Total assets rose to $266 million from $257 million and earnings per share for the quarter were $1.49 compared to $1.06 for the same quarter a year ago. The company declared a quarterly dividend of $0.11 per share that was paid on October 15, 2019.

"The reduction in home mortgage interest rates has led to sustained demand for home purchase financing as well as an increase in customers refinancing existing home mortgages," stated Ryan Dempster, President and Chief Executive Officer. "We are pleased with the continued growth in deposits and commercial lending which is a testament to our commitment to the communities in which we operate in.

"I'm also pleased to announce the addition of Craig Hummel to the Board of Directors. His background as a previous Chief Credit Officer with the Company provides further depth in banking and commercial lending experience to the Company."

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

 

 

 

 

 

 

 

September 30,

 

June 30,

Summary Statements of Condition

2019

 

2018

 

2019

Cash and short term investments

$ 19,685,751

$ 44,211,394

$ 27,549,342

Investments

-

-

-

Loans:
Commercial

11,285,739

9,956,631

8,927,461

Commercial real estate

153,588,865

134,829,332

151,544,604

Other

3,304,553

4,166,141

3,726,059

Loan loss reserve and unearned income

(1,818,935)

(1,650,280)

(1,782,693)

Total net loans

166,360,222

147,301,824

162,415,431

Loans available for sale

66,605,272

33,345,861

54,128,103

Property and other assets

13,562,618

10,651,314

13,747,473

Total assets

$ 266,213,863

$ 235,510,393

$ 257,840,349

 
Deposits:
Noninterest-bearing demand

$ 41,873,417

$ 35,102,429

$ 41,478,578

Interest-bearing demand

21,674,511

16,690,154

20,744,371

Savings and Money Market

52,264,726

48,639,166

52,332,747

Certificates of deposit

105,427,046

100,477,420

101,433,425

Total deposits

221,239,700

200,909,169

215,989,121

Other liabilities

9,586,799

6,744,039

9,882,383

Shareholders' equity

35,387,364

27,857,185

31,968,845

Total liabilities and shareholders' equity

$ 266,213,863

$ 235,510,393

$ 257,840,349

 
Book value per share

$ 15.25

$ 12.26

$ 13.77

 

CONSOLIDATED STATEMENTS OF NET INCOME

Unaudited

 

 

 

 

 

 

 

 

 

Nine Months Ending

 

Three Months Ending

 

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

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