Oregon Bancorp Reports Quarterly and Annual Results
January 25, 2019
Fourth quarter 2018 net earnings increased 78% to $1.4 million, or
$0.61 per common share
Full-year 2018 net earnings increased 48% to $7.3 million, or $3.25
per common share
Annual loan growth of 11% or $15 million, and deposit growth of 16%
or $30 million
Annual residential mortgage loan volume of $747 million
SALEM, Ore.–(BUSINESS WIRE)–Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of
Willamette Valley Bank, reported net income of $1,379,951 for the fourth
quarter of 2018 compared to $773,114 during the fourth quarter of 2017.
Earnings per share for the quarter were $0.61 compared to $0.35 for the
same quarter a year ago. The company also declared a cash dividend of
$0.10 per share during December.
Year-to-date net income rose 48% to $7.3 million in 2018 up from $4.9
million in 2017 and representing a new high for the Company. Return on
average assets for the year reached 3.28% compared to 2.69% in 2017.
Return on average equity for the year was 29.07% compared to 23.65% in
2017. Total assets rose to $241 million in 2018 up from $205 million at
the end of 2017.
“We are pleased to continue our string of record annual earnings in
2018,” Neil Grossnicklaus, Chief Executive Officer stated. “Our capital
continues to grow at the same time we are able to return a good portion
of our earnings to our shareholders.” Ryan Dempster, President, added
“We experienced growth in all areas of our company during the year
including commercial and residential lending and customer deposits. This
growth coupled with the lower federal tax rate led to a 48% increase in
earnings from than the prior year.”
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 and Newport, Washington, and Coeur d’Alene and Meridian, Idaho.
For more information about Oregon Bancorp, Inc. or its subsidiary,
Willamette Valley Bank, please call (503)485-2221 or visit our website
at www.willamettevalleybank.com.
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| Unaudited | ||||||||||||
| December 31, | September 30, | |||||||||||
| Summary Statements of Condition | 2018 | 2017 | 2018 | |||||||||
| Cash and short term investments | $ | 45,639,020 | $ | 21,634,182 | $ | 44,211,394 | ||||||
| Investments | – | – | – | |||||||||
| Loans: | ||||||||||||
| Commercial | 9,998,122 | 7,563,118 | 9,956,631 | |||||||||
| Commercial real estate | 140,038,346 | 127,607,896 | 134,829,332 | |||||||||
| Other | 4,562,367 | 4,128,703 | 4,166,141 | |||||||||
| Loan loss reserve and unearned income | (1,624,035 | ) | (1,575,179 | ) | (1,650,280 | ) | ||||||
| Total net loans | 152,974,800 | 137,724,538 | 147,301,824 | |||||||||
| Loans available for sale | 32,957,157 | 34,816,974 | 33,345,861 | |||||||||
| Property and other assets | 9,836,019 | 10,715,717 | 10,651,314 | |||||||||
| Total assets | $ | 241,406,996 | $ | 204,891,411 | $ | 235,510,393 | ||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 34,035,154 | $ | 32,434,931 | $ | 35,102,429 | ||||||
| Interest-bearing demand | 24,816,047 | 14,403,535 | 16,690,154 | |||||||||
| Savings and Money Market | 48,135,966 | 42,051,102 | 48,639,166 | |||||||||
| Certificates of deposit | 98,551,220 | 87,235,931 | 100,477,420 | |||||||||
| Total deposits | 205,538,387 | 176,125,499 | 200,909,169 | |||||||||
| Other liabilities | 6,702,068 | 5,345,863 | 6,744,039 | |||||||||
| Shareholders’ equity | 29,166,541 | 23,420,049 | 27,857,185 | |||||||||
| Total liabilities and shareholders’ equity | $ | 241,406,996 | $ | 204,891,411 | $ | 235,510,393 | ||||||
| Book value per share | $ | 12.82 | $ | 10.53 | $ | 12.26 | ||||||
| CONSOLIDATED STATEMENTS OF NET INCOME | ||||||||||||
| Unaudited | ||||||||||||
| Twelve Months Ending | Three Months Ending | |||||||||||
| December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |||||||||
| Interest income | $ | 10,273,967 | $ | 8,258,340 | $ | 2,823,594 | $ | 2,236,012 | ||||
| Interest expense | 1,723,820 | 1,018,499 | 500,334 | 308,879 | ||||||||
| Net interest income | 8,550,147 | 7,239,841 | 2,323,260 | 1,927,133 | ||||||||
| Provision for loan losses | – | – | – | – | ||||||||
| Noninterest income | 34,475,464 | 30,431,972 | 7,086,343 | 8,150,500 | ||||||||
| Noninterest expense | 33,102,674 | 28,897,905 | 7,521,192 | 8,106,758 | ||||||||
| Net income before income taxes | 9,922,937 | 8,773,908 | 1,888,411 | 1,970,875 | ||||||||
| Provision for income taxes | 2,577,607 | 3,811,043 | 508,460 | 1,197,761 | ||||||||
| Net income after income taxes | $ | 7,345,330 | $ | 4,962,865 | $ | 1,379,951 | $ | 773,114 | ||||
| Net income per share, basic | $ | 3.25 | $ | 2.35 | $ | 0.61 | $ | 0.35 | ||||
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.
Contacts
Neil Grossnicklaus or
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com