Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB:ORBN), reported net income for the fourth quarter of $497 thousand or 47 cents per fully diluted share. Full year earnings were $1.9 million, or $1.81 per fully diluted share. The company paid a $0.30 dividend in the most recent quarter.
“We are pleased to see our earnings increase significantly last year,” Neil D. Grossnicklaus, President and CEO stated. “We are seeing resiliency in the housing sector and better market conditions for our commercial borrowers.”
Oregon Bancorp’s return on assets of 1.37% and return on equity of 12.55% were driven primarily by strong commercial loan growth of 11% over year-ago levels to $109.5 million and complemented by continued robust fee income from the mortgage business channel. Total deposits rose 18% as the bank added a substantial number of new local customers.
“We are seeing a growing confidence amongst our commercial customers leading toward more business expansion. We also helped over 1,300 Northwest families purchase or refinance their homes in the past year,” commented Grossnicklaus. “This represents $314 million in new lending as part of our continuing commitment to homeownership.”
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.
| QUARTERLY FINANCIAL REPORT - DECEMBER 2015 | ||||||||
| (in thousands except per share data) | ||||||||
| Unaudited | Unaudited | |||||||
| Summary Statements of Condition | December 31, 2015 | December 31, 2014 | ||||||
| Cash and short term investments | $ | 9,786,949 | $ | 8,455,603 | ||||
| Securities | 85,297 | 1,166,727 | ||||||
| Loans: | ||||||||
| Commercial | 5,720,902 | 6,433,711 | ||||||
| Commercial real estate | 102,615,517 | 90,443,645 | ||||||
| Other | 2,746,964 | 2,739,121 | ||||||
| Loan loss reserve and unearned income | (1,602,495 | ) | (1,570,562 | ) | ||||
| Total net loans | 109,480,888 | 98,045,915 | ||||||
| Loans available for sale | 22,986,913 | 15,280,049 | ||||||
| Property and other assets | 8,319,946 | 7,940,497 | ||||||
| Total assets | $ | 150,659,993 | $ | 130,888,791 | ||||
| Deposits: | ||||||||
| Noninterest-bearing demand | $ | 27,161,524 | $ | 16,773,790 | ||||
| Interest-bearing demand | 7,946,014 | 6,068,647 | ||||||
| Savings and Money Market | 37,861,330 | 38,727,143 | ||||||
| Certificates of deposit | 58,051,940 | 49,574,430 | ||||||
| Total deposits | 131,020,808 | 111,144,010 | ||||||
| Other liabilities | 3,429,692 | 5,246,210 | ||||||
| Shareholders' equity | 16,209,493 | 14,498,571 | ||||||
| Total liabilities and shareholders' equity | $ | 150,659,993 | $ | 130,888,791 | ||||
| Book value per share | $ | 15.30 | $ | 13.80 | ||||
| Unaudited | Unaudited | |||||||
| Summary Statements of Income | Year ending December 31, 2015 | Year ending December 31, 2014 | ||||||
| Interest income | $ | 6,906,664 | $ | 5,454,246 | ||||
| Interest expense | 816,035 | 630,826 | ||||||
| Net interest income | 6,090,629 | 4,823,420 | ||||||
| Provision for loan losses | - | - | ||||||
| Noninterest income | 14,257,598 | 6,965,643 | ||||||
| Noninterest expense | 17,266,845 | 11,550,062 | ||||||
| Net income before income taxes | 3,081,382 | 239,001 | ||||||
| Provision for income taxes | 1,153,709 | 89,973 | ||||||
| Net income after income taxes | $ | 1,927,673 | $ | 149,028 | ||||
| Net income per share, basic | $ | 1.82 | $ | 0.15 | ||||
| Net income per share, fully diluted | $ | 1.81 | $ | 0.15 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006020/en/
Contacts:
Neil Grossnicklaus, 503-763-6351
