Oregon Bancorp Reports 2017 First Quarter Earnings

Board Declares Cash Dividend

SALEM, Ore.--(BUSINESS WIRE)-- Oregon Bancorp, Inc., parent company of Willamette Valley Bank (OTCBB: ORBN), reported net income for the first quarter of 2017 of $808 thousand which is up 21% from $667 thousand during the same quarter of the previous year. Earnings per share for the quarter were $0.74. The company declared a cash dividend of $0.15 per share during the quarter.

Return on average assets for the first quarter reached 1.83% compared to 1.71% in 2016. Return on average equity for the quarter was 16.38% compared to 15.1% for the year ago period. Net interest margin of 4.00% compares favorably to peer and deposit growth caused total assets to rise to $177.2 million from $163.7 million a year ago.

“Robust financial performance as we begin 2017 stems largely from the strengthening local economy and a healthy housing market,” Neil D. Grossnicklaus, President and CEO stated. “Commercial loan growth indicates optimism amongst our small business customers and increasing home loan volumes reflects resilience in the face of increasing mortgage rates.”

“Our solid business loan growth and continued strong fee income from mortgage banking operations has been enabled by the addition of new loan generating capacity and talented staff members. The Pacific Northwest has enjoyed steady economic growth and in-migration from other parts of the country which is a trend that appears sustainable.”

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, Tualatin, Wilsonville, Eugene, Bend, Grants Pass, and Medford, Oregon, Vancouver and Spokane, Washington, and Coeur d’Alene, Priest River, Meridian, and Nampa Idaho.

QUARTERLY FINANCIAL REPORT - MARCH 2017
		Unaudited				Unaudited
Summary Statements of Condition		March 31, 2017				March 31, 2016
Cash and short term investments		$	16,731,650			$	14,231,974
Investments			1,854,131				1,838,162
Loans:
Commercial			5,724,371				5,044,497
Commercial real estate			117,228,815				106,598,887
Other			3,133,191				2,881,571
Loan loss reserve and unearned income			(1,561,756	)			(1,613,608	)
Total net loans			124,524,621				112,911,347
Loans available for sale			25,895,568				27,460,970
Property and other assets			8,204,038				7,280,504
Total assets		$	177,210,008			$	163,722,957
Deposits:
Noninterest-bearing demand		$	27,635,014			$	24,144,238
Interest-bearing demand			15,073,805				9,331,583
Savings and Money Market			49,612,588				40,827,454
Certificates of deposit			60,297,341				68,289,987
Total deposits			152,618,748				142,593,262
Other liabilities			4,964,045				4,222,533
Shareholders' equity			19,627,215				16,907,162
Total liabilities and shareholders' equity		$	177,210,008			$	163,722,957
Book value per share		$	17.66			$	15.76
		Unaudited				Unaudited
Summary Statements of Income		Quarter Ending March 31, 2017				Quarter Ending March 31, 2016
Interest income		$	1,818,848			$	1,718,612
Interest expense			218,097				217,016
Net interest income			1,600,751				1,501,596
Provision for loan losses			-				-
Noninterest income			5,507,900				4,166,630
Noninterest expense			5,820,196				4,592,031
Net income before income taxes			1,288,455				1,076,195
Provision for income taxes			480,413				409,107
Net income after income taxes		$	808,042			$	667,088
Net income per share, basic		$	0.74			$	0.62

View source version on businesswire.com: http://www.businesswire.com/news/home/20170421005003/en/

Oregon Bancorp, Inc.
Neil Grossnicklaus, 503-763-6351

Source: Oregon Bancorp, Inc.

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