Oregon Bancorp Reports Record 2016 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 fourth quarter of 2016 of $954 thousand, which is up 92% from $498 thousand during the same quarter of the previous year. Earnings per share for the quarter were $0.88 and annual earnings per share reached $3.81. Full year net income results were a record for the company at $4.11 million. The company declared a cash dividend of $0.15 per share during the fourth quarter, bringing total 2016 dividends to $0.60 per share.

Return on average assets for 2016 reached 2.51% compared to 1.37% in 2015. Return on average equity for the full year was 22.82% compared to 12.55% for the year ago period. Net interest margin of 4.12% compares favorably to peer and deposit growth caused total assets to rise to $176.5 million from $150.7 million at the end of 2015.

“Our robust financial performance this year is attributable to a slowly improving economy and continued execution of our strategic plan,” Neil D. Grossnicklaus, President and CEO, stated. “As the housing market recovers and broader economy slowly advances we have expanded into select markets to provide small business financing and residential home loans across the region.

“Our results have been driven primarily by commercial loan growth and continued strong fee income from mortgage banking operations. The Pacific Northwest has enjoyed solid economic growth and continues to attract in-migration from other parts of the country which is a trend that we expect to continue.”

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 and Meridian, Idaho.

QUARTERLY FINANCIAL REPORT - DECEMBER 2016
			Unaudited					Unaudited
Summary Statements of Condition			December 31, 2016					December 31, 2015
Cash and short term investments			$	17,458,362				$	9,786,949
Securities				-					85,297
Loans:
Commercial				5,750,895					5,720,902
Commercial real estate				113,843,750					102,615,517
Other				3,542,851					2,746,964
Loan loss reserve and unearned income				(1,570,749	)				(1,602,495	)
Total net loans				121,566,747					109,480,888
Loans available for sale				28,536,192					22,986,913
Property and other assets				9,214,910					8,333,946
Total assets			$	176,776,211				$	150,673,993
Deposits:
Noninterest-bearing demand			$	27,918,671				$	27,161,524
Interest-bearing demand				12,066,511					7,946,014
Savings and Money Market				49,130,389					37,861,330
Certificates of deposit				63,579,784					58,051,940
Total deposits				152,695,355					131,020,808
Other liabilities				4,250,877					3,443,692
Shareholders' equity				19,829,979					16,209,493
Total liabilities and shareholders' equity			$	176,776,211				$	150,673,993
Book value per share			$	18.29				$	15.30
			Unaudited					Unaudited
Summary Statements of Income			Year-to-DateDecember 31, 2016					Year-to-DateDecember 31, 2015
Interest income			$	7,348,857				$	6,908,784
Interest expense				931,281					816,033
Net interest income				6,417,576					6,092,751
Provision for loan losses				-					-
Noninterest income				22,092,892					14,246,872
Noninterest expense				21,928,742					17,258,241
Net income before income taxes				6,581,726					3,081,382
Provision for income taxes				2,469,887					1,153,709
Net income after income taxes			$	4,111,839				$	1,927,673
Net income per share, basic			$	3.81				$	1.86

View source version on businesswire.com: http://www.businesswire.com/news/home/20170203005754/en/

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

Source: Oregon Bancorp, Inc.

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