SALEM, Ore.–(BUSINESS WIRE)–
Oregon Bancorp, Inc., parent company of Willamette Valley Bank (ORBN), reported net income for the third quarter of 2017 of $1.96 million which is up 36% from $1.44 million during the same quarter of the previous year. Earnings per share for the quarter were $1.76 which is an increase of 33% over the same quarter a year ago. The company declared a cash dividend of $0.15 per share during the quarter.
Return on average assets (ROAA) for the third quarter reached 4.00% compared to 3.27% in 2016. Return on average equity (ROAE) for the quarter was 36.81% compared to 30.97% for the year ago period. Net interest margin of 4.06% compares favorably to peer and total assets rose to $204 million from $179 million a year ago. Year-to-date income rose to $4.2 million reflecting an ROAA of 3.00% and a 25.66% ROAE and representing a new high.
“Commercial loan growth and continued strong mortgage banking revenues are the primary drivers in third quarter results,” Neil Grossnicklaus, President and CEO stated. “We are pleased to see economic conditions improving in our primary markets driving the increased business loan originations.”
“Robust mortgage loan demand led primarily by home purchase activity resulted in record originations in our mortgage business line”, commented Ryan Dempster, Chief Financial Officer. “The bank generated $188.7 million in new loan volume during the quarter which is an increase of 37% over a year ago. Improved market share offset slightly higher loan rates compared to last year.”
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 Ashland, Bend, Eugene, Grants Pass, Medford, Portland, Tualatin, and Wilsonville, Oregon, Spokane and Vancouver, Washington, and Coeur d’Alene, Meridian, Nampa, and Priest River, Idaho.