SALEM, Ore.–(BUSINESS WIRE)–Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1,222,001 for the first quarter of 2018 compared to $808,042 during the first quarter of 2017. This represents a 51% increase over the year ago quarter. The improvement in quarterly net income was the result of a 12% increase in commercial loan balances and 47% increase in mortgage production from the first quarter of 2017. The reduction in our effective tax rate following the passage of the Tax Cuts and Jobs Act was also a significant factor in our quarterly financial results. On April 18, 2018, the Board of Directors announced a two-for-one stock split for shareholders of record on May 1, 2018.
Oregon Bancorp, Inc. is the parent company of Willamette Valley 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; Spokane, Newport, and Vancouver, 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.
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