First quarter 2021 net earnings of $7.3 million, or $3.06 per common share
Quarterly net earnings increased $4.9 million, or 207%
Quarterly commercial loan growth of $10.2 million, or 5%
Mortgage loan originations increased $198 million, or 80%, from first quarter 2020
SALEM, Ore. – April 23, 2021 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $7.3 million for the first quarter of 2021 compared to $2.4 million during the first quarter of 2020. This represents an increase of $4.9 million, or 207%, over the year-ago quarter. The improvement in quarterly net income was the result of a $198 million, or 80%, increase in mortgage production from the 2020 first quarter.
Annualized return on assets rose to 7.97% compared to 3.56% in the year-ago period and return on average equity reached 45.85% compared to 24.66% in the first quarter of 2020. Total assets declined to $374 million from $396 million at year end and earnings per share for the quarter were $3.06 compared to $1.02 for the same quarter last year. The company declared a quarterly dividend of $0.26 per share that was paid April 15, 2021 and a special cash dividend of $3.50 per share was paid March 15, 2021.
Ryan Dempster, President and CEO, commented “The continued growth in deposits and commercial and residential lending has been encouraging especially as I consider the challenges the communities we serve have faced over the last twelve months.” He continued by saying “We are proud to have distributed $10 million of second draw loans under the United States Small Business Administration’s Paycheck Protection Program to 80 small businesses among the most impacted by the pandemic to help retain jobs for approximately 1,000 employees.”
About Oregon Bancorp, Inc.
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (Bank), a community bank headquartered in Salem, Oregon. The Bank conducts commercial and retail banking activities at four full-service branch locations in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates 13 Home Loan Centers located in Oregon, Washington, and Idaho. For more information about Oregon Bancorp, Inc. or its subsidiary, Willamette Valley Bank, please call (503)485-2222 or visit our website at www.willamettevalleybank.com.
Forward Looking Statements
Certain statements in this release may be deemed “forward-looking statements”. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.
Oregon Bancorp, Inc.