First quarter 2020 net earnings of $2.3 million, or $1.02 per common share
Quarterly net earnings increased $759,305, or 47%
Year-over-Year commercial loan growth of 11% or $18 million
SALEM, Ore. –April 24, 2020 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $2,380,737 for the first quarter of 2020 compared to $1,621,432 during the first quarter of 2019. This represents an increase of $759,305, or 47%, over the year-ago quarter. The improvement in quarterly net income was the result of an 11% increase in commercial loan balances and 55% increase in mortgage production from the 2019 first quarter.
Annualized return on assets rose to 3.56% compared to 2.64% in the year-ago period and return on average equity reached 24.66% compared to 21.94% in 2019. Total assets rose to $308 million from $264 million and earnings per share for the quarter were $1.02 compared to $0.71 for the same quarter a year ago. The company declared a quarterly dividend of $0.11 per share and a special cash dividend of $1.50 per share was paid on March 13, 2020.
Ryan Dempster, President and CEO, commented “The world is dealing with the COVID-19 pandemic which has resulted in a significant disruption to the economy. We are monitoring the situation closely and taking every step to continue being a strong and safe resource for our customers.” He continued by saying “We are proud to have made over 100 loans to small businesses in connection with the Paycheck Protection Program established under the CARES Act. These loans are vital to our small business customers, their employees and the broader local economy.”
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 operates full-service branches in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates Home Loan Centers in Bend, Eugene, Grants Pass, Medford, Tualatin, and West Linn, Oregon, Vancouver, Spokane, Newport and Yakima, Washington, and Coeur d’Alene and Meridian, Idaho. For more information about Oregon Bancorp, Inc. or its subsidiary, Willamette Valley Bank, please call (503)485-2222 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.