First quarter 2019 net earnings of $1.6 million, or $0.71 per common share
Quarterly net earnings increased $399,431, or 33%
Year-over-Year loan growth of 19% or $26 million and deposit growth of 20% or $38 million
SALEM, Ore. – April 18, 2019 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1,621,432 for the first quarter of 2019 compared to $1,222,001 during the first quarter of 2018. This represents a 33% increase over the year ago quarter. The improvement in quarterly net income was the result of a 19% increase in commercial loan balances and 8% increase in mortgage production from the first quarter of 2018.
Annualized return on assets rose to 2.64% compared to 2.38% in the year-ago period and return on equity reached 21.94% compared to 20.57% in 2018. Total assets rose to $264 million from $217 million and earnings per share for the quarter were $0.71compared to $0.57 for the same quarter a year ago. The company declared an increase in the quarterly dividend to $0.11 per share and a special cash dividend of $1.00 per share was paid on March 15, 2019.
“We are pleased to see continuing growth in commercial lending as a result of healthy economic conditions in the Northwest,” stated Neil Grossnicklaus, Chief Executive Officer. “Company earnings reached a new high compared to last year which was a factor in the decision to raise the quarterly shareholder dividend.” Ryan Dempster, President, added “Our recent asset growth has been fueled by an increase in core deposits. Our growing customer base affirms that our commitment to providing excellent customer service resonates in the communities we serve.”
Neil Grossnicklaus or
Oregon Bancorp, Inc.
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, Portland, 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.