Third quarter 2020 net earnings of $10.45 million, or $4.43 per common share
Quarterly net earnings increased $6,991,876, or 202%, from third quarter 2019
Quarterly Residential Mortgage Lending reached $500 million
SALEM, Ore. – October 23, 2020 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $10,455,732 for the third quarter of 2020 compared to $3,463,856 during the third quarter of 2019. This represents an increase of $6,991,876, or 202%, over the year-ago quarter. The improvement in quarterly net income was the result of a $62 million, or 37%, increase in commercial lending and $199 million, or 66%, increase in residential mortgage lending from the 2019 third quarter.
Quarterly return on assets rose to 11.69% compared to 5.31% in the year-ago period and return on average equity reached 83.49% compared to 41.14% in 2019. Earnings per share for the quarter were $4.43 compared to $1.49 for the same quarter a year ago and total assets rose to $384 million from $266 million. The company declared a quarterly dividend of $0.11 per share that was paid on October 14, 2020.
Ryan Dempster, President and CEO, commented “2020 has been a difficult year for companies and people throughout the world. I’m pleased that we have remained a source of strength for our customers and community all while posting improved earnings from 2019.” Mr. Dempster continued by saying “The low interest rates have led to a significant increase in mortgage lending and profitability. However, I am equally pleased we have experienced good growth in commercial loans and deposits.”
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.
Oregon Bancorp, Inc.