Fourth quarter net earnings increased 159% to $8.0 million, or $3.37 per common share
Full-year net earnings increased 146% to $28.3 million, or $12.00 per common share
Annual loan growth of 23% or $41.5 million, and deposit growth of 21% or $46.8 million
Annual residential mortgage loan volume of $1.67 billion
SALEM, Ore. –January 29, 2021 –
Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $8.0 million for the fourth quarter of 2020 compared to $3.1 million during the fourth quarter of 2019. Earnings per share for the quarter were $3.37 compared to $1.32 for the same quarter a year ago. The Company also increased its quarterly cash dividend from $0.11 to $0.26 per share during December.
Year-to-date net income rose to $28.3 million in 2020, an increase of 146% from last year and representing a new high for the Company. Return on average assets for the year reached 8.55% compared to 4.47% in 2019 and return on average equity for the year was 60.72% compared to 35.63% in the prior year. Total assets improved from $269.5 million on December 31, 2019 to $395.9 million on December 31, 2020.
Asset quality remains solid with past due loans equaling 0.14% of total loans and non-performing loans as a percentage of total loans measuring 0.38%. Strong earnings have increased the Company’s ratio of equity to total assets to 15.85%.
“We are pleased with the financial success that occurred during an unprecedented time in history that included significant economic distress caused by the COVID-19 pandemic,” stated Ryan Dempster, President and Chief Executive Officer. “There were many financial highlights during the year including record earnings and mortgage originations, and good commercial loan and deposit growth. An equally rewarding achievement, however, was our ability to inject $25.9 million into our economy by participating in the U.S. Small Business Administration’s Paycheck Protection Program which helped save thousands of jobs and aid our economy during this challenging time in history.”
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.