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.

CONSOLIDATED BALANCE SHEETS
Unaudited
 
December 31,September 30,
Summary Statements of Condition

2020

2019

2020

Cash and short term investments

$

27,875,749

 

$

17,613,486

 

$

22,088,990

 

Investments

 

-

 

 

-

 

 

-

 

Loans:
Commercial

 

32,319,726

 

 

12,424,690

 

 

36,933,533

 

Commercial real estate

 

190,211,867

 

 

164,792,981

 

 

191,328,447

 

Other

 

1,628,336

 

 

4,216,716

 

 

3,576,022

 

Unearned income

 

(729,309

)

 

(172,180

)

 

(913,132

)

Loan and lease loss reserve

 

(2,482,430

)

 

(1,814,818

)

 

(2,434,858

)

Total net loans

 

220,948,190

 

 

179,447,389

 

 

228,490,012

 

Loans available for sale

 

125,738,282

 

 

58,751,727

 

 

113,322,565

 

Property and other assets

 

21,327,032

 

 

13,669,164

 

 

20,442,443

 

Total assets

$

395,889,253

 

$

269,481,766

 

$

384,344,010

 

 
Deposits:
Noninterest-bearing demand

$

26,880,774

 

$

39,435,130

 

$

26,843,325

 

Interest-bearing demand

 

72,519,591

 

 

26,855,835

 

 

64,416,006

 

Savings and Money Market

 

97,177,179

 

 

54,654,082

 

 

91,600,189

 

Certificates of deposit

 

72,109,879

 

 

100,894,321

 

 

73,520,599

 

Total deposits

 

268,687,423

 

 

221,839,368

 

 

256,380,119

 

Borrowings

 

48,500,316

 

 

840,924

 

 

57,830,155

 

Other liabilities

 

15,972,396

 

 

8,405,847

 

 

14,934,249

 

Shareholders' equity

 

62,729,118

 

 

38,395,627

 

 

55,199,487

 

Total liabilities and shareholders' equity

$

395,889,253

 

$

269,481,766

 

$

384,344,010

 

 
Book value per share

$

26.55

 

$

16.54

 

$

23.37

 

CONSOLIDATED STATEMENTS OF NET INCOME

Unaudited
 
Year-to-DateThree Months Ending
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Interest income

$

13,570,987

$

12,134,009

$

3,765,735

$

3,064,676

Interest expense

 

1,903,011

 

2,376,925

 

371,615

 

619,677

Net interest income

 

11,667,976

 

9,757,084

 

3,394,120

 

2,444,999

Less Provision for loan losses

 

657,321

 

328,000

 

45,000

 

138,000

Net interest income after provision

 

11,010,655

 

9,429,084

 

3,349,120

 

2,306,999

Noninterest income

 

89,722,584

 

45,839,886

 

25,343,622

 

12,399,571

Noninterest expense

 

62,771,336

 

39,902,657

 

18,050,006

 

10,623,829

Net income before income taxes

 

37,961,903

 

15,366,313

 

10,642,736

 

4,082,741

Provision for income taxes

 

9,670,191

 

3,859,118

 

2,691,815

 

1,013,571

Net income after income taxes

$

28,291,712

$

11,507,195

$

7,950,921

$

3,069,170

 
Net income per share, basic

$

12.00

$

4.98

$

3.37

$

1.32

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.