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Oregon Bancorp Announces First Quarter Earnings

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.–(BUSINESS WIRE)–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 $0.71 compared 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.”

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.

CONSOLIDATED BALANCE SHEETS
Unaudited
   
March 31,
Summary Statements of Condition   2019     2018  
Cash and short term investments $ 50,690,431 $ 43,006,224
Loans:
Commercial real estate 154,312,573 128,767,978
Commercial 9,167,333 8,163,968
Other 3,664,107 3,897,651
Loan loss reserve and unearned income   (1,793,018 )   (1,598,621 )
Total net loans 165,350,995 139,230,976
Loans available for sale 35,097,337 23,882,093
Property and other assets   13,280,591     11,353,022  
Total assets $ 264,419,354   $ 217,472,315  
 
Deposits:
Noninterest-bearing demand $ 38,812,158 $ 30,779,660
Interest-bearing demand 20,889,812 16,808,639
Savings and Money Market 71,967,100 48,399,039
Certificates of deposit   95,554,401     93,022,245  
Total deposits 227,223,471 189,009,583
Other liabilities 8,591,185 5,267,176
Shareholders’ equity   28,604,698     23,195,556  
Total liabilities and shareholders’ equity $ 264,419,354   $ 217,472,315  
 
Book value per share $ 12.40 $ 10.21
 
CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 
Three Months Ending
March 31, 2019 March 31, 2018
Interest income $ 2,861,828 $ 2,205,832
Interest expense   527,799     350,306  
Net interest income 2,334,029 1,855,526
Provision for loan losses   190,000      

Net interest income after provision

2,144,029 1,855,526
Noninterest income 7,966,516 7,420,869
Noninterest expense   7,931,637     7,631,563  
Net income before income taxes 2,178,908 1,644,832
Provision for income taxes   557,476     422,831  
Net income after income taxes $ 1,621,432   $ 1,222,001  
 
Net income per share, basic $ 0.71 $ 0.57

Contacts

Neil Grossnicklaus or
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
[email protected]

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.–(BUSINESS WIRE)–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 $0.71 compared 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.”

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.

CONSOLIDATED BALANCE SHEETS
Unaudited
   
March 31,
Summary Statements of Condition   2019     2018  
Cash and short term investments $ 50,690,431 $ 43,006,224
Loans:
Commercial real estate 154,312,573 128,767,978
Commercial 9,167,333 8,163,968
Other 3,664,107 3,897,651
Loan loss reserve and unearned income   (1,793,018 )   (1,598,621 )
Total net loans 165,350,995 139,230,976
Loans available for sale 35,097,337 23,882,093
Property and other assets   13,280,591     11,353,022  
Total assets $ 264,419,354   $ 217,472,315  
 
Deposits:
Noninterest-bearing demand $ 38,812,158 $ 30,779,660
Interest-bearing demand 20,889,812 16,808,639
Savings and Money Market 71,967,100 48,399,039
Certificates of deposit   95,554,401     93,022,245  
Total deposits 227,223,471 189,009,583
Other liabilities 8,591,185 5,267,176
Shareholders’ equity   28,604,698     23,195,556  
Total liabilities and shareholders’ equity $ 264,419,354   $ 217,472,315  
 
Book value per share $ 12.40 $ 10.21
 
CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 
Three Months Ending
March 31, 2019 March 31, 2018
Interest income $ 2,861,828 $ 2,205,832
Interest expense   527,799     350,306  
Net interest income 2,334,029 1,855,526
Provision for loan losses   190,000      

Net interest income after provision

2,144,029 1,855,526
Noninterest income 7,966,516 7,420,869
Noninterest expense   7,931,637     7,631,563  
Net income before income taxes 2,178,908 1,644,832
Provision for income taxes   557,476     422,831  
Net income after income taxes $ 1,621,432   $ 1,222,001  
 
Net income per share, basic $ 0.71 $ 0.57

Contacts

Neil Grossnicklaus or
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
[email protected]

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