Oregon Bancorp Announces Third Quarter Earnings
Third quarter 2021 net earnings of
Quarterly return on average assets of
The Company’s balance sheet continues to expand as we emphasize commercial banking growth. During the quarter, total assets increased
The Company’s capital continues to broaden through earnings as evidenced by an
About
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 | |||||||||||
(Amounts in thousands except per share data) |
|
|
|
||||||||
Summary Statements of Condition | 2021 |
|
2020 |
|
2021 |
||||||
Cash and short term investments | $ |
65,380 |
|
$ |
22,089 |
|
$ |
66,338 |
|
||
Securities available-for-sale, at fair value |
|
8,383 |
|
|
- |
|
|
- |
|
||
Loans: | |||||||||||
Real estate |
|
216,621 |
|
|
191,328 |
|
|
207,805 |
|
||
Commercial |
|
19,254 |
|
|
36,934 |
|
|
24,548 |
|
||
Other |
|
1,428 |
|
|
3,576 |
|
|
605 |
|
||
Unearned income |
|
(777 |
) |
|
(913 |
) |
|
(899 |
) |
||
Loan loss reserve |
|
(2,603 |
) |
|
(2,435 |
) |
|
(2,601 |
) |
||
Total net loans |
|
233,923 |
|
|
228,490 |
|
|
229,458 |
|
||
Loans available for sale |
|
75,192 |
|
|
113,323 |
|
|
62,338 |
|
||
Property and other assets |
|
26,240 |
|
|
20,442 |
|
|
18,498 |
|
||
Total assets | $ |
400,735 |
|
$ |
384,344 |
|
$ |
376,632 |
|
||
Deposits: | |||||||||||
Noninterest-bearing demand | $ |
29,256 |
|
$ |
26,843 |
|
$ |
28,921 |
|
||
Interest-bearing demand |
|
91,874 |
|
|
64,416 |
|
|
80,546 |
|
||
Savings and Money Market |
|
128,833 |
|
|
91,600 |
|
|
118,305 |
|
||
Certificates of deposit |
|
66,966 |
|
|
73,522 |
|
|
68,759 |
|
||
Total deposits |
|
316,929 |
|
|
256,381 |
|
|
296,531 |
|
||
Borrowings |
|
- |
|
|
57,830 |
|
|
- |
|
||
Other liabilities |
|
11,092 |
|
|
14,934 |
|
|
12,026 |
|
||
Shareholders' equity |
|
72,714 |
|
|
55,199 |
|
|
68,075 |
|
||
Total liabilities and shareholders' equity | $ |
400,735 |
|
$ |
384,344 |
|
$ |
376,632 |
|
||
Book value per common share | $ |
30.13 |
|
|
23.37 |
|
|
28.22 |
|
CONSOLIDATED STATEMENTS OF NET INCOME | |||||||||||
Unaudited | |||||||||||
Nine Months Ending | Three Months Ending | ||||||||||
(Amounts in thousands except per share data) | |||||||||||
Interest income | $ |
10,484 |
$ |
9,805 |
$ |
3,437 |
$ |
3,522 |
|||
Interest expense |
|
866 |
|
1,531 |
|
267 |
|
374 |
|||
Net interest income |
|
9,618 |
|
8,274 |
|
3,170 |
|
3,148 |
|||
Provision for loan losses |
|
113 |
|
612 |
|
- |
|
46 |
|||
Net interest income after provision |
|
9,505 |
|
7,662 |
|
3,170 |
|
3,102 |
|||
Noninterest income |
|
62,244 |
|
64,379 |
|
19,219 |
|
29,224 |
|||
Noninterest expense |
|
46,826 |
|
44,722 |
|
14,736 |
|
18,229 |
|||
Net income before income taxes |
|
24,923 |
|
27,319 |
|
7,653 |
|
14,097 |
|||
Provision for income taxes |
|
6,515 |
|
6,978 |
|
1,971 |
|
3,641 |
|||
Net income after income taxes | $ |
18,408 |
$ |
20,341 |
$ |
5,682 |
$ |
10,456 |
|||
Net income per common share, basic | $ |
7.67 |
$ |
8.65 |
$ |
2.35 |
$ |
4.43 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005495/en/
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