Exhibit 99.2
Oregon Pacific Bancorp Reports Year End Earnings
FLORENCE, Ore.--(BUSINESS WIRE)--Feb. 9, 2004--Oregon Pacific
Bancorp (OTCBB:OPBP), holding company for Oregon Pacific Banking Co.,
announced that for the three months ended December 31, 2003, net
income increased to $246,092, or $0.11 per common share, compared to
$191,719, or $0.09 per common share, for 2002. For the year ended
December 31, 2003, net income was $961,839 or $0.45 per common share,
compared to $821,809 or $0.39 per common share for the same period in
2002, an increase of 17%.
Total assets for the company were $120.7 million at December 31,
2003, a 13% increase over $107.0 million at December 31, 2002. Net
loans were $82.7 million, representing a 17% increase over last
year-end's balance of $71.0 million.
The company's allowance for loan losses was increased by $40,000
for the quarter ending December 31, 2003, bringing the total annual
provision to $170,000 and the ending reserve to $1,315,955, or 1.49%
of gross loans. Net charge-offs for the year were $27,070 compared to
$9,179 for 2002. There were no non-performing loans at December 31,
2003 compared to $59,752 at December 31, 2002.
Oregon Pacific Bancorp is a financial holding company for Oregon
Pacific Banking Co. headquartered in Florence, Oregon. The Bank also
has branches in Roseburg, Coos Bay, and Sutherlin, Oregon. The
Company's stock is traded on the OTC Bulletin Board under the symbol
OPBP.
The discussions included in this release contain statements that
may be deemed forward looking statements within the meaning of the
federal securities laws. Such statements involve known and unknown
risks, uncertainties and other factors that may cause actual results
to differ materially from these statements. For the purposes of these
discussions, any statements that are not statements of historical fact
may be deemed to be forward looking statements. Such statements are
often characterized by the use of qualifying words such as "expects,"
"anticipates," "believes," "estimates," "plans," "projects," or other
statements concerning opinions or judgments of the Company and its
management about future events. The accuracy of such forward looking
statements could be affected by certain factors, including but not
limited to, the financial success or changing conditions or strategies
of the Company's customers or vendors, fluctuations in interest rates,
actions of government regulators, the availability of capital and
personnel, and general economic conditions.
OREGON PACIFIC BANCORP
Selected Financial Information
(In thousands, except per share data)
Three months ended Year ended
December 31, December 31,
2003 2002 2003 2002
----------- ----------- ----------- -----------
Condensed Results of Operations
- -------------------------------
Interest income $ 1,775 $ 1,732 $ 7,155 $ 6,446
Interest expense 327 446 1,554 1,706
Net interest income 1,448 1,286 5,601 4,740
Provision for possible
loan losses 40 101 170 280
Noninterest income 546 630 2,449 2,062
Salaries and employee
benefits expense 1,138 916 4,193 3,377
Occupancy and
equipment expense 159 152 628 530
Other noninterest
expense 327 488 1,720 1,541
---------- ---------- ---------- ----------
Operating income
before provision for
taxes 330 259 1,339 1,074
Provision for income
taxes 84 67 377 252
---------- ---------- ---------- ----------
Net income $ 246 $ 192 $ 962 $ 822
========== ========== ========== ==========
Income per share of
common stock
Basic $ 0.11 $ 0.09 $ 0.45 $ 0.39
Diluted $ 0.11 $ 0.09 $ 0.45 $ 0.39
Weighted average
shares outstanding
Basic 2,171,366 2,133,237 2,151,496 2,124,904
Diluted 2,172,862 2,143,114 2,159,772 2,131,252
December 31,
2003 2002
----------- -----------
Selected Balance Sheet Data
- ---------------------------
Total Assets $ 120,700 $ 107,020
Loans outstanding, net $ 82,722 $ 70,989
Investment securities $ 17,844 $ 14,745
Deposits $ 97,488 $ 88,515
Shareholders equity $ 8,636 $ 7,893
Shareholders equity
per common share $ 3.97 $ 3.70
Loan allowance to
total loans 1.5% 1.5%
Net loans to deposits 84.9% 80.2%
Other data
- ----------
Return on average
equity 11.65% 10.86%
Return on average
assets 0.87% 0.88%
CONTACT: Oregon Pacific Bancorp
Thomas K. Grove or Joanne Forsberg, 541-997-7121