Exhibit 99.1
Oregon Pacific Bancorp Reports Quarter and Year End Earnings
FLORENCE, Ore.--(BUSINESS WIRE)--Feb. 18, 2005--Oregon Pacific
Bancorp (OTCBB:OPBP), holding company for Oregon Pacific Banking Co.,
announced today that net income increased to $439,957, or $0.20 per
fully diluted common share, for the three months ended December 31,
2004, compared to $246,092, or $0.11 per diluted common share, for
2003, an increase of 79%. For the year ended December 31, 2004, net
income was $1,066,720, or $0.49 per common share, compared to
$961,839, or $0.45 per common share, for the same period in 2003.
Total assets for the company were $138.2 million at December 31,
2004, a 15% increase over the $120.7 million at December 31, 2003. Net
loans were $108.7 million, representing a 31% increase over last
year-end's balance of $82.7 million. Deposits, reported at $111.1
million, represented a 14% increase over the $97.5 million reported at
year-end 2003.
"The last quarter earnings of 2004 were a landmark for Oregon
Pacific Banking Co. The Bank also celebrated a quarter century of
business in 2004," commented Tom Grove, president and chief executive
officer. "Due to strong loan growth throughout the year combined with
improved efficiencies in the fourth quarter, we anticipate having our
best year ever. We are entering 2005 well positioned to continue
building strong shareholder value."
"I'm sure our shareholders, directors and management will join me
by extending a sincere thank you to the professional staff at the Bank
for their teamwork and extraordinary customer service," Grove said.
"Because of their dedication and providing financial services with a
personal touch, they help make our Bank the success it is today and
will continue to be in the future."
Oregon Pacific Bancorp is a financial holding company for Oregon
Pacific Banking Co. headquartered in Florence, Oregon. The Bank also
has branches in Roseburg and Coos Bay, 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,
2004 2003 2004 2003
---- ---- ---- ----
Condensed Results of Operations
- -------------------------------
Interest income $2,202 $1,775 $7,994 $7,155
Interest expense 410 327 1,484 1,554
Net interest income 1,792 1,448 6,510 5,601
Provision for possible
loan losses 5 40 (355) 170
Noninterest income 668 546 2,407 2,449
Salaries and employee
benefits expense 1,080 1,138 4,660 4,193
Occupancy and equipment
expense 210 159 834 628
Other noninterest expense 488 327 2,194 1,720
---------- ---------- ---------- ----------
Operating income before
provision for taxes 677 330 1,584 1,339
Provision for income taxes 237 84 517 377
---------- ---------- ---------- ----------
Net income $ 440 $ 246 $1,067 $ 962
========== ========== ========== ==========
Income per share of common
stock
Basic $ 0.20 $ 0.11 $ 0.49 $ 0.45
Diluted $ 0.20 $ 0.11 $ 0.49 $ 0.45
Weighted average shares
outstanding
Basic 2,174,278 2,171,366 2,178,531 2,155,100
Diluted 2,177,866 2,174,334 2,180,710 2,156,802
December 31,
2004 2003
---- ----
Selected Balance Sheet Data
- ---------------------------
Total Assets $138,249 $120,676
Loans outstanding, net $108,707 $ 82,722
Investment securities $ 16,445 $ 17,844
Deposits $111,061 $ 97,464
Shareholders equity $ 8,892 $ 8,636
Shareholders equity per common share $ 4.14 $ 3.97
Loan allowance to total loans 1.5% 1.5%
Net loans to deposits 97.9% 84.9%
Other data
- ----------
Return on average equity 12.09% 11.65%
Return on average assets 0.81% 0.87%
CONTACT: Oregon Pacific Bancorp
Thomas K. Grove, President and CEO
Joanne Forsberg, Corporate Secretary and CFO
541-997-7121
Website: http://www.opbc.com