The Bank of Oswego (the “Company”) reported yearend operating results for the period ending December 31, 2014. The company reported net income of $861,048, or $0.56 per share on a GAAP basis, compared to a net loss of $2,363,110, or a net loss of $1.55 per share, for the same period in 2013.
As of December 31, 2014, total assets were $95.1 million, compared to $109.4 million at December 31, 2013. President and CEO Stephen G. Andrews stated, “The Company reduced the balance sheet during 2014 as we repositioned the Company for future growth and improved asset quality.”
Over the prior few operating periods credit quality has improved significantly. At December 31, 2014, non-performing assets were $2.0 million, or 2.15% of total assets. This compares with $4.6 million, or 4.18% of total assets, at December 31, 2013. Mr. Andrews stated, “During 2014, the Company was highly focused on problem asset reduction. The improvement in asset quality also signals the improvement in our market area and positions the Company for improved revenue potential.”
The Company also added key personnel during 2014 and the first quarter of 2015 to assist with operational and profitability initiatives designed to position the Company for future growth and improved performance.
In closing, Mr. Andrews stated, “We entered the unprecedented economic downturn a bit later in the cycle than some of our peers, but we have now emerged with the Company returning to profitability, reversing the trend of recent losses. Executive management and the Board are pleased with our performance and are excited about the uptick in loan demand, our base of loyal customers and the new talent recently attracted to the Company. The Board and management would like to thank all of our customers, shareholders and employees for their continued support.”
About The Bank of Oswego
The Bank of Oswego is a community bank providing the banking services of the big banks with personal service and strong ties to our communities. Our products include commercial and real estate loans for consumers and businesses, and personal and business deposit products.
Cautionary Statement: This release may contain certain forward-looking statements that are subject to risks and uncertainties that could cause actual results and events to differ materially from those stated herein. Words such as “anticipate,” “believe,” “estimate,” “expect,” “should,” “intend,” “project,” and words or phrases of similar meaning are intended to identify forward-looking statements. Management’s assumptions and projections are based on their anticipation of future events, and actual performance may differ materially from that projected.
Contacts:
Stephen Andrews, 503-635-1699
