Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1.4 million for the third quarter of 2022 compared to $5.7 million during the third quarter of 2021. This results in a quarterly return on average assets of 1.3% and a quarterly return on average equity of 7.8%. Year-to-date net income through the third quarter reached $5.5 million resulting in a return on average assets of 1.8% and a return on average equity of 10.4%.

The Company’s balance sheet expanded modestly during the quarter. Total assets increased by $6.1 million, or 1.5%, from June 30, 2022. The largest quarterly balance sheet change is attributed to an increase in commercial loans of $7.8 million, or 3.1%. Three loans representing $884 thousand were past due at quarter end and non-performing assets measured $1.3 million, or 1.7% of total capital. Capital remains very strong which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on October 14, 2022.

Ryan Dempster, President and CEO, commented: “The Federal Reserve increased their benchmark interest rate 1.5% during the quarter. Although this has led to fewer customers seeking mortgage financing, the Bank’s net interest margin has been positively impacted.”

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 conducts commercial and retail banking activities at four full-service branch locations in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates 14 Home Loan Centers located in Oregon, Washington, and 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

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