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Oregon Bancorp Announces Second Quarter Earnings

Second quarter 2023 net earnings of $1.02 million, or $0.41 per common share

Quarterly return on average assets of 1.1% and return on average equity of 5.6%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the second quarter totaled $1.02 million resulting in an annualized return on average assets of 1.1% and a return on average equity of 5.6%. This compares to $1.34 million in net income and $0.55 earnings per common share outstanding for the quarter ending March 31, 2023. Year-to-date net income has reached $2.4 million and $0.96 per common share outstanding compared to $4.1 million and $1.66 per common share during the same period last year.

The Company’s balance sheet declined by $11.8 million from the quarter ending March 31, 2023. This is largely related to a decline in deposits as customers are using funds to make asset purchases and absorb greater expenses. Commercial loan balances have increased $11.4 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on July 17, 2023.

Ryan Dempster, President and CEO, commented, “The inverted yield curve and increased deposit competition are challenges facing all banks. Although we are not immune to these headwinds, we remain well positioned to respond to these challenges.”

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 13 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

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)

June 30,

March 31,

ASSETS

 

2023

 

 

2022

 

 

2023

 

Cash and short term investments

$

15,373

 

$

103,722

 

$

57,208

 

Securities available-for-sale, at fair value

 

30,075

 

 

15,903

 

 

29,666

 

Loans available for sale, at fair value

 

37,080

 

 

33,039

 

 

19,017

 

Loans:
Real estate

 

276,665

 

 

235,885

 

 

264,558

 

Commercial

 

6,109

 

 

11,271

 

 

6,495

 

Other

 

777

 

 

2,838

 

 

1,051

 

Deferred fees and costs

 

(625

)

 

(581

)

 

(651

)

Loan loss reserve

 

(2,773

)

 

(2,611

)

 

(2,661

)

Total net loans

 

280,153

 

 

246,802

 

 

268,792

 

Property and other assets

 

20,595

 

 

16,803

 

 

20,438

 

Total assets

$

383,276

 

$

416,269

 

$

395,121

 

 
LIABILITIES
Deposits:
Noninterest-bearing demand

$

32,484

 

$

33,334

 

$

30,966

 

Interest-bearing demand

 

92,033

 

 

102,907

 

 

105,493

 

Savings and Money Market

 

106,525

 

 

150,366

 

 

116,621

 

Certificates of deposit

 

62,705

 

 

46,715

 

 

57,860

 

Total deposits

 

293,747

 

 

333,322

 

 

310,940

 

Borrowings

 

5,000

 

 

-

 

 

-

 

Other liabilities

 

11,664

 

 

10,206

 

 

11,128

 

Total liabilities

 

310,411

 

 

343,528

 

 

322,068

 

 
SHAREHOLDERS EQUITY

 

72,865

 

 

72,741

 

 

73,053

 

Total liabilities and shareholders' equity

$

383,276

 

$

416,269

 

$

395,121

 

 
Book value per common share

$

29.46

 

$

29.62

 

$

29.67

 

CONSOLIDATED STATEMENTS OF NET INCOME

Unaudited

(Amounts in thousands except per share data)

Six Months Ending

Three Months Ending

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2022

Interest income

$

9,581

 

$

7,251

 

$

4,788

 

$

3,820

 

Interest expense

 

1,475

 

 

438

 

 

975

 

 

213

 

Net interest income

 

8,106

 

 

6,813

 

 

3,813

 

 

3,607

 

Provision for loan losses

 

112

 

 

-

 

 

112

 

 

-

 

Net interest income after provision

 

7,994

 

 

6,813

 

 

3,701

 

 

3,607

 

Noninterest income

 

9,674

 

 

20,826

 

 

5,319

 

 

9,019

 

Noninterest expense

 

14,517

 

 

22,363

 

 

7,663

 

 

10,795

 

Net income before income taxes

 

3,151

 

 

5,276

 

 

1,357

 

 

1,831

 

Provision for income taxes

 

786

 

 

1,220

 

 

334

 

 

378

 

Net income after income taxes

$

2,365

 

$

4,056

 

$

1,023

 

$

1,453

 

 
Net income per common share, basic

$

0.96

 

$

1.66

 

$

0.41

 

$

0.59

 

 

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