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Oregon Bancorp Announces Quarterly Earnings

First quarter 2024 net earnings of $0.6 million, or $0.26 per common share

Quarterly return on average assets of 0.6% and return on average equity of 3.0%

Oregon Bancorp, Inc. (OTCBB:ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the first quarter of $634,000 and $0.26 per common share. The Company’s quarterly return on average assets and return on average equity were 0.6% and 3.5%, respectively. This compares to $547,000 in net income and $0.22 earnings per common share outstanding for the quarter ending December 31, 2023. The Company’s net interest margin measured 4.2% for the first quarter, which is the same reading as the prior quarter.

The Company’s balance sheet remained relatively unchanged during the quarter with marginal adjustments to loans and deposits. Residential mortgage loan origination volume for the quarter improved to $71 million, which is 13% greater than the prior quarter. Bank asset quality and capital remain strong, and the Board of Directors distributed a $0.26 per share quarterly dividend on April 15, 2024.

Ryan Dempster, President and CEO, commented “We are pleased to see earnings and residential loan origination volume improve during the first quarter which is normally the slowest time of year. We have taken measures to reduce overhead expenses in our mortgage department to improve profitability as elevated interest rates continue to dampen mortgage loan demand.”

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 five Home Loan Centers located in Oregon 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.

CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands except per share data)
 
(Audited)
March 31, December 31,
ASSETS

 

2024

 

 

2023

 

 

2023

 

Cash and short term investments

$

19,591

 

$

57,208

 

$

24,225

 

Securities available-for-sale, at fair value

 

32,516

 

 

29,666

 

 

33,390

 

Loans available for sale, at fair value

 

18,387

 

 

19,017

 

 

12,764

 

Loans:
Real estate

 

303,247

 

 

264,558

 

 

299,355

 

Commercial

 

6,634

 

 

6,495

 

 

7,547

 

Other

 

2,028

 

 

1,051

 

 

2,481

 

Unearned income

 

(781

)

 

(651

)

 

(640

)

Loan loss reserve

 

(3,275

)

 

(2,661

)

 

(3,156

)

Total net loans

 

307,853

 

 

268,792

 

 

305,587

 

Property and other assets

 

19,289

 

 

20,438

 

 

19,456

 

Total assets

$

397,636

 

$

395,121

 

$

395,422

 

 
LIABILITIES
Deposits:
Noninterest-bearing demand

$

32,503

 

$

30,966

 

$

32,792

 

Interest-bearing demand

 

78,089

 

 

105,493

 

 

80,589

 

Savings and Money Market

 

116,665

 

 

116,621

 

 

119,075

 

Certificates of deposit

 

85,219

 

 

57,860

 

 

79,898

 

Total deposits

 

312,476

 

 

310,940

 

 

312,354

 

Borrowings

 

4,000

 

 

-

 

 

-

 

Other liabilities

 

8,244

 

 

11,128

 

 

10,084

 

Total Liabilities

 

324,720

 

 

322,068

 

 

322,438

 

 
SHAREHOLDER'S EQUITY

 

72,916

 

 

73,053

 

 

72,984

 

Total liabilities and shareholders' equity

$

397,636

 

$

395,121

 

$

395,422

 

 
Book value per common share

$

29.55

 

$

29.67

 

$

29.57

 

 
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
 
Three Months Ending
March 31, 2024 March 31, 2023
Interest income

$

5,372

$

4,793

Interest expense

 

1,495

 

 

500

 

Net interest income

 

3,877

 

 

4,293

 

Provision for loan losses

 

119

 

 

-

 

Net interest income after provision

 

3,758

 

 

4,293

 

Noninterest income

 

3,010

 

 

4,355

 

Noninterest expense

 

5,905

 

 

6,854

 

Net income before income taxes

 

863

 

 

1,794

 

Provision for income taxes

 

229

 

 

452

 

Net income after income taxes

$

634

 

$

1,342

 

 
Net income per common share, basic

$

0.26

$

0.55

 

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.

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