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Oregon Bancorp Announces Second Quarter Earnings

Second quarter 2021 net earnings of $5.4 million, or $2.25 per common share

Quarterly return on average assets of 5.8% and return on average equity of 33.2%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the second quarter totaled $5.4 million resulting in an annualized return on average assets of 5.8% and a return on average equity of 33.2%. This compares to $7.5 million and $3.3 million from the second quarters of 2020 and 2019, respectively. Quarterly residential mortgage loan production decreased 5% to $407.9 million compared to the same period in 2020. Yields earned on the sale of mortgage loans decreased which impacted noninterest income.

During the quarter, total assets increased $2.3 million driven by a $6.5 million increase in deposits and the paydown of $6.3 million in borrowings. The Company’s cash and short-term investments increased $19 million to $66.3 million at quarter end. The increase in cash is attributable to a decrease in mortgage loans held for sale and an increase in deposits.

Commercial real estate loan balances increased by $5.1 million during the quarter. This growth was offset by a $6.3 million reduction in Paycheck Protection Program loans that were forgiven by the U.S. Small Business Association. The Company’s capital continues to grow through earnings as evidenced by an 18.1% capital-to-assets ratio. During the quarter, the Board of Directors announced a $0.26 per share dividend payable to shareholders on July 15, 2021.

Ryan Dempster, President and CEO, commented, “Quarterly earnings remain strong and will continue to compare favorably to peer, and year-to-date earnings are well ahead of our results from the first half of last year.” He continued by saying, “We believe the return to normalcy following the lapse in restrictions relating to the pandemic will allow for additional business opportunities for the Company as the economy recovers.”

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,

Summary Statements of Condition

2021

 

2020

 

2021

Cash and short term investments

$

66,338

 

$

20,044

 

$

47,018

 

Loans:
Real estate

 

207,805

 

 

186,978

 

 

202,732

 

Commercial

 

24,548

 

 

37,462

 

 

30,947

 

Other

 

605

 

 

3,316

 

 

690

 

Unearned income

 

(899

)

 

(1,103

)

 

(970

)

Loan loss reserve

 

(2,601

)

 

(2,386

)

 

(2,598

)

Total net loans

 

229,458

 

 

224,267

 

 

230,801

 

Loans available for sale

 

62,338

 

 

90,437

 

 

75,596

 

Property and other assets

 

18,498

 

 

19,050

 

 

20,962

 

Total assets

$

376,632

 

$

353,798

 

$

374,377

 

 
Deposits:
Noninterest-bearing demand

$

28,921

 

$

25,509

 

$

27,130

 

Interest-bearing demand

 

80,546

 

 

62,843

 

 

83,724

 

Savings and Money Market

 

118,305

 

 

86,736

 

 

106,131

 

Certificates of deposit

 

68,759

 

 

82,005

 

 

73,061

 

Total deposits

 

296,531

 

 

257,093

 

 

290,046

 

Borrowings

 

-

 

 

37,881

 

 

6,343

 

Other liabilities

 

12,026

 

 

14,024

 

 

15,231

 

Shareholders' equity

 

68,075

 

 

44,800

 

 

62,756

 

Total liabilities and shareholders' equity

$

376,632

 

$

353,798

 

$

374,377

 

 
Book value per common share

$

28.22

 

 

18.99

 

 

26.36

 

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 

Six Months Ending

 

Three Months Ending

(Amounts in thousands except per share data)

June 30, 2021

 

June 30, 2020

 

June 30, 2021

 

June 30, 2020

Interest income

$

7,047

$

6,283

$

3,543

$

3,332

Interest expense

 

599

 

1,157

 

293

 

548

Net interest income

 

6,448

 

5,126

 

3,250

 

2,784

Provision for loan losses

 

113

 

566

 

-

 

176

Net interest income after provision

 

6,335

 

4,560

 

3,250

 

2,608

Noninterest income

 

43,025

 

35,155

 

19,521

 

23,271

Noninterest expense

 

32,090

 

26,492

 

15,546

 

15,732

Net income before income taxes

 

17,270

 

13,223

 

7,225

 

10,147

Provision for income taxes

 

4,544

 

3,338

 

1,799

 

2,643

Net income after income taxes

$

12,726

$

9,885

$

5,426

$

7,504

 
Net income per share, basic

$

5.31

$

4.21

$

2.25

$

3.18

 

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