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Oregon Bancorp Announces Third Quarter Earnings

Third quarter 2023 net earnings of $0.6 million, or $0.26 per common share

Quarterly return on average assets of 0.65% and return on average equity of 3.5%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter totaled $640,000 resulting in an annualized return on average assets of 0.65% and a return on average equity of 3.5%. This compares to $1.02 million in net income and $0.41 earnings per common share outstanding for the quarter ending June 30, 2023. Year-to-date net income has reached $3.0 million and $1.22 per common share outstanding compared to $5.5 million and $2.24 per common share during the same period last year.

The Company’s balance sheet increased $17.2 million since June 30, 2023. This is primarily related to $22.7 million increase in deposits. Commercial loan balances have increased $9.4 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.26 per share quarterly dividend on October 16, 2023.

Ryan Dempster, President and CEO, commented “We experienced a good increase in customer deposits during the quarter despite continued strong competition. These funds are being used to fund loans at higher current market rates which has helped us to maintain a strong net interest margin.”

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 10 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 SHEET (Unaudited)
(Amounts in thousands except per share data)
September 30, June 30,
ASSETS

 

2023

 

 

 

2022

 

 

 

2023

 

Cash and short term investments

$

30,168

 

$

99,272

 

$

15,373

 

Securities available-for-sale, at fair value

 

30,976

 

 

16,146

 

 

30,075

 

Loans available for sale, at fair value

 

29,077

 

 

33,890

 

 

37,080

 

Loans:
Real estate

 

286,342

 

 

250,041

 

 

276,665

 

Commercial

 

6,263

 

 

7,467

 

 

6,109

 

Other

 

522

 

 

277

 

 

777

 

Deferred fees and costs

 

(613

)

 

(616

)

 

(625

)

Loan loss reserve

 

(2,960

)

 

(2,613

)

 

(2,773

)

Total net loans

 

289,554

 

 

254,556

 

 

280,153

 

Property and other assets

 

20,720

 

 

18,530

 

 

20,595

 

Total assets

$

400,495

 

$

422,394

 

$

383,276

 

 
LIABILITIES
Deposits:
Noninterest-bearing demand

$

27,886

 

$

35,063

 

$

32,484

 

Interest-bearing demand

 

92,558

 

 

108,764

 

 

92,033

 

Savings and Money Market

 

119,710

 

 

153,811

 

 

106,525

 

Certificates of deposit

 

76,342

 

 

43,783

 

 

62,705

 

Total deposits

 

316,496

 

 

341,421

 

 

293,747

 

Borrowings

 

-

 

 

-

 

 

5,000

 

Other liabilities

 

11,392

 

 

8,044

 

 

11,664

 

Total liabilities

 

327,888

 

 

349,465

 

 

310,411

 

 
SHAREHOLDERERS EQUITY

 

72,607

 

 

72,929

 

 

72,865

 

Total liabilities and shareholders' equity

$

400,495

 

$

422,394

 

$

383,276

 

 
Book value per common share

$

29.36

 

$

29.70

 

$

29.46

 

CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
Nine Months Ending Three Months Ending
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Interest income

$

14,670

$

11,643

$

5,089

$

4,392

Interest expense

 

2,777

 

649

 

1,302

 

211

Net interest income

 

11,893

 

10,994

 

3,787

 

4,181

Provision for loan losses

 

299

 

-

 

187

 

-

Net interest income after provision

 

11,594

 

10,994

 

3,600

 

4,181

Noninterest income

 

13,517

 

27,442

 

3,843

 

6,616

Noninterest expense

 

21,133

 

31,230

 

6,616

 

8,867

Net income before income taxes

 

3,978

 

7,206

 

827

 

1,930

Provision for income taxes

 

972

 

1,733

 

187

 

513

Net income after income taxes

$

3,006

$

5,473

$

640

$

1,417

 
Net income per common share, basic

$

1.22

$

2.24

$

0.26

$

0.58

 

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