October 18, 2024 Newswires

Oregon Bancorp Announces Quarterly Earnings

Business Wire

Third quarter 2024 net earnings of $1.0 million, or $0.41 per common share

Quarterly return on average assets of 0.9% and return on average equity of 5.6%

SALEM, Ore.--(BUSINESS WIRE)--
Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter of $1,017,000 and $0.41 per common share. The Company’s quarterly return on average assets and return on average equity were 0.9% and 5.6%, respectively. This compares to $801,000 in net income and $0.32 per common share outstanding for the quarter ending June 30, 2024.

The Company’s balance sheet expanded by $16.0 million in assets during the quarter. This was largely the result of a $31.8 million increase in deposits that improved balance sheet liquidity and reduced FHLB borrowings. The Company’s net interest margin also increased from 3.4% to 3.5% during the third quarter. Residential loan origination volume decreased during the quarter from $75 million to $63 million. Bank asset quality and capital remain strong and the Board of Directors distributed a $0.20 per share quarterly dividend on October 15, 2024.

Ryan Dempster, President and CEO, commented, “The Federal Reserve recently reduced interest rates as a result of positive reports on inflation and slowing labor market. This led to reduced borrowing rates and improved residential loan application volume. Overall, we are pleased with our quarterly financial results which are the best since the second quarter of 2023.”

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)

	September 30,						June 30,
ASSETS		2024			2023			2024
Cash and short term investments	$	41,576		$	30,168		$	21,050
Securities available-for-sale, at fair value		102,570			30,976			100,643
Loans available for sale, at fair value		11,843			29,077			14,849
Loans:
Real estate		314,889			286,342			317,261
Commercial		7,144			6,263			6,524
Other		941			522			1,054
Deferred fees and costs		(737	)		(613	)		(751	)
Loan loss reserve		(3,553	)		(2,960	)		(3,443	)
Total net loans		318,684			289,554			320,645
Property and other assets		21,841			20,720			23,339
Total assets	$	496,514		$	400,495		$	480,526

LIABILITIES
Deposits:
Noninterest-bearing demand	$	33,439		$	27,886		$	30,866
Interest-bearing demand		89,433			92,558			77,994
Savings and Money Market		125,560			119,710			118,229
Certificates of deposit		94,534			76,342			84,099
Total deposits		342,966			316,496			311,188
Borrowings		69,000			-			88,250
Other liabilities		10,753			11,392			8,554
Total liabilities		422,719			327,888			407,992

SHAREHOLDERS' EQUITY		73,795			72,607			72,534
Total liabilities and shareholders' equity	$	496,514		$	400,495		$	480,526

Book value per common share	$	29.76		$	29.36		$	29.22


CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
	Nine Months Ending				Three Months Ending
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income	$	18,626	$	14,670	$	6,852	$	5,089
Interest expense		6,909		2,777		2,772		1,302
Net interest income		11,717		11,893		4,080		3,787
Provision for loan losses		397		299		109		187
Net interest income after provision		11,320		11,594		3,971		3,600
Noninterest income		9,261		13,517		3,022		3,843
Noninterest expense		17,397		21,133		5,714		6,616
Net income before income taxes		3,184		3,978		1,279		827
Provision for income taxes		732		972		262		187
Net income after income taxes	$	2,452	$	3,006	$	1,017	$	640

Net income per common share, basic	$	0.99	$	1.22	$	0.41	$	0.26

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.