Oregon Bancorp Announces First Quarter Earnings

Rhea-AI Summary

Oregon Bancorp, Inc. (OTC-PINK: ORBN) announced a net income of $1.3 million, or $0.55 per share for Q1 2023, reflecting a decrease from $2.6 million in Q1 2022. The company reported a return on average assets of 1.4% and a return on average equity of 7.3%. Total assets decreased by $6.8 million (1.7%) during the quarter, primarily due to a $7.7 million drop in deposits. Despite this, commercial loan balances increased by $10.8 million. The company maintained strong asset quality and capital, allowing a quarterly dividend of $0.52 per share on April 17, 2023.

Positive

• Commercial loan balances increased by $10.8 million.
• Strong asset quality and capital allowing for a $0.52 quarterly dividend.

Negative

• Net income decreased from $2.6 million in Q1 2022 to $1.3 million in Q1 2023.
• Total assets decreased by $6.8 million due to a drop in deposits.

First quarter 2023 net earnings of $1.3 million, or $0.55 per common share

Quarterly return on average assets of 1.4% and return on average equity of 7.3%

SALEM, Ore.--(BUSINESS WIRE)-- Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the first quarter totaled $1.3 million resulting in an annualized return on average assets of 1.4% and a return on average equity of 7.3%. This compares to net income of $2.6 million from the first quarter of 2022.

Total assets decreased $6.8 million, or 1.7%, during the quarter primarily due to a decline of $7.7 million in deposits. Commercial loan balances, however, increased $10.8 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 April 17, 2023.

Ryan Dempster, President and CEO, commented “Quarterly earnings were relatively consistent with the fourth quarter of 2022. Although lending rates have increased resulting in less residential mortgage lending, we are pleased to experience good commercial loan growth during the quarter.”

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)
										(Audited)
		March 31,								December 31,
ASSETS		2023				2022				2022
Cash and short term investments		$	57,208			$	81,800			$	78,775
Securities available-for-sale, at fair value			29,666				16,554				23,453
Loans:
Real estate			264,558				239,749				252,870
Commercial			6,495				10,906				6,992
Other			1,051				569				1,385
Unearned income			(651	)			(688	)			(609	)
Loan loss reserve			(2,661	)			(2,608	)			(2,661	)
Total net loans			268,792				247,928				257,977
Loans available for sale, at fair value			19,017				41,988				23,601
Property and other assets			20,438				19,070				18,144
Total assets		$	395,121			$	407,340			$	401,950
LIABILITIES
Deposits:
Noninterest-bearing demand		$	30,966			$	35,557			$	31,747
Interest-bearing demand			105,493				96,263				101,167
Savings and Money Market			116,621				145,520				143,656
Certificates of deposit			57,860				49,832				42,081
Total deposits			310,940				327,172				318,651
Borrowings			-				-				-
Other liabilities			11,128				7,307				10,170
Total Liabilities			322,068				334,479				328,821
SHAREHOLDER'S EQUITY			73,053				72,861				73,129
Total liabilities and shareholders' equity		$	395,121			$	407,340			$	401,950
Book value per common share		$	29.67			$	29.75			$	29.82

CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
		Three Months Ending
		March 31, 2023			March 31, 2022
Interest income		$	4,793		$	3,431
Interest expense			500			225
Net interest income			4,293			3,206
Provision for loan losses			-			-
Net interest income after provision			4,293			3,206
Noninterest income			4,355			11,807
Noninterest expense			6,854			11,568
Net income before income taxes			1,794			3,445
Provision for income taxes			452			842
Net income after income taxes		$	1,342		$	2,603
Net income per common share, basic		$	0.55		$	1.07

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005110/en/

Ryan Dempster

Oregon Bancorp, Inc.

503-485-2222

bank@wvbk.com

Source: Oregon Bancorp, Inc.

FAQ

What was Oregon Bancorp's net income for the first quarter of 2023?

Oregon Bancorp reported a net income of $1.3 million for the first quarter of 2023.

How did Oregon Bancorp's earnings per share (EPS) change in Q1 2023?

The earnings per share (EPS) for Q1 2023 was $0.55, down from $1.07 in Q1 2022.

What is the return on average assets and equity for Oregon Bancorp in Q1 2023?

In Q1 2023, Oregon Bancorp reported a return on average assets of 1.4% and a return on average equity of 7.3%.

Did Oregon Bancorp increase or decrease its loan balances in Q1 2023?

Oregon Bancorp experienced an increase in commercial loan balances by $10.8 million during Q1 2023.

What dividend was declared by Oregon Bancorp for Q1 2023?

Oregon Bancorp declared a quarterly dividend of $0.52 per share on April 17, 2023.