Oregon Bancorp Announces Fourth Quarter and Full-Year 2024 Financial Results
Oregon Bancorp (ORBN) reported fourth quarter 2024 net earnings of $0.9 million, or $0.35 per share, with a return on average assets of 0.7% and return on average equity of 4.7%. For the full year 2024, the company achieved net income of $3.3 million ($1.34 per share), compared to $3.5 million ($1.44 per share) in 2023.
The company's net interest margin declined to 3.5% in Q4 2024 and 3.6% for the full year, down from 4.2% and 4.3% respectively in 2023. Total assets decreased by $26.5 million in Q4, primarily due to a $10.1 million reduction in deposits and $13.0 million decrease in borrowings. Commercial loans decreased by $21.0 million during the quarter.
Despite quarterly decreases, the balance sheet grew by $75.5 million year-over-year, driven by securities leverage and increased deposits of $20.5 million. Mortgage loan origination volume improved from $63 million in Q4 2023 to $70 million in Q4 2024.
Oregon Bancorp (ORBN) ha riportato utili netti per il quarto trimestre 2024 di $0.9 milioni, ovvero $0.35 per azione, con un rendimento medio degli attivi dello 0.7% e un rendimento medio del capitale sociale del 4.7%. Per l'intero anno 2024, la società ha raggiunto un utile netto di $3.3 milioni ($1.34 per azione), rispetto a $3.5 milioni ($1.44 per azione) nel 2023.
Il margine di interesse netto della società è sceso al 3.5% nel Q4 2024 e al 3.6% per l'intero anno, in calo rispetto al 4.2% e al 4.3% rispettivamente nel 2023. Gli attivi totali sono diminuiti di $26.5 milioni nel Q4, principalmente a causa di una riduzione di $10.1 milioni nei depositi e di una diminuzione di $13.0 milioni nei prestiti. I prestiti commerciali sono diminuiti di $21.0 milioni durante il trimestre.
Nonostante i diminuzioni trimestrali, il bilancio è cresciuto di $75.5 milioni su base annua, sostenuto dal leverage sui titoli e da un aumento dei depositi di $20.5 milioni. Il volume di origine dei prestiti ipotecari è migliorato da $63 milioni nel Q4 2023 a $70 milioni nel Q4 2024.
Oregon Bancorp (ORBN) reportó ganancias netas de $0.9 millones en el cuarto trimestre de 2024, o $0.35 por acción, con un retorno sobre activos promedio del 0.7% y un retorno sobre capital promedio del 4.7%. Para todo el año 2024, la compañía logró una ganancia neta de $3.3 millones ($1.34 por acción), en comparación con $3.5 millones ($1.44 por acción) en 2023.
El margen de interés neto de la compañía disminuyó al 3.5% en el Q4 2024 y al 3.6% para todo el año, bajando del 4.2% y 4.3% respectivamente en 2023. Los activos totales disminuyeron en $26.5 millones en el Q4, principalmente debido a una reducción de $10.1 millones en depósitos y una disminución de $13.0 millones en préstamos. Los préstamos comerciales disminuyeron en $21.0 millones durante el trimestre.
A pesar de las disminuciones trimestrales, el balance general creció en $75.5 millones interanualmente, impulsado por el apalancamiento de valores y un aumento en los depósitos de $20.5 millones. El volumen de originación de préstamos hipotecarios mejoró de $63 millones en el Q4 2023 a $70 millones en el Q4 2024.
오리건 뱅콥 (ORBN)는 2024년 4분기 순이익이 90만 달러, 즉 주당 0.35달러라고 보고했으며, 평균 자산 수익률은 0.7%, 평균 자기자본 수익률은 4.7%입니다. 2024년 전체 연도에 대해 회사는 330만 달러의 순이익(주당 1.34달러)을 달성했으며, 이는 2023년 350만 달러(주당 1.44달러)에 비해 감소한 수치입니다.
회사의 순이자 마진은 2024년 4분기 3.5%, 연간 3.6%로 감소했으며, 이는 각각 2023년의 4.2%와 4.3%에서 하락한 수치입니다. 총 자산은 4분기 동안 2650만 달러 감소했으며, 이는 주로 1010만 달러의 예금 감소와 1300만 달러의 차입금 감소 때문입니다. 상업용 대출은 분기 동안 2100만 달러 감소했습니다.
분기별 감소에도 불구하고, 대차대조표는 전년 대비 7550만 달러 증가했으며, 이는 증권 레버리지와 2050만 달러의 예금 증가에 의해 주도되었습니다. 주택 담보 대출 발행량은 2023년 4분기 6300만 달러에서 2024년 4분기 7000만 달러로 개선되었습니다.
Oregon Bancorp (ORBN) a rapporté un bénéfice net de 0,9 million de dollars pour le quatrième trimestre 2024, soit 0,35 dollar par action, avec un retour sur actifs moyen de 0,7 % et un retour sur capitaux propres moyen de 4,7 %. Pour l'année entière 2024, la société a atteint un revenu net de 3,3 millions de dollars (1,34 dollar par action), contre 3,5 millions de dollars (1,44 dollar par action) en 2023.
La marge d'intérêt nette de la société a diminué à 3,5 % au T4 2024 et à 3,6 % pour l'année entière, en baisse par rapport à 4,2 % et 4,3 % respectivement en 2023. Les actifs totaux ont diminué de 26,5 millions de dollars au T4, principalement en raison d'une réduction de 10,1 millions de dollars des dépôts et d'une diminution de 13,0 millions de dollars des emprunts. Les prêts commerciaux ont diminué de 21,0 millions de dollars au cours du trimestre.
Malgré des baisses trimestrielles, le bilan a augmenté de 75,5 millions de dollars d'une année sur l'autre, soutenu par l'effet de levier des titres et une augmentation des dépôts de 20,5 millions de dollars. Le volume d'origine des prêts hypothécaires a augmenté de 63 millions de dollars au T4 2023 à 70 millions de dollars au T4 2024.
Oregon Bancorp (ORBN) berichtete im vierten Quartal 2024 einen Nettogewinn von 0,9 Millionen Dollar, bzw. 0,35 Dollar pro Aktie, mit einer Rendite auf durchschnittliche Vermögenswerte von 0,7% und einer Rendite auf durchschnittliches Eigenkapital von 4,7%. Für das gesamte Jahr 2024 erzielte das Unternehmen einen Nettogewinn von 3,3 Millionen Dollar (1,34 Dollar pro Aktie), verglichen mit 3,5 Millionen Dollar (1,44 Dollar pro Aktie) im Jahr 2023.
Die Nettozinsmarge des Unternehmens sank im Q4 2024 auf 3,5% und im Gesamtjahr auf 3,6%, nach 4,2% bzw. 4,3% im Jahr 2023. Die Gesamtvermögen sanken im Q4 um 26,5 Millionen Dollar, hauptsächlich aufgrund eines Rückgangs der Einlagen um 10,1 Millionen Dollar und eines Rückgangs der Kredite um 13,0 Millionen Dollar. Die Gewerbe- kredite sanken im Quartal um 21,0 Millionen Dollar.
Trotz der vierteljährlichen Rückgänge wuchs die Bilanz im Jahresvergleich um 75,5 Millionen Dollar, getrieben durch Wertpapierhebel und einen Anstieg der Einlagen um 20,5 Millionen Dollar. Das Volumen der Hypothekendarlehen verbesserte sich von 63 Millionen Dollar im Q4 2023 auf 70 Millionen Dollar im Q4 2024.
- Mortgage loan origination volume increased by 11% YoY to $70 million in Q4 2024
- Year-over-year balance sheet growth of $75.5 million
- Deposit growth of $20.5 million compared to previous year
- Q4 2024 net income decreased to $0.9 million from $1.02 million in Q3 2024
- Full-year net income declined to $3.3 million from $3.5 million in 2023
- Net interest margin decreased to 3.6% from 4.3% year-over-year
- Commercial loans decreased by $21.0 million in Q4 2024
- Return on average assets declined to 0.7% from 0.9% year-over-year
Fourth quarter 2024 net earnings of
Quarterly return on average assets of
Full-Year net earnings of
Annual return on average assets of
Fourth-Quarter 2024 Results
For the fourth quarter of 2024, the Company reported net income of
Full-Year 2024 Results
For the full year 2024, Oregon Bancorp reported net income of
Balance Sheet and Key Metrics
The Company’s total assets decreased by
Despite the quarterly decrease, Oregon Bancorp’s balance sheet grew by
Ryan Dempster, President and CEO, commented, “Although the Federal Reserve has reduced interest rates, long-term interest rates remain elevated. This has led to an easing of interest rates associated with short-term financing, but an increase in interest rates associated with residential mortgage loans. Despite this dynamic, mortgage loan origination volume increased from
About Oregon Bancorp, Inc.
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (Bank), a community bank headquartered in
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) | ||||||||||||
December 31, |
|
September 30, |
||||||||||
| ASSETS | 2024 |
|
2023 |
|
2024 |
|||||||
| Cash and short term investments | $ |
42,541 |
|
$ |
24,225 |
|
$ |
41,576 |
|
|||
| Securities available-for-sale, at fair value |
|
97,377 |
|
|
33,390 |
|
|
102,570 |
|
|||
| Loans available for sale, at fair value |
|
11,407 |
|
|
12,764 |
|
|
11,843 |
|
|||
| Loans: | ||||||||||||
| Real estate |
|
294,034 |
|
|
299,355 |
|
|
314,889 |
|
|||
| Commercial |
|
7,271 |
|
|
7,547 |
|
|
7,144 |
|
|||
| Other |
|
322 |
|
|
2,481 |
|
|
941 |
|
|||
| Deferred fees and costs |
|
(642 |
) |
|
(640 |
) |
|
(737 |
) |
|||
| Loan loss reserve |
|
(3,243 |
) |
|
(3,156 |
) |
|
(3,553 |
) |
|||
| Total net loans |
|
297,742 |
|
|
305,587 |
|
|
318,684 |
|
|||
| Property and other assets |
|
20,885 |
|
|
18,456 |
|
|
21,841 |
|
|||
| Total assets | $ |
469,952 |
|
$ |
394,422 |
|
$ |
496,514 |
|
|||
| LIABILITIES | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ |
34,173 |
|
$ |
32,792 |
|
$ |
33,439 |
|
|||
| Interest-bearing demand |
|
85,921 |
|
|
80,589 |
|
|
89,433 |
|
|||
| Savings and Money Market |
|
116,261 |
|
|
119,075 |
|
|
125,560 |
|
|||
| Certificates of deposit |
|
96,514 |
|
|
79,897 |
|
|
94,534 |
|
|||
| Total deposits |
|
332,869 |
|
|
312,353 |
|
|
342,966 |
|
|||
| Borrowings |
|
56,000 |
|
|
- |
|
|
69,000 |
|
|||
| Other liabilities |
|
7,657 |
|
|
10,085 |
|
|
10,753 |
|
|||
| Total liabilities |
|
396,526 |
|
|
322,438 |
|
|
422,719 |
|
|||
| SHAREHOLDERS' EQUITY |
|
73,426 |
|
|
72,984 |
|
|
73,795 |
|
|||
| Total liabilities and shareholders' equity | $ |
469,952 |
|
$ |
395,422 |
|
$ |
496,514 |
|
|||
| Book value per common share | $ |
29.63 |
|
$ |
29.57 |
|
$ |
29.76 |
|
|||
| CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||
Year-to-Date |
|
Three Months Ending |
||||||||||||||
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
| Interest income | $ |
25,120 |
|
$ |
20,092 |
|
$ |
6,494 |
|
$ |
5,422 |
|
||||
| Interest expense |
|
9,379 |
|
|
4,180 |
|
|
2,470 |
|
|
1,403 |
|
||||
| Net interest income |
|
15,741 |
|
|
15,912 |
|
|
4,024 |
|
|
4,019 |
|
||||
| Provision for loan losses |
|
88 |
|
|
494 |
|
|
(309 |
) |
|
195 |
|
||||
| Net interest income after provision |
|
15,653 |
|
|
15,418 |
|
|
4,333 |
|
|
3,824 |
|
||||
| Noninterest income |
|
12,154 |
|
|
16,643 |
|
|
2,893 |
|
|
3,126 |
|
||||
| Noninterest expense |
|
23,534 |
|
|
27,369 |
|
|
6,137 |
|
|
6,236 |
|
||||
| Net income before income taxes |
|
4,273 |
|
|
4,692 |
|
|
1,089 |
|
|
714 |
|
||||
| Provision for income taxes |
|
948 |
|
|
1,139 |
|
|
216 |
|
|
167 |
|
||||
| Net income after income taxes | $ |
3,325 |
|
$ |
3,553 |
|
$ |
873 |
|
$ |
547 |
|
||||
| Net income per common share, basic | $ |
1.34 |
|
$ |
1.44 |
|
$ |
0.35 |
|
$ |
0.22 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250124862046/en/
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com
Source: Oregon Bancorp, Inc.
FAQ
What was Oregon Bancorp's (ORBN) Q4 2024 earnings per share?
How did ORBN's full-year 2024 net income compare to 2023?
What was ORBN's mortgage loan origination volume in Q4 2024?
How much did ORBN's deposits change in Q4 2024?
What was ORBN's net interest margin in 2024 compared to 2023?
