Oregon Bancorp Announces Quarterly Earnings
Second quarter 2024 net earnings of
Quarterly return on average assets of
The Company’s balance sheet expanded by
Ryan Dempster, President and CEO, commented, “Although the economy continues to remain stable, economic data related to employment and inflation is beginning to display some slowing, which has led to renewed speculation that the Federal Reserve may reduce interest rates later this year. This could lead to a welcome reduction in loan interest rates for borrowers.”
About Oregon Bancorp, Inc.
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank (Bank), a community bank headquartered in
CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
(Amounts in thousands except per share data) | |||||||||||
June 30, | March 31, | ||||||||||
ASSETS | 2024 |
|
2023 |
|
2024 |
||||||
Cash and short term investments | $ |
21,050 |
|
$ |
15,373 |
|
$ |
19,591 |
|
||
Securities available-for-sale, at fair value |
|
100,643 |
|
|
30,075 |
|
|
32,516 |
|
||
Loans available for sale, at fair value |
|
14,849 |
|
|
37,080 |
|
|
18,387 |
|
||
Loans: | |||||||||||
Real estate |
|
317,261 |
|
|
276,665 |
|
|
303,247 |
|
||
Commercial |
|
6,524 |
|
|
6,109 |
|
|
6,634 |
|
||
Other |
|
1,054 |
|
|
777 |
|
|
2,028 |
|
||
Deferred fees and costs |
|
(751 |
) |
|
(625 |
) |
|
(781 |
) |
||
Loan loss reserve |
|
(3,443 |
) |
|
(2,773 |
) |
|
(3,275 |
) |
||
Total net loans |
|
320,645 |
|
|
280,153 |
|
|
307,853 |
|
||
Property and other assets |
|
23,339 |
|
|
20,595 |
|
|
19,289 |
|
||
Total assets | $ |
480,526 |
|
$ |
383,276 |
|
$ |
397,636 |
|
||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand | $ |
30,866 |
|
$ |
32,484 |
|
$ |
32,503 |
|
||
Interest-bearing demand |
|
77,994 |
|
|
92,033 |
|
|
78,089 |
|
||
Savings and Money Market |
|
118,229 |
|
|
106,525 |
|
|
116,665 |
|
||
Certificates of deposit |
|
84,099 |
|
|
62,705 |
|
|
85,219 |
|
||
Total deposits |
|
311,188 |
|
|
293,747 |
|
|
312,476 |
|
||
Borrowings |
|
88,250 |
|
|
5,000 |
|
|
4,000 |
|
||
Other liabilities |
|
8,554 |
|
|
11,664 |
|
|
8,244 |
|
||
Total liabilities |
|
407,992 |
|
|
310,411 |
|
|
324,720 |
|
||
SHAREHOLDERS' EQUITY |
|
72,534 |
|
|
72,865 |
|
|
72,916 |
|
||
Total liabilities and shareholders' equity | $ |
480,526 |
|
$ |
383,276 |
|
$ |
397,636 |
|
||
Book value per common share | $ |
29.22 |
|
$ |
29.46 |
|
$ |
29.55 |
|
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | |||||||||||
(Amounts in thousands except per share data) | |||||||||||
Six Months Ending | Three Months Ending | ||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||
Interest income | $ |
11,774 |
$ |
9,581 |
$ |
6,402 |
$ |
4,788 |
|||
Interest expense |
|
4,137 |
|
1,475 |
|
2,642 |
|
975 |
|||
Net interest income |
|
7,637 |
|
8,106 |
|
3,760 |
|
3,813 |
|||
Provision for loan losses |
|
288 |
|
112 |
|
169 |
|
112 |
|||
Net interest income after provision |
|
7,349 |
|
7,994 |
|
3,591 |
|
3,701 |
|||
Noninterest income |
|
6,239 |
|
9,674 |
|
3,229 |
|
5,319 |
|||
Noninterest expense |
|
11,683 |
|
14,517 |
|
5,778 |
|
7,663 |
|||
Net income before income taxes |
|
1,905 |
|
3,151 |
|
1,042 |
|
1,357 |
|||
Provision for income taxes |
|
470 |
|
786 |
|
241 |
|
334 |
|||
Net income after income taxes | $ |
1,435 |
$ |
2,365 |
$ |
801 |
$ |
1,023 |
|||
Net income per common share, basic | $ |
0.58 |
$ |
0.96 |
$ |
0.32 |
$ |
0.41 |
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240719569902/en/
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com
Source: Oregon Bancorp, Inc.