Oregon Bancorp Announces Quarterly Earnings
Oregon Bancorp, parent company of Willamette Valley Bank, reported net income of $1,017,000 or $0.41 per common share for the third quarter of 2024. The company achieved a quarterly return on average assets of 0.9% and a return on average equity of 5.6%. Compared to the previous quarter, net income increased from $801,000 to $1,017,000. The company's balance sheet expanded by $16.0 million in assets, primarily due to a $31.8 million increase in deposits. The net interest margin improved from 3.4% to 3.5%. However, residential loan origination volume decreased from $75 million to $63 million. The Board of Directors distributed a $0.20 per share quarterly dividend on October 15, 2024.
Oregon Bancorp, la società madre di Willamette Valley Bank, ha riportato un utile netto di $1.017.000 oppure $0,41 per azione ordinaria per il terzo trimestre del 2024. L'azienda ha raggiunto un rendimento trimestrale medio sugli attivi dello 0,9% e un rendimento medio sul capitale proprio del 5,6%. Rispetto al trimestre precedente, l'utile netto è aumentato da $801.000 a $1.017.000. Il bilancio dell'azienda è aumentato di $16,0 milioni in attivi, principalmente a causa di un aumento dei depositi di $31,8 milioni. Il margine di interesse netto è migliorato dal 3,4% al 3,5%. Tuttavia, il volume delle nuove originazioni di prestiti residenziali è diminuito da $75 milioni a $63 milioni. Il Consiglio di Amministrazione ha distribuito un dividendo trimestrale di $0,20 per azione il 15 ottobre 2024.
Oregon Bancorp, la empresa matriz de Willamette Valley Bank, informó un ingreso neto de $1,017,000 o $0.41 por acción común para el tercer trimestre de 2024. La compañía logró un retorno trimestral sobre activos promedio del 0.9% y un retorno sobre capital promedio del 5.6%. En comparación con el trimestre anterior, el ingreso neto aumentó de $801,000 a $1,017,000. El balance de la empresa se expandió en $16.0 millones en activos, principalmente debido a un aumento de $31.8 millones en depósitos. El margen de interés neto mejoró del 3.4% al 3.5%. Sin embargo, el volumen de originación de préstamos residenciales disminuyó de $75 millones a $63 millones. La Junta Directiva distribuyó un dividendo trimestral de $0.20 por acción el 15 de octubre de 2024.
오리건 뱅코프는 윌라메트 밸리 뱅크의 모회사로, 2024년 3분기 동안 순이익 1,017,000달러 또는 주당 0.41달러를 기록했다고 보고했습니다. 회사는 평균 자산에 대한 분기 수익률 0.9%와 평균 자본에 대한 수익률 5.6%를 달성했습니다. 이전 분기와 비교할 때, 순이익은 801,000달러에서 1,017,000달러로 증가했습니다. 회사의 재무제표는 자산이 1,600만 달러 증가했습니다, 주로 입금이 3,180만 달러 증가한 것순이자 마진은 3.4%에서 3.5%로 개선되었습니다. 그러나 주택 대출 신규 발급량은 7,500만 달러에서 6,300만 달러로 감소했습니다. 이사회는 2024년 10월 15일에 주당 0.20달러의 분기 배당금을 분배했습니다.
Oregon Bancorp, la société mère de Willamette Valley Bank, a déclaré un revenu net de 1 017 000 $ ou 0,41 $ par action ordinaire pour le troisième trimestre de 2024. L'entreprise a réalisé un rendement trimestriel sur actif moyen de 0,9% et un rendement sur capital propre moyen de 5,6%. Comparé au trimestre précédent, le revenu net a augmenté de 801 000 $ à 1 017 000 $. Le bilan de l’entreprise s’est élargi de 16,0 millions de dollars en actifs, principalement en raison d'une augmentation des dépôts de 31,8 millions de dollars. La marge d'intérêt nette s'est améliorée de 3,4% à 3,5%. Cependant, le volume des origines de prêts résidentiels a diminué de 75 millions de dollars à 63 millions de dollars. Le conseil d'administration a distribué un dividende trimestriel de 0,20 $ par action le 15 octobre 2024.
Oregon Bancorp, die Muttergesellschaft der Willamette Valley Bank, berichtete über einen Nettoertrag von 1.017.000 USD oder 0,41 USD pro Stammaktie für das dritte Quartal 2024. Das Unternehmen erzielte eine vierteljährliche Rendite auf die durchschnittlichen Vermögenswerte von 0,9% und eine Rendite auf das durchschnittliche Eigenkapital von 5,6%. Im Vergleich zum vorherigen Quartal stieg der Nettoertrag von 801.000 USD auf 1.017.000 USD. Die Bilanz des Unternehmens erweiterte sich um 16,0 Millionen USD an Vermögenswerten, hauptsächlich aufgrund eines Einlagenanstiegs von 31,8 Millionen USD. Die netto Zinsmarge verbesserte sich von 3,4% auf 3,5%. Der Umfang der Neubewilligung von Wohnungsbaudarlehen ging jedoch von 75 Millionen USD auf 63 Millionen USD zurück. Der Vorstand gab am 15. Oktober 2024 eine vierteljährliche Dividende von 0,20 USD pro Aktie aus.
- Net income increased from $801,000 to $1,017,000 quarter-over-quarter
- Balance sheet expanded by $16.0 million in assets
- Deposits increased by $31.8 million
- Net interest margin improved from 3.4% to 3.5%
- Quarterly dividend of $0.20 per share distributed
- Residential loan origination volume decreased from $75 million to $63 million
Third quarter 2024 net earnings of
Quarterly return on average assets of
The Company’s balance sheet expanded by
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
| 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241018767000/en/
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com
Source: Oregon Bancorp, Inc.
FAQ
What was Oregon Bancorp's (ORBN) net income for Q3 2024?
How much did Oregon Bancorp's (ORBN) deposits increase in Q3 2024?
What was Oregon Bancorp's (ORBN) earnings per share for Q3 2024?
How did Oregon Bancorp's (ORBN) net interest margin change in Q3 2024?
