Oregon Bancorp Announces Second Quarter Earnings

SALEM, Ore.--(BUSINESS WIRE)-- Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1.5 million for the second quarter of 2022 compared to $5.4 million during the second quarter of 2021. This results in a quarterly return on average assets of 1.4% and a quarterly return on average equity of 8.0%.

The Company’s balance sheet continues to exhibit exceptional asset quality, good liquidity, and strong capital. Total assets increased by $8.9 million, or 2.1% since March 31, 2022. The largest quarterly balance sheet changes are attributable to a $21.9 million increase in cash and short-term investments, $6.2 million increase in deposits, and $8.9 million decrease in mortgage loans held for sale. There was one loan of $272 thousand that was past due at quarter end, and non-performing assets measured at $1.3 million, or 1.72% of total capital. Capital remains very strong which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on July 15, 2022.

Ryan Dempster, President and CEO, commented, “Financial results over the last two years benefitted from historically low mortgage rates. With the recent Federal Reserve actions to curb inflation, mortgage rates have increased which has led to less mortgage lending. Despite these adjustments, we funded $228 million in mortgage loans during the quarter and look forward to assisting more customers finance their homes.”

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 15 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)
	June 30,								March 31,
ASSETS	2022				2021				2022
Cash and short term investments	$	103,722			$	66,338			$	81,800
Securities available-for-sale, at fair value		15,903				-				16,554
Loans available for sale, at fair value		33,039				62,338				41,988
Loans:
Real estate		235,885				207,805				239,749
Commercial		11,271				24,548				10,906
Other		2,838				605				569
Unearned income		(581	)			(899	)			(688	)
Loan loss reserve		(2,611	)			(2,601	)			(2,608	)
Total net loans		246,802				229,458				247,928
Property and other assets		16,803				18,498				19,070
Total assets	$	416,269			$	376,632			$	407,340
LIABILITIES
Deposits:
Noninterest-bearing demand	$	33,334			$	28,921			$	35,557
Interest-bearing demand		102,907				80,546				96,263
Savings and Money Market		150,366				118,605				145,520
Certificates of deposit		46,715				68,759				49,832
Total deposits		333,322				296,831				327,172
Borrowings		-				-				-
Other liabilities		10,206				12,026				7,307
Total liabilities		343,528				308,857				334,479
SHAREHOLDERS' EQUITY		72,741				68,075				72,861
Total liabilities and shareholders' equity	$	416,269			$	376,932			$	407,340
Book value per common share	$	29.62			$	28.22			$	29.75

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
(Amounts in thousands except per share data)	Six Months Ending						Three Months Ending
	June 30, 2022			June 30, 2021			June 30, 2022			June 30, 2021
Interest income	$	7,251		$	7,047		$	3,820		$	3,543
Interest expense		438			599			213			293
Net interest income		6,813			6,448			3,607			3,250
Provision for loan losses		-			113			-			-
Net interest income after provision		6,813			6,335			3,607			3,250
Noninterest income		20,826			43,025			9,019			19,521
Noninterest expense		22,363			32,090			10,795			15,546
Net income before income taxes		5,276			17,270			1,831			7,225
Provision for income taxes		1,220			4,544			378			1,799
Net income after income taxes	$	4,056		$	12,726		$	1,453		$	5,426
Net income per common share, basic	$	1.66		$	5.31		$	0.59		$	2.25

 

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Ryan Dempster

Oregon Bancorp, Inc.

503-485-2222

bank@wvbk.com

Source: Oregon Bancorp, Inc.