Oregon Bancorp Announces Third Quarter Earnings

Rhea-AI Summary

Oregon Bancorp reports net earnings of $0.6 million in Q3 2023

Positive

• Quarterly return on average assets of 0.65%
• Return on average equity of 3.5%
• Balance sheet increased by $17.2 million
• $22.7 million increase in deposits
• Commercial loan balances increased by $9.4 million
• Board of Directors distributed a $0.26 per share quarterly dividend

Negative

• None.

Third quarter 2023 net earnings of $0.6 million, or $0.26 per common share

Quarterly return on average assets of 0.65% and return on average equity of 3.5%

SALEM, Ore.--(BUSINESS WIRE)-- Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter totaled $640,000 resulting in an annualized return on average assets of 0.65% and a return on average equity of 3.5%. This compares to $1.02 million in net income and $0.41 earnings per common share outstanding for the quarter ending June 30, 2023. Year-to-date net income has reached $3.0 million and $1.22 per common share outstanding compared to $5.5 million and $2.24 per common share during the same period last year.

The Company’s balance sheet increased $17.2 million since June 30, 2023. This is primarily related to $22.7 million increase in deposits. Commercial loan balances have increased $9.4 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.26 per share quarterly dividend on October 16, 2023.

Ryan Dempster, President and CEO, commented “We experienced a good increase in customer deposits during the quarter despite continued strong competition. These funds are being used to fund loans at higher current market rates which has helped us to maintain a strong net interest margin.”

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 10 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 SHEET (Unaudited)
(Amounts in thousands except per share data)
	September 30,								June 30,
ASSETS		2023				2022				2023
Cash and short term investments	$	30,168			$	99,272			$	15,373
Securities available-for-sale, at fair value		30,976				16,146				30,075
Loans available for sale, at fair value		29,077				33,890				37,080
Loans:
Real estate		286,342				250,041				276,665
Commercial		6,263				7,467				6,109
Other		522				277				777
Deferred fees and costs		(613	)			(616	)			(625	)
Loan loss reserve		(2,960	)			(2,613	)			(2,773	)
Total net loans		289,554				254,556				280,153
Property and other assets		20,720				18,530				20,595
Total assets	$	400,495			$	422,394			$	383,276
LIABILITIES
Deposits:
Noninterest-bearing demand	$	27,886			$	35,063			$	32,484
Interest-bearing demand		92,558				108,764				92,033
Savings and Money Market		119,710				153,811				106,525
Certificates of deposit		76,342				43,783				62,705
Total deposits		316,496				341,421				293,747
Borrowings		-				-				5,000
Other liabilities		11,392				8,044				11,664
Total liabilities		327,888				349,465				310,411
SHAREHOLDERERS EQUITY		72,607				72,929				72,865
Total liabilities and shareholders' equity	$	400,495			$	422,394			$	383,276
Book value per common share	$	29.36			$	29.70			$	29.46

CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
	Nine Months Ending						Three Months Ending
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Interest income	$	14,670		$	11,643		$	5,089		$	4,392
Interest expense		2,777			649			1,302			211
Net interest income		11,893			10,994			3,787			4,181
Provision for loan losses		299			-			187			-
Net interest income after provision		11,594			10,994			3,600			4,181
Noninterest income		13,517			27,442			3,843			6,616
Noninterest expense		21,133			31,230			6,616			8,867
Net income before income taxes		3,978			7,206			827			1,930
Provision for income taxes		972			1,733			187			513
Net income after income taxes	$	3,006		$	5,473		$	640		$	1,417
Net income per common share, basic	$	1.22		$	2.24		$	0.26		$	0.58

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231020576266/en/

Ryan Dempster

Oregon Bancorp, Inc.

503-485-2222

bank@wvbk.com

Source: Oregon Bancorp, Inc.

FAQ

What were the net earnings of Oregon Bancorp in Q3 2023?

Oregon Bancorp reported net earnings of $0.6 million in Q3 2023.

What were the return on average assets and return on average equity for Oregon Bancorp in Q3 2023?

Oregon Bancorp had a quarterly return on average assets of 0.65% and a return on average equity of 3.5% in Q3 2023.

How much did the balance sheet of Oregon Bancorp increase by since June 30, 2023?

The balance sheet of Oregon Bancorp increased by $17.2 million since June 30, 2023.

What was the increase in deposits for Oregon Bancorp since June 30, 2023?

Oregon Bancorp saw a $22.7 million increase in deposits since June 30, 2023.

By how much did the commercial loan balances increase for Oregon Bancorp during the same period?

The commercial loan balances for Oregon Bancorp increased by $9.4 million during the same period.

Did Oregon Bancorp distribute a dividend in Q3 2023?

Yes, the Board of Directors distributed a $0.26 per share quarterly dividend on October 16, 2023.