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Oregon Pacific Bancorp (ORPB), established on December 17, 1979, is headquartered in Florence, Oregon. The company has grown to include full-service branches in Coos Bay and Roseburg, as well as a trust and wealth management office in Medford, and a professional banking and trust office in Eugene. Staffed by local decision-makers, Oregon Pacific Bancorp specializes in offering holistic financial services to local families and business owners.
Oregon Pacific Bancorp is committed to the growth and development of the communities it serves by investing local deposits directly into the lives, homes, and businesses of its friends and neighbors. The company's core business includes a range of financial products and services such as personal and business banking, trust services, and wealth management. Their personalized approach ensures that clients receive tailored financial advice and services that meet their unique needs.
Recently, the company has focused on enhancing its technological capabilities to provide better services to its customers. This includes improved online banking systems and mobile banking applications. Additionally, Oregon Pacific Bancorp continues to expand its financial products to offer more comprehensive solutions to its clients.
The company prides itself on its strong financial condition, which is reflected in its robust balance sheet and positive financial performance. Oregon Pacific Bancorp maintains a sound risk management framework to ensure the stability and security of its operations. Strategic partnerships with local businesses and organizations further strengthen its community ties and contribute to its sustained growth.
Through its commitment to excellence and community service, Oregon Pacific Bancorp has established itself as a trusted financial partner in the region. The company continues to seek new opportunities for growth and innovation, always with a focus on serving the best interests of its clients and the community at large.
Oregon Pacific Bancorp (ORPB) reported strong financial results for Q1 2023, with net income of $2.4 million or $0.34 per diluted share, up from $1.4 million or $0.20 per diluted share in Q1 2022. The bank achieved a quarterly loan growth of $10.5 million, reflecting an 8.82% annualized growth rate, while deposits increased by $7.2 million, translating to a 4.26% annualized growth. The net interest margin stood at 3.87%, indicating improved earnings from interest. Notably, the bank's cost of funds rose to 0.51% from 0.21% in the previous quarter, highlighting increasing market pressures. Management emphasized the bank's focus on service and maintaining client relationships despite competitive yield pressures. The bank also adopted new credit loss accounting standards impacting its allowance for credit losses.
Oregon Pacific Bancorp (ORPB) reported financial results for Q4 2022, revealing a net income of $1.4 million or $0.20 per diluted share. Annual non-PPP loan growth reached $94.8 million (24.42%), and deposits grew by $64.2 million (10.38%). However, the bank faced a quarterly deposit contraction of $29.8 million (4.2%). A strategic security repositioning resulted in a pre-tax loss of $1.8 million but is forecasted to enhance future interest income by $479 thousand annually. Additionally, noninterest income decreased to $1.9 million, driven by lower other income. The yield on non-PPP loans improved to 4.70%, marking a robust financial performance despite challenges.
Oregon Pacific Bank has announced the hiring of a new commercial banking team for its Portland market expansion. This move marks a significant development for the $780 million community bank, which currently operates branches in Coos Bay, Florence, Eugene, Medford, and Roseburg. The new team consists of experienced bankers, led by Kyle Baisch as Portland Market President. The bank plans to establish a temporary office in the SW metro area and aims to provide a full suite of banking services following regulatory approval.
Oregon Pacific Bancorp (ORPB) announced its third-quarter financial results for the period ending September 30, 2022, reporting a net income of $2.3 million or $0.33 per diluted share, up from $2.0 million or $0.29 from the same quarter the previous year. The bank achieved a loan growth of $21.1 million and deposit growth of $70.0 million. The net interest margin stood at 3.54%. Noninterest income was $2.0 million, while expenses increased to $4.8 million due to salary adjustments and increased outside services.
Oregon Pacific Bancorp (ORPB) reported a stable second quarter ended June 30, 2022, with net income of $1.9 million, or $0.27 per diluted share, unchanged from Q2 2021. The bank successfully processed final Paycheck Protection Program (PPP) forgiveness payments, bringing PPP loan balances to zero. Notable growth was seen in non-PPP loans, which increased by $28.1 million, and deposits grew by $6.3 million. The second quarter net interest margin stood at 3.27%, while classified assets decreased to a ratio of 6.68%.
Oregon Pacific Bancorp (ORPB) reported a net income of $1.4 million for Q1 2022, translating to $0.20 per diluted share, a decrease from $2.0 million ($0.28/share) in Q1 2021. Non-PPP loans grew by $19.2 million (20.08% annually) and deposits increased by $17.7 million (11.61% annually). However, PPP income dropped significantly to $205 thousand from $1.5 million a year prior. Noninterest income declined to $1.6 million, and noninterest expenses rose to $4.5 million, primarily due to higher salaries and benefits.
Oregon Pacific Bancorp (ORPB) reported fourth-quarter net income of $1.9 million, or $0.27 per diluted share, down from $2.0 million in Q4 2020. Annual non-PPP loan growth reached $76.3 million (24.47%), with deposits increasing by $132.3 million (27.21%). Annual trust assets under management grew by $40.2 million (24.97%). However, classified assets rose by $600 thousand due to loan downgrades in commercial construction. Noninterest expense increased to $4.3 million, driven by higher salaries and fraud-related losses. The bank anticipates ongoing staffing growth and new facility occupancy by Q2 2023.
Oregon Pacific Bancorp (ORPB) reported a strong third quarter for 2021, achieving a net income of $2.04 million or $0.29 per diluted share, up from $803 thousand or $0.11 per share year-over-year. Non-PPP loan growth totaled $25.8 million, reflecting a 21.30% year-to-date increase. The company issued $15 million in subordinated notes to enhance liquidity, raising its Tier 1 leverage to 9.70%. While credit metrics improved with classified assets down to $8.2 million, the effective yield on non-PPP loans decreased to 4.49%.
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