Oregon Bancorp Announces Quarterly Earnings
First quarter 2024 net earnings of
Quarterly return on average assets of 0.6% and return on average equity of 3.0%
The Company’s balance sheet remained relatively unchanged during the quarter with marginal adjustments to loans and deposits. Residential mortgage loan origination volume for the quarter improved to
About
CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
(Amounts in thousands except per share data) | |||||||||||
(Audited) | |||||||||||
|
|
||||||||||
ASSETS |
|
2024 |
|
|
2023 |
|
|
2023 |
|
||
Cash and short term investments |
$ |
19,591 |
|
$ |
57,208 |
|
$ |
24,225 |
|
||
Securities available-for-sale, at fair value |
|
32,516 |
|
|
29,666 |
|
|
33,390 |
|
||
Loans available for sale, at fair value |
|
18,387 |
|
|
19,017 |
|
|
12,764 |
|
||
Loans: | |||||||||||
Real estate |
|
303,247 |
|
|
264,558 |
|
|
299,355 |
|
||
Commercial |
|
6,634 |
|
|
6,495 |
|
|
7,547 |
|
||
Other |
|
2,028 |
|
|
1,051 |
|
|
2,481 |
|
||
Unearned income |
|
(781 |
) |
|
(651 |
) |
|
(640 |
) |
||
Loan loss reserve |
|
(3,275 |
) |
|
(2,661 |
) |
|
(3,156 |
) |
||
Total net loans |
|
307,853 |
|
|
268,792 |
|
|
305,587 |
|
||
Property and other assets |
|
19,289 |
|
|
20,438 |
|
|
19,456 |
|
||
Total assets |
$ |
397,636 |
|
$ |
395,121 |
|
$ |
395,422 |
|
||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand |
$ |
32,503 |
|
$ |
30,966 |
|
$ |
32,792 |
|
||
Interest-bearing demand |
|
78,089 |
|
|
105,493 |
|
|
80,589 |
|
||
Savings and Money Market |
|
116,665 |
|
|
116,621 |
|
|
119,075 |
|
||
Certificates of deposit |
|
85,219 |
|
|
57,860 |
|
|
79,898 |
|
||
Total deposits |
|
312,476 |
|
|
310,940 |
|
|
312,354 |
|
||
Borrowings |
|
4,000 |
|
|
- |
|
|
- |
|
||
Other liabilities |
|
8,244 |
|
|
11,128 |
|
|
10,084 |
|
||
Total Liabilities |
|
324,720 |
|
|
322,068 |
|
|
322,438 |
|
||
SHAREHOLDER'S EQUITY |
|
72,916 |
|
|
73,053 |
|
|
72,984 |
|
||
Total liabilities and shareholders' equity |
$ |
397,636 |
|
$ |
395,121 |
|
$ |
395,422 |
|
||
Book value per common share |
$ |
29.55 |
|
$ |
29.67 |
|
$ |
29.57 |
|
||
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | |||||||
(Amounts in thousands except per share data) | |||||||
Three Months Ending | |||||||
|
|
||||||
Interest income |
$ |
5,372 |
$ |
4,793 |
|||
Interest expense |
|
1,495 |
|
|
500 |
|
|
Net interest income |
|
3,877 |
|
|
4,293 |
|
|
Provision for loan losses |
|
119 |
|
|
- |
|
|
Net interest income after provision |
|
3,758 |
|
|
4,293 |
|
|
Noninterest income |
|
3,010 |
|
|
4,355 |
|
|
Noninterest expense |
|
5,905 |
|
|
6,854 |
|
|
Net income before income taxes |
|
863 |
|
|
1,794 |
|
|
Provision for income taxes |
|
229 |
|
|
452 |
|
|
Net income after income taxes |
$ |
634 |
|
$ |
1,342 |
|
|
Net income per common share, basic |
$ |
0.26 |
$ |
0.55 |
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.
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