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Oregon Bancorp Inc

Oregon Bancorp Announces Quarterly Earnings

Third quarter 2024 net earnings of $1.0 million, or $0.41 per common share
Quarterly return on average assets of 0.9% and return on average equity of 5.6%

SALEM, Ore.--(BUSINESS WIRE)--Oct. 18, 2024-- Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter of $1,017,000 and $0.41 per common share. The Company’s quarterly return on average assets and return on average equity were 0.9% and 5.6%, respectively. This compares to $801,000 in net income and $0.32 per common share outstanding for the quarter ending June 30, 2024.

The Company’s balance sheet expanded by $16.0 million in assets during the quarter. This was largely the result of a $31.8 million increase in deposits that improved balance sheet liquidity and reduced FHLB borrowings. The Company’s net interest margin also increased from 3.4% to 3.5% during the third quarter. Residential loan origination volume decreased during the quarter from $75 million to $63 million. Bank asset quality and capital remain strong and the Board of Directors distributed a $0.20 per share quarterly dividend on October 15, 2024.

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 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 five Home Loan Centers located in Oregon 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.

 
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.

Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com

Source: Oregon Bancorp, Inc.