Oregon Bancorp Announces Second Quarter Earnings

SALEM, Ore.--()--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

 

Contacts

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

Contacts

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