Oregon Bancorp Announces Fourth Quarter Earnings

Fourth quarter 2022 net earnings of $1.3 million, or $0.52 per common share

Quarterly return on average assets of 1.2% and return on average equity of 6.9%

Annual net earnings of $6.7 million, or $2.75 per common share

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the fourth quarter totaled $1.3 million resulting in an annualized return on average assets of 1.2% and a return on average equity of 6.9%. This compares to net income of $4.0 million from the fourth quarter of 2021. Annual earnings totaled $6.7 million which resulted in a return on average assets of 1.6% and return on average equity of 9.3%.

Total assets decreased $20.4 million, or 4.9%, during the quarter. Although a decrease in deposits of $22.8 million was the primary reason for the decline, commercial loan balances increased $3.4 million. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on January 17, 2023.

Ryan Dempster, President and CEO, commented, “The Federal Reserve’s decisions to rapidly increase interest rates to reduce inflation have negatively impacted the number of borrowers seeking mortgage financing.” He further stated, “Although we have experienced a decline in mortgage banking revenue, the increasing rate environment has led to improved net interest margins.”

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 13 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)
 

December 31,

 

September 30,

ASSETS

 

2022

 

 

 

2021

 

 

 

2022

 

Cash and short term investments

$

78,776

 

$

65,096

 

$

99,272

 

Securities available-for-sale, at fair value

 

23,663

 

 

13,758

 

 

16,146

 

Loans:

 

33,890

 

Real estate

 

251,629

 

 

231,953

 

Commercial

 

6,992

 

 

14,403

 

 

250,041

 

Other

 

2,626

 

 

1,011

 

 

7,467

 

Unearned income

 

(609

)

 

(758

)

 

277

 

Loan loss reserve

 

(2,661

)

 

(2,606

)

 

(616

)

Total net loans

 

257,977

 

 

244,003

 

 

(2,613

)

Loans available for sale, at fair value

 

23,601

 

 

60,974

 

 

254,556

 

Property and other assets

 

41,568

 

 

37,933

 

 

18,530

 

Total assets

$

401,922

 

$

408,006

 

$

422,394

 

 
LIABILITIES
Deposits:
Noninterest-bearing demand

$

31,747

 

$

34,423

 

$

35,063

 

Interest-bearing demand

 

101,167

 

 

91,035

 

 

108,764

 

Savings and Money Market

 

143,656

 

 

136,751

 

 

153,811

 

Certificates of deposit

 

42,081

 

 

60,715

 

 

43,783

 

Total deposits

 

318,651

 

 

322,924

 

 

341,421

 

Borrowings

 

-

 

 

-

 

 

-

 

Other liabilities

 

10,138

 

 

9,528

 

 

8,044

 

Total Liabilities

 

328,789

 

 

332,452

 

 

349,465

 

 
SHAREHOLDER'S EQUITY

 

73,133

 

 

75,554

 

 

72,929

 

Total liabilities and shareholders' equity

$

401,922

 

$

408,006

 

$

422,394

 

 
Book value per common share

$

29.82

 

$

31.31

 

$

29.70

 

 
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(Amounts in thousands except per share data)
Year-to-Date Three Months Ending
December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
Interest income

$

16,388

$

14,010

$

4,745

$

3,526

Interest expense

 

880

 

1,118

 

231

 

252

Net interest income

 

15,508

 

12,892

 

4,514

 

3,274

Provision for loan losses

 

-

 

113

 

-

 

-

Net interest income afer provision

 

15,508

 

12,779

 

4,514

 

3,274

Noninterest income

 

31,394

 

77,460

 

3,952

 

15,216

Noninterest expense

 

38,029

 

60,707

 

6,799

 

13,881

Net income before income taxes

 

8,873

 

29,532

 

1,667

 

4,609

Provision for income taxes

 

2,131

 

7,143

 

398

 

628

Net income after income taxes

$

6,742

$

22,389

$

1,269

$

3,981

 
Net income per common share, basic

$

2.75

$

9.32

$

0.52

$

1.65

 

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