Oregon Bancorp Announces First Quarter Earnings

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $2.6 million for the first quarter of 2022 compared to $7.3 million and $2.4 million during the first quarters of 2021 and 2020, respectively. This results in a quarterly return on average assets of 2.5% and a quarterly return on average equity of 14.0%.

Total assets were down slightly at $407 million compared to $412 million at December 31, 2021. The Company experienced balance sheet growth in the areas of cash, investments, commercial loans and deposits while mortgage loans held-for-sale decreased due to slower mortgage loan demand. Asset quality and capital position remain strong with classified assets totaling just $2.2 million and a capital-to-assets ratio of 17.89%. This has permitted the Board of Directors to distribute a $2.00 per share special dividend on March 14, 2022, and a $0.52 per share quarterly dividend on April 15, 2022.

Ryan Dempster, President and CEO, commented “Financial performance during the same quarter last year was fueled by exceptional mortgage production. The rate environment has shifted higher from a year ago which has resulted in less mortgage lending.” He continued by saying “Overall, we are pleased with our quarterly financial results which should continue to compare favorably to our peers.”

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 16 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)

(Audited)

March 31,

 

December 31,

ASSETS

2022

 

2021

 

 

2021

Cash and short term investments

$

81,800

 

$

47,018

 

$

72,110

 

Securities available-for-sale, at fair value

 

16,554

 

 

-

 

 

13,758

 

Loans available for sale, at fair value

 

41,988

 

 

75,596

 

 

60,974

 

Loans:
Real estate

 

239,749

 

 

202,732

 

 

231,953

 

Commercial

 

10,906

 

 

30,947

 

 

14,403

 

Other

 

569

 

 

690

 

 

1,011

 

Unearned income

 

(688

)

 

(970

)

 

(758

)

Loan loss reserve

 

(2,608

)

 

(2,598

)

 

(2,606

)

Total net loans

 

247,928

 

 

230,801

 

 

244,003

 

Property and other assets

 

19,070

 

 

20,962

 

 

20,816

 

Total assets

$

407,340

 

$

374,377

 

$

411,661

 

 
LIABILITIES
Deposits:
Noninterest-bearing demand

$

35,557

 

$

27,131

 

$

34,423

 

Interest-bearing demand

 

96,263

 

 

83,724

 

 

91,035

 

Savings and Money Market

 

145,520

 

 

106,131

 

 

136,751

 

Certificates of deposit

 

49,832

 

 

73,061

 

 

60,715

 

Total deposits

 

327,172

 

 

290,047

 

 

322,924

 

Borrowings

 

-

 

 

6,343

 

 

-

 

Other liabilities

 

7,307

 

 

15,231

 

 

13,183

 

Total liabilities

 

334,479

 

 

311,621

 

 

336,107

 

 
SHAREHOLDERS' EQUITY

 

72,861

 

 

62,756

 

 

75,554

 

Total liabilities and shareholders' equity

$

407,340

 

$

374,377

 

$

411,661

 

 
Book value per common share

$

29.75

 

$

26.10

 

$

31.31

 

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

$

3,431

$

3,504

Interest expense

 

225

 

306

Net interest income

 

3,206

 

3,198

Provision for loan losses

 

-

 

113

Net interest income afer provision

 

3,206

 

3,085

Noninterest income

 

11,807

 

23,504

Noninterest expense

 

11,568

 

16,544

Net income before income taxes

 

3,445

 

10,045

Provision for income taxes

 

842

 

2,745

Net income after income taxes

$

2,603

$

7,300

 
Net income per common share, basic

$

1.07

$

3.06

 

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