Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1.4 million for the third quarter of 2022 compared to $5.7 million during the third quarter of 2021. This results in a quarterly return on average assets of 1.3% and a quarterly return on average equity of 7.8%. Year-to-date net income through the third quarter reached $5.5 million resulting in a return on average assets of 1.8% and a return on average equity of 10.4%.
The Company’s balance sheet expanded modestly during the quarter. Total assets increased by $6.1 million, or 1.5%, from June 30, 2022. The largest quarterly balance sheet change is attributed to an increase in commercial loans of $7.8 million, or 3.1%. Three loans representing $884 thousand were past due at quarter end and non-performing assets measured $1.3 million, or 1.7% of total capital. Capital remains very strong which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on October 14, 2022.
Ryan Dempster, President and CEO, commented: “The Federal Reserve increased their benchmark interest rate 1.5% during the quarter. Although this has led to fewer customers seeking mortgage financing, the Bank’s net interest margin has been positively impacted.”
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 14 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) | ||||||||||||
September 30, |
June 30, |
|||||||||||
| ASSETS | 2022 |
2021 |
2022 |
|||||||||
| Cash and short term investments | $ |
99,272 |
|
$ |
65,380 |
|
$ |
103,722 |
|
|||
| Securities available-for-sale, at fair value |
|
16,146 |
|
|
8,383 |
|
|
15,903 |
|
|||
| Loans available for sale |
|
33,890 |
|
|
75,192 |
|
|
33,039 |
|
|||
| Loans: | ||||||||||||
| Real estate |
|
250,041 |
|
|
216,621 |
|
|
235,885 |
|
|||
| Commercial |
|
7,467 |
|
|
19,254 |
|
|
11,271 |
|
|||
| Other |
|
277 |
|
|
1,428 |
|
|
2,838 |
|
|||
| Unearned income |
|
(616 |
) |
|
(777 |
) |
|
(581 |
) |
|||
| Loan loss reserve |
|
(2,613 |
) |
|
(2,603 |
) |
|
(2,611 |
) |
|||
| Total net loans |
|
254,556 |
|
|
233,923 |
|
|
246,802 |
|
|||
| Property and other assets |
|
18,530 |
|
|
17,857 |
|
|
16,803 |
|
|||
| Total assets | $ |
422,394 |
|
$ |
400,735 |
|
$ |
416,269 |
|
|||
| LIABILITIES | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ |
35,063 |
|
$ |
29,256 |
|
$ |
33,334 |
|
|||
| Interest-bearing demand |
|
108,764 |
|
|
91,874 |
|
|
102,907 |
|
|||
| Savings and Money Market |
|
153,811 |
|
|
128,833 |
|
|
150,366 |
|
|||
| Certificates of deposit |
|
43,783 |
|
|
66,966 |
|
|
46,715 |
|
|||
| Total deposits |
|
341,421 |
|
|
316,929 |
|
|
333,322 |
|
|||
| Borrowings |
|
- |
|
|
- |
|
|
- |
|
|||
| Other liabilities |
|
8,044 |
|
|
11,092 |
|
|
10,206 |
|
|||
| Total liabilities |
|
349,465 |
|
|
328,021 |
|
|
343,528 |
|
|||
| SHAREHOLDER'S EQUITY |
|
72,929 |
|
|
72,714 |
|
|
72,741 |
|
|||
| Total liabilities and shareholders' equity | $ |
422,394 |
|
$ |
400,735 |
|
$ |
416,269 |
|
|||
| Book value per common share | $ |
29.70 |
|
$ |
30.13 |
|
$ |
29.62 |
|
|||
| CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | ||||||||||||||||
| (Amounts in thousands except per share data) | ||||||||||||||||
| Nine Months Ending | Three Months Ending | |||||||||||||||
| (Amounts in thousands except per share data) | September 30, 2022 | September 30, 2021 | September 30,2022 | September 30,2021 | ||||||||||||
| Interest income | $ |
11,643 |
$ |
10,484 |
$ |
4,392 |
$ |
3,437 |
||||||||
| Interest expense |
|
649 |
|
|
866 |
|
|
211 |
|
|
267 |
|
||||
| Net interest income |
|
10,994 |
|
|
9,618 |
|
|
4,181 |
|
|
3,170 |
|
||||
| Provision for loan losses |
|
- |
|
|
113 |
|
|
- |
|
|
- |
|
||||
| Net interest income after provision |
|
10,994 |
|
|
9,505 |
|
|
4,181 |
|
|
3,170 |
|
||||
| Noninterest income |
|
27,442 |
|
|
62,244 |
|
|
6,616 |
|
|
19,219 |
|
||||
| Noninterest expense |
|
31,230 |
|
|
46,826 |
|
|
8,867 |
|
|
14,736 |
|
||||
| Net income before income taxes |
|
7,206 |
|
|
24,923 |
|
|
1,930 |
|
|
7,653 |
|
||||
| Provision for income taxes |
|
1,733 |
|
|
6,515 |
|
|
513 |
|
|
1,971 |
|
||||
| Net income after income taxes | $ |
5,473 |
|
$ |
18,408 |
|
$ |
1,417 |
|
$ |
5,682 |
|
||||
| Net income per common share, basic | $ |
2.24 |
|
$ |
7.67 |
|
$ |
0.58 |
|
$ |
2.35 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005037/en/
Contacts
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com
