First quarter 2023 net earnings of $1.3 million, or $0.55 per common share
Quarterly return on average assets of 1.4% and return on average equity of 7.3%
Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the first quarter totaled $1.3 million resulting in an annualized return on average assets of 1.4% and a return on average equity of 7.3%. This compares to net income of $2.6 million from the first quarter of 2022.
Total assets decreased $6.8 million, or 1.7%, during the quarter primarily due to a decline of $7.7 million in deposits. Commercial loan balances, however, increased $10.8 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on April 17, 2023.
Ryan Dempster, President and CEO, commented “Quarterly earnings were relatively consistent with the fourth quarter of 2022. Although lending rates have increased resulting in less residential mortgage lending, we are pleased to experience good commercial loan growth during the quarter.”
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) |
|
|
|
|
|
|
|
|
(Audited) |
|
|
March 31, |
|
December 31, |
| ASSETS |
|
2023
|
|
2022
|
|
2022
|
| Cash and short term investments |
|
$
|
57,208
|
|
|
$
|
81,800
|
|
|
$
|
78,775
|
|
| Securities available-for-sale, at fair value |
|
|
29,666
|
|
|
|
16,554
|
|
|
|
23,453
|
|
| Loans: |
|
|
|
|
|
|
| Real estate |
|
|
264,558
|
|
|
|
239,749
|
|
|
|
252,870
|
|
| Commercial |
|
|
6,495
|
|
|
|
10,906
|
|
|
|
6,992
|
|
| Other |
|
|
1,051
|
|
|
|
569
|
|
|
|
1,385
|
|
| Unearned income |
|
|
(651
|
)
|
|
|
(688
|
)
|
|
|
(609
|
)
|
| Loan loss reserve |
|
|
(2,661
|
)
|
|
|
(2,608
|
)
|
|
|
(2,661
|
)
|
| Total net loans |
|
|
268,792
|
|
|
|
247,928
|
|
|
|
257,977
|
|
| Loans available for sale, at fair value |
|
|
19,017
|
|
|
|
41,988
|
|
|
|
23,601
|
|
| Property and other assets |
|
|
20,438
|
|
|
|
19,070
|
|
|
|
18,144
|
|
| Total assets |
|
$
|
395,121
|
|
|
$
|
407,340
|
|
|
$
|
401,950
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing demand |
|
$
|
30,966
|
|
|
$
|
35,557
|
|
|
$
|
31,747
|
|
| Interest-bearing demand |
|
|
105,493
|
|
|
|
96,263
|
|
|
|
101,167
|
|
| Savings and Money Market |
|
|
116,621
|
|
|
|
145,520
|
|
|
|
143,656
|
|
| Certificates of deposit |
|
|
57,860
|
|
|
|
49,832
|
|
|
|
42,081
|
|
| Total deposits |
|
|
310,940
|
|
|
|
327,172
|
|
|
|
318,651
|
|
| Borrowings |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
| Other liabilities |
|
|
11,128
|
|
|
|
7,307
|
|
|
|
10,170
|
|
| Total Liabilities |
|
|
322,068
|
|
|
|
334,479
|
|
|
|
328,821
|
|
|
|
|
|
|
|
|
| SHAREHOLDER'S EQUITY |
|
|
73,053
|
|
|
|
72,861
|
|
|
|
73,129
|
|
| Total liabilities and shareholders' equity |
|
$
|
395,121
|
|
|
$
|
407,340
|
|
|
$
|
401,950
|
|
|
|
|
|
|
|
|
| Book value per common share |
|
$
|
29.67
|
|
|
$
|
29.75
|
|
|
$
|
29.82
|
|
|
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
|
|
|
|
|
| (Amounts in thousands except per share data) |
|
|
|
|
|
|
Three Months Ending |
|
|
March 31, 2023 |
|
March 31, 2022 |
| Interest income |
|
$
|
4,793
|
|
$
|
3,431
|
| Interest expense |
|
|
500
|
|
|
225
|
| Net interest income |
|
|
4,293
|
|
|
3,206
|
| Provision for loan losses |
|
|
-
|
|
|
-
|
| Net interest income after provision |
|
|
4,293
|
|
|
3,206
|
| Noninterest income |
|
|
4,355
|
|
|
11,807
|
| Noninterest expense |
|
|
6,854
|
|
|
11,568
|
| Net income before income taxes |
|
|
1,794
|
|
|
3,445
|
| Provision for income taxes |
|
|
452
|
|
|
842
|
| Net income after income taxes |
|
$
|
1,342
|
|
$
|
2,603
|
|
|
|
|
|
| Net income per common share, basic |
|
$
|
0.55
|
|
$
|
1.07
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005110/en/