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Oregon Bancorp Announces Third Quarter Earnings

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter totaled $5.7 million resulting in an annualized return on average assets of 5.8% and a return on average equity of 32.0%. This compares to $10.4 million and $3.5 million from the third quarters of 2020 and 2019, respectively. Quarterly residential mortgage loan production was $400.4 million compared to $500.0 million during the third quarter last year and $301.6 million in the third quarter of 2019.

The Company’s balance sheet continues to expand as we emphasize commercial banking growth. During the quarter, total assets increased $24.1 million driven by a $20.3 million increase in deposits and $4.6 million increase in capital. The Company’s cash and investments also increased $7.4 million to $73.7 million at quarter end. Commercial loan balances increased $9.0 million during the quarter. This growth, however, was offset by a $4.5 million reduction in Paycheck Protection Program Loans that were forgiven by the U.S. Small Business Association.

The Company’s capital continues to broaden through earnings as evidenced by an 18.2% capital-to-assets ratio. During the quarter, the Board of Directors announced an increase to the quarterly dividend from $0.26 to $0.52 per share. This payment was distributed to shareholders on October 15, 2021.

Ryan Dempster, President and CEO, commented, “Although revenues are less than our record quarter last year, earnings ratios remain strong and will compare very well against peer institutions.” He further stated, “We continue to focus on growing and expanding our presence within the local communities we serve, and this is leading to good commercial loan activity and new customer deposit relationships.”

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)

September 30,

June 30,

Summary Statements of Condition

2021

2020

2021

Cash and short term investments

$

65,380

$

22,089

$

66,338

Securities available-for-sale, at fair value

8,383

-

-

Loans:
Real estate

216,621

191,328

207,805

Commercial

19,254

36,934

24,548

Other

1,428

3,576

605

Unearned income

(777

)

(913

)

(899

)

Loan loss reserve

(2,603

)

(2,435

)

(2,601

)

Total net loans

233,923

228,490

229,458

Loans available for sale

75,192

113,323

62,338

Property and other assets

26,240

20,442

18,498

Total assets

$

400,735

$

384,344

$

376,632

 
Deposits:
Noninterest-bearing demand

$

29,256

$

26,843

$

28,921

Interest-bearing demand

91,874

64,416

80,546

Savings and Money Market

128,833

91,600

118,305

Certificates of deposit

66,966

73,522

68,759

Total deposits

316,929

256,381

296,531

Borrowings

-

57,830

-

Other liabilities

11,092

14,934

12,026

Shareholders' equity

72,714

55,199

68,075

Total liabilities and shareholders' equity

$

400,735

$

384,344

$

376,632

 
Book value per common share

$

30.13

23.37

28.22

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 
Nine Months EndingThree Months Ending
(Amounts in thousands except per share data)September 30, 2021September 30, 2020September 30,2021September 30, 2020
Interest income

$

10,484

$

9,805

$

3,437

$

3,522

Interest expense

866

1,531

267

374

Net interest income

9,618

8,274

3,170

3,148

Provision for loan losses

113

612

-

46

Net interest income after provision

9,505

7,662

3,170

3,102

Noninterest income

62,244

64,379

19,219

29,224

Noninterest expense

46,826

44,722

14,736

18,229

Net income before income taxes

24,923

27,319

7,653

14,097

Provision for income taxes

6,515

6,978

1,971

3,641

Net income after income taxes

$

18,408

$

20,341

$

5,682

$

10,456

 
Net income per common share, basic

$

7.67

$

8.65

$

2.35

$

4.43

Contacts:

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

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