Oregon Bancorp Announces Quarterly Earnings
19 Julio 2024 - 1:30PM
Business Wire
Second quarter 2024 net earnings of $0.8
million, or $0.32 per common share Quarterly return
on average assets of 0.7% and return on average equity of
4.4%
Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent
company of Willamette Valley Bank, reported net income for the
second quarter of $801,000 and $0.32 per common share. The
Company’s quarterly return on average assets and return on average
equity were 0.7% and 4.4%, respectively. This compares to $634,000
in net income and $0.26 per common share outstanding for the
quarter ending March 31, 2024.
The Company’s balance sheet expanded by $82.3 million during the
quarter. This was largely the result of a strategy to increase
earnings through additional investment in securities issued by the
United States government. Correspondingly, we entered into an
interest rate swap agreement that is designed to offset changes in
the value of these securities. This investment has improved our net
income but resulted in a decline in our net interest margin. The
Company’s net interest margin decreased from 4.2% to 3.4% during
the second quarter. Bank asset quality and capital remain strong,
which permitted the Board of Directors to distribute a $0.20 per
share quarterly dividend on July 15, 2024.
Ryan Dempster, President and CEO, commented, “Although the
economy continues to remain stable, economic data related to
employment and inflation is beginning to display some slowing,
which has led to renewed speculation that the Federal Reserve may
reduce interest rates later this year. This could lead to a welcome
reduction in loan interest rates for borrowers.”
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 five Home Loan Centers
located in Oregon 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.
CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in
thousands except per share data)
June 30, March
31, ASSETS
2024
2023
2024
Cash and short term investments
$
21,050
$
15,373
$
19,591
Securities available-for-sale, at fair value
100,643
30,075
32,516
Loans available for sale, at fair value
14,849
37,080
18,387
Loans: Real estate
317,261
276,665
303,247
Commercial
6,524
6,109
6,634
Other
1,054
777
2,028
Deferred fees and costs
(751
)
(625
)
(781
)
Loan loss reserve
(3,443
)
(2,773
)
(3,275
)
Total net loans
320,645
280,153
307,853
Property and other assets
23,339
20,595
19,289
Total assets
$
480,526
$
383,276
$
397,636
LIABILITIES Deposits: Noninterest-bearing demand
$
30,866
$
32,484
$
32,503
Interest-bearing demand
77,994
92,033
78,089
Savings and Money Market
118,229
106,525
116,665
Certificates of deposit
84,099
62,705
85,219
Total deposits
311,188
293,747
312,476
Borrowings
88,250
5,000
4,000
Other liabilities
8,554
11,664
8,244
Total liabilities
407,992
310,411
324,720
SHAREHOLDERS' EQUITY
72,534
72,865
72,916
Total liabilities and shareholders' equity
$
480,526
$
383,276
$
397,636
Book value per common share
$
29.22
$
29.46
$
29.55
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) (Amounts
in thousands except per share data)
Six Months Ending
Three Months Ending June 30, 2024 June 30,
2023 June 30, 2024 June 30, 2023 Interest income
$
11,774
$
9,581
$
6,402
$
4,788
Interest expense
4,137
1,475
2,642
975
Net interest income
7,637
8,106
3,760
3,813
Provision for loan losses
288
112
169
112
Net interest income after provision
7,349
7,994
3,591
3,701
Noninterest income
6,239
9,674
3,229
5,319
Noninterest expense
11,683
14,517
5,778
7,663
Net income before income taxes
1,905
3,151
1,042
1,357
Provision for income taxes
470
786
241
334
Net income after income taxes
$
1,435
$
2,365
$
801
$
1,023
Net income per common share, basic
$
0.58
$
0.96
$
0.32
$
0.41
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.
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Ryan Dempster Oregon Bancorp, Inc. 503-485-2222
bank@wvbk.com