SALEM, Oré.–(BUSINESS WIRE)–Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1.5 million in the second quarter of 2022, compared to $5.4 million dollars in the second quarter of 2021. This translates to a quarterly return on average assets of 1.4% and a quarterly return on average equity of 8.0%.

The Company’s balance sheet continues to show exceptional asset quality, good liquidity and solid capital. Total assets have increased by $8.9 million, or 2.1%, since March 31, 2022. The largest quarterly changes in the balance sheet are attributable to a $21.9 million increase in cash and short-term investments, an increase of $6.2 million in deposits and a decrease of $8.9 million in mortgage loans. held for sale. There was a $272,000 loan that was past due at the end of the quarter and non-performing assets valued at $1.3 million, or 1.72% of total principal. The capital remains very strong, which allowed the Board of Directors to distribute a quarterly dividend of $0.52 per share on July 15, 2022.

Ryan Dempster, President and CEO, said, “Financial results over the past two years have benefited from historically low mortgage rates. With the Federal Reserve’s recent moves to curb inflation, mortgage rates have risen, leading to lower mortgage lending. Despite these adjustments, we funded $228 million in mortgages during the quarter and look forward to helping more customers finance their homes.

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 through four full-service branches in Salem, Keizer, Silverton and Albany, Oregon. The Bank also operates 15 Home Lending 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 contained in this press release may be considered “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 you should therefore not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update 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 the forward-looking statements.

CONSOLIDATED RESULTS
Unaudited
(Amounts in thousands except per share data)

June 30th,

March, 31st,

ASSETS

2022

2021

2022

Cash and short-term investments

$

103,722

$

66,338

$

81,800

Securities available for sale, at fair value

15,903

16,554

Loans available for sale, at fair value

33,039

62,338

41,988

Loans:

Immovable

235,885

207 805

239,749

Commercial

11,271

24,548

10,906

Other

2,838

605

569

Unearned income

(581

)

(899

)

(688

)

Reserve for loan losses

(2,611

)

(2,601

)

(2,608

)

Total net loans

246,802

229,458

247,928

Property and other assets

16,803

18,498

19,070

Total assets

$

416,269

$

376,632

$

407 340

LIABILITIES
Deposits:
Application not bearing interest

$

33,334

$

28,921

$

35,557

Interest-bearing claim

102 907

80,546

96,263

Savings and money market

150,366

118,605

145,520

Certificates of deposit

46,715

68,759

49,832

Total deposits

333 322

296,831

327 172

Loans

Other liabilities

10,206

12,026

7,307

Total responsibilities

343,528

308,857

334,479

EQUITY

72,741

68,075

72,861

Total liabilities and equity

$

416,269

$

376,932

$

407 340

Book value per common share

$

29.62

$

28.22

$

29.75

CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
(Amounts in thousands except per share data) Six months ending Three months ending
June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
interest income

$

7,251

$

7,047

$

3,820

$

3,543

Interest expense

438

599

213

293

Net interest income

6,813

6,448

3,607

3,250

Allowance for loan losses

113

Net interest income after provision

6,813

6,335

3,607

3,250

Non-interest income

20,826

43,025

9,019

19,521

Non-interest expenses

22,363

32,090

10,795

15,546

Net profit before income taxes

5,276

17,270

1,831

7,225

Provision for income taxes

1,220

4,544

378

1,799

Net profit after income taxes

$

4,056

$

12,726

$

1,453

$

5,426

Net earnings per common share, basic

$

1.66

$

5.31

$

0.59

$

2.25