SALEM, Ore. – April 22, 2022 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $2.6 million for the first quarter of 2022 compared to $7.3 million and $2.4 million during the first quarters of 2021 and 2020, respectively. This results in a quarterly return on average assets of 2.5% and a quarterly return on average equity of 14.0%.
Total assets were down slightly at $407 million compared to $412 million at December 31, 2021. The Company experienced balance sheet growth in the areas of cash, investments, commercial loans and deposits while mortgage loans held-for-sale decreased due to slower mortgage loan demand. Asset quality and capital position remain strong with classified assets totaling just $2.2 million and a capital-to-assets ratio of 17.89%. This has permitted the Board of Directors to distribute a $2.00 per share special dividend on March 14, 2022, and a $0.52 per share quarterly dividend on April 15, 2022.
Ryan Dempster, President and CEO, commented “Financial performance during the same quarter last year was fueled by exceptional mortgage production. The rate environment has shifted higher from a year ago which has resulted in less mortgage lending.” He continued by saying “Overall, we are pleased with our quarterly financial results which should continue to compare favorably to our peers.”
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 16 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.
Oregon Bancorp, Inc.