SALEM, Ore. –July 22, 2022 – Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income of $1.5 million for the second quarter of 2022 compared to $5.4 million during the second quarter of 2021. This results in 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 exhibit exceptional asset quality, good liquidity, and strong capital. Total assets increased by $8.9 million, or 2.1% since March 31, 2022. The largest quarterly balance sheet changes are attributable to a $21.9 million increase in cash and short-term investments, $6.2 million increase in deposits, and $8.9 million decrease in mortgage loans held for sale. There was one loan of $272 thousand that was past due at quarter end, and non-performing assets measured at $1.3 million, or 1.72% of total capital. Capital remains very strong which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on July 15, 2022.
Ryan Dempster, President and CEO, commented “Financial results over the last two years benefitted from historically low mortgage rates. With the recent Federal Reserve actions to curb inflation, mortgage rates have increased which has led to less mortgage lending. Despite these adjustments, we funded $228 million in mortgage loans during the quarter and look forward to assisting 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 at four full-service branch locations in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates 15 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.