Third quarter 2021 net earnings of $5.7 million, or $2.35 per common share
Quarterly return on average assets of 5.8% and return on average equity of 32.0%
SALEM, Ore. –October 22, 2021 – 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 operates full-service branches in Salem, Keizer, Silverton, and Albany, Oregon. The Bank also operates Home Loan Centers in Bend, Eugene, Grants Pass, Medford, Tualatin, and West Linn, Oregon, Vancouver, Spokane, Newport and Yakima, Washington, and Coeur d’Alene and Meridian, 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.
Contact:
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com