First quarter 2025 net earnings of $0.5 million, or $0.21 per common share
Quarterly return on average assets of 0.5% and return on average equity of 3.0%
SALEM, Ore., April 21, 2025--(BUSINESS WIRE)--Oregon Bancorp, Inc. (OTCBB: ORBN) (the "Company"), parent company of Willamette Valley Bank, reported net income for the first quarter of $520,000 and $0.21 per share. The Company’s quarterly return on average assets and return on average equity were 0.5% and 3.0%, respectively. This compares to $873,000 in net income and $0.35 per share for the quarter ending December 31, 2024. The Company’s net interest margin measured 3.5% for the first quarter, which is the same as the prior quarter.
The Company’s balance sheet decreased slightly by $5.5 million. Deposit balances, however, increased by $6.1 million while loan balances remained level with the end of the year. Residential mortgage loan volume for the quarter was $48 million. Bank asset quality and capital remain strong, and the Board of Directors distributed a $0.20 per share quarterly dividend on April 17, 2025.
Ryan Dempster, President and CEO, commented, "It has been an interesting start to the new year as we have seen large swings in the equity and bond markets due to some uncertainty regarding the direction of fiscal policy. Although residential and commercial loan demand was lighter during the quarter, we are pleased to see deposit growth in the area of lower costing checking and saving account balances."
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.
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.
CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
(Amounts in thousands except per share data) | |||||||||||
(Audited) | |||||||||||
March 31, | December 31, | ||||||||||
ASSETS | 2025 | 2024 | 2024 | ||||||||
Cash and short term investments | $ | 37,139 | $ | 19,591 | $ | 40,684 | |||||
Securities available-for-sale, at fair value | 100,635 | 32,516 | 97,377 | ||||||||
Loans available for sale, at fair value | 9,286 | 18,387 | 11,407 | ||||||||
Loans: | |||||||||||
Real estate | 293,804 | 303,247 | 294,345 | ||||||||
Commercial | 6,771 | 6,634 | 6,750 | ||||||||
Other | 1,205 | 2,028 | 532 | ||||||||
Unearned income | (606 | ) | (781 | ) | (642 | ) | |||||
Loan loss reserve | (3,312 | ) | (3,275 | ) | (3,243 | ) | |||||
Total net loans | 297,862 | 307,853 | 297,742 | ||||||||
Property and other assets | 19,604 | 19,289 | 22,814 | ||||||||
Total assets | $ | 464,526 | $ | 397,636 | $ | 470,024 | |||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing demand | $ | 36,508 | $ | 32,503 | $ | 34,173 | |||||
Interest-bearing demand | 89,368 | 78,089 | 85,921 | ||||||||
Savings and money market | 117,580 | 116,665 | 116,261 | ||||||||
Certificates of deposit | 95,478 | 85,219 | 96,514 | ||||||||
Total deposits | 338,934 | 312,476 | 332,869 | ||||||||
Borrowings | 44,000 | 4,000 | 56,000 | ||||||||
Other liabilities | 7,646 | 8,244 | 7,676 | ||||||||
Total Liabilities | 390,580 | 324,720 | 396,545 | ||||||||
SHAREHOLDER'S EQUITY | 73,946 | 72,916 | 73,479 | ||||||||
Total liabilities and shareholders' equity | $ | 464,526 | $ | 397,636 | $ | 470,024 | |||||
Book value per common share | $ | 29.64 | $ | 29.55 | $ | 29.65 | |||||
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | |||||||
(Amounts in thousands except per share data) | |||||||
Three Months Ending | |||||||
March 31, 2025 | March 31, 2024 | ||||||
Interest income | $ | 6,039 | $ | 5,372 | |||
Interest expense | 2,223 | 1,495 | |||||
Net interest income | 3,816 | 3,877 | |||||
Provision for loan losses | 69 | 119 | |||||
Net interest income after provision | 3,747 | 3,758 | |||||
Noninterest income | 2,161 | 3,010 | |||||
Noninterest expense | 5,198 | 5,905 | |||||
Net income before income taxes | 710 | 863 | |||||
Provision for income taxes | 190 | 229 | |||||
Net income after income taxes | $ | 520 | $ | 634 | |||
Net income per common share, basic | $ | 0.21 | $ | 0.26 | |||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250418096102/en/
Contacts
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
bank@wvbk.com