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Oregon Bancorp Announces Fourth Quarter Earnings

Fourth quarter 2021 net earnings of $4.0 million, or $1.65 per common share

Quarterly return on average assets of 3.9% and return on average equity of 21.3%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the fourth quarter totaled $4.0 million resulting in an annualized return on average assets of 3.9% and a return on average equity of 21.3%. This compares to net income of $8.0 million and $3.1 million from the fourth quarters of 2020 and 2019, respectively. Quarterly residential mortgage loan production was $348 million compared to $509 million during the fourth quarter last year and $274 million in the fourth quarter of 2019.

During the quarter, total assets increased $7.3 million driven by a $6.0 million increase in deposits. Commercial loan balances grew $13.2 million, or 23.1% on an annualized basis, when removing the impact of Paycheck Protection Program loan payoffs. At December 31, 2021, the Bank had $4.8 million in Paycheck Protection Program Loans that are expected to be forgiven by the U.S. Small Business Association during 2022.

Ryan Dempster, President and CEO, commented, “Although annual financial results did not surpass record results from 2020, they remain very strong and rank as our second best financial performance on record.” He further stated, “Improving economic conditions have led to an expectation the Federal Reserve will soon increase benchmark interest rates. Although we expect increasing rates will result in a decline of mortgage refinance activity, we anticipate loan demand for the purpose of purchasing homes and commercial real estate will continue to be good compared to historical norms.”

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 13 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.

 

CONSOLIDATED BALANCE SHEETS

Unaudited

 
(Amounts in thousands except per share data)

December 31,

 

September 30,

Summary Statements of Condition

2021

 

2020

 

2021

Cash and short term investments

$

65,096

 

$

27,876

 

$

65,380

 

Securities available-for-sale, at fair value

 

13,758

 

 

-

 

 

8,383

 

Loans:
Real estate

 

231,953

 

 

190,212

 

 

216,621

 

Commercial

 

14,403

 

 

32,320

 

 

19,254

 

Other

 

1,011

 

 

1,628

 

 

1,428

 

Unearned income

 

(758

)

 

(729

)

 

(777

)

Loan loss reserve

 

(2,606

)

 

(2,482

)

 

(2,603

)

Total net loans

 

244,003

 

 

220,949

 

 

233,923

 

Loans available for sale, at fair value

 

60,974

 

 

125,738

 

 

75,192

 

Property and other assets

 

37,933

 

 

21,326

 

 

26,240

 

Total assets

$

408,006

 

$

395,889

 

$

400,735

 

 
Deposits:
Noninterest-bearing demand

$

34,423

 

$

26,881

 

$

29,256

 

Interest-bearing demand

 

91,035

 

 

72,520

 

 

91,874

 

Savings and Money Market

 

136,751

 

 

97,177

 

 

128,833

 

Certificates of deposit

 

60,715

 

 

72,110

 

 

66,966

 

Total deposits

 

322,924

 

 

268,688

 

 

316,929

 

Borrowings

 

-

 

 

48,500

 

 

-

 

Other liabilities

 

9,528

 

 

15,972

 

 

11,092

 

Shareholders' equity

 

75,554

 

 

62,729

 

 

72,714

 

Total liabilities and shareholders' equity

$

408,006

 

$

395,889

 

$

400,735

 

 
Book value per common share

$

31.31

 

$

26.55

 

$

30.13

 

 
CONSOLIDATED STATEMENTS OF NET INCOME
Unaudited
 
Year-to-Date Three Months Ending
(Amounts in thousands except per share data) December 31,

2021
December 31,

2020
December 31,

2021
December 31,

2020
Interest income

$

14,010

$

13,571

$

3,526

$

3,766

Interest expense

 

1,118

 

1,903

 

252

 

372

Net interest income

 

12,892

 

11,668

 

3,274

 

3,394

Provision for loan losses

 

113

 

657

 

-

 

45

Net interest income after provision

 

12,779

 

11,011

 

3,274

 

3,349

Noninterest income

 

77,460

 

89,723

 

15,216

 

25,344

Noninterest expense

 

60,707

 

62,772

 

13,881

 

18,050

Net income before income taxes

 

29,532

 

37,962

 

4,609

 

10,643

Provision for income taxes

 

7,143

 

9,670

 

628

 

2,692

Net income after income taxes

$

22,389

$

28,292

$

3,981

$

7,951

 
Net income per common share, basic

$

9.32

$

12.00

$

1.65

$

3.37

 

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