Second quarter 2025 net earnings of $0.7 million, or $0.29 per common share
Quarterly return on average assets of 0.6% and return on average equity of 3.9%
SALEM, Ore.–(BUSINESS WIRE)–Oregon Bancorp, Inc. (OTCBB: ORBN) (“the Company”), parent company of Willamette Valley Bank, today announced net income of $719,000, or $0.29 per common share, for the second quarter of 2025. This compares to net income of $520,000, or $0.21 per share, for the quarter ended March 31, 2025.
The Company’s return on average assets and return on average equity for the second quarter were 0.6% and 3.9%, respectively. Net interest margin improved to 3.7%, compared to 3.5% in the previous quarter.
The balance sheet experienced a modest contraction of $5.1 million during the quarter, driven primarily by a decrease of $11.1 million in deposit balances. Despite this decline, deposit levels remained $16.6 million higher than at June 30, 2024. Residential mortgage loan volume increased 31%, rising from $48 million in the first quarter to $63 million in the second quarter. Asset quality and capital levels remain strong. The Company’s Board of Directors declared a quarterly dividend of $0.20 per share, which was paid on July 15, 2025.
“We remain focused on growing core relationships and see positive momentum as we move through the year,” said Ryan Dempster, President and CEO. “While the broader economic outlook remains uncertain, and speculation continues around potential Federal Reserve interest rate cuts, our team is well-positioned to navigate the evolving environment.”
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) | |||||||||||
|
June 30, |
|
March 31, |
|||||||||
| ASSETS |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
| Cash and short term investments |
$ |
22,058 |
|
$ |
21,050 |
|
$ |
37,139 |
|
||
| Securities available-for-sale, at fair value |
|
102,996 |
|
|
100,643 |
|
|
100,635 |
|
||
| Loans available for sale, at fair value |
|
16,024 |
|
|
14,849 |
|
|
9,286 |
|
||
| Loans: | |||||||||||
| Real estate |
|
292,654 |
|
|
317,261 |
|
|
293,804 |
|
||
| Commercial |
|
8,119 |
|
|
6,524 |
|
|
6,771 |
|
||
| Other |
|
273 |
|
|
1,054 |
|
|
1,205 |
|
||
| Deferred fees and costs |
|
(604 |
) |
|
(751 |
) |
|
(606 |
) |
||
| Loan loss reserve |
|
(3,191 |
) |
|
(3,443 |
) |
|
(3,312 |
) |
||
| Total net loans |
|
297,251 |
|
|
320,645 |
|
|
297,862 |
|
||
| Property and other assets |
|
21,107 |
|
|
23,339 |
|
|
19,604 |
|
||
| Total assets |
$ |
459,436 |
|
$ |
480,526 |
|
$ |
464,526 |
|
||
| LIABILITIES | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing demand |
$ |
31,272 |
|
$ |
30,866 |
|
$ |
36,508 |
|
||
| Interest-bearing demand |
|
87,692 |
|
|
77,994 |
|
|
89,368 |
|
||
| Savings and money market |
|
116,807 |
|
|
118,229 |
|
|
117,580 |
|
||
| Certificates of deposit |
|
92,100 |
|
|
84,099 |
|
|
95,478 |
|
||
| Total deposits |
|
327,871 |
|
|
311,188 |
|
|
338,934 |
|
||
| Borrowings |
|
48,000 |
|
|
88,250 |
|
|
44,000 |
|
||
| Other liabilities |
|
9,203 |
|
|
8,554 |
|
|
7,646 |
|
||
| Total liabilities |
|
385,074 |
|
|
407,992 |
|
|
390,580 |
|
||
| SHAREHOLDERS’ EQUITY |
|
74,362 |
|
|
72,534 |
|
|
73,946 |
|
||
| Total liabilities and shareholders’ equity |
$ |
459,436 |
|
$ |
480,526 |
|
$ |
464,526 |
|
||
| Book value per common share |
$ |
29.80 |
|
$ |
29.22 |
|
$ |
29.64 |
|
||
| CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited) | |||||||||||||
| (Amounts in thousands except per share data) | |||||||||||||
|
Six Months Ending |
|
Three Months Ending |
|||||||||||
|
June 30, 2025 |
|
June 30, 2024 |
|
June 30, 2025 |
|
June 30, 2024 |
|||||||
| Interest income |
$ |
12,191 |
|
$ |
11,774 |
$ |
6,152 |
|
$ |
6,402 |
|||
| Interest expense |
|
4,335 |
|
|
4,137 |
|
2,112 |
|
|
2,642 |
|||
| Net interest income |
|
7,856 |
|
|
7,637 |
|
4,040 |
|
|
3,760 |
|||
| Provision for loan losses |
|
(52 |
) |
|
288 |
|
(121 |
) |
|
169 |
|||
| Net interest income after provision |
|
7,908 |
|
|
7,349 |
|
4,161 |
|
|
3,591 |
|||
| Noninterest income |
|
4,665 |
|
|
6,239 |
|
2,504 |
|
|
3,229 |
|||
| Noninterest expense |
|
10,951 |
|
|
11,683 |
|
5,753 |
|
|
5,778 |
|||
| Net income before income taxes |
|
1,622 |
|
|
1,905 |
|
912 |
|
|
1,042 |
|||
| Provision for income taxes |
|
383 |
|
|
470 |
|
193 |
|
|
241 |
|||
| Net income after income taxes |
$ |
1,239 |
|
$ |
1,435 |
$ |
719 |
|
$ |
801 |
|||
| Net income per common share, basic |
$ |
0.50 |
|
$ |
0.58 |
$ |
0.29 |
|
$ |
0.32 |
|||
Contacts
Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
[email protected]
