Fourth quarter 2022 net earnings of $1.3 million, or $0.52 per common share

Quarterly return on average assets of 1.2% and return on average equity of 6.9%

Annual net earnings of $6.7 million, or $2.75 per common share

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the fourth quarter totaled $1.3 million resulting in an annualized return on average assets of 1.2% and a return on average equity of 6.9%. This compares to net income of $4.0 million from the fourth quarter of 2021. Annual earnings totaled $6.7 million which resulted in a return on average assets of 1.6% and return on average equity of 9.3%.

Total assets decreased $20.4 million, or 4.9%, during the quarter. Although a decrease in deposits of $22.8 million was the primary reason for the decline, commercial loan balances increased $3.4 million. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on January 17, 2023.

Ryan Dempster, President and CEO, commented, “The Federal Reserve’s decisions to rapidly increase interest rates to reduce inflation have negatively impacted the number of borrowers seeking mortgage financing.” He further stated, “Although we have experienced a decline in mortgage banking revenue, the increasing rate environment has led to improved net interest margins.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230127005365/en/