Second quarter 2023 net earnings of $1.02 million, or $0.41 per common share

Quarterly return on average assets of 1.1% and return on average equity of 5.6%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the second quarter totaled $1.02 million resulting in an annualized return on average assets of 1.1% and a return on average equity of 5.6%. This compares to $1.34 million in net income and $0.55 earnings per common share outstanding for the quarter ending March 31, 2023. Year-to-date net income has reached $2.4 million and $0.96 per common share outstanding compared to $4.1 million and $1.66 per common share during the same period last year.

The Company’s balance sheet declined by $11.8 million from the quarter ending March 31, 2023. This is largely related to a decline in deposits as customers are using funds to make asset purchases and absorb greater expenses. Commercial loan balances have increased $11.4 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.52 per share quarterly dividend on July 17, 2023.

Ryan Dempster, President and CEO, commented, “The inverted yield curve and increased deposit competition are challenges facing all banks. Although we are not immune to these headwinds, we remain well positioned to respond to these challenges.”

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

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