1.45 per common share, compared to $3.5 million and $1.42 earnings per common share for the same period in 2022. The Company’s annual return on average assets and return on average equity was 0.7% and 3.6%, respectively.
“We are pleased to report another quarter and year of solid financial performance, despite the challenging economic environment,” said Ryan Dempster, President and CEO of Oregon Bancorp, Inc. “Our continued focus on prudent risk management and strategic growth initiatives has allowed us to deliver consistent results for our shareholders.”
Total assets at December 31, 2023, were $605.5 million, compared to $571.1 million at December 31, 2022, an increase of 6.0%. Gross loans increased to $398.8 million at December 31, 2023, from $356.5 million at December 31, 2022, an 11.8% increase. Total deposits increased to $527.3 million at December 31, 2023, from $495.1 million at December 31, 2022, a 6.5% increase.
The Company continued its expansion efforts with the opening of a new branch in Gresham, Oregon, in the fourth quarter. The new branch reflects the Company’s commitment to serving the needs of customers in the greater Portland area and supports its overall growth strategy. Additionally, the Company advanced its digital banking services to provide customers with convenient, secure, and efficient ways to manage their finances.
“Our expansion and innovation efforts are driven by our dedication to meeting the evolving needs of our customers,” Dempster added. “We are committed to providing exceptional service and access to the latest banking technologies to enhance our customers’ financial well-being.”
Oregon Bancorp, Inc. remains well-capitalized with a strong balance sheet, positioned to navigate the changing economic landscape and capitalize on new opportunities in the marketplace. The Company’s solid financial foundation, commitment to innovation, and focus on customer experience position it for continued success in the future.
About Oregon Bancorp, Inc.
Oregon Bancorp, Inc. is the parent company of Willamette Valley Bank, a community bank headquartered in Salem, Oregon. The Bank operates ten full-service branches in Oregon and provides a full range of commercial and retail banking services. For more information about Oregon Bancorp, Inc., visit the Company’s website at http://www.oregonbancorp.com.
Forward-Looking Statements
This press release includes forward-looking statements, including those regarding the Company’s financial performance, expansion, and innovation efforts. These statements are based on the current expectations and beliefs of the Company’s management and are subject to risks and uncertainties. Actual results may differ from those projected in the forward-looking statements due to various factors. The Company does not undertake to update any forward-looking statements as a result of new information or future events or developments.
Contacts
Oregon Bancorp, Inc.
Ryan Dempster
President and CEO
(503) 485-2222
rdempster@wvbk.com
or
Media Contact:
John Doe
Doe Media
(555) 555-5555
johndoe@doemedia.com
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