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.

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