OREGON BANCORP ANNOUNCES QUARTERLY EARNINGS

SALEM, Ore. - April 19, 2024 - Oregon Bancorp, Inc. (OTCBB: ORBN) (the "Company"), parent company of Willamette Valley Bank, reported net income for the first quarter of $634,000 and $0.26 per common share. The Company's quarterly return on average assets and return on average equity were 0.6% and 3.5%, respectively. This compares to $547,000 in net income and $0.22 earnings per common share outstanding for the quarter ending December 31, 2023. The Company's net interest margin measured 4.2% for the first quarter, which is the same reading as the prior quarter.

The Company's balance sheet remained relatively unchanged during the quarter with marginal adjustments to loans and deposits. Residential mortgage loan origination volume for the quarter improved to $71 million, which is 13% greater than the prior quarter. Bank asset quality and capital remain strong, and the Board of Directors distributed a $0.26 per share quarterly dividend on April 15, 2024.

Ryan Dempster, President and CEO, commented "We are pleased to see earnings and residential loan origination volume improve during the first quarter which is normally the slowest time of year. We have taken measures to reduce overhead expenses in our mortgage department to improve profitability as elevated interest rates continue to dampen mortgage loan demand."

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 16 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.

Contact:

Ryan Dempster
Oregon Bancorp, Inc.
503-485-2222
[email protected]