Second quarter 2024 net earnings of $0.8 million, or $0.32 per common share

Quarterly return on average assets of 0.7% and return on average equity of 4.4%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the second quarter of $801,000 and $0.32 per common share. The Company’s quarterly return on average assets and return on average equity were 0.7% and 4.4%, respectively. This compares to $634,000 in net income and $0.26 per common share outstanding for the quarter ending March 31, 2024.

The Company’s balance sheet expanded by $82.3 million during the quarter. This was largely the result of a strategy to increase earnings through additional investment in securities issued by the United States government. Correspondingly, we entered into an interest rate swap agreement that is designed to offset changes in the value of these securities. This investment has improved our net income but resulted in a decline in our net interest margin. The Company’s net interest margin decreased from 4.2% to 3.4% during the second quarter. Bank asset quality and capital remain strong, which permitted the Board of Directors to distribute a $0.20 per share quarterly dividend on July 15, 2024.

Ryan Dempster, President and CEO, commented, “Although the economy continues to remain stable, economic data related to employment and inflation is beginning to display some slowing, which has led to renewed speculation that the Federal Reserve may reduce interest rates later this year. This could lead to a welcome reduction in loan interest rates for borrowers.”

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 five Home Loan Centers located in Oregon 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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