Oregon Bancorp Q2 net income rises on loan and deposit growth

OREGON BANCORP INC

OREGON BANCORP INC

ORBN

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Overview

  • US community bank's Q2 net income rose from prior quarter to $604,000, or $0.24 per share

  • Total assets increased $19.6 mln to $465.4 mln, with loans and deposits both rising

  • Company says improved earnings reflect lower mortgage banking expenses and growth in core banking


Outlook

  • Company expects core earnings to strengthen as Mortgage Banking Department expenses subside

  • Company notes continued uncertainty from geopolitical conflicts, trade tensions, and inflationary pressures


Result Drivers

  • LOWER MORTGAGE BANKING EXPENSES - Co said improved earnings reflect lower operating expenses in the Mortgage Banking Department

  • LOAN AND DEPOSIT GROWTH - Co cited strong growth in loans and deposits as contributing to quarterly results

  • NONINTEREST INCOME DECLINE - Noninterest income fell sharply year-over-year, which may have limited earnings growth


Company press release: ID:nBw9vRbJ4a


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.24

Q2 Net Interest Income

$4.33 mln

Q2 Loan Loss Provision

$91,000


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