Third quarter 2023 net earnings of $0.6 million, or $0.26 per common share

Quarterly return on average assets of 0.65% and return on average equity of 3.5%

Oregon Bancorp, Inc. (OTCBB: ORBN) (the “Company”), parent company of Willamette Valley Bank, reported net income for the third quarter totaled $640,000 resulting in an annualized return on average assets of 0.65% and a return on average equity of 3.5%. This compares to $1.02 million in net income and $0.41 earnings per common share outstanding for the quarter ending June 30, 2023. Year-to-date net income has reached $3.0 million and $1.22 per common share outstanding compared to $5.5 million and $2.24 per common share during the same period last year.

The Company’s balance sheet increased $17.2 million since June 30, 2023. This is primarily related to $22.7 million increase in deposits. Commercial loan balances have increased $9.4 million during the same period. Bank asset quality and capital remain good which permitted the Board of Directors to distribute a $0.26 per share quarterly dividend on October 16, 2023.

Ryan Dempster, President and CEO, commented “We experienced a good increase in customer deposits during the quarter despite continued strong competition. These funds are being used to fund loans at higher current market rates which has helped us to maintain a strong net interest margin.”

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 10 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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