As another trading week begins, investors are expected to keep an eye on the stocks of those companies that may have been in focus last Friday. That may bring the Oregon Bancorp Inc. (OTC: ORBN) stock into focus since it announced its financial results for the fourth fiscal quarter and the full fiscal year 2024 on that day.
Financial Performance
The company, which is the parent company of Willamette Valley Bank, announced that it brought in net income of $873,000 for the fourth quarter, which worked out to $0.35 a share. In the previous quarter, the net income had been $1.02 million, and that reflected earnings of $0.41 a share. In the full year, Oregon Bancorp recorded net income of $3.3 million that worked out to earnings per share of $1.34. In the previous fiscal year, the net earnings had been $3.5 million, and the earnings per share stood at $1.44.
Further Information
However, Oregon Bancorp noted that in the fourth quarter, the total assets under its control went down by $26.5 million. That was mainly brought about by the reduction in deposits by $10.1 million and the reduction of borrowings by as much as $13.1 million. It remains to be seen if the stock gets any traction today.
Key Quote
Ryan Dempster, President and CEO, commented, “Although the Federal Reserve has reduced interest rates, long-term interest rates remain elevated. This has led to an easing of interest rates associated with short-term financing but an increase in interest rates associated with residential mortgage loans. Despite this dynamic, mortgage loan origination volume increased from $63 million during the fourth quarter of 2023 to $70 million during the fourth quarter of 2024.”
