Oregon Pacific Bancorp Q3 profit steady as asset quality improves
ORPB•Oregon Pacific Bancorp reported Q3 net income of $2.75 million, with net interest income of $8.58 million. The company retired $15 million of subordinated debt and said classified assets and past-due loans declined.
1. Quarterly results
Oregon Pacific Bancorp reported Q3 net income of $2.75 million, net interest income of $8.58 million, pretax profit of $3.69 million and a $200,000 provision for credit losses.
2. Loans and deposits
The company said $46.4 million in new and renewed loans drove $2.8 million in net loan growth and improved earning-asset yields. Deposits grew $19.3 million, including a $19.0 million increase in noninterest-bearing balances, while deposit costs fell to 1.16%.
3. Debt and asset quality
The company retired $15 million of subordinated debt and expects the move to reduce future borrowing costs. Classified assets fell $4.6 million, and past-due loans declined to 0.25% of the portfolio.
