BEO Bancorp Reports Strong 2Q 2009 Earnings
July 21 2009 - 11:45AM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced today net income for second quarter of 2009 of
$564,000 or $0.63 per share, compared to second quarter 2008
earnings of $571,000 or $0.65 per share. Total assets increased
6.7% year over year to $233,838,000, while total loans grew 13.5%
to $187,033,000 and deposits increased 8.1% to $190,672,000.
�Core earnings remain strong. If not for adding $600,000 to the
loan loss reserve during 2nd quarter, we likely would have had one
of our best quarters ever. The Board of Directors and management
continue to take sound steps to make sure the provision for loan
loss is funded at an appropriate level to address potential future
loan losses,� said President and CEO, Jeff Bailey. �Our core
earnings are encouraging to us. We are pleased to show a profitable
2nd quarter,� added Bailey.
�We are quite pleased with our growth in deposits. Our customer
base continues to grow,� said COO, Gary Propheter. He continued,
�We are also excited to have broken ground on our new facility in
Enterprise, Oregon. The reception we have received in that new
market has been exceptional.�
�Our net interest margin continues to be one of the best in the
nation. This is driven by our ability to secure sources of low cost
funds and a strong liquidity position. We are fortunate to be able
to rely on our local communities for a good share of our funding
needs,� said CFO, Mark Lemmon.
Bailey went on to say, �The Board of Directors is continuing the
safe and prudent course of building capital and aggressively
addressing problem credits. While we are told that the national
economy shows a glimmer of hope, the banking industry continues to
work through the effects of the housing crisis. The unemployment
level in our state and especially in many of our counties will
continue to inhibit regional economic recovery. The remainder of
2009 will be wrought with challenges. Turbulent economic times call
for conservative approaches to how the bank is run. In light of
this, the board of directors has voted not to pay a cash dividend
for second quarter 2009.�
For further information on the company or to access internet
banking, please visit our website at http://www.beobank.com.
About BEO
Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon,
which operates 12 branches and two loan production offices in nine
eastern Oregon counties. Branches are located in Arlington, Ione,
Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City,
Fossil, Moro and Enterprise; loan production offices are located in
Hermiston and Ontario. Bank of Eastern Oregon also operates a
mortgage division and offers brokerage services through BEO
Financial Services. The bank�s website is www.beobank.com.
Forward-Looking
Statements
The statements contained in this release that are not historical
facts are forward-looking statements based upon management�s
current expectations and beliefs concerning future developments and
their potential effect on BEO Bancorp. There can be no assurances
that future developments affecting BEO Bancorp will be the same as
those anticipated by management.
Actual results may differ from those projected in the
forward-looking statements. These forward-looking statements
involve risks and uncertainties. These risks and uncertainties
include, but are not limited to:
(1) Competitive pressures in the banking and financial
industries.
(2) Changes in interest rate environment.
(3) General economic conditions, nationally, regionally, and in
operating markets.
(4) Changes in regulatory environment.
(5) Changes in business conditions and inflation.
(6) Changes in securities markets.
(7) Future credit loss experience.
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