BEO Bancorp Reports Strong 3rd Quarter Earnings
October 13 2010 - 2:22PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 3rd quarter 2010 consolidated net income of
$518,000 or $0.56 per share, compared to a loss of $306,000, or
($0.34) per share for 3rd quarter 2009. Year-to-date earnings are
$1,421,000, up 225.2% year over year. Total assets were $249.6
million, up 8.4% year over year. Net loans of $191.2 million were
up 6.4% from the same period in 2009, while deposits were at $221.0
million, up 11.8% year over year. With a 10.2% tier 1 capital
ratio, Bank of Eastern Oregon continues to be the strongest
capitalized bank in eastern Oregon, as well as having one of the
highest capital ratios in the state and well above its national
peer group average.
“We are very pleased with our 3rd quarter and year-to-date
results. Our provision for possible loan losses and bank-owned
property write downs for 3rd quarter 2010 amounted to $325,000,
compared to $2.1 million in 2009. Our overall loan portfolio
quality continues to improve as we work through the lingering
effects of the struggling economy,” said president and CEO, Jeff
Bailey.
Chief Financial Officer Mark Lemmon said, “Year-to-date Return
on Average Assets is 0.77% and Return on Average Equity is 12.51%,
compared to 0.25% and 4.12%, respectively, year over year.” Lemmon
went on to say, “Our low cost source of funds continues to fuel
profits.”
Chief Operations Officer Gary Propheter said, “Deposit growth
has been strong across all branches in our system. The continued
trend of double-digit growth in core deposits tells us our
customers are happy with Bank of Eastern Oregon’s style of banking,
our flexible products, and the excellent, professional service
provided by our banking teams.”
“For the second consecutive quarter, past due loans at quarter
end were minimal and we continue to see progress in moving some of
the non-performing assets off our books,” said EVP and Chief Credit
Officer, E. George Koffler. “The national media would have one
believe that banks are still reluctant to loan money, but this is
really not the case. We have money to loan to qualified borrowers
and are excited to continue serving our customers just as we have
for the past 65 years,” added Koffler.
“The continued support of our shareholders and customers is
truly appreciated. Our employees have performed exceptionally well
through the recent economic downturn and those efforts are paying
off with improved profits and growth of the bank. Our strong
capital ratio, excellent liquidity, and improving risk profile
should serve us well as the economy continues to improve,”
concluded Bailey.
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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