BEO Bancorp Reports Strong 2010 Earnings
February 11 2011 - 12:03PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced consolidated year end 2010 earnings of
$1,656,016, an increase of 328% when compared to $386,721 in 2009.
Earnings per share were $1.80 versus $0.43 in 2009. Total assets
increased 4.96% from $239.8 million to $251.7 million. Net loans
ended 2010 at $191.8 million, up 13.9% year over year. Deposits
increased 9.3% from $204.4 million to $223.5 million.
“2010 was a strong year for the bank, especially when you
consider the lingering effects of the recession and the slow pace
of the economic recovery. While our rural communities continue to
experience relatively high unemployment, we saw good things in the
farm and ranch economy,” said president and CEO, Jeff Bailey. “The
lingering effects of the housing crisis which surfaced in 2008
continue to work their way through the national as well as regional
economy. 2011 will be an interesting year as we see how the
national recovery plays out,” continued Bailey.
“Total shareholders’ equity increased 7.96% year over year to
$15.64 million. Our Tier 1 capital ratio of 10.17% matches up
favorably to our peer banks across the nation and especially within
our market area,” said Chief Financial Officer, Mark Lemmon.
“Return on Average Assets is 0.67% and Return on Average Equity is
11.00% compared to 0.17% and 2.75%, 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
continues to be a strong point for the bank. We have seen good
growth across all branches in our system. The continued trend of
strong 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.”
“With loan volume up 13.9 % year over year, it shows that we are
seeing good opportunities within our footprint to loan money to
qualified borrowers,” said EVP and Chief Credit Officer, E. George
Koffler. “We continue to see progress in moving some of the
non-performing assets (NPA’s) off of our books. Since the first
quarter of 2010, NPA’s have decreased from 2.99% to a year end
percentage of 1.39%. We see this as a very positive sign but will
continue to contend with issues created by the slow recovery,”
concluded Koffler.
“We are pleased with the 2010 results. The improved performance
and growth over the past year is attributed to the loyalty of our
shareholders, customers, and employees. The recent recession has
been challenging, but I am confident there are brighter days
ahead,” 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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