BEO Bancorp Reports 1st Quarter Earnings
April 20 2011 - 1:24PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 1st quarter 2011 consolidated net income of
$501,000, or $0.54 per share, compared to $444,000, or $0.49 per
share for first quarter 2010. Total assets were $249.7 million, up
4.7% year over year. Net loans of $191.1 million were up 9.0% from
the same period in 2010, while deposits were at $221.2 million, up
7.2% year over year.
“Our first quarter results come on the heels of a strong 2010.
We are pleased that our efforts to control expenses and tackle
remaining problem assets are paying off in the form of good
earnings,” said president and CEO, Jeff Bailey.
Chief Financial Officer, Mark Lemmon said, “Return on Average
Assets is 0.80% and Return on Average Equity is 12.60% compared to
0.74% and 11.96%, respectively, year over year.” Lemmon went on to
say, “We are able to leverage a low cost of funds and decent core
earnings into profits.”
Chief Operations Officer, Gary Propheter said, “We continue to
be impressed with our growth of deposits. Even in this low rate
environment we see strong growth. We attribute this to the
excellent customer service provided by our experienced banking
staff and the confidence our customers have in the safety and
soundness of our bank.”
“The strength in the farm economy continues to bode well for our
agricultural loan portfolio. The lasting effects of the housing
crisis are waning and our non-performing assets are at a much more
manageable level than a year ago,” said EVP and Chief Credit
Officer, E. George Koffler.
“Sustained profitability and continuing to work through the
remnants of the sluggish economy will be keys to our ongoing
success in 2011. Bank of Eastern Oregon has strong capital as well
as liquidity and we are looking for good opportunities to make
loans in our footprint,” 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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