BEO Bancorp Reports 3rd Quarter Earnings
October 15 2012 - 7:02PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 3rd quarter 2012 consolidated net income of
$779,000 or $0.72 per share, compared to $490,000, or $0.53 per
share for third quarter 2011. Year to date earnings were
$2,006,000, up 49.9% year over year. Total assets were $276.7
million, up 9.9% year over year. Net loans of $219.6 million were
up 10.8% from the same period in 2011, while deposits were at
$245.2 million, up 10.4% year over year.
“Our profitability trends are strong and we continue to see
excellent growth in both deposits and loans,” said President and
CEO, Jeff Bailey. “We have seen improvement in our problem loans.
Other real estate is starting to move and we are taking steps to
clean up our balance sheet.”
Chief Financial Officer, Mark Lemmon said, “Return on Average
Assets is 1.14% and Return on Average Equity is 16.03% compared to
1.0% and 14.33%, respectively, year over year.” Lemmon went on to
say, “Our shareholder equity is up 15.3% year over year, strong by
all measures. Strong core earnings bode well for our equity
position.”
Chief Operations Officer, Gary Propheter said, “With the
prolonged low interest rate environment, which even the Federal
Reserve says will last a while longer, we continue to see strong
deposit growth. The growth is coming from all areas of our branch
network and we welcome new customers and are sure they will enjoy
our brand of banking.”
“Our local agricultural economy continues to perform well. The
2012 harvest was good, commodity prices are holding up well, but we
could definitely use some rain,” said Bailey. “The uncertainties of
the national and worldwide economy, the political season and
additional regulation placed upon community banks are all
challenges, but often times with challenges come additional
opportunities. Our strong capital and earnings bode well for Bank
of Eastern Oregon’s ability to take advantage of the right
opportunities over the next few years,” 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 four loan production offices in ten
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, Ontario, Pendleton, and Island City. 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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