BEO Bancorp Reports 2nd Quarter Earnings
July 09 2013 - 5:04PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 2nd quarter 2013 consolidated net income of
$761,000, or $0.72 per share, compared to $552,000, or $0.57 per
share for second quarter 2012. Year to date earnings were
$1,155,000, down 5.9% year over year. Total assets were $286.9
million, up 6.7% year over year. Net loans of $243.6 million were
up 13.3% from the same period in 2012, while deposits were at
$252.5 million, up 5.9% year over year.
“Second quarter earnings were very good. Year to date numbers
are a little behind last year, but this is attributed to steps
taken in first quarter to re-value some other real estate,” said
President and CEO Jeff Bailey. “With our loan to asset ratio at 85%
and our loan to deposit ratio at 96.5%, I expect continued good
results through our peak borrowing season.”
Chief Financial Officer Mark Lemmon said, “Return on Average
Assets for the quarter was 1.05% and Return on Average Equity is
14.43%, compared to 0.82% and 11.72%, respectively, year over
year.” Lemmon went on to say, “Overall increased loan demand
coupled with our typical seasonal bulge in ag borrowing are
providing a positive trend to earnings. Managed loan growth over
13.0% is phenomenal in this market. With continued strong core
earnings and increased loan demand, the bank is well positioned
going into the last half of 2013. It is important to note that
shareholders’ equity has increased 15.5% year over year. We remain
the highest capitalized bank in eastern Oregon.”
Chief Operations Officer Gary Propheter said, “We continue to
see growth in deposits, even in this prolonged low interest rate
environment. We are pleased that our market share continues to
grow. We appreciate our customers’ confidence in Bank of Eastern
Oregon’s safety and soundness and appreciation for our great
products and friendly service.”
“We continue to see new lending opportunities across our system.
The managed growth of both loans and deposits is gratifying. Our
rural economies are natural resource based and these sectors have
performed fairly well. There are concerns with dry conditions, a
smaller wheat crop, and the uncertainties associated with the wheat
export markets at this time, but we understand that agriculture is
cyclical and do not expect these issues to cause significant
problems with the portfolio,” 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.
BEO BancorpJeff Bailey, 541-676-0201President and CEOorMark
Lemmon, 541-676-0201EVP & CFO
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