BEO Bancorp Earnings Grow 36.9%
April 25 2008 - 7:00AM
Business Wire
BEO Bancorp (OTCBB:BEOB), parent company of Bank of Eastern Oregon,
announced earning of $623,000 for the first quarter of 2008,
compared to earnings of $455,000 in the first quarter of 2007, a
36.9% increase. Earnings per share improved from $0.52 to $0.71.
Total assets increased 11.4% year over year to $209,793,000. Total
loans grew 29.1% to $152,355,000 and total deposits increased to
$174,012,000, a 5.3% increase. �We registered a solid start to 2008
in the first quarter,� said President and CEO, E. George Koffler.
�The continued growth of good quality loans and the reduction of
our cost of funds were the primary drivers of these good results,�
Koffler added. �We think 2008 will be a challenging year to
maintain the excellent earnings we delivered recently. The
aggressive reduction of rates by the Fed will make it difficult for
financial institutions to maintain net interest margin levels of
the past three years. The slowdown in the housing market will
affect fee income generation and credit quality is always a concern
when values decline as we have seen in parts of the state,�
concluded Koffler. For more information, visit the bank�s website
at www.beobank.com. About BEO Bancorp BEO Bancorp is the holding
company for Bank of Eastern Oregon, which operates 11 branches and
three loan production offices in nine eastern Oregon counties.
Branches are located in Arlington, Ione, Heppner, Condon, Irrigon,
Boardman, Burns, John Day, Prairie City, Fossil and Moro; loan
production offices are located in Hermiston, Enterprise, and
Ontario. Bank of Eastern Oregon also operates a mortgage division
and offers brokerage services through BEO Financial Services. For
further information on the Company or to access Internet banking,
please visit our website at http://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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