BEO Bancorp Reports 2nd Quarter Earnings
July 13 2010 - 5:27PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 2nd quarter 2010 consolidated net income of
$459,000, or $0.50 per share, compared to $564,000, or $0.63 per
share, for 2nd quarter 2009. Year to date earnings are $903,000, up
21.4% year over year. Total assets were $251.1 million, up 7.4%
year over year. Net loans of $187.67 million were up 0.3% from the
same period in 2009, while deposits were at $218.1 million, up
14.4% year over year.
“Our second quarter results track nicely with first quarter and
year to date results are strong. Steady performance and our growth
in assets are gratifying as we continue to see improvement in all
of our markets,” said President and CEO Jeff Bailey. “In May, we
celebrated the grand opening of our new building in Enterprise. The
reception we have received in Wallowa County has been phenomenal.
That market continues to be very supportive to our style of banking
and is, frankly, one of our more profitable branches.”
Chief Financial Officer Mark Lemmon said, “Year to date Return
on Average Assets is 0.74% and Return on Average Equity is 12.08%,
compared to 0.64% and 10.56%, respectively, year over year.” Lemmon
went on to say, “Our low cost source of funds is adding to the
bottom line in a favorable manner.”
Chief Operations Officer Gary Propheter said, “Even with the
ongoing low rate environment, we continue to see strong growth in
deposits. An increase of 14.4% year over year is impressive. We are
very happy with the faith that our customers place in our staff and
our bank.”
“Our past due loans at quarter end were minimal and we have seen
progress in moving some of the non-performing assets off of our
books,” said EVP and Chief Credit Officer E. George Koffler. “We
have seen our typical seasonal increase in loans, but we are also
seeing new opportunities in our trade area,” added Koffler.
“Continued profitability and working through the lasting effects
of the “great recession” are keys to our success during the second
half of 2010. I appreciate the hard work of our employees and the
continued support of our shareholders and customers,” 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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