BEO Bancorp Reports Strong 2012 Earnings
February 05 2013 - 6:27PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced consolidated year end 2012 earnings of
$2,462,000, an increase of 22.4% when compared to $2,012,000 in
2011. Basic earnings per share increased 17% from $2.18 in 2011 to
$2.55 in 2012. Total assets increased 9.4% from $260.4 million to
$284.8 million. Net loans ended 2012 at $224.8 million, up 12.4%
year over year. Deposits increased 9.8% from $230.3 million
to$252.9 million.
“We are very pleased with the 2012 results. This is the best
year the bank has ever had from a net income perspective. The
regional agricultural economy has fared quite well over the past
few years. Even with ever-increasing input costs, good production
and strong prices for wheat, hay, and cattle continue to bode well
for our producers. While a strong local ag sector dramatically
helps our local businesses, the national economy and global
economic factors continue to cause some concern for all segments of
our markets,” said President & CEO, Jeff Bailey.
“Total shareholders’ equity increased 12.0% year over year to
$19.667 million. Our Tier 1 capital ratio of 10.13% matches up
favorably to our peer banks across the nation and continues to make
us the highest capitalized bank in eastern Oregon,” said Chief
Financial Officer, Mark Lemmon. “Return on Average Assets is 0.90%
and Return on Average Equity is 13.23% compared to 0.79% and
12.12%, respectively, year over year."
Chief Operations Officer, Gary Propheter, said, “Year over year
deposit growth is substantial, especially when you consider the
prolonged low interest rate environment we are experiencing. The
overall support from our local communities is impressive. The
continued trend of growth in core deposits tells us our customers
are happy with Bank of Eastern Oregon’s style of banking, our
flexible products, and the excellent, professional service provided
by our banking teams.”
“We have seen good loan opportunities across our branch and loan
production office system. We continue to welcome new customers and
help existing customers with their additional loan needs. Our new
LPO’s in Island City and Pendleton have opened up new market
opportunities for us and we see great potential in those
locations,” continued Bailey. “When we look at provision for loan
losses and expenses associated with other real estate, the 2012
expense numbers are down 27.1% from 2011. We continue to take
aggressive steps in dealing with problem assets. Other real estate
owned is down 41.4% from 2011.”
“2012 was a very good year for Bank of Eastern Oregon. We were
able to build upon the success of 2011. Our success is directly
attributable to our excellent team of employees and the support of
loyal 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 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 Bancorp (PK) (USOTC:BEOB)
Historical Stock Chart
From Jun 2024 to Jul 2024
BEO Bancorp (PK) (USOTC:BEOB)
Historical Stock Chart
From Jul 2023 to Jul 2024