BEO Bancorp Reports 1ST Quarter Earnings
April 17 2013 - 1:53PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced first quarter 2013 consolidated net income of
$404,000 or $0.42 per share, compared to $675,000 or $0.71 per
share for first quarter 2012. Total assets were $293.8 million, up
9.6% year over year. Net loans of $222.2 million were up 11.0% from
the same period in 2012 while deposits were at $261.9 million, up
9.9% year over year.
“While less than 2012 first quarter results, our core earnings
are strong. We took prudent steps in reducing our non-performing
assets. Other real estate owned is down over 50% from last year.
The non-recurring expense of $352,000 during 1st quarter helps to
clean up our balance sheet,” said President and CEO, Jeff
Bailey.
Chief Financial Officer, Mark Lemmon said, “Net interest income
after provision for loan losses is up 13.7% from last year. This,
coupled with increased loan demand, should help offset compression
in our net interest margin. Return on Average Assets is 0.56% and
Return on Average Equity is 8.12% compared to 1.02% and 14.93%,
respectively, year over year.” Lemmon went on to say, “Reasonable
profits helped contribute to shareholders’ equity increasing 8.2%
year over year. We remain the most well-capitalized bank in eastern
Oregon.”
Chief Operations Officer, Gary Propheter said, “The prolonged
low interest rate environment is a frustration to depositors and
bankers alike. In spite of the low rates, we continue to see strong
growth trends in deposits. Customer confidence in the safety and
soundness of Bank of Eastern Oregon is gratifying and serves to
reinforce the confidence we have in our employees to deliver
products and services that meet the needs of our growing customer
base.”
“We are pleased with the ongoing good performance in our ag loan
portfolio. After a number of years of decent production and prices,
we realize that ag markets are cyclical and we will take prudent
steps to make sure our loan loss reserve is adequately funded to
stave off a possible downturn in the ag economy. We have taken
steps to bring our problem assets to a more manageable level. Our
hope is that our local natural resource based economy will continue
its strength and the national and global economy continues to
improve,” 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