BEO Bancorp has Record Quarter and Annual Earnings
31 January 2008 - 5:32AM
Business Wire
BEO Bancorp (OTCBB: BEOB), and its subsidiary, Bank of Eastern
Oregon, recorded its largest quarterly and annual net income in the
history of the organization. 4Q2007 net income $708,000, an
increase of 57.3% year over year. 2007 YTD net income $2,325,000,
an increase of 58.7% over 2006 YTD net income. Total Asset growth
was 12.6%, year end total assets a record $207,636,000. Total Loans
increased 23.8% year over year to $148,274,000 at year end 2007.
Total Deposits increased 4.7% to year end total deposits of
$170,160,000. Earnings per share $2.64 2007 YTD versus earnings per
share of $1.66 in 2006. ROAE YTD 22.2%. ROAA YTD 1.19%. �We are
extremely pleased with the results of the year just concluded,�
said President and CEO, E. George Koffler. �The performance was
keyed by a management team that continued to find ways to increase
revenue and control expenses, a support staff that provides top
quality back office results, a credit team that improved loan
totals without sacrificing quality, and a veteran, dedicated branch
system of employees that consistently provides excellent customer
service,� said Koffler. The January issue of US Banker rated BEO
Bancorp�s return on equity as 11th highest for all banks nationally
and 4th highest in the community bank classification. Financial
details and exhibits can be accessed 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. 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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