BEO Bancorp YTD Earnings up 16.3%
09 July 2008 - 11:00PM
Business Wire
Bank of Eastern Oregon and its parent company, BEO Bancorp
(OTCBB:BEOB), reports earnings year to date of $1,208,000 through
June 30, 2008. This is a 16.3% increase over YTD 2007 earnings of
$1,039,000. These positive results come because of continued loan
growth, up 25.4% year over year for total loans of $164,747,000,
and despite reserving $340,000 for loan losses during the first
half of the year. Earnings for the second quarter of 2008 were down
slightly at 2.1% because of this strong reserve stance. Total
assets grew 11.6% to $219,098,000 and total deposits increased 3.3%
to $174,413,000, compared to 6/30/07 totals. �We are pleased to
again report a year-to-date increase in earnings despite a
challenging banking landscape,� said President and CEO, E. George
Koffler. �The Board of Directors is taking a positive and
pro-active approach to building loan loss reserves during this time
of strong earnings, but economic times test the quality and
strength of our loan portfolio,� Koffler concluded. 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 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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