BEO Bancorp Reports 1st Quarter Earnings
24 April 2010 - 2:22AM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 1st quarter 2010 consolidated net income of
$443,990 or $0.49 per share, compared to $179,586 or $0.20 per
share for first quarter 2009. Total assets were $238.5 million up
4.7% year over year. Net loans of $175.39 million were down 1.0%
from the same period in 2009, while deposits were at $206.28
million up 13.5% year over year.
“We are very pleased with our first quarter results. Our staff
has worked extremely hard to control expenses during the past year.
Our core earnings are strong and we are making gains on our
non-performing assets,” said President and CEO, Jeff Bailey.
“During February, we celebrated our 65th anniversary of providing
banking services to eastern Oregon. We are very proud of this
milestone and look forward to many more years of serving our
communities.”
Chief Financial Officer, Mark Lemmon, said, “Return on Average
Assets is 0.74% and Return on Average Equity is 11.96% compared to
0.31% and 5.15%, 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, “Total deposits
remain strong even in the existing rate environment. This new
record level of deposits is indicative of the faith our customers
have in our employees and institution.”
“We continue to see improvement in our credit quality and
overall performance of the loan portfolio,” said EVP and Chief
Credit Officer, E. George Koffler. “We are seeing increased loan
demand and opportunities throughout our trade area,” added
Koffler.
“We are well capitalized by all industry standards and have a
Tier One capital ratio of 10.18%. Capital retention through
sustained profitability will be key over the next year. The
strength and speed of the economic recovery in our trade area
remains to be seen as high unemployment is disconcerting.
Therefore, the board of directors has voted not to pay a cash
dividend for first quarter 2010,” added 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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