BEO Bancorp has Record Quarter and Annual Earnings
CONTACT:
E. George Koffler, President & CEO, (541) 676-020l
Mark Lemmon, EVP & CFO, (541) 676-0201
Joey J. Warmenhoven, McAdams, Wright, & Ragan, Market
Maker, (866) 662-0351
John T. Cavender, Howe Barnes Hoefer & Arnett, Market
Maker, (800) 346-5544
(OTC Bulletin Board: BEOB)
Heppner, Oregon, (January 29,
2008). BEO Bancorp, 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.
