BEO Bancorp earnings grow 36.9%
CONTACT:
E. George Koffler, President & CEO, (541) 676-020l
Mark Lemmon, EVP & CFO, (541) 676-0201
Joey J. Warmenhoven, McAdams, Wright and Ragan, Market Maker,
(866) 662-0351
Henry C. Stockman, Howe Barnes Hoefer & Arnett, Market
Maker, (800) 346-5544
(OTC Bulletin Board:
BEOB)
Heppner, Oregon,
(April 25, 2008). BEO
Bancorp, parent company of Bank of Eastern Oregon, announced
earning of $623,000 for the first quarter of 2008, compared to
earnings of $455,000 in the first quarter of 2007, a 36.9%
increase. Earnings per share improved from $0.52 to $0.71.
Total assets increased 11.4% year over year to $209,793,000.
Total loans grew 29.1% to $152,355,000 and total deposits
increased to $174,012,000, a 5.3% increase.
“We registered a solid start to 2008 in the first
quarter,” said President and CEO, E. George Koffler.
“The continued growth of good quality loans and the
reduction of our cost of funds were the primary drivers of
these good results,” Koffler added.
“We think 2008 will be a challenging year to maintain
the excellent earnings we delivered recently. The aggressive
reduction of rates by the Fed will make it difficult for
financial institutions to maintain net interest margin levels
of the past three years. The slowdown in the housing market
will affect fee income generation and credit quality is always
a concern when values decline as we have seen in parts of the
state,” concluded Koffler.
Detailed financial exhibits are available on the bank’s
website 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. For further
information on the Company or to access Internet banking,
please visit our website at 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.
