Joey J. Warmenhoven, McAdams, Wright and Ragan, Market Maker, (866) 662-0351
Henry C. Stockman, Howe Barnes Hoefer & Arnett, Market Maker, (800) 346-5544
Heppner, Oregon – July 9, 2008. OTCBB:BEOB. Bank of Eastern Oregon and its parent company, BEO Bancorp, 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.
Click Here for the Second Quarter 2008 Financial HighlightsAbout 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.
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.