BEO Bancorp Reports
2nd Quarter Earnings
CONTACT:
Jeff Bailey, President and CEO (541) 676-0201
Mark Lemmon, EVP & CFO, (541) 676-0201
Heppner, Oregon, (July 12, 2010) BEO Bancorp
(OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon,
announced 2nd quarter 2010 consolidated net income of $459,000
or $0.50 per share, compared to $564,000 or $0.63 per share for
2nd quarter 2009. Year to date earnings are $903,000, up 21.4%
year over year. Total assets were $251.1 million, up 7.4% year
over year. Net loans of $187.67 million were up 0.3% from the
same period in 2009, while deposits were at $218.1 million, up
14.4% year over year.
“Our second quarter results track nicely with first
quarter and year to date results are strong. Steady performance
and our growth in assets are gratifying as we continue to see
improvement in all of our markets,” said president and
CEO, Jeff Bailey. “In May, we celebrated the grand
opening of our new building in Enterprise. The reception we
have received in Wallowa County has been phenomenal. That
market continues to be very supportive to our style of banking
and is, frankly, one of our more profitable branches.”
Chief Financial Officer, Mark Lemmon, said “Year to date
Return on Average Assets is 0.74% and Return on Average Equity
is 12.08%, compared to 0.64% and 10.56%, 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 “Even with
the ongoing low rate environment, we continue to see strong
growth in deposits. An increase of 14.4% year over year is
impressive. We are very happy with the faith that our customers
place in our staff and our bank.”
“Our past due loans at quarter end were minimal and we
have seen progress in moving some of the non-performing assets
off of our books,” said EVP and Chief Credit Officer, E.
George Koffler. “We have seen our typical seasonal
increase in loans, but we are also seeing new opportunities in
our trade area,” added Koffler.
“Continued profitability and working through the lasting
effects of the “great recession” are keys to our
success during the second half of 2010. I appreciate the hard
work of our employees and the continued support of our
shareholders and customers,” concluded Bailey.
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.
