BEO Bancorp Reports 3rd Quarter Earnings
October 06 2011 - 5:40PM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced 3rd quarter 2011 consolidated net income of
$502,000 or $0.54 per share, compared to $518,000 or $0.56 per
share for 3rd quarter 2010. Year to date earnings were $1,350,000
in 2011, as compared to $1,421,000 for the same period in
2010. Total assets were $251.8 million, up 0.9% year over
year. Net loans of $198.25 million were up 3.7% from the same
period in 2010, while deposits were at $222.1 million, up 0.5% year
over year.
“We are pleased with the 3rd quarter and year to date results.
Loan volume has increased, and we continue to search out good
lending opportunities,” said president and CEO Jeff Bailey.
Chief Financial Officer Mark Lemmon said, “We continue to
increase value to our stockholders as shareholders’ equity is up
8.5% year over year. Our tangible book value per share stands at
over $18, a growth of more than $6 per share since the banking
crisis and recession began in 2007. This is a direct result of
continued profitability and prudent capital management. Year to
date Return on Average Assets is 0.72% and Return on Average Equity
is 10.98%. That return on equity is impressive considering the
Bank’s tier one capital ratio is well above our Oregon and national
peer averages.” Lemmon went on to say, “Increased loan volume and
steady deposit levels fuel our net interest margin, which dictates
overall profitability.”
Chief Operations Officer Gary Propheter said, “In spite of
continued low interest rates, our deposit base is steady. Our
branch personnel do a tremendous job of providing excellent
customer service. The Bank continues to adapt to the changing
regulatory environment, and is happy to say we have been able to
meet these challenges without imposing new fees and charges on
customers.”
“This year’s wheat harvest was fabulous with yields well above
average and good prices. Cattle prices are also strong and summer
feed was plentiful. The overall quality of our ag loan portfolio is
very good, and we continue to work hard at moving non-performing
assets off of our books,” said EVP and Chief Credit Officer E.
George Koffler. “A common perception in the national media is that
banks are not making loans. That is not true. We are continually
seeking loan opportunities, and we are making loans to qualified
borrowers,” added Koffler.
“Local factors point towards an improving economy, but the slow
recovery in the national economy, high unemployment, and the
uncertainty associated with the European Union economic situation
are concerning. All of these factors will play a role in how our
local economy performs over the next few years,” said Bailey. “I
appreciate the efforts of our employees and the support of our
customers and shareholders in making our fine institution
successful even in these turbulent times,” concluded 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,
is locally owned by over 300 individuals and organizations, and
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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