HEPPNER, Ore.--(EON: Enhanced Online News)--BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced 3rd quarter 2013 consolidated net income of $851,000, or $0.78 per share, compared to $778,000, or $0.80 per share for third quarter 2012. Year to date earnings were $1,986,000, down 0.9% year over year. Total assets were $295.0 million, up 9.7% year over year. Net loans of $242.6 million were up 12.8% from the same period in 2012, while deposits were at $261.4 million, up 9.7% year over year.
“The increase in loans matches up well with our continued robust growth in deposits. These dynamics are a tribute to our focus on excellent customer service.”
“We are very pleased with the 3rd quarter earnings. It is one of the best quarters from a net income perspective that Bank of Eastern Oregon has ever had. Year to date numbers are in line with last year and core profitability remains strong. During the quarter we saw our typical bump in seasonal borrowing, which added to total interest income and helped utilize excess liquidity,” said President and CEO, Jeff Bailey. “Harvest results in most of our trade area were disappointing when compared to the last few years, but we don’t expect problems in the loan portfolio based upon a less than average harvest.”
Chief Financial Officer, Mark Lemmon said, “Return on Average Assets for the quarter was 1.17% and Return on Average Equity is 15.18%, compared to 1.14% and 16.01%, respectively, year over year.” Lemmon went on to say, “We continue to be impressed with year over year growth in loans. Another positive trend is shareholders’ equity, which has increased by 19.4% year over year. We remain the highest capitalized bank in eastern Oregon.”
Chief Operations Officer, Gary Propheter said, “The increase in loans matches up well with our continued robust growth in deposits. These dynamics are a tribute to our focus on excellent customer service.”
“During fourth quarter we will open our new loan production office in Lakeview, OR. This strategic move is a logical progression relative to our Harney and Malheur County locations. We look forward to enhancing existing relationships in the area and introducing our brand of banking to new customers in Lake County,” said 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, which operates 12 branches and five loan production offices in 11 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, Ontario, Pendleton, Island City, and Lakeview. Bank of Eastern Oregon also operates a mortgage division. 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.