BEO Bancorp
PO Box 39
Heppner, OR 97836 / NEWS RELEASE
BEO Bancorp Reports 1st Quarter Earnings
CONTACT:
Jeff Bailey, President and CEO (541) 676-0201
Mark Lemmon, EVP & CFO, (541) 676-0201
Heppner, Oregon, (April 21, 2014) BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced 1st quarter 2014 consolidated net income of $560,000, or $0.51 per share, compared to $405,000, or $0.42 per share for first quarter 2013. Total assets were $305.2 million, up 3.89% year over year. Net loans of $236.2 million were up 6.3% from the same period in 2013, while deposits were at $271.5 million, up 3.69% year over year.
“We are off to a solid start for 2014. We continue to see decent loan growth supported by a strong deposit base,” said President and CEO, Jeff Bailey.
Chief Financial Officer, Mark Lemmon, said, “Net interest income after provision for loan losses is virtually identical to last year. Return on Average Assets is 0.74%, compared to 0.56% last year; with Return on Average Equity at 9.65%, up from 8.15% in 2013.” Lemmon went on to say, “Continued good profits since a year ago has contributed to an impressive increase in shareholders’ equity, up 16.67% year over year. We remain the most well-capitalized bank in eastern Oregon.”
Chief Operations Officer, Gary Propheter, said, “We see some encouraging signs in the national economy, but when this long period of low interest rates will end is anyone’s guess. Even though the Fed continues to keep rates incredibly low, we are seeing decent growth in deposits across all segments of our branch network.”
“We still have a few challenges that we are working through in our loan portfolio as a whole. The ag sector continues to treat us well, but we realize that ag is a cyclical type of business. We continue to add to our provision for loan losses as loan growth continues and conditions warrant. We are very pleased with the decent rains that much of our trade area has received over the past two months; we are still a long way from harvest, but crop moisture and overall conditions are looking much better than they did at year end,” 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, which operates
12 branches and five loan production offices in eleven 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, Island City, Pendleton, and Lakeview. Bank of Eastern Oregon also operates a mortgage division. 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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