BEO Bancorp Maintains Profitability in 2009.HEPPNER, Ore. -- BEO BEO Banquet Event Order BEO Book Entry Only (accounting adjustment) BEO Newcastle, New South Wales, Australia - Belmont (Airport Code) BEO Building Emergency Organization BEO Bit Error Outage Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BEOB) and its subsidiary, Bank of Eastern Oregon Eastern Oregon is a geographical term that is generally taken to mean the area of the state of Oregon east of the Cascade Range, save the region around The Dalles and sometimes Klamath County. The area around Bend is considered to be Central Oregon rather than Eastern Oregon. , announced consolidated year to date earnings of $437,000. "BEO Bancorp remains profitable for 2009 despite charging $2.7 million year to date to income to buttress buttress, mass of masonry built against a wall to strengthen it. It is especially necessary when a vault or an arch places a heavy load or thrust on one part of a wall. the allowance for potential loan losses along with a $1.034 million charge to account for a decrease in collateral value in other real estate," said Chief Financial Officer Mark Lemmon. "Total assets grew 3.5% year over year to just over $230 million; net loans increased 3.5% year over year to $179 million; and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased 12.2% over the same period," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeff Bailey Jeffrey Todd (Jeff) Bailey (born November 19, 1978 in Longview, Washington) is a first baseman in Minor League Baseball. He currently has a minor league contract with the Pawtucket Red Sox, the Triple-A team of the Boston Red Sox. . "The third quarter itself was a challenging quarter. Our strong core earnings allowed us to take some aggressive steps to address potential future charges to the loan loss reserve as well as writing down other real estate. The total charge to income for the quarter was $3.172 million. These unusual charges to income along with our bank's share of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). special assessment, which amounts to $234,000, contributed to a third quarter loss of $306,000, or $0.34 per share at the Bancorp," added Bailey. "Our deposit base continues to grow within our market area and regularly exceeds $200 million," said COO Gary Propheter. "Total deposits ended the quarter at $197.8 million, up 10.9% from third quarter 2008. The strength and professionalism of our branch teams allows us to continue building trust with our customers and continue our long-held commitment to our rural eastern Oregon communities," continued Propheter. "The Board of Directors continues to aggressively address challenges to the loan portfolio brought on by the global recession and regional economic factors. We continue to make sure the provision for loan loss is funded at an appropriate level to address potential future loan losses," said President and CEO Jeff Bailey. "Our core earnings remain strong and we are pleased to show a profit year to date 2009," added Bailey. Bailey went on to say "The Board of Directors will continue the safe and prudent course of building capital and aggressively addressing problem credits. While we read that the national economy is growing and recovering from the global recession, the banking industry continues to work through the effects of the past two years. National, and more critically, local unemployment levels in the counties we serve will continue to hamper regional economic recovery. I expect during the balance of 2009 and into 2010 challenges in our market will crop up. Turbulent economic times call for conservative approaches to how the bank is run and a huge part of this conservative tone is to grow capital. In light of this, the board of directors has voted not to pay a cash dividend for third quarter 2009." 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 two loan production offices in nine eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Burns, John, 1858–1943, British union leader and politician. A factory worker as a child, he was largely self-educated and was led by his reading to radical socialism. Day, Prairie City Prairie City may refer to:
Please [ improve this article] or discuss the issue on the talk page. . 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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