BEO Bancorp Reports Strong 2008 Earnings.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 today net income for 2008 of $2,047,000. This is the second year in a row that earnings have surpassed $2 million. Financial Highlights Net Income for 2008 was $2,047,000, 12% lower then the record profits of 2007 of $2,325,000. Earnings per share were $2.32, compared to the previous year's $2.64 per share total. "We are very proud of the results our employees were able to deliver to the bottom line in these uncertain times," said 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. , E. George Koffler. Considering the deterioration in the economy and potential weaknesses in the loan portfolio, the board of directors added $1,778,000 during the year to reserve for loan losses. Year-end reserve for loan losses stood at $3,635,074, or 2.03% of loans. "We continue to monitor the loan portfolio carefully. Non-performing assets have increased from .02% to 1.73% year over year. Non-accrual loans at year end totaled $2,427,000. Other real estate stands at $1,519,000. We have added staffing and resources to the special credits area as the need has dictated," said 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. , President and Chief Credit Officer. "Current appraisals show sufficient collateral coverage to mitigate the impact of additional market declines," he concluded. Growth Loan levels increased to $175,791,000 from $148,274,000 year over year, an 18.6% increase. Deposit totals improved year over year from $170,160,000 to $188,958,000, an 11% increase. Total Assets increased 9.8% to $227,994,000 at year end compared to $207,636,000 at year end 2007. Capital Capital ratios declined slightly year over year (see chart) due to strong asset growth in 2008. The bank continues to exceed FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). guidelines for well-capitalized banks in all respects. [TABLE OMITTED] "We are considering several alternatives for building capital to support future growth and to provide an additional cushion should the economy worsen or the recession be prolonged," said Koffler. "During 2009, we expect organic growth in our traditional markets and continued growth from our new branch location in Enterprise, Oregon The city of Enterprise is the county seat of Wallowa County, Oregon, United StatesGR6. The population was 1,895 at the 2000 census. History Enterprise received its name as the result of a vote at a community meeting held in a tent in 1887. ," he added. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion