Heppner, Oregon, (October 13, 2020) BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern Oregon, announced 3rd quarter 2020 consolidated net income of $1,366,000 or $1.15 per share. Total assets were $692.4 million; Net loans of $518.3 million; Deposits were at $552.6 million. Shareholders’ equity was at $41.0 million.
“2020 continues to be a very interesting year, unlike anything any of us have ever experienced with pandemics, fires, floods, political and social unrest. Even with the strange economic environment that goes along with these factors, the bank had good earnings for 3rd quarter 2020. As a predominantly agricultural-based bank, we, along with our communities, are impacted by the ups and downs of farming and ranching. We are pleased that for the most part crop yields were above average, there was decent feed in the summer grazing areas, and commodity prices have rebounded from earlier levels,” said President and CEO Jeff Bailey.
Chief Financial Officer Mark Lemmon said, “Interest rates continue to be at record lows; good if you are borrowing but discouraging for depositors. The Fed’s monetary policy has flooded the market with liquidity in order to stimulate the economy, pushing rates downward. It appears we will be in this rate cycle for a while.”
Chief Operations Officer Gary Propheter said, “We thank our customers for their patience and understanding as COVID precautions have at times disrupted normal branch hours and availability. We are also very proud of our employees’ attitudes and work ethic as all of us navigate strange times indeed.”
Bailey concluded, “During third quarter we were able to eliminate our other real estate owned and continue to make sure that our loan loss reserve is funded appropriately. Most factors point toward an improving economy, but we are at the mercy of COVID, elections, and so many factors outside of anyone’s control. A prime example of how quickly things can change are the wildfires that have ravaged areas of the west. Our hearts go out to those impacted by these devastating fires.”
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 20 branches and four loan production offices in twelve eastern Oregon and five eastern Washington counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil, Moro, Enterprise, Athena, Hermiston, and LaGrande, OR; and Colfax, Dayton, LaCrosse, Pasco, and Pomeroy WA; loan production offices are located in Ontario, Pendleton, Madras, OR and Pomeroy, WA. Bank of Eastern Oregon also operates a mortgage division and operates the Washington locations under the name of Bank of Eastern Washington. 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:
- Competitive pressures in the banking and financial industries.
- Changes in interest rate environment.
- General economic conditions, nationally, regionally, and in operating markets.
- Changes in regulatory environment.
- Changes in business conditions and inflation.
- Changes in securities markets.
- Future credit loss experience.