HEPPNER — Bank of Eastern Oregon and BEO Bancorp announced a 27.6 percent increase in earnings for the year 2018.
The bank, headquartered in Heppner, announced consolidated year-end earnings of $3,949,000 — up from $3,094,000 in 2017. Earnings per share went up 28 percent to $3.33, net loads were up 1.8 percent to $324.6 million and total assets were up 0.5 percent to $416.6 million. Deposits decreased 0.7 percent to $368.2 million.
BEO president and CEO Jeff Bailey said in a statement that the bank was pleased with its 2018 performance.
"Solid earnings for 2018 and an improved renewal season for our agricultural borrowers are encouraging for the year ahead, but time will tell,” said Bailey.
In 2018 the bank opened a new loan production office in Dayton, Washington, and expanded its deposit-taking ATMs in the region. BEO has also applied to the FDIC to acquire four Umpqua branches in Colfax, Dayton, LaCrosse and Pomeroy in Washington.
"While there will be expenses associated with the acquisition, the prospects for those markets is encouraging," Bailey said. "We look forward to having the employees in those branches join our banking family, and welcome our new customers."