HEPPNER — BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced its 2020 third quarter figures on Wednesday, Oct. 14, in a press release.
The company said third quarter 2020 consolidated net income was $1.36 million, or $1.15 per share, while total assets were $692.4 million, net loans were $518.3 million and deposits were at $552.6 million. The release said shareholders’ equity was at $41 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 third quarter 2020," said President and CEO Jeff Bailey.
"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."
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.”
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 20 branches and four loan production offices in 12 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 La Grande, and Colfax, Dayton, LaCrosse, Pasco, and Pomeroy, Washington; loan production offices are located in Ontario, Pendleton, and Madras, and Pomeroy, Washington. 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.