HEPPNER — BEO Bancorp and its subsidiary Bank of Eastern Oregon announced first quarter 2019 consolidated net income increased compared to the first quarter 2018.
The company in a written statement reported consolidated net income for the period last year was $758,000 or $0.64 per share.
This year, it was a little more than $1 million or 92 cents per share.
BEO also reported total assets were $468.2 million, up 19.9% year over year. Net loans of $340.1 million were up 8.7% from the same period in 2018, while deposits were at $421.6 million, up 20.6% year over year.
President and CEO Jeff Bailey said “non-ordinary events” during the quarter contributed to the financial picture. BEO completed the purchase of four former Umpqua branches in Washington, and those expenses hit the books, while the “substantial recovery of a troubled asset” offset the purchase. Overall, according to Bailey, the first quarter was a good start to 2019 from a net income standpoint.
Chief financial officer Mark Lemmon said earrnings per share was in line with the fourth quarter of 2018 but up dramatically year over year, and shareholder equity is up 9.7% over the past year.
Chief operations officer Gary Propheter said the deposits from the new branches came to about $40 million, but without the additions the bank’s “organic growth would have been just over 8% year over year,” while organic growth in loans was up about 8.5%.
Bailey also stated the late winter weather delayed field work, but the moisture is welcomed.
“This, coupled with a better renewal season for our ag customers than we have seen for the past few years, makes me cautiously optimistic about our ag areas for 2019,” he said.