BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced first quarter 2018 consolidated net income of $758,000, or $0.64 per share, compared to $801,000, or $0.67 per share, for first quarter 2017. Total assets were $393.4 million up 4.4 percent year over year. Net loans of $312.8 million were up 2.9 percent from the same period in 2017, while deposits were at $349.5 million up 4.5 percent year over year.
“2018 is starting off as expected,” said President and CEO Jeff Bailey in a press release. “The Federal Reserve has been bumping up interest rates, which has had a positive effect on net interest margin. This has been offset by a loan loss provision for the quarter of $300,000 compared to no provision in 1Q2017. This is attributed to some year-end and 1st quarter adjustments brought on by the Tax Cut and Jobs Act.”
Chief Financial Officer Mark Lemmon said earnings per share was down slightly year over year, but up slightly from the last quarter of 2017, and shareholder equity is up 6.4 percent over the past year.
“Our income taxes are down 36 percent, or $145,000, from 1Q2017,” he said. “While not a surprise, it is a reminder of the impact of tax reform for corporations.”
Bailey said commodity prices have rebounded a bit from their lows and the company remains optimistic about the ag sector performance in 2018.