BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced second quarter 2017 consolidated net income of $742,000, or $0.62 per share, compared to $815,000, or $0.67 per share, for second quarter 2016.
Year-to-date earnings were $1.543 million, compared to $1.597 million for the first six months of 2016, according to a press release from the company. Total assets were $396.0 million, up 13.1 percent year over year. Net loans of $322.9 million were up 10.3 percent from the same period in 2016, while deposits were at $352.6 million, up 14.1 percent year over year. Shareholder equity increased by $2.37 million, or 8.2 percent, from June 2016.
“Being an agricultural-based institution, we are affected by the ups and downs in the ag sector,” President and CEO Jeff Bailey said in the release. “The lower commodity prices, as well as lower production in 2016, warrant an increase in the loan loss provision. That said, the 2017 crop conditions have improved dramatically from last year, and recently prices have also improved slightly.”
Chief Financial Officer Mark Lemmon said book value per share was $26.25, compared to $23.71 on June 30, 2015, an increase of 10.7 percent.
“We had a strong start in our new Athena branch and have enjoyed the warm welcome into that community,” Chief Operations Officer Gary Propheter said. “We also recently announced a new loan production office in Pomeroy, Washington. We look forward to expanding our brand of banking into the region.”