BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced an 80 cent per share dividend for 2017.
“The dividend will be paid to shareholders of record as of Dec. 1, 2017, payable on or before Dec. 15, 2017,” said President and CEO Jeff Bailey in a press release.
According to Board Chairman George Koffler, “BEO Bancorp has paid a dividend 31 of the past 32 years. Dividends reflect the financial stability and profitability of the bank. We are very happy to be able to provide this dividend to our shareholders.”
The company also announced third-quarter 2017 consolidated net income of $816,000 or $0.69 per share, compared to $735,000 or $0.60 per share for third quarter 2016. Year-to-date earnings were $2,359,000, up 1.2 percent year over year. Total assets were $403.8 million, up 7.3 percent year over year. Net loans of $327.0 million were up 12.3 percent from the same period in 2016, while deposits were at $359.5 million, up 7.6 percent year over year.
President and CEO Jeff Bailey said third-quarter net income is up 11 percent from last year, with year-to-date profits in line with last year.
“We are an agricultural-based bank,” Bailey said. “Improved yields in dryland crops along with steady to increasing commodity prices across the board make us cautiously optimistic about a better renewal season for our agricultural producers. On a national and even global level, it will be interesting to see what the rest of the year brings in terms of the economy with potential tax and regulatory reform.”
For more information, visit beobank.com.