BEO Bancorp and its subsidiary, Bank of Eastern Oregon, earned net income of $243,000 for the first quarter of this year, down slightly from the $249,000 for the the first quarter of 2005.
"Our first quarter results were close to budget projections, but our results were dampened by interest on debt, a $36,000 external fraud loss and increasing cost of funds for deposits," said E. George Koffler, president and CEO.
Total loans grew from $96,104,000 to $108,954,000. Past-due loans made up .01 percent of the total. Projections estimate loans of $120,000,000 by year-end.
Deposits grew from $147,809,000 to $162,910,000. Noninterest bearing led the way with an 18.9 percent improvement.