Heppner Gazette-Times, Heppner, Oregon Wednesday, May 2,2007 - THREE
Sheriff's Report
BEO Bancorp earnings up 87%
BEO B ancorp,
parent company of Bank
o f E astern O regon,
reported an 87% increase
in earnings in the first
quarter of 2007.
E arn in g s
for
1Q 2007
at
$455,000
co m p ared
$
to
243,000
1Q2006.
Loan growth up
8% y e ar over
year.
T otal rev en u e
in c re ase s 16%
year over year.
L oan
q u ality
strong with past
due loans at
0.06%
of
outstanding
loans.
L oan
L oss
Reserve increases
to 1.26% o f
outstanding
loans.
F or
fu rth er
in fo rm atio n on the
Com pany or to access
Internet banking, please
visit our website at http:/
Avww.beobank.com.
Financial
Perform ance
BEO B ancorp
delivered record earnings
in the first quarter of
2007 with net income of
$455,000. This is an 87%
in c re ase
over
the
$ 2 4 3 ,0 0 0 earn ed in
1Q2006. Earnings per
share for the first quarter
were $ 1.03 compared to
earnings per share of $.55
in 1Q2006. “We are very
pleased that the company
is performing at this level.
O ur e m p lo y ees are
delivering the impressive
results you see in this
release,” said President
and C E O , E. G eorge
Koffler.
ROAA improved
from .57% in the first
quarter of 2006 to .98%
in 2007 on an annualized
b a sis.
RO AE
also
improved year over year
increasing from 12.37%
to 18.93%.
R ev e n u e a n d
Expense
Total revenue
growth was a bright spot
w ith total incom e o f
$3,658,000 in 1Q2007
compared to $3,154,000
in 1Q2006, an increase of
16%. Leading the way
was total fee incom e,
w hich
grew
from
$171,000 to $237,000, a
39% increase. Both the
mortgage division and the
financial services division
had good results adding
to that total.
f
Expenses grew at a
slower pace, increasing from
$2,911,000 to $3,203,000, a
10% in crease. S a la rie s,
em p lo y ee b e n e fits, and
interest expense show the
largest increases.
Loan G row th and
C redit Quality
The loan portfolio
showed steady growth year
over year grow ing form
$ 1 0 8 ,9 5 4 ,0 0 0
to
$ 1 1 7 ,9 6 8 ,0 0 0 , an 8%
increase. "There was some
softness in loan growth we
didn’t anticipate in the first
quarter ans some unexpected
loan payoffs stunting totals.
However, our pipeline is
im p ro v in g and we are
hopeful we will perform at
budget numbers for the next
three quarters,” said EVP
and CCO, Jeff Bailey. Credit
quality remained strong with
past due loans at 0.06% as a
p e rc en ta g e o f lo an s at
quarter end compared to no
past due loans at the same
time last year. Charge offs
for the first quarter were
minimal at $ 1,280. The loan
loss revenue continued to
strengthen with $260,000
added to the LLR in the past
year and the LLR to total
loans ending at 1.26% of
loans or $l,50k7,000. Non
accru al loan s w ere at
$121,(XX) at the end of the
quarter.
D e p o sit G ro w th
and O perations
Deposits increased
at a modest pace year over
year,
gro w in g
from
$ 1 6 2 ,9 1 0 ,0 0 0
to
$ 165,226,000. “We continue
to look for efficiencies in the
o p e ra tio n and n eg o tiate
terms with vendors to obtain
pricing advantages. We have
alsd launched a debit card
usage cam paign that we
b eliev e w ill add to the
bottom lin e ,” said G ary
Propheter, EVP and COO.
N et
I n te r e s t
M argin and Interest Rate
Risk
The bank’s interest
rate risk is very manageable
with RSA to RSL ratios
w ith in po licy
lim its.
R egarding net in te re st
margin, the bank is bucking
the
trend
of
NIM
compression experienced by
many banks. 1Q2007 NIM
was 5.15%. This compares
to NIM of 4.59% in 1Q2006.
“We have been on a year
long cost of funds reduction
initiative and it is paying
dividends. We are hopeful
that any market changes in
the future can be managed to
preserve the margin we now
have,” said Mark Lemmon,
EVP and CFO.
Capital and Equity
S U n d a y ’ M a y 13th
W e h a v e lo ts o f th in g s
to m a k e h e r s m ile ...
ca rd s, c a n d y , flo w e r s ,
^
,
Hnyyy Mother's Day!
tlVy «
of
IF e e i
<Ur"I
3/31/Q7
3/31/06
%Change
Cash and due from banks
Federal funds sold
Sécurités, at fair value
Net loans
Premises and equipment
Other real estate owned
Other assets
Total Assets
$10,385
6,620
42,250
117,968
5,120
-
6*000
$1,883,436
$13,269
3,945
45,873
108,954
5,012
104
5*965
$183,122
-21.70%
67.80%
-7.90%
8.30%
2.20%
-100.00%
0.60%
2.90%
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Noninterest bearing
Interest bearing
Total deposits
Borrowed funds/Repurchase Account
Other liabilities
Total liabilities
$25,963
139,263
165,226
4,676
8*562
178,464
$25,497
137,413
162,910
4,032
7*224
174,916
1.80%
1.30%
1.40%
16.00%
7.40%
2.00%
Shareholders’ Equity
Common stock
Additional paid-in capital
2,202
1,487
2,202
1,487
0.00%
0.00%
Retained earnings and accumulated ot 6.190
4*512
37.00%
8*206
$183,122
20.40%
2.90%
Assets
Condensed Statement of Income (Un-audited)
«
Results of Operation
Three Months Ending
3/31/06
$2,713
1*061
1,652
50
% Change
16.80%
8.00%
22.50%
20.00%
Net interest income after provision for possible lo 1,964
1,602
22.60%
488
1*858
594
$455
441
1*226
267
24
$243
10.70%
4.60%
122.50%
497.20%
87.20%
$1.03
0.98%
18.93%
$0.55
0.57%
12.37%
87.20%
71.30%
53.00%
Interest income
Interest expense
Net interest income
Provision for possible loan losses
Noninterest income
Noninterest expense
Income before taxes
Income taxes
Net Income
Earnings per share
Return on Average Assets
Return on Average Equity
We
have M u sta n g
H a ts • T - S h ir ts
CIEAM I M G
9.879
$188,343
Total shareholders’ equity
Total liabilities & shareholders' equity
S w e a ts h irts
SP P IM G
Bums, John Day, Prairie
City, Fossil and Moro.
Bank of Eastern Oregon
also operates a mortgage
d iv isio n ,
has
loan
p ro d u c tio n o ffic e s in
Hermiston and Ontario,
and o ffers b ro k erag e
serv ices th ro u g h BEO
Financial Services. The
b a n k ’s w eb site is
www.beobank.com.
Condensed Balance Sheet (Un-audited)
S p ir it <3earl
w in e a n d m u c h m o r e !
an increase of $1,673,000, or
20% year over year.
A bout
BEO
Bancorp
BEO Bancorp is the
holding company for Bank
of Eastern Oregon, which
operates 11 branches in six
eastern Oregon counties,
B ranches are lo cated in
Arlington, lone, Heppner,
Condon, Irrigon, Boardman,
BEO B ancorp
Consolidated Financial Highlights
(Dollar amounts in thousands — except earnings per share)
D o n 't f o r g e t to o r d e r
y o u r f lo w e r s f o r th e
H e p p n e r P r o m on
S a t u r d a y , H a y 5 th !
R em em b er M om
on M oth er’s Day!
,
A ll m easu res o f
capital ratios at the bank and
the h o ld in g com pany
improved year over year and
linked quarters. At the bank
level, Tier 1 capital improved
from 7.87% to 8.55% year
over year.
The equity o f the
company has grown from
$8,206,000 to $9,879,000,
SALE'[ 4 ®
3/31/07
$3,170
1*146
2,024
60
m
DA’s Report
Divorces
M orrow C ounty
District Attorney Elizabeth
B allard has released the
following report:
-Richard Peck was
convicted of contempt, an
unclassified misdemeanor -
30 days in jail with 27 days
suspended, credit for time
served of three days, $376 in
fines, fees and assessments.
M orrow C ounty
District Circuit Court has
released the fo llo w in g
report:
-Gonzalo Cervantes,
32, or Irrigon and Mireya
Rios Lemus, 30, of Irrigon
have filed for divorce.
\ I il in 1 n < in 1» r iHW im nli in list...
Morrow County Community Clcan-lp Event
FREE DUMPING at the North and South End
Sr L i ih ms 25 % - 75 % ( F F !
Transfer Stations on May Ç-6, 2007
NORTH END TRANSFER fffATION:
69900 Frontage Lane,
Boardman. OR 97818.
Saturday and Sunday.
We have n anini sa n d w ich es and salad for lunch!
Just vount u .snack? Try a croissant. bagel, toaster muffin or muffin top!
W e will accep t lu nch call-in orders from 11:30 a.m. • 2 p.m. (676-9158)
9 am
4 p.m.
80UTH END TRAN VER STATION:
^ M u MUJ'4 ÜW)
)
217 North Main • Happner
P hone 676-9158 • Floral 676-9426
Serving Heppner. Lexington A Ione
57185 Hwy 74 Lexington. OR 97839
p le a s «
Saturday and Sunday.
Inform ation ,
ca ll (5 4 1 ) 9 0 0 - 9 5 0 0
9am
4p.m.
1
The Morrow County
Sheriff’s Office reports han
dling the following business:
M a rc h
22:
B oardm an P olice D ept,
officer cited Mario Martin
G alv ez A ngulo, 43, for
D riving w hile L icense
S u sp en d ed and D riving
Uninsured.
-B oardm an Police
Dept, received a report from
a caller in Boardman that her
vehicle was struck by an
unknown vehicle while she
was at the Shell station last
night.
-B oardm an Police
Dept, officer cited Kathleen
M arie E ld rig e , 57, fo r
Violation of the Speed Limit,
38 mph in a 25 mph zone.
-B oardm an Police
Dept, received a report from
a caller in Boardman of an
altercation; a male subject
was getting “nose to nose”
with the caller’s husband.
The male subject had been
drinking. The caller wanted
him to leave.
-B oardm an Police
Dept, received a report from
a caller in Boardman of an
elderly male subject walking
down the road. This was
second time the caller saw
him out there; he was in the
middle of the road and she
almost hit him.
-B oardm an Police
Dept, officer cited Trena
Michelle Roberts, 34, for
Violation of the Speed Limit,
83 mph in a 65 mph zone.
-B o ard m an Fire
Dept, received a report of an
autom atic fire alarm at a
business in Boardman. It was
determ ined to be a false
alarm.
M arch 23: -MCSO
deputy arrested Julio Ruelas
Castellano, 25, was arrested
on an Irrigon Justice Court
w arrant fo r F ailu re to
A p p ear/D riv in g
w hile
L icense S u sp en d ed . He
posted bail and was released.
-MCSO received a
report from a caller in Irrigon
that a male subject quit but
refuses to give back keys.
-MCSO received a
report from a caller in Irrigon
that he is getting calls from
someone saying they are
from Qwest and are trying to
get account numbers from
the caller. When the caller
does not give them account
numbers, they hang up on
him.
-MCSO received a
report from a caller in Irrigon
that a juvenile was caught
stealing a Vault energy drink.
-MCSO received a
report from a caller in Irrigon
of kids shooting a BB gun,
-MCSO received a
rep o rt o f an ab andoned
vehicle. A deputy had seen
the vehicle parked with the
keys in it; the deputy wanted
som eone to ch eck on it
again. If it was still there in
the morning, a deputy would
go speak to the landowner
about it.
-MCSO received a
report from a caller in Irrigon
that he came from Montana
to pick up his sons but his
ex-wife would not let the
kids go. The caller did not
have paperwork stating he
has custody; he was advised
to contact his attorney and
the court.
-MCSO, Boardman
Police Dept, received a report
from a caller that his daughter's
husband was calling from
Boardman to a location in
Washington threatening their
lives; he was also possibly
running from law enforcement.
-MCSO received a
report from the Umatilla Police
Dept, that a male subject was
putting up security cameras at
his residence in Irrigon due to
problem kids in the area.