HEPPNER, Ore.–BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced first quarter 2020 consolidated net income of $1,110,000 or $0.94 per share, compared to $1,094,000 or $0.92 per share for first quarter 2019. Total assets were $485.4 million, up 3.65% year over year. Net loans of $423.6 million were up 24.5% from the same period in 2019, while deposits were at $432.7 million up 2.66% year over year. Washington locations, including a branch in Dayton, are operated under Bank of Eastern Washington.

“The positive results for 1Q2020 are overshadowed by the current events associated with the COVID-19 pandemic,” said President and CEO Jeff Bailey. “The illnesses and loss of life across our nation and the world cause us all to realign our priorities and the things that we hold dear. We are fortunate to live where we do…a place where people look out for each other; a place where businesses band together to do the right thing by supporting one another. While none of us know when the travel restrictions and the stay home orders will end, we do know that each day brings us closer to whatever the “new normal” will be.”

“Shareholder equity is up 6.8% over the past year; Return on Average Assets and Return on Average Equity 0.91% and 11.72% respectively,” said Chief Financial Officer Mark Lemmon. “The Federal Reserve has dropped interest rates considerably over the course of the quarter to try and offset the negative impact on the economy brought on by the pandemic, but the bottom line is that the jobless numbers will dictate how long the economic slowdown lasts.”

“As part of the government’s economic stimulus package, the Small Business Administration has provided loan programs with very favorable terms,” Bailey added. “By partnering with SBA, we were able to help a significant number of customers across our footprint.

It is another example of doing what our Bank has done for over 75 years. We continue to work with our neighbors and friends during these trying times. I truly appreciate the dedication of our customers and the hard work of our employees, as we move forward towards brighter times.”

“Loan growth has come from across our system, but more so from Pasco, Hermiston, Pendleton, and LaGrande,” said Chief Operations Officer Gary Propheter. “Deposits are relatively flat in comparison.”