Bailey

BEO Bancorp and its subsidiary, Bank of Eastern Oregon, reported consolidated year-end earnings of $8,585,000 for 2022 — up from $6,917,000 in 2021. The average earnings per share were $7.13, an increase from $5.74 reported in 2021.

In a press release, the Heppner-based bank announced Jan. 27 that total assets were $890.3 million, net loans were $488.8 million, and deposits ended the year at $819.8 million — all increases from 2021.

“By all typical financial measures, 2022 was a strong year,” President and CEO Jeff Bailey said in a statement. “Given our rural footprint, it should come as no surprise that as agriculture goes, so goes our bank.”

Timely rains in the late winter and spring, he said, resulted in an above-average crop in most of the bank’s trade area. Bailey said higher input costs were made up for by strong production and “decent prices” across the various commodities.

“Renewal season has revealed strong margins as we head into 2023 but as last year proved, timely rains make all the difference in the world,” Bailey added.

Becky Kindle, chief operations officer, said in addition to organic growth, BEO continues to gain new relationships in markets where bank consolidations and branch closures have occurred. The team of bankers, she said, did a “fabulous job” throughout the year.

Founded in 1945, the Bank of Eastern Oregon operates in 11 Eastern Oregon counties, as well as having a presence in eastern Washington and western Idaho. For more information, visit www.beobank.com.