HEPPNER — The Bank of Eastern Oregon had consolidated earnings of just under $16.5 million for 2024, the institution announced.

BEO ended the year with $867.6 million in total assets, $580 million in net loans and $770.9 million in deposits.

The bank’s balance sheet benefitted from a one-time after-tax payment of $950,000 related to a debt recovery, according to a news release announcing the results, but President and CEO Jeff Bailey said it would have been a strong year in any case.

“Even without this nonrecurring event,” Bailey said, “2024 would still be our best net income in the history of the bank.”

In December, BEO opened a branch in Pendleton, where it had operated a loan production office since 2012.

Shareholder equity increased 26.1% year over year, according to the news release, with return on average equity of 22.71% and return on average assets of 1.91%. Earnings per share were $13.40, and the bank paid out a record dividend of $1.25 per share while paying down $3.7 million in subordinated debt.

Book value per share increased 24.6% from the prior year, ending 2024 at $65.09. Deposits were essentially flat, down 0.7% from the end of 2023, while the bank’s loan portfolio grew by 11.1%.

In a cautionary note, the news release stated that the bank had added $700,000 to its allowance for possible credit losses as a hedge against lower commodity prices for grains and hay, though it also noted that “cattle prices continue to amaze.”

The Bank of Eastern Oregon, a subsidiary of BEO Bancorp, operates 22 branches and two loan production offices in Oregon, Idaho and Washington, where it does business under the name Bank of Eastern Washington.

The bank will mark its 80th anniversary in 2025.