HEPPNER – BEO Bancorp and its subsidiary, Bank of Eastern Oregon, had a record fourth quarter and a record year.

Bank officials reported fourth-quarter net income of $708,000, up 57.3 percent from the same quarter a year ago. They also reported annual net income of $2.3 million for the year ended Dec. 31, up 58.7 percent from the year before.

“We are extremely pleased with the results of the year just concluded,” said E. George Koffler, president and chief executive officer. “The performance was keyed by a management team that continued to find ways to increase revenue and control expenses.”

The bank’s total assets grew 12.6 percent during the year to $207.6 million. Loans increased 23.8 percent to $148.3 million and deposits grew 4.7 percent to $170.2 million. Annual earnings per share were $2.64 in 2007 compared with $1.66 the year before.

Koffler also praised the bank’s support staff, credit team and the branch employees for their excellent work during the year.

US Banker magazine rated BEO Bancorp’s return on equity as 11th highest for all banks nationally and fourth highest in the community bank classification, Koffler said.