HEPPNER — The Bank of Eastern Oregon had a “solid” third quarter, with most financial indicators up over the same period a year earlier, bank officials announced.

The bank reported consolidated net income of $3.72 million or $3.03 a share, compared with $3.6 million or $2.99 a share for the third quarter of 2023.

Total assets were $835.7 million, down 0.5% year over year; net loans of $557.2 million showed an increase of 8.4% from last year; and deposits were at $741.8 million, down 2.7% compared to the same period in 2023. Shareholders’ equity was $79.2 million, an increase of 38.2% year over year.

“We are pleased with continued solid financial performance of the bank,” President and CEO Jeff Bailey said in a news release. “While 3Q 2024 shows a 3.2% increase year over year, our year-to-date earnings are up 7.5% compared to 2023.”

Chief Financial Officer Mark Lemmon noted that annualized return on average assets was 1.76% for the quarter while return on average equity was 19.72%.

Other comprehensive income for the nine months ended Sept. 30 was $18.34 million compared to $7.39 million for the first nine months of 2023, he added. Moreover, Lemmon said, the bank’s securities portfolio is down 3.5% due to maturities, providing additional liquidity to fund loans.

BEO also announced its latest expansion plans.

“As for upcoming projects,” Chief Operations Officer Becky Kindle said in the release, “we recently received regulatory approval to open a full-service branch in Pendleton. We expect this to open in early December.”

In other news, the Oregon Bankers Association announced Bailey’s reelection to its board of directors.

This will be the second stint on the board for the BEO president and chief executive. Bailey previously served as an Oregon Bankers Association director from 2010-2018 and chaired the board for the 2016-17 term.

BEO Bancorp, the holding company for the Bank of Eastern Oregon, operates 21 branches and three loan production offices in Oregon, Washington and Idaho (the Washington branches operate under the name Bank of Eastern Washington). The bank also has a mortgage division.