Siuslaw Reports Total Assets Increase 10%

FLORENCE, Ore.--()--Siuslaw Financial Group (OTCBB:SFGP) and its subsidiary, Siuslaw Bank, reported total assets of $352.4 million at the end of the fourth quarter of 2013, representing a 10% increase compared to $319.8 million reported in December 2012. Net loans were reported at $236.5 million and deposits of $304.3 million. These totals represent increases of 7.9% and 11.9%, respectively.

The company reported consolidated net income of $761 thousand, or $0.18 per share, compared to the fourth quarter 2012 of $931 thousand, or $0.23 per share. Year to date after tax earnings were $3.090 million in 2013, compared to $3.390 million in 2012.

The company’s return on average shareholder equity (ROAE) is a respectable 8.55%, higher than many of the bank’s peers. A $0.05 per share quarterly cash dividend to common shareholders and a $0.0525 cash dividend to preferred shareholders was paid in December. The dividend is consistent with the company’s policy of declaring dividends from current earnings.

Headquartered in Florence, Siuslaw Financial Group is the parent company of Siuslaw Bank, with offices in Cottage Grove, Creswell, Eugene, Florence, Mapleton, Oakridge, Pleasant Hill, Springfield and Veneta, all in Lane County.

       

Siuslaw Financial Group, Inc.

Selected Financial Highlights
(In Thousands, Except Per Share Data)
 
Unaudited Audited
 
December 2013 December 2012
Income Statement Data Year-To-Date Year-To-Date
Total Interest Income 12,598 12,981
Total Interest Expense 755 917
Net Interest Income 11,843 12,064
Loan Loss Provision 550 930
Net Interest Income After Loan Loss 11,293 11,134
Non-Interest Income 6,684 5,083
Non-Interest Expense 14,421 11,976
Income Before Taxes 3,556 4,241
Provision for Taxes 466 851
Net Income 3,090 3,390
 
Share Data
YTD Earnings Per Share 0.75 0.83
Book Value Per Share 8.95 8.51
 
Balance Sheet Data
Investment Securities AFS 13,985 18,361
Cash & Due From Accounts 75,950 56,611
Net Loans 236,547 219,298
Total Assets 352,390 319,794
Total Deposits 304,277 271,902

Total Shareholders’ Equity

36,655 34,882
 
Key Ratios
YTD Return on Average Assets (ROAA) 0.89% 1.04%
YTD Return on Average Equity (ROAE) 8.55% 9.80%
 

Contacts

Siuslaw Financial Group, Inc.
Johan Mehlum, 541-342-4000
johan.mehlum@siuslawbank.com
Chairman of the Board and Chief Executive
or
Lonnie Iholts, 541-997-3486
lonnie.iholts@siuslawbank.com
Secretary

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Contacts

Siuslaw Financial Group, Inc.
Johan Mehlum, 541-342-4000
johan.mehlum@siuslawbank.com
Chairman of the Board and Chief Executive
or
Lonnie Iholts, 541-997-3486
lonnie.iholts@siuslawbank.com
Secretary