Siuslaw Financial Group Earnings Up 20% for 1st Quarter, 2014

FLORENCE, Ore.--()--Siuslaw Financial Group (OTCQB:SFGP), parent company of Siuslaw Bank, today announced its earnings for the first quarter ending March 31, 2014 at $864,000 net after tax. This compares to $720,000 for the first quarter of 2013. Earnings per diluted common share totaled $0.21 for the quarter and represented a return of average shareholder equity of 9.23% and return on average assets of 0.98%.

The company reported $354.3 million in total assets, deposits of $304.9 million and net loans of $236.9 million on March 31, 2014 compared to $339.9 million, $293.1 million and $222.3 million respectively for the same period in 2013.

The company celebrated its 50th anniversary on January 17, 2014.

The board of directors declared a quarterly dividend of $0.05 per share to common shareholders and $0.0525 per share to preferred shareholders. The dividend was payable to shareholders of record as of March 21, 2014 payable on or before March 27, 2014.

The Annual Meeting for Siuslaw Financial Group shareholders will be held at the Driftwood Shores Resort in Florence on April 26, 2014.

Headquartered in Florence, Siuslaw Financial Group is the parent company of Siuslaw Bank, with offices in Cottage Grove, Creswell, Eugene, 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)
           
March 2014 March 2013
Income Statement Data Year-To-Date Year-To-Date
Total Interest Income 3,256 3,111
Total Interest Expense 172 190
Net Interest Income 3,083 2,921
Loan Loss Provision - 225
Net Interest Income After Loan Loss 3,083 2,696
Non-Interest Income 1,375 1,626
Non-Interest Expense 3,410 3,510
Income Before Taxes 1,048 811
Provision for Taxes 184 92
Net Income 864 720

 

Share Data
YTD Earnings Per Share 0.21 0.18
Book Value Per Share 9.15 8.62
 
Balance Sheet Data
Investment Securities AFS 13,942 16,634
Cash & Due From Accounts 77,517 75,498
Net Loans 236,938 222,345
Total Assets 354,349 339,947
Total Deposits 304,875 293,131
Total Shareholders' Equity 37,466 35,298
 
Key Ratios
YTD Return on Average Assets (ROAA) 0.98% 0.88%
YTD Return on Average Equity (ROAE) 9.23% 8.09%
 

Contacts

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

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Contacts

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