Siuslaw Reports Second Quarter Earnings

FLORENCE, Ore.--()--Siuslaw Financial Group (OTCQB:SFGP) today announced operating results for the second quarter, ending June 30, 2014, including after tax net income of $990,000 a 19.3% increase over net income of $830,000 reported for the same period last year. Earnings per diluted common share totaled $0.24 for the quarter.

Consolidated year-to-date after tax earnings totaled $1,854,000, up 20% compared to $1,550,000 reported on June 30, 2013. The after-tax earnings represent a 9.80% return on shareholder investment. The increased earnings are primarily due to reduced allocation for future loan losses and additional interest income, according to Johan Mehlum, chairman and CEO.

Siuslaw reported $359.9 million in total assets, up 2.2%, total deposits of $309.3 million and total loans of $242.3 million, up 1.5% and 7.4% respectively compared to the same period last year. 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 shareholder of record as of June 24, 2014 payable on or before June 27, 2014.

Siuslaw Financial Group (SFGP) is quoted on the NASDAQ over-the-counter bulletin board. Its stock closed yesterday at $8.10 and has a 52-week price range of $7.90-8.50.

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)
 
June 2014 June 2013
Income Statement Data Year-To-Date Year-To-Date
Total Interest Income 6,580 6,318
Total Interest Expense 332 393
Net Interest Income 6,247 5,924
Loan Loss Provision - 375
Net Interest Income After Loan Loss 6,247 5,549
Non-Interest Income 2,764 3,280
Non-Interest Expense 6,851 7,026
Income Before Taxes 2,160 1,803
Provision for Taxes 307 253
Net Income 1,854 1,550
 
Share Data
YTD Earnings Per Share 0.45 0.38
Book Value Per Share 9.37 8.69
 
Balance Sheet Data
Investment Securities AFS 13,274 15,065
Cash & Due From Accounts 79,744 88,082
Net Loans 242,270 225,592
Total Assets 359,964 352,072
Total Deposits 309,277 304,804
Total Shareholders' Equity 38,371 35,579
 
Key Ratios
YTD Return on Average Assets (ROAA) 1.04% 0.92%
YTD Return on Average Equity (ROAE) 9.80% 8.66%

Contacts

Siuslaw Financial Group
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
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