FLORENCE, Ore.--(BUSINESS WIRE)--Siuslaw Financial Group (OTCQB:SFGP) and its subsidiary, Siuslaw Bank, reported total assets of $399.5 million at the end of the third quarter of 2014, representing a 12.1% increase compared to $356.3 million reported in September 2013. Net loans were reported at $246 million and deposits of $347.3 million. These totals represent increases of 10.3% and 12.7%, respectively.
The company reported consolidated net income of $1,229 million, or $0.30 per share, compared to $779 thousand, or $0.19 per share, for the third quarter of 2013. Year-to-date after tax earnings were $3,083 million, compared to $2,329 million in 2013.
The company’s return on shareholder equity (ROE) is above most of its peers at 10.74%. The board of directors declared a $0.05 per share quarterly cash dividend to common shareholders and a $0.0525 cash dividend to preferred shareholders for the third quarter. The dividend is consistent with the company’s policy of only declaring dividends from current earnings and sharing profits with its shareholders.
As announced on August 7, 2014, Siuslaw Financial Group is being acquired by Banner Bank pending regulatory and shareholder approval. Anticipated closing will be in early December 2014, according to Johan Mehlum, chairman of the board and chief executive.
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)
|September 2014||September 2013|
|Income Statement Data||Year-To-Date||Year-To-Date|
|Total Interest Income||9,917||9,446|
|Total Interest Expense||485||582|
|Net Interest Income||9,432||8,864|
|Loan Loss Provision||-||505|
|Net Interest Income After Provision||9,432||8,359|
|Income Before Taxes||3,360||2,694|
|Provision for Taxes||277||365|
|YTD Earnings Per Share||0.75||0.57|
|Book Value Per Share||9.64||8.82|
|Balance Sheet Data|
|Investment Securities AFS||13,178||14,417|
|Cash & Due From Accounts||114,851||95,367|
|Total Shareholders' Equity||39,482||36,129|
|YTD Return on Average Assets (ROAA)||1.14%||0.90%|
|YTD Return on Average Equity (ROAE)||10.74%||8.65%|