Siuslaw Reports Second Quarter Earnings
FLORENCE, Ore.--(BUSINESS WIRE)--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|
|Income Before Taxes||2,160||1,803|
|Provision for Taxes||307||253|
|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|
|Total Shareholders' Equity||38,371||35,579|
|YTD Return on Average Assets (ROAA)||1.04%||0.92%|
|YTD Return on Average Equity (ROAE)||9.80%||8.66%|