Siuslaw Reports Third Quarter Earnings; Declares Cash Dividend

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Siuslaw Reports Third Quarter Earnings; Declares Cash Dividend

FLORENCE, Ore.--(BUSINESS WIRE)-- Siuslaw Financial Group (OTCBB:SFGP) and its subsidiary, Siuslaw Bank, announced 3rd quarter 2012 consolidated net income of $1,040,000 or $0.25 per share, compared to $621,000 or $0.15 per share for third quarter 2011. Year to date after tax earnings were $2,433,000 compared to $1,989,000 million in 2011, up $444,000 or 22.3%.

Siuslaw reported $330.5 million in total assets, deposits of $283.7 million and loans of $214.7 million at quarter end, compared to $334.9 million in assets, $290.5 million in deposits, and $211.1 million in loans respectively in 2011.


"We are seeing increasing loan volume and a decrease in problem assets," said Chairman and CEO, Johan Mehlum. "Steps implemented to improve the balance sheet in the problem loan area have taken hold and Siuslaw recorded no provision for loan losses in the third quarter, this reflects improved credit quality and recoveries recorded during the quarter."

The Board of Directors of Siuslaw Financial Group, the parent company of Siuslaw Bank, declared a $0.05 per share quarterly cash dividend to common shareholders and $0.0525 to preferred shareholders. The dividend is payable to shareholders of record as of November 5, 2012 and payable on or before November 15, 2012.

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 2012September 2011
Income Statement DataYear-To-DateYear-To-Date
Total Interest Income9,68610,242
Total Interest Expense7311,108
Net Interest Income8,9549,134
Loan Loss Provision9301,175
Net Interest Income After LLP8,0247,959
Non-Interest Income5,3163,914
Non-Interest Expense10,2599,579
Income Before Taxes3,0812,294
Provision for Taxes648305
Net Income2,4331,989
 
Share Data
YTD Earnings Per Share0.590.48
Book Value Per Share8.547.98
 
Balance Sheet Data
Investment Securities AFS19,17315,079
Net Loans214,658211,088
Total Assets330,522334,908
Total Deposits283,662290,481
Total Shareholders' Equity34,98132,845
 
Key Ratios
YTD Return on Average Assets (ROAA)0.99%0.62%
YTD Return on Average Equity (ROAE)9.47%8.12%



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

KEYWORDS:   United States  North America  Oregon

INDUSTRY KEYWORDS:

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