Siuslaw Reports Third Quarter Earnings; Declares Cash Dividend

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 2012

September 2011

Income Statement Data

Year-To-Date

Year-To-Date

Total Interest Income

9,686

10,242

Total Interest Expense

731

1,108

Net Interest Income

8,954

9,134

Loan Loss Provision

930

1,175

Net Interest Income After LLP

8,024

7,959

Non-Interest Income

5,316

3,914

Non-Interest Expense

10,259

9,579

Income Before Taxes

3,081

2,294

Provision for Taxes

648

305

Net Income

2,433

1,989

Share Data

YTD Earnings Per Share

0.59

0.48

Book Value Per Share

8.54

7.98

Balance Sheet Data

Investment Securities AFS

19,173

15,079

Net Loans

214,658

211,088

Total Assets

330,522

334,908

Total Deposits

283,662

290,481

Total Shareholders' Equity

34,981

32,845

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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