Siuslaw Financial Group Reports 4th Quarter and YTD Earnings

Siuslaw Financial Group Reports 4thQuarter and YTD Earnings

FLORENCE, Ore.--(BUSINESS WIRE)-- Siuslaw Financial Group (OTCBB:SFGP), parent company of Siuslaw Bank, today announced 4th quarter after-tax earnings of $957,000 compared to $240,000 for the same period in 2011. Year-end financial results included year to date after-tax earnings of $3,390,000 compared to $2,229,000 a year ago representing a 52% increase.

Earnings per diluted common share totaled $ 0.83 vs. $0.54 per common share in 2011. The earnings represent a 9.93% return on equity (ROE) and 1.04% return on assets (ROA).

The company reported $319.7 million in total assets and deposits of $273.9 million, compared to $317.6 million and $273.7 million in 2011. Net loans increased by 5.1% to $219.3 million.

The Board of Directors had previously announced $0.05 and $0.0525 per share quarterly dividends during 2012 and a special $0.20 per share dividend to common shareholders and a $0.21 per share special dividend to preferred shareholders in December 2012.

The Board also appointed Lonnie Iholts as chief executive officer of Siuslaw Bank, a position held by Johan Mehlum since Siuslaw was chartered 49 years ago. Iholts has been president of the bank since 2001 and was also appointed to the bank's board of directors. Mehlum remains chairman of the bank board and chairman and chief executive of the holding company.

Headquartered in Florence, Siuslaw Financial Group is the parent company of Siuslaw Bank, with offices in Cottage Grove, Creswell, Eugene, Mapleton, Oakridge, Pleasant Hill, Springfield and Veneta. All offices are located in Lane County.

Siuslaw Financial Group, Inc

Selected Financial Highlights

(In Thousands, Except Per Share Data, Unaudited)

December 2012December 2011
Income Statement DataYear-To-DateYear-To-Date
Total Interest Income12,90213,565
Total Interest Expense9171,419
Net Interest Income11,98512,146
Loan Loss Provision9301,275
Net Interest Income After LLP11,05510,871
Non-Interest Income7,2135,235
Non-Interest Expense14,02713,735
Income Before Taxes4,2412,371
Provision for Taxes851142
Net Income3,3902,229
Share Data
YTD Earnings Per Share0.830.54
Book Value Per Share8.518.04
Balance Sheet Data
Investment Securities AFS18,36120,126
Net Loans219,312208,624
Total Assets319,686317,629
Total Deposits273,869273,712
Total Shareholders' Equity34,88233,073
Key Ratios
YTD Return on Average Assets (ROAA)1.04%0.69%
YTD Return on Average Equity (ROAE)9.93%6.78%

Siuslaw Financial Group
Johan Mehlum, Chairman of the Board, 541-342-4000
Lonnie Iholts, President and Chief Executive Officer, 541-997-3486

KEYWORDS:   United States  North America  Oregon


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