Siuslaw Reports Second Quarter Earnings

Siuslaw Reports Second Quarter Earnings

FLORENCE, Ore.--(BUSINESS WIRE)-- Siuslaw Financial Group (OTCBB:SFGP) today announced operating results for the second quarter ending June 30, 2013, including after tax net income of $830,000, a 24% increase over net income of $669,000 reported for the same period last year. Earnings per diluted common share totaled $0.20 for the quarter.

Siuslaw reported $352.1 million in total assets, up 7.3%, total deposits of $300 million and total loans of $222.5 million, both categories up 6% compared to the same period last year.


Consolidated year-to-date after tax earnings totaled $1,550,000, up 12% compared to $1,384,000 reported on June 30, 2012. The after-tax earnings represent an 8.66% return on shareholder investment. The increased earnings are primarily due to reduced allocation for future loan losses and additional non-interest income, according to Johan Mehlum, Chairman and CEO.

The May 2013 issue of the American Banker magazine ranked Siuslaw number 88 among the top 200 exchange-traded banks with less than $2 billion in total assets based on the past three-year return on shareholder equity. There are 6,729 banks and thrifts operating with less than $2 billion in total assets.

Siuslaw Financial Group (SFGP) is quoted on the NASDAQ over-the-counter bulletin board. Its stock closed yesterday at $8.05 and has a 52-week price range of $6.50-8.25.

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 2013June 2012
Income Statement DataYear-To-DateYear-To-Date
Total Interest Income6,3186,466
Total Interest Expense393504
Net Interest Income5,9245,962
Loan Loss Provision375950
Net Interest Income After LLP5,5495,012
Non-Interest Income3,2803,395
Non-Interest Expense7,0266,729
Income Before Taxes1,8031,678
Provision for Taxes253294
Net Income1,5501,384
 
Share Data
YTD Earnings Per Share0.380.34
Book Value Per Share8.698.29
 
Balance Sheet Data
Investment Securities AFS15,06518,577
Cash & Due From Accounts88,08271,730
Net Loans222,509209,789
Total Assets352,072328,254
Total Deposits299,955282,225
Total Shareholders' Equity35,57933,974
 
Key Ratios
YTD Return on Average Assets (ROAA)0.92%0.85%
YTD Return on Average Equity (ROAE)8.66%8.13%
 



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

KEYWORDS:   United States  North America  Oregon

INDUSTRY KEYWORDS:

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