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

Non-Interest Income

2,764

3,280

Non-Interest Expense

6,851

7,026

Income Before Taxes

2,160

1,803

Provision for Taxes

307

253

Net Income

1,854

1,550

 

Share Data

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

Net Loans

242,270

225,592

Total Assets

359,964

352,072

Total Deposits

309,277

304,804

Total Shareholders’ Equity

38,371

35,579

 

Key Ratios

YTD Return on Average Assets (ROAA)

1.04%

0.92%

YTD Return on Average Equity (ROAE)

9.80%

8.66%

Siuslaw Financial GroupJohan Mehlum, 541-342-4000Chairman of
the Board and Chief [email protected]
Iholts, [email protected]

Source: Siuslaw Financial Group