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
