Siuslaw Financial Group Earnings Up 20% for 1st Quarter, 2014
April 17 2014 - 7:10PM
Business Wire
Siuslaw Financial Group (OTCQB:SFGP), parent company of Siuslaw
Bank, today announced its earnings for the first quarter ending
March 31, 2014 at $864,000 net after tax. This compares to $720,000
for the first quarter of 2013. Earnings per diluted common share
totaled $0.21 for the quarter and represented a return of average
shareholder equity of 9.23% and return on average assets of
0.98%.
The company reported $354.3 million in total assets, deposits of
$304.9 million and net loans of $236.9 million on March 31, 2014
compared to $339.9 million, $293.1 million and $222.3 million
respectively for the same period in 2013.
The company celebrated its 50th anniversary on January 17,
2014.
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 shareholders of record as
of March 21, 2014 payable on or before March 27, 2014.
The Annual Meeting for Siuslaw Financial Group shareholders will
be held at the Driftwood Shores Resort in Florence on April 26,
2014.
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 in Lane County.
Siuslaw Financial Group, Inc.
Selected Financial Highlights (In Thousands, Except Per Share Data,
Unaudited)
March
2014 March 2013 Income Statement Data
Year-To-Date Year-To-Date Total Interest Income 3,256
3,111 Total Interest Expense 172 190
Net Interest Income
3,083 2,921 Loan Loss Provision - 225
Net Interest
Income After Loan Loss 3,083 2,696 Non-Interest
Income 1,375 1,626 Non-Interest Expense 3,410 3,510
Income
Before Taxes 1,048 811 Provision for Taxes 184 92
Net Income 864 720
Share Data YTD Earnings Per Share 0.21 0.18 Book Value Per
Share 9.15 8.62
Balance Sheet Data Investment
Securities AFS 13,942 16,634 Cash & Due From Accounts 77,517
75,498 Net Loans 236,938 222,345 Total Assets 354,349 339,947 Total
Deposits 304,875 293,131 Total Shareholders' Equity 37,466 35,298
Key Ratios YTD Return on Average Assets (ROAA) 0.98%
0.88% YTD Return on Average Equity (ROAE) 9.23% 8.09%
Siuslaw Financial Group, Inc.Johan Mehlum, 541-342-4000Chairman
of the Board and Chief
Executivejohan.mehlum@siuslawbank.comorLonnie Iholts,
541-997-3486Secretarylonnie.iholts@siuslawbank.com