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Siuslaw Financial Group Reports 4th Quarter And YTD Earnings

Siuslaw Financial Group (OTCBB:SFGP), parent company of Siuslaw Bank, today announced 4 th 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 2012 December 2011
Income Statement Data Year-To-Date Year-To-Date
Total Interest Income 12,902 13,565
Total Interest Expense 917 1,419
Net Interest Income 11,985 12,146
Loan Loss Provision 930 1,275
Net Interest Income After LLP 11,055 10,871
Non-Interest Income 7,213 5,235
Non-Interest Expense 14,027 13,735
Income Before Taxes 4,241 2,371
Provision for Taxes 851 142
Net Income 3,390 2,229
Share Data
YTD Earnings Per Share 0.83 0.54
Book Value Per Share 8.51 8.04
Balance Sheet Data
Investment Securities AFS 18,361 20,126
Net Loans 219,312 208,624
Total Assets 319,686 317,629
Total Deposits 273,869 273,712
Total Shareholders' Equity 34,882 33,073
Key Ratios
YTD Return on Average Assets (ROAA) 1.04% 0.69%
YTD Return on Average Equity (ROAE) 9.93% 6.78%

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