Company Website:
http://siuslawbank.com
FLORENCE, Ore. -- (Business Wire)
Siuslaw Financial Group (OTCQB:SFGP) and its subsidiary, Siuslaw Bank,
reported total assets of $399.5 million at the end of the third quarter
of 2014, representing a 12.1% increase compared to $356.3 million
reported in September 2013. Net loans were reported at $246 million and
deposits of $347.3 million. These totals represent increases of 10.3%
and 12.7%, respectively.
The company reported consolidated net income of $1,229 million, or $0.30
per share, compared to $779 thousand, or $0.19 per share, for the third
quarter of 2013. Year-to-date after tax earnings were $3,083 million,
compared to $2,329 million in 2013.
The company’s return on shareholder equity (ROE) is above most of its
peers at 10.74%. The board of directors declared a $0.05 per share
quarterly cash dividend to common shareholders and a $0.0525 cash
dividend to preferred shareholders for the third quarter. The dividend
is consistent with the company’s policy of only declaring dividends from
current earnings and sharing profits with its shareholders.
As announced on August 7, 2014, Siuslaw Financial Group is being
acquired by Banner Bank pending regulatory and shareholder approval.
Anticipated closing will be in early December 2014, according to Johan
Mehlum, chairman of the board and chief executive.
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.
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Siuslaw Financial Group, Inc. |
Selected Financial Highlights
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(In Thousands, Except Per Share Data, Unaudited)
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| | | September 2014 | | | September 2013 |
Income Statement Data | | | Year-To-Date | | | Year-To-Date |
Total Interest Income
| | |
9,917
| | |
9,446
|
Total Interest Expense
| | |
485
| | |
582
|
Net Interest Income | | | 9,432 | | | 8,864 |
Loan Loss Provision
| | |
-
| | |
505
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Net Interest Income After Provision | | | 9,432 | | | 8,359 |
Non-Interest Income
| | |
4,424
| | |
4,891
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Non-Interest Expense
| | |
10,497
| | |
10,556
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Income Before Taxes | | | 3,360 | | | 2,694 |
Provision for Taxes
| | |
277
| | |
365
|
Net Income | | | 3,083 | | | 2,329 |
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Share Data | | | | | | |
YTD Earnings Per Share
| | |
0.75
| | |
0.57
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Book Value Per Share
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9.64
| | |
8.82
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Balance Sheet Data | | | | | | |
Investment Securities AFS
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13,178
| | |
14,417
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Cash & Due From Accounts
| | |
114,851
| | |
95,367
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Net Loans
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246,041
| | |
223,058
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Total Assets
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399,480
| | |
356,278
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Total Deposits
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347,327
| | |
308,171
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Total Shareholders' Equity
| | |
39,482
| | |
36,129
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Key Ratios | | | | | | |
YTD Return on Average Assets (ROAA)
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1.14%
| | |
0.90%
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YTD Return on Average Equity (ROAE)
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10.74%
| | |
8.65%
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Contacts:
Siuslaw Financial Group
Johan Mehlum, 541-342-4000
johan.mehlum@siuslawbank.com
Chairman
of the Board and Chief Executive
or
Siuslaw Bank
Lonnie
Iholts, 541-997-3486
lonnie.iholts@siuslawbank.com
President
& CEO
Source: Siuslaw Financial Group, Inc.
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