FLORENCE, Ore.--(BUSINESS WIRE)--Siuslaw Financial Group (OTCBB:SFGP), parent company of Siuslaw Bank, today announced 4th 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|
|Income Before Taxes||4,241||2,371|
|Provision for Taxes||851||142|
|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|
|Total Shareholders' Equity||34,882||33,073|
|YTD Return on Average Assets (ROAA)||1.04%||0.69%|
|YTD Return on Average Equity (ROAE)||9.93%||6.78%|