FLORENCE, Ore.--(EON: Enhanced Online News)--Siuslaw Financial Group (OTCBB:SFGP) and its subsidiary, Siuslaw Bank, reported total assets of $356.3 million at the end of the third quarter of 2013, representing a 7.8% increase compared to $330.5 million reported in September 2012. Net loans were reported at $221 million and deposits of $308.2 million. These totals represent increases of 5.5% and 8.6% respectively.
The company reported consolidated net income of $779 thousand or $0.19 per share compared to $1.04 million or $0.25 per share for the third quarter of 2012. Year to date after tax earnings were $2,329 million compared to $2,459 million in 2012. Earnings in 2012 were higher due to some unusual income from sale of assets.
Even though earnings for the year are down slightly over $100 thousand, the company’s return on shareholder equity (ROE) is above most of its peers at a respectable 8.65%. 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.
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)|
|September 2013||September 2012|
|Income Statement Data||Year-To-Date||Year-To-Date|
|Total Interest Income||9,446||9,686|
|Total Interest Expense||582||710|
|Net Interest Income||8,864||8,976|
|Loan Loss Provision||505||930|
|Net Interest Income After LLP||8,359||8,046|
|Income Before Taxes||2,694||3,122|
|Provision for Taxes||365||663|
|YTD Earnings Per Share||0.57||0.60|
|Book Value Per Share||8.82||8.58|
|Balance Sheet Data|
|Investment Securities AFS||14,417||19,173|
|Cash & Due From Accounts||95,367||76,732|
|Total Shareholders' Equity||36,129||35,169|
|YTD Return on Average Assets (ROAA)||0.90||%||1.00||%|
|YTD Return on Average Equity (ROAE)||8.65||%||9.57||%|