FLORENCE, Ore.--(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.
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Siuslaw Financial Group, Inc. |
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| 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 | ||||||
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| 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% | ||||||
