Business & Finance
Mon, February 6, 2012
FLORENCE, Ore.--([ BUSINESS WIRE ])--Siuslaw Financial Group (OTCBB:SFGP), parent company of Siuslaw Bank, today announced year-end financial results showing year to date after-tax earnings of $2,228,700 compared to $3,983,007 a year ago. Earnings per diluted common share totaled $0.54 vs $0.96 per common share in 2010.
The economic climate in our trade area continues to put a strain on earnings, stated Johan Mehlum, Chairman of the Board & Chief Executive. Legal fees to comply with regulatory accounting issues, write downs on other real estate owned due to property evaluation declines, loans on non-accrual and reduced rates for borrowers unable to pay under original contractual terms accounted for over $2 million in reduced operating revenue during 2011. It is believed that a portion of those costs will be recovered in the future.
The earnings represent a 6.77% Return on Equity (ROE) and a 0.70% Return on Assets (ROA). The 6.77% ROE is below the norm for Siuslaw but better than the industry average for banks at 5.79% ROE (12/10).
The company reported $317.7 million in total assets and deposits of $271.9 million, compared to $299.6 million and $255.5 million in 2010, an increase of 6.0% and 6.4% respectively. Net loans increased by 1.9% to $211.6 million.
The Board of Directors announced a $0.05 per share quarterly dividend to common shareholders and a $0.0525 per share dividend to preferred shareholders. The dividend is payable to shareholders of record as of February 13th, 2012 and payable on or before February 17th, 2012.
Siuslaw remains committed to the philanthropy and charitable giving in Oregon contributing over $88,872 to various non-profits in Lane County in 2011. In addition, Siuslawas employees gave $49,654 to the United Way and contributed over 1200 hours of community service. The bank has been recognized for the past five years as a Top 10 Philanthropic Company in the Portland Business Journal.
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 | ||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||
| (IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS) | ||||||||
| UNAUDITED | AUDITED | AUDITED | ||||||
| 12/31/11 | 12/31/10 | 12/31/09 | ||||||
| INCOME STATEMENT DATA | ||||||||
| TOTAL INTEREST INCOME | 13,642 | 15,249 | 16,383 | |||||
| TOTAL INTEREST EXPENSE | 1,419 | 1,886 | 2,662 | |||||
| NET INTEREST INCOME | 12,222 | 13,363 | 13,721 | |||||
| PROVISION FOR LOAN LOSSES | 1,275 | 1,000 | 1,600 | |||||
| NET INTEREST INCOME AFTER RLL | 10,947 | 12,363 | 12,121 | |||||
| NON INTEREST INCOME | 3,600 | 3,984 | 4,045 | |||||
| NON INTEREST EXPENSE | 12,177 | 11,214 | 11,138 | |||||
| INCOME BEFORE TAXES | 2,371 | 5,133 | 5,029 | |||||
| PROVISION FOR TAXES | 142 | 1,150 | 1,690 | |||||
| NET INCOME | 2,229 | 3,983 | 3,339 | |||||
| SHARE DATA | ||||||||
| EARNINGS PER COMMON SHARE | 0.54 | 0.96 | 0.81 | |||||
| BOOK VALUE PER COMMON SHARE | 8.00 | 7.76 | 8.09 | |||||
| 12/31/11 | 12/31/10 | 12/31/09 | ||||||
| BALANCE SHEET DATA | ||||||||
| INVESTMENT SECURITIES AVAILABLE FOR SALE | 19,471 | 15,668 | 18,211 | |||||
| NET LOANS | 211,558 | 207,643 | 219,680 | |||||
| TOTAL ASSETS | 317,690 | 299,627 | 284,219 | |||||
| TOTAL DEPOSITS | 271,933 | 255,497 | 236,477 | |||||
| TOTAL SHAREHOLDERS' EQUITY | 32,936 | 31,936 | 29,742 | |||||
| KEY RATIOS | ||||||||
| RETURN ON EQUITY (ROE) | 6.77% | 12.47% | 11.23% | |||||
| RETURN ON ASSETS (ROA) | 0.70% | 1.33% | 1.17% | |||||