Siuslaw Reports Third Quarter Earnings; Declares Cash Dividend

FLORENCE, Ore.--(BUSINESS WIRE)--Siuslaw Financial Group (OTCBB:SFGP) and its subsidiary, Siuslaw Bank, announced 3^rd quarter 2012 consolidated net income of $1,040,000 or $0.25 per share, compared to $621,000 or $0.15 per share for third quarter 2011. Year to date after tax earnings were $2,433,000 compared to $1,989,000 million in 2011, up $444,000 or 22.3%.

“We are seeing increasing loan volume and a decrease in problem assets”

Siuslaw reported $330.5 million in total assets, deposits of $283.7 million and loans of $214.7 million at quarter end, compared to $334.9 million in assets, $290.5 million in deposits, and $211.1 million in loans respectively in 2011.

“We are seeing increasing loan volume and a decrease in problem assets,” said Chairman and CEO, Johan Mehlum. “Steps implemented to improve the balance sheet in the problem loan area have taken hold and Siuslaw recorded no provision for loan losses in the third quarter, this reflects improved credit quality and recoveries recorded during the quarter.”

The Board of Directors of Siuslaw Financial Group, the parent company of Siuslaw Bank, declared a $0.05 per share quarterly cash dividend to common shareholders and $0.0525 to preferred shareholders. The dividend is payable to shareholders of record as of November 5, 2012 and payable on or before November 15, 2012.

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 2012	September 2011
Income Statement Data	Year-To-Date	Year-To-Date
Total Interest Income	9,686	10,242
Total Interest Expense	731	1,108
Net Interest Income	8,954	9,134
Loan Loss Provision	930	1,175
Net Interest Income After LLP	8,024	7,959
Non-Interest Income	5,316	3,914
Non-Interest Expense	10,259	9,579
Income Before Taxes	3,081	2,294
Provision for Taxes	648	305
Net Income	2,433	1,989
Share Data
YTD Earnings Per Share	0.59	0.48
Book Value Per Share	8.54	7.98
Balance Sheet Data
Investment Securities AFS	19,173	15,079
Net Loans	214,658	211,088
Total Assets	330,522	334,908
Total Deposits	283,662	290,481
Total Shareholders' Equity	34,981	32,845
Key Ratios
YTD Return on Average Assets (ROAA)	0.99%	0.62%
YTD Return on Average Equity (ROAE)	9.47%	8.12%