News Column

Siuslaw Bank reports higher profit

July 12, 2014

By Christian Wihtol, The Register-Guard, Eugene, Ore.



July 12--FLORENCE -- Siuslaw Financial Group, parent company of Siuslaw Bank, reported after tax net profit of $990,000 for the quarter ended June 30, up 19 percent from $830,000 reported for the same period last year.

Consolidated year-to-date after-tax profits totaled $1.86 million, up 20 percent from $1.55 million reported on June 30, 2013.

The increased profits are primarily due to reduced allocation for future loan losses and additional interest income, Chairman and CEO Johan Mehlum said.

Siuslaw reported $359.9 million in total assets, up 2.2 percent from a year earlier; total deposits of $309.3 million, up 1.5 percent; and total loans of $242.3 million, up 7.4 percent.

The board of directors declared a quarterly dividend of 5 cents per share to common shareholders and 5.25 cents per share to preferred shareholders. The dividend was payable to shareholders of record as of June 24.

Profits per diluted common share totaled 24 cents for the quarter. The diluted share measurement gauges profits as if all convertible securities, such as stock options, were exercised.

Based 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.

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(c)2014 The Register-Guard (Eugene, Ore.)

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Source: Register-Guard (Eugene, OR)


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