Siuslaw Financial Group (OTCBB:SFGP) today announced their unaudited
operating results for the third quarter, ending September 30, 2011. The
Company reported $653,000 in after tax earnings versus $990,000 reported
for the same period last year. Year to date after tax earnings total
$1,987 million compared to $2,620 million in 2010, down $633,000 with
over half of the difference reflected in higher provision for loan loss
reserve during 2011 compared to 2010.
Siuslaw reported $334.9 million in total assets, deposits of $289.3
million and loans of $208.9 million at quarter end, compared to $294.7
million in assets, $250.6 million in deposits, and $199.2 million in
loans respectively in 2010. “Even though loans have increased by $9.7
million in 2011, demand has been soft and the industry continues to
experience very competitive pricing for quality loans. We have over $50
million in excess liquidity earning virtually nothing in short term
investments,” according to Johan Mehlum, chairman of the board and chief
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 4, 2011 and payable
on or before November 7, 2011.
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.