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Siuslaw Financial Group Declares Dividend and Reports Earnings for 1st Quarter, 2010

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Siuslaw Financial Group Declares Dividend and Reports Earnings for 1st Quarter, 2010 Powered By Docstoc
					Siuslaw Financial Group Declares Dividend and
Reports Earnings for 1st Quarter, 2010
April 23, 2010 02:49 PM Eastern Daylight Time  

FLORENCE, Ore.--(EON: Enhanced Online News)--Siuslaw Financial Group’s (OTCBB:SFGP) Board of
Directors declared a cash dividend of $0.10 per share to common shareholders and $0.105 per share to preferred
shareholders of record as of May 4, 2010 with the dividend to be paid on or before May 11, 2010.

The Company also announced its earnings for the first quarter ending March 31, 2010 at $688,000 net after tax and
a $450,000 provision for future loan losses. The reported earnings compared to a net of $1,035,700 reported for
the first quarter of 2009 which included a $250,000 provision for loan losses. Earnings per diluted common share
totaled $0.17 for the quarter and represented a return of average shareholder equity of 9.17%.

“Siuslaw’s earnings performance reflects its strategy to limit our lending within our market area of Lane County
where we know our customers. We avoided the high rates promised in so-called 'sophisticated' but toxic
investments, and stayed with the traditional investments found in small bank portfolios. We do have some financially
distressed customers we are working with to reduce or minimize their exposure as well as the risk to the bank,” 
according to Johan Mehlum, chairman of the board and chief executive officer.

The company reported $283.9 million in total assets, deposits of $241 million and net loans of $216.8 million on
March 31, 2010 compared to $283.2 million, $234.1 and $223.1 million respectively for the same period in 2009.

The bank was recently awarded the 2010 Eugene Register-Guard’s “Reader Choice” Award as Lane County’s
Favorite Bank.

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.

SIUSLAW FINANCIAL GROUP
SELECTED FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE DATA AND RATIOS, UNAUDITED)
                                                      03/31/10             03/31/09             03/31/08
INCOME STATEMENT DATA
      TOTAL INTEREST INCOME                           3,811                4,076                4,443
      TOTAL INTEREST EXPENSE                          509                  776                  1,232
      NET INTEREST INCOME                             3,302                3,300                3,211
      PROVISION FOR LOAN LOSSES                       450                  250
      NET INTEREST INCOME AFTER RLL                   2,852                3,050                3,211
      NON INTEREST INCOME                             804                  1,060                914
      NON INTEREST EXPENSE                            2,610                2,509                2,368
      INCOME BEFORE TAXES                             1,046                1,601                1,757
      PROVISION FOR TAXES                             358                  565                  641
      NET INCOME                                      688                  1,036                1,116
SHARE DATA
      EARNINGS PER COMMON SHARE                       0.17                 0.26                 0.27
      BOOK VALUE PER COMMON
                                                      8.82                 6.99                 6.85
      SHARE
                                                      03/31/10             03/31/09             03/31/08
BALANCE SHEET DATA
      INVESTMENT SECURITIES
                                                17,008              24,073    31,712
      AVAILABLE FOR SALE
      NET LOANS                                 216,774             223,061   203,272
      TOTAL ASSETS                              283,862             283,222   271,433
      TOTAL DEPOSITS                            240,989             234,063   224,179
      TOTAL SHAREHOLDERS' EQUITY                30,019              28,935    28,429
KEY RATIOS
      RETURN ON EQUITY (ROE)                    9.17%               14.44%    15.70%
      RETURN ON ASSETS (ROA)                    0.97%               1.49%     1.65%

Contacts
Siuslaw Financial Group
Johan Mehlum, Chairman of the Board and Chief Executive, 541-342-4000
johan.mehlum@siuslawbank.com
or
Lonnie Iholts, President, 541-997-3486
lonnie.iholts@siuslawbank.com

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Description: FLORENCE, Ore.--(EON: Enhanced Online News)--Siuslaw Financial Group’s (OTCBB:SFGP) Board of Directors declared a cash dividend of $0.10 per share to common shareholders and $0.105 per share to preferred shareholders of record as of May 4, 2010 with the dividend to be paid on or before May 11, 2010. The Company also announced its earnings for the first quarter ending March 31, 2010 at $688,000 net after tax and a $450,000 provision for future loan losses. The reported earnings compared to a net a style='font-size: 10px; color: maroon;'
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