Siuslaw Financial Group had lower earnings in the first quarter of 2010 than it did in the same quarter of last year,
The Florence-based parent company of Siuslaw Bank (OTCBB: SFGP), for the quarter ending March 31, had earnings of $688,0000, or 17 cents per share, compared with earnings of $1 million, or 26 cents per share, in the first quarter of 2009.
The company reported $283.9 million in total assets, deposits of $241 million and loans of $216.8 million on March 31, compared with $283.2 million, $234.1 and $223.1 million, respectively, for the same period in 2009.
“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,” said Johan Mehlum, chairman of the board and chief executive officer, in a news release.
Siuslaw’s stock has not traded since April 7. The stock has a 52-week range of $6.90 to $12.
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Tags: Earnings, Siuslaw Bank