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The fate of Bangalore's race course is likely to be decided on Monday.
Banker magazine in their June 2009 edition rated Siuslaw #35 basedon a three-year average return on equity as of December 31, 2008, among the top200 publicly traded community banks and thrifts in the nation with less than $2billion in assets. Despite the allocation for future loan losses, the reported after tax net incomerepresented a return on shareholder equity (ROE) of 13.29% and return on averageassets (ROA) at 1.38% is substantially above industry norms As a matter ofrecord, U.S. Siuslaw did not allocate any reservefor future loan losses during the same period in 2008. In view of the rising unemployment rate (Oregon had the third-highestunemployment rate in the nation, as reported by the U.S. Department of Labor) inJune 2009, Siuslaw increased reserve for loan losses by $650,000 during thefirst half of 2009.
"Unemployment relates directly to increased consumer debtdelinquencies in credit cards, mortgages, home equity and other consumer loans,"says Bruce Webber, chief credit officer. This is comparable to net income of $1,154,000 reported for the sameperiod last year. Earnings per diluted common share totaled $0.22 for thequarter. Siuslaw Bank, the Group`s primary subsidiary, reported earnings of $954,000, ascompared to $1,223,100 for the same quarter in 2008.
Year-to-date after taxearnings for Siuslaw Bank totaled $2,046,100, down $382,000, compared to$2,428,500 reported on June 30, 2008. Units of the Toronto, Ontario-based fund closed flat at 20Canadian cents Tuesday on the Toronto Stock Exchange.(Reporting by Ashutosh Joshi in Bangalore; Editing by PradeepKurup). FLORENCE, Ore.--(Business Wire)--Siuslaw Financial Group (OTCBB:SFGP) today announced operating results for thesecond quarter, ending June 30, 2009, including after tax net income of$903,000. The lenders have also agreed that no default interest wouldaccrue or be payable during the forbearance period and haveagreed to waive certain prepayment fees, the fund added.
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