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Siuslaw Financial Q1 net income down

Siuslaw Financial Group has reported net income of $1.12 million for the first quarter of 2008, compared to net income of $1.27 million for the same period of 2007. Earnings per diluted common share totaled $0.27 for the quarter.

Siuslaw Bank, the group’s primary subsidiary, reported earnings of $1.205 million, compared to $1.202 million for the same period of 2007.

The first quarter earnings represent a return on shareholder investment (ROE) of 16.59%, substantially higher than peer group average. The company reported $271.4 million in total assets, deposits of $224.2 million and net loans of $203.3 million on March 31, 2008.