DEFIANCE, Ohio, April 28, 2010 (GLOBE NEWSWIRE) -- Rurban Financial Corp. (Nasdaq:RBNF), a leading provider of full-service community banking, investment management, trust services and bank data and item processing, reported a first quarter 2010 loss of $848 thousand, or $(0.17) per diluted share, compared to net income of $1.1 million, or $0.23 per diluted share, reported in first quarter 2009.
Mark A. Klein, President and CEO of Rurban Financial Corp., commented, "We are encouraged by our progress in spite of the first quarter numbers reflecting the continuing expenses related to the planned spin-off of our technology segment, RDSI Banking Systems, as well as further loan loss provision. While the banking industry continues to be plagued by loan portfolio challenges, we were extremely pleased to reduce our non-performing assets by over $4.3 million, or 21 percent, from the prior quarter."
During the quarter the Company took an appropriate $896 thousand of additional provision for loan losses, compared to the year-ago quarter, for a total of $1.4 million. Non-performing assets ended the quarter at $16.0 million, or 2.38 percent of assets. This is a dramatic improvement from the December 31, 2009 level at $20.3 million and 3.02 percent, respectively. Charge-offs for the quarter were $2.3 million, down slightly from the $2.5 million recognized in the fourth quarter of 2009. "We believe we continue to be well-positioned for the current economic environment and the opportunities going forward," stated Mr. Klein.
Highlights of Rurban's consolidated 2010 first quarter performance include:
-
The transition of The State Bank and Trust Company to the new core banking application, Single Source™, occurred on March 19th. As previously reported, Rurban Financial Corp. plans to spin-off RDSI, resulting in RDSI becoming a separate independent public company. The planned spin-off would be followed immediately by the merger of RDSI with New Core Holdings, Inc. d/b/a New Core Banking Systems. In connection with the planned spin-off and merger, RDSI filed an amended Form 10 Registration Statement with the SEC on March 31, 2010 and continues to work through the SEC comment process. The spin-off remains subject to final approval by the Company's Board of Directors and the satisfaction of other conditions.
-
RDSI continues its progression toward spinning-off from Rurban to become an independent publicly traded company. RDSI reported a net loss of $879 thousand for the first quarter of 2010, compared with net income of $768 thousand in the 2009 first quarter and a $509 thousand loss for the linked quarter. Included in the first quarter loss is accelerated depreciation of the current software being discontinued at the end of 2010 of $750 thousand. RDSI also recorded an impairment for the first quarter on this software of $568 thousand totaling $1.3 million of accelerated depreciation, which is a non-cash charge.
- The Board of Directors has elected to continue the suspension of its quarterly dividend. The suspension of the quarterly dividend will continue to be assessed on a quarterly basis.
The following chart and narrative reflect the combined results of Rurban across both of its business segments, banking and data / item processing:
| CONSOLIDATED – FIRST QUARTER RESULTS | ||||||
| (Dollars in thousands except per share data) | ||||||
| Earnings: | 1Q 2010 | 4Q 2009 | 1Q 2009 | |||
| Net interest income | $ | 4,904 | $ | 5,285 | $ | 5,016 |
| Non-interest income | 6,783 | 7,174 | 7,448 | |||
| Revenue | 11,687 | 12,459 | 12,464 | |||
| Provision (credit) for loan losses | 1,391 | 3,546 | 495 | |||
| Non-interest expense | 11,792 | 12,096 | 10,475 | |||
| Net income (loss) | (848) | (1,884) | 1,104 | |||
| Diluted EPS | $ | (0.17) | $ | (0.39) | $ | 0.23 |
Net interest income remained flat at $4.9 million for the quarter, compared to $5.0 million for the first quarter of 2009.
Non-interest income was down 9 percent at $6.78 million for the first quarter of 2010, compared to $7.45 million for the first quarter of 2009, as revenue from our technology segment was down 19 percent from the prior year. This is attributable to the de-conversion of client banks from the RDSI system. The company sold approximately $10 million in Securities during the quarter and recorded $451 thousand in Gain-on-Sale of securities, which is part of management's plan to move the balance sheet to a more asset-sensitive position.
Non-interest expense for the year-over-year first quarter increased $1.3 million, or 12.3 percent. Depreciation related to the current software, which has been accelerated due to the discontinuance of this software by RDSI at the end of 2010 in connection with the planned spin-off of RDSI and merger with New Core, was up $750 thousand from the prior year. That depreciation, plus the impairment charge of $568 thousand, resulted in $1.3 million of additional expenses during the quarter. Our FDIC assessment was also up $173 thousand from the first quarter of 2009.
CONSOLIDATED BALANCE SHEET
Total assets were $673.8 million on March 31, 2010, up $8.0 million from 12 months ago, while remaining flat from the linked-quarter. Net loans were $444.1 million at March 31, 2010, up $10.0 million from twelve months ago and down $8.5 million from December 31, 2009. Total deposits were $498.9 million at March 31, 2010, up $11.3 million from twelve months ago and up $7.7 million, or 1.6 percent, from December 31, 2009. Total shareholder's equity stood at $60.9 million at March 31, 2010, compared to $63.6 million at March 31, 2009 and $61.7 million at December 31, 2009.
BANK OPERATING RESULTS
The Banking Segment reported earnings of $538 thousand for the first quarter of 2010, compared to $863 thousand for the first quarter of 2009.
State Bank's expense reduction plan, initiated in the fourth quarter of 2009, will continue through the second quarter of 2010. The full realization of these reduced expenses should be manifest by the end of the second quarter. The potential result is capturing in excess of $1 million in pretax annualized expense savings.
Total deposits at March 31, 2010 were $498.9 million, compared to $491.2 million at December 31, 2009 and $487.6 million for the year-ago quarter-end. Net interest margin for the banking segment was 3.82 percent for the quarter, down just slightly from the prior year level of 3.93 percent. State Bank continues to position itself for the future in terms of its asset mix. The deposit mix continues to shift toward core transaction deposits (DDA, NOW, SAV and MMA), which accounted for 57.6 percent of total deposits for the first quarter 2010, compared with 52.2 percent for the year-ago first quarter.
"Our loan production remains relatively consistent, although we have certainly become more cautious in our lending practices. We have been very pleased with our deposit activity in all the markets we serve," continued Mr. Klein.
ASSET QUALITY
Provision for Loan Losses was $1.4 million in the first quarter of 2010, compared to $495 thousand in the first quarter of 2009 and $3.5 million for the linked quarter. For the first quarter of 2010, net charge-offs totaled $2.3 million, or 2.05 percent of average loans on an annualized basis, compared to $167 thousand, or 0.15 percent of average loans for the year-ago quarter. Non-performing assets increased to 2.38 percent of assets, versus 1.59 percent for the year-ago quarter, but were down substantially from the 3.02 percent for year-end. State Bank's Allowance for Loan Loss was 1.37 percent of loans at March 31, 2010, which represented an increase from 1.23 percent for the year-ago quarter, but a decrease from 1.55 percent for year-end. The following chart and narrative summarizes the asset quality picture:
| (Dollars in thousands except percent data) | ||||||
| ASSET QUALITY | 1Q 2010 | 4Q 2009 | 1Q 2009 | |||
| Net charge-offs | $ | 2,346 | $ | 2,547 | $ | 167 |
| Net charge-offs to avg. loans (Annualized) | 2.05% | 2.19% | 0.15% | |||
| Non-performing loans | $ | 14,399 | $ | 18,543 | $ | 9,163 |
| OREO + OAO | $ | 1,616 | $ | 1,775 | $ | 1,426 |
| Non-performing assets (NPA's) | $ | 16,016 | $ | 20,319 | $ | 10,589 |
| NPA / Total assets | 2.38% | 3.02% | 1.59% | |||
| Allowance for loan losses | $ | 6,075 | $ | 7,030 | $ | 5,349 |
| Allowance for loan losses / Loans | 1.37% | 1.55% | 1.23% | |||
Non-performing assets (loans + OREO + OAO=NPA) were $16.0 million, or 2.38 percent, of total assets at March 31, 2010, an increase of $5.4 million from a year-ago and down $4.3 million from the linked quarter. State Bank has been aggressive in classifying and collecting these problem loans. The management team is very proactive in reaching out to customers to restructure loans to reduce delinquency rates.
The economic challenges facing the banking industry continue, as evidenced by the number of established customers who are struggling to make their payments. Until there is general improvement in the economy, State Bank will continue to see stress on its loan portfolio.
"We strive to take a proactive stance toward potential non-performing assets, and we closely monitor the progress of our portfolio. We want to remain the financial institution of choice to our communities so that we can continue lending to qualified borrowers. This is where maintaining our prudent standards of underwriting becomes one of our most valuable tools, so we can continue to play a pivotal role in our customers' lives," stated Mr. Klein.
RDSI OPERATING RESULTS
Revenue for the Data and Item Processing Segment was $4.4 million, down $1.0 million from $5.0 million reported for first quarter of 2009. As mentioned in previous press releases, RDSI will have a challenging 2010 from an earnings perspective as a result of the loss of existing RDSI customers that elect not to convert to Single Source™ at this time. The conversion of clients to the Single Source™ software started in March will continue throughout 2010 and beyond.
Net Loss for the first quarter was $879 thousand, compared to net income of $768 thousand for the year-ago first quarter. "RDSI continues to cultivate their pipeline and a number of bank prospects are excited to see the Single Source™ system in action. We believe that, as banks continue to streamline their expenses, the attraction to a new real-time core banking application will be even more appealing. RDSI will continue to face financial challenges over the next few quarters as it transitions to a new business model, but we believe there is substantial potential for achieving growth within the industry fueled by our new independent direction. We remain optimistic that we are positioning RDSI for a strong recovery on the other side of this change in strategic direction," said Mr. Kenneth A. Joyce, President and CEO of RDSI.
In conclusion, Mr. Klein commented, "The financial results of the quarter are fundamentally encouraging. Despite the troubled economic waters we are treading, the outlook is appearing brighter and we have confidence that our consistent diligence in providing optimal customer service will continue to help us overcome the challenges we will face in the future."
ABOUT RURBAN FINANCIAL CORP.
Rurban Financial Corp. is a publicly-held financial services holding company based in Defiance, Ohio. Rurban's wholly-owned subsidiaries are The State Bank and Trust Company, including Reliance Financial Services and RDSI Banking Systems (RDSI), including DCM. The State Bank and Trust Company offers financial services through its 19 banking centers in Allen, Defiance, Fulton, Lucas, Paulding, Williams and Wood Counties, Ohio and Allen County, Indiana and a Loan Production Office in Franklin County, Ohio. Reliance Financial Services, a division of the Bank, offers a diversified array of trust and financial services to customers throughout the Midwest. RDSI and DCM provide data and item processing services to community banks in Arkansas, Illinois, Indiana, Kansas, Michigan, Missouri, Nebraska, Nevada, Ohio and Wisconsin. Rurban's common stock is quoted on the NASDAQ Global Market under the symbol RBNF. Learn more about Rurban at http://www.rurbanfinancial.net.
FORWARD-LOOKING STATEMENTS
Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking, insurance and mortgage industries, competitive factors specific to markets in which Rurban and its subsidiaries operate, future interest rate levels, legislative and regulatory actions, capital market conditions, general economic conditions, geopolitical events, the loss of key personnel and other factors.
Forward-looking statements speak only as of the date on which they are made, and Rurban undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to Rurban or any person acting on our behalf are qualified by these cautionary statements.
| RURBAN FINANCIAL CORP. | |||
| CONSOLIDATED BALANCE SHEETS | |||
| March 31, 2010 and December 31, 2009 and March 31, 2009 | |||
| March | December | March | |
| 2010 | 2009 | 2009 | |
| (Unaudited) | (Unaudited) | ||
| ASSETS | |||
| Cash and due from banks | $37,404,242 | $24,824,785 | $14,814,685 |
| Federal funds sold | -- | -- | 8,200,000 |
| Cash and cash equivalents | 37,404,242 | 24,824,785 | 23,014,685 |
| Available-for-sale securities | 106,855,099 | 105,083,112 | 127,879,529 |
| Loans held for sale | 12,469,633 | 16,857,648 | 9,095,776 |
| Loans, net of unearned income | 444,082,134 | 452,557,581 | 434,051,854 |
| Allowance for loan losses | (6,075,126) | (7,030,178) | (5,348,952) |
| Premises and equipment, net | 16,308,680 | 16,993,640 | 17,159,167 |
| Purchased software | 4,307,523 | 5,338,319 | 5,741,678 |
| Federal Reserve and Federal Home Loan Bank Stock | 3,748,250 | 3,748,250 | 3,544,100 |
| Foreclosed assets held for sale, net | 1,613,937 | 1,767,953 | 1,393,155 |
| Accrued interest receivable | 2,963,119 | 2,324,868 | 2,864,190 |
| Goodwill | 21,414,790 | 21,414,790 | 21,414,790 |
| Core deposits and other intangibles | 4,777,379 | 4,977,513 | 5,614,025 |
| Cash value of life insurance | 12,896,092 | 12,792,045 | 12,734,983 |
| Other assets | 11,037,845 | 11,398,776 | 6,653,626 |
| Total assets | $673,803,597 | $673,049,102 | $665,812,606 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| Deposits | |||
| Non interest bearing demand | $61,699,862 | $57,229,795 | $49,968,772 |
| Interest bearing NOW | 88,805,006 | 87,511,973 | 77,058,528 |
| Savings | 43,772,462 | 43,321,364 | 37,150,700 |
| Money Market | 93,022,350 | 86,621,953 | 90,318,191 |
| Time Deposits | 211,645,981 | 216,557,067 | 233,137,761 |
| Total deposits | 498,945,661 | 491,242,152 | 487,633,952 |
| Notes payable | 3,380,935 | 2,146,776 | 2,500,000 |
| Advances from Federal Home Loan Bank | 32,659,210 | 35,266,510 | 36,059,017 |
| Fed Funds Purchased | -- | 5,000,000 | -- |
| Repurchase Agreements | 49,111,099 | 47,042,820 | 47,894,843 |
| Trust preferred securities | 20,620,000 | 20,620,000 | 20,620,000 |
| Accrued interest payable | 1,200,836 | 1,507,521 | 1,724,525 |
| Other liabilities | 7,031,313 | 8,515,668 | 5,759,759 |
| Total liabilities | 612,949,054 | 611,341,447 | 602,192,096 |
| Shareholders' Equity | |||
| Common stock | 12,568,583 | 12,568,583 | 12,568,583 |
| Additional paid-in capital | 15,229,669 | 15,186,042 | 15,072,847 |
| Retained earnings | 33,567,379 | 34,415,316 | 36,449,912 |
| Accumulated other comprehensive income (loss) | 1,258,223 | 1,307,025 | 1,222,435 |
| Treasury stock | (1,769,311) | (1,769,311) | (1,693,267) |
| Total shareholders' equity | 60,854,543 | 61,707,655 | 63,620,510 |
| Total liabilities and shareholders' equity | $673,803,597 | $673,049,102 | $665,812,606 |
| RURBAN FINANCIAL CORP. | ||
| CONSOLIDATED STATEMENTS OF OPERATION - UNAUDITED | ||
| Three Months Ended | ||
| March 31 | ||
| 2010 | 2009 | |
| Interest income | ||
| Loans | ||
| Taxable | $6,411,582 | $6,814,633 |
| Tax-exempt | 18,915 | 25,457 |
| Securities | ||
| Taxable | 702,255 | 1,079,497 |
| Tax-exempt | 319,063 | 227,884 |
| Other | 31,448 | 132 |
| Total interest income | 7,483,263 | 8,147,603 |
| Interest expense | ||
| Deposits | 1,374,291 | 1,898,304 |
| Other borrowings | 38,083 | 14,392 |
| Retail Repurchase Agreements | 426,967 | 427,487 |
| Federal Home Loan Bank advances | 352,817 | 392,572 |
| Trust preferred securities | 386,624 | 398,985 |
| Total interest expense | 2,578,782 | 3,131,740 |
| Net interest income | 4,904,481 | 5,015,863 |
| Provision for loan losses | 1,391,433 | 495,142 |
| Net interest income after provision for loan losses | 3,513,048 | 4,520,721 |
| Non-interest income | ||
| Data service fees | 4,029,406 | 4,972,549 |
| Trust fees | 642,786 | 583,623 |
| Customer service fees | 587,401 | 574,699 |
| Net gain on sales of loans | 717,014 | 1,078,047 |
| Net realized gain on sales of securities | 451,474 | 53,807 |
| Investment securities recoveries | 73,774 | -- |
| Loan servicing fees | 153,842 | 67,873 |
| Loss on sale of assets | (28,652) | (58,655) |
| Other income | 155,981 | 175,562 |
| Total non-interest income | 6,783,026 | 7,447,505 |
| Non-interest expense | ||
| Salaries and employee benefits | 5,103,540 | 4,924,122 |
| Net occupancy expense | 586,223 | 626,281 |
| FDIC Insurance expense | 218,903 | 46,120 |
| Equipment expense | 2,165,101 | 1,613,393 |
| Software impairment expense | 568,535 | -- |
| Data processing fees | 194,786 | 135,736 |
| Professional fees | 642,810 | 498,055 |
| Marketing expense | 77,601 | 188,746 |
| Printing and office supplies | 161,102 | 214,542 |
| Telephone and communication | 386,206 | 406,393 |
| Postage and delivery expense | 570,433 | 609,022 |
| State, local and other taxes | 121,039 | 232,896 |
| Employee expense | 279,925 | 259,938 |
| Other expenses | 715,494 | 719,780 |
| Total non-interest expense | 11,791,698 | 10,475,024 |
| Income (loss) before income tax expense | (1,495,624) | 1,493,202 |
| Income tax expense (benefit) | (647,686) | 389,649 |
| Net income (loss) | $(847,938) | $1,103,553 |
| Earnings (loss) per common share: | ||
| Basic | $(0.17) | $0.23 |
| Diluted | $(0.17) | $0.23 |
| RURBAN FINANCIAL CORP. | |||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||
| (Unaudited) | |||||
| 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | |
| (dollars in thousands except per share data) | 2010 | 2009 | 2009 | 2009 | 2009 |
| EARNINGS | |||||
| Net interest income | $4,904 | $5,285 | $5,337 | $5,361 | $5,016 |
| Provision for loan loss | $1,391 | $3,546 | $898 | $799 | $495 |
| Non-interest income | $6,783 | $7,174 | $7,076 | $7,897 | $7,448 |
| Revenue (net interest income plus non-interest income) | $11,687 | $12,459 | $12,413 | $13,258 | $12,464 |
| Non-interest expense | $11,792 | $12,096 | $11,454 | $11,108 | $10,475 |
| Net income (loss) | $(848) | $(1,884) | $160 | $1,003 | $1,104 |
| PER SHARE DATA | |||||
| Basic earnings (loss) per share | $(0.17) | $(0.39) | $0.03 | $0.20 | $0.23 |
| Diluted earnings (loss) per share | $(0.17) | $(0.39) | $0.03 | $0.20 | $0.23 |
| Book value per share | $12.72 | $12.69 | $13.30 | $13.04 | $13.06 |
| Tangible book value per share | $6.83 | $6.96 | $7.39 | $7.24 | $7.24 |
| Cash dividend per share | $0.00 | $0.09 | $0.09 | $0.09 | $0.09 |
| PERFORMANCE RATIOS | |||||
| Return on average assets | (0.51%) | (1.11%) | 0.10% | 0.61% | 0.66% |
| Return on average equity | (5.49%) | (11.81%) | 1.00% | 6.29% | 7.04% |
| Net interest margin (tax equivalent) | 3.58% | 3.77% | 3.87% | 3.82% | 3.67% |
| Net interest margin (Bank Only) | 3.82% | 3.97% | 4.06% | 4.04% | 3.93% |
| Non-interest expense / Average assets | 7.11% | 7.11% | 6.88% | 6.71% | 6.29% |
| Efficiency Ratio - bank (non-GAAP) | 73.22% | 71.16% | 75.80% | 72.67% | 77.41% |
| MARKET DATA PER SHARE | |||||
| Market value per share --- Period end | $6.80 | $6.84 | $7.58 | $7.75 | $7.90 |
| Market as a % of book | 53% | 54% | 57% | 59% | 60% |
| Cash dividend yield | 0.00% | 5.26% | 4.75% | 4.65% | 4.56% |
| Period-end common shares outstanding (000) | 4,862 | 4,862 | 4,862 | 4,864 | 4,871 |
| Common stock market capitalization ($000) | $33,060 | $33,255 | $36,852 | $37,696 | $38,484 |
| CAPITAL & LIQUIDITY | |||||
| Equity to assets | 9.0% | 9.2% | 9.6% | 9.6% | 9.6% |
| Period-end tangible equity to tangible assets | 7.0% | 5.2% | 5.6% | 5.6% | 5.5% |
| Total risk-based capital ratio (Estimate) | 12.8% | 12.6% | 13.3% | 13.7% | 13.5% |
| ASSET QUALITY | |||||
| Net charge-offs / (Recoveries) | $2,346 | $2,547 | $837 | $275 | $167 |
| Net loan charge-offs (Ann.) / Average loans | 2.05% | 2.19% | 0.73% | 0.25% | 0.15% |
| Non-performing loans | $14,399 | $18,543 | $9,646 | $10,173 | $9,163 |
| OREO / OAOs | $1,616 | $1,775 | $1,748 | $1,346 | $1,426 |
| Non-performing assets | $16,016 | $20,319 | $11,394 | $11,519 | $10,589 |
| Non-performing assets / Total assets | 2.38% | 3.02% | 1.69% | 1.74% | 1.59% |
| Allowance for loan losses / Total loans | 1.37% | 1.55% | 1.32% | 1.33% | 1.23% |
| Allowance for loan losses / Non-performing Assets | 37.9% | 34.6% | 52.1% | 51.0% | 50.5% |
| END OF PERIOD BALANCES | |||||
| Total loans, net of unearned income | $444,082 | $452,558 | $448,393 | $441,217 | $434,052 |
| Allowance for loan loss | $6,075 | $7,030 | $5,934 | $5,873 | $5,349 |
| Total assets | $673,804 | $673,049 | $673,749 | $661,545 | $665,813 |
| Deposits | $498,946 | $491,242 | $492,292 | $472,994 | $487,634 |
| Stockholders' equity | $60,855 | $61,708 | $64,668 | $63,413 | $63,621 |
| Full-time equivalent employees | 311 | 315 | 321 | 309 | 306 |
| AVERAGE BALANCES | |||||
| Loans | $458,423 | $464,618 | $456,196 | $448,677 | $448,271 |
| Total earning assets | $567,719 | $577,263 | $569,099 | $575,240 | $561,566 |
| Total assets | $662,979 | $680,121 | $665,872 | $662,589 | $666,292 |
| Deposits | $487,767 | $499,317 | $483,637 | $483,882 | $490,526 |
| Stockholders' equity | $61,836 | $63,800 | $64,238 | $63,823 | $62,692 |
| Rurban Financial Corp. | |||||
| Segment Reporting | |||||
| First Quarter Ended March 31, 2010 | |||||
| ($ in Thousands) | |||||
| Total Banking | Data Processing |
Parent Company and Other |
Elimination Entries |
Rurban Financial Corp. |
|
| Income Statement Measures | |||||
| Interest Income | $ 7,495 | $ 31 | $ 12 | $ (55) | $ 7,483 |
| Interest Expense | 2,155 | 93 | 386 | (55) | 2,579 |
| Net Interest Income | 5,340 | (62) | (374) | -- | 4,904 |
| Provision For Loan Loss | 1,391 | -- | -- | -- | 1,391 |
| Non-interest Income | 2,721 | 4,399 | 331 | (668) | 6,783 |
| Non-interest Expense | 6,061 | 5,669 | 730 | (668) | 11,792 |
| Net Earnings/(Loss) QTD | $ 538 | $ (879) | $ (507) | $ -- | $ (848) |
| Performance Measures | |||||
| Average Assets - QTD | $ 642,556 | $ 22,272 | $ 84,377 | $ (86,226) | $ 662,979 |
| ROAA | 0.33% | (15.79%) | -- | -- | (0.51%) |
| Average Equity - QTD | $ 67,701 | $ 13,045 | $ 61,836 | $ (80,746) | $ 61,836 |
| ROAE | 3.18% | (26.95%) | -- | -- | (5.49%) |
| Efficiency Ratio -- % | 73.22% | -- | -- | -- | 99.06% |
| Average Loans - QTD | $ 458,384 | $ 3,000 | $ 1,000 | $ (3,961) | $ 458,423 |
| Average Deposits - QTD | $ 489,285 | $ -- | $ -- | $ (1,518) | $ 487,767 |
| Rurban Financial Corp. | |||||
| Proforma Performance Measurement | |||||
| Quarterly Comparison - First Quarter 2010 | |||||
| ($ in Thousands) | |||||
| Total Banking | Data Processing |
Parent Company and Other |
Elimination Entries |
Rurban Financial Corp. |
|
| Revenue | |||||
| 1Q10 | $ 8,062 | $ 4,338 | $ (52) | $ (661) | $ 11,687 |
| 4Q09 | $ 8,808 | $ 4,430 | $ 6 | $ (785) | $ 12,459 |
| 3Q09 | $ 8,043 | $ 5,159 | $ 19 | $ (808) | $ 12,413 |
| 2Q09 | $ 8,731 | $ 5,316 | $ (19) | $ (770) | $ 13,258 |
| 1Q09 | $ 7,942 | $ 5,348 | $ 1 | $ (827) | $ 12,464 |
| 1st Quarter Comparison | $ 120 | $ (1,010) | $ (53) | $ -- | $ (777) |
| Non-interest Expenses | |||||
| 1Q10 | $ 6,061 | $ 5,669 | $ 730 | $ (668) | $ 11,792 |
| 4Q09 | $ 6,459 | $ 5,204 | $ 1,218 | $ (785) | $ 12,096 |
| 3Q09 | $ 6,257 | $ 5,145 | $ 860 | $ (808) | $ 11,454 |
| 2Q09 | $ 6,505 | $ 4,394 | $ 979 | $ (770) | $ 11,108 |
| 1Q09 | $ 6,309 | $ 4,185 | $ 808 | $ (827) | $ 10,475 |
| 1st Quarter Comparison | $ (248) | $ 1,484 | $ (78) | $ -- | $ 1,317 |
| Net Income (loss) | |||||
| 1Q10 | $ 538 | $ (879) | $ (507) | $ -- | $ (848) |
| 4Q09 | $ (577) | $ (509) | $ (798) | $ -- | $ (1,884) |
| 3Q09 | $ 712 | $ 8 | $ (560) | $ -- | $ 160 |
| 2Q09 | $ 1,048 | $ 608 | $ (653) | $ -- | $ 1,003 |
| 1Q09 | $ 863 | $ 768 | $ (527) | $ -- | $ 1,104 |
| 1st Quarter Comparison | $ (325) | $ (1,647) | $ 20 | $ -- | $ (1,952) |
| Average Assets | |||||
| 1Q10 | $ 642,556 | $ 22,272 | $ 84,377 | $ (86,226) | $ 662,979 |
| 4Q09 | $ 659,674 | $ 22,368 | $ 85,392 | $ (87,313) | $ 680,121 |
| 3Q09 | $ 644,116 | $ 22,770 | $ 86,418 | $ (87,432) | $ 665,872 |
| 2Q09 | $ 641,939 | $ 22,166 | $ 86,005 | $ (87,521) | $ 662,589 |
| 1Q09 | $ 645,365 | $ 20,256 | $ 85,313 | $ (84,642) | $ 666,292 |
| 1st Quarter Comparison | $ (2,809) | $ 2,016 | $ (936) | $ -- | $ (3,313) |
| ROAA | |||||
| 1Q10 | 0.33% | (15.79%) | -- | -- | (0.51%) |
| 4Q09 | (0.35%) | (9.10%) | -- | -- | (1.11%) |
| 3Q09 | 0.44% | 0.14% | -- | -- | 0.10% |
| 2Q09 | 0.65% | 10.97% | -- | -- | 0.61% |
| 1Q09 | 0.53% | 15.17% | -- | -- | 0.66% |
| 1st Quarter Comparison | (0.20%) | (30.95%) | -- | -- | (1.17%) |
| Average Equity | |||||
| 1Q10 | $ 67,701 | $ 13,045 | $ 61,836 | $ (80,746) | $ 61,836 |
| 4Q09 | $ 69,066 | $ 13,969 | $ 63,800 | $ (83,035) | $ 63,800 |
| 3Q09 | $ 68,153 | $ 14,723 | $ 64,238 | $ (82,877) | $ 64,238 |
| 2Q09 | $ 67,760 | $ 14,674 | $ 63,823 | $ (82,434) | $ 63,823 |
| 1Q09 | $ 66,532 | $ 14,529 | $ 62,692 | $ (81,061) | $ 62,692 |
| 1st Quarter Comparison | $ 1,169 | $ (1,484) | $ (856) | $ -- | $ (856) |
| ROAE | |||||
| 1Q10 | 3.18% | (26.95%) | -- | -- | (5.49%) |
| 4Q09 | (3.34%) | (14.57%) | -- | -- | (11.81%) |
| 3Q09 | 4.18% | 0.22% | -- | -- | 1.00% |
| 2Q09 | 6.19% | 16.57% | -- | -- | 6.29% |
| 1Q09 | 5.19% | 21.14% | -- | -- | 7.04% |
| 1st Quarter Comparison | (2.01%) | (48.10%) | -- | -- | (12.53%) |
| Efficiency Ratio | |||||
| 1Q10 | 73.22% | 129.42% | -- | -- | 99.06% |
| 4Q09 | 71.52% | 116.27% | -- | -- | 95.36% |
| 3Q09 | 75.56% | 98.67% | -- | -- | 90.55% |
| 2Q09 | 72.67% | 81.49% | -- | -- | 82.11% |
| 1Q09 | 77.41% | 77.48% | -- | -- | 82.24% |
| 1st Quarter Comparison | (4.19%) | 51.94% | -- | -- | 16.82% |