Rurban Financial Corp. Announces 2010 Fourth Quarter And Full-Year Results
DEFIANCE, Ohio, Jan. 26, 2011 (GLOBE NEWSWIRE) -- Rurban Financial Corp. (Nasdaq:RBNF) ("Rurban" or the "Company"), a diversified financial services company providing full-service community banking, wealth management, and data/item processing services, reported a fourth quarter 2010 net loss of $853,000, or ($0.18) per diluted share, compared to a net loss of $1.88 million, or ($0.39) per diluted share, for the 2009 fourth quarter. For the 2010 full year, the Company reported a net loss of $9.88 million, or ($2.03) per diluted share, compared to net income of $382,500, or $0.07 per diluted share, for the 2009 full year.
Financial results for both 2010 and 2009 include certain non-recurring items at Rurban's banking subsidiary, The State Bank and Trust Company ("State Bank" or the "Bank"), and Rurban's data and item processing subsidiary, Rurbanc Data Services, Inc. dba RDSI Banking Systems ("RDSI"). Non-recurring charges at RDSI relate primarily to the previously planned spin-off from Rurban and the proposed merger with New Core Holdings, Inc. ("New Core"). The proposed transaction was first announced in the second quarter of 2009, and the Company announced in the second quarter of 2010 that the planned spin-off and merger could not be successfully completed. Impairments and write-offs of software, hardware, and development costs related to these transactions were a total of $10.0 million for 2010 ($6.5 million after-tax), and for the 2009 fourth quarter and full year, $0.78 million and $1.23 million, respectively, ($0.51 million and $0.80 million after-tax).
Non-recurring items reported by State Bank include $0.45 million of pretax gains ($0.30 million after-tax) on the sale of securities in 2010, and for the 2009 fourth quarter and full year, $0.48 million and $0.96 million, respectively, of pretax gains ($0.31 million and $0.65 million after-tax) and an industry-wide FDIC special assessment of $0.3 million ($0.2 million after tax) in the second quarter of 2009.
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