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Rurban Financial Corp. Reports 2012 Fourth Quarter And Full-Year Results

  • Full year earnings per share of $0.99, nearly triple the results of 2011
  • Loan growth of 4.7% year over year
  • Nonperforming assets declined to 1.40% of total assets
  • Tangible leverage of 5.70% -- approaching near-term goal of 6%
  • Fourth quarter ROA at 95 basis points

DEFIANCE, Ohio, Jan. 23, 2013 (GLOBE NEWSWIRE) -- Rurban Financial Corp. (Nasdaq:RBNF) ("Rurban" or the "Company"), a diversified financial services company providing full-service community banking, mortgage banking, wealth management and item processing services, today reported earnings for the fourth quarter and twelve months ended December 31, 2012.

Consolidated earnings for Rurban Financial Corp. include the results of Rurban's Banking Group, consisting primarily of The State Bank and Trust Company ("State Bank" or the "Bank") and Rurban's data services subsidiary, Rurbanc Data Services, Inc. (dba "RDSI Banking Systems" or "RDSI"). For the 2012 fiscal year, net income was $4.81 million, or $0.99 per diluted share, compared to $1.66 million, or $0.34 per diluted share, for the 2011 fiscal year. Excluding a 2012 net gain of $0.20 million after-tax ($0.30 million pretax) from non-recurring items, primarily from the settlement of RDSI matters, including litigation and contract buyouts, 2012 core earnings were $4.62 million, or $0.95 per diluted share. This compares to 2011 core earnings of $1.46 million, or $0.30 per common share, excluding a net gain of $0.21 million ($0.32 million pretax), primarily from balance sheet restructuring, RDSI contract buyouts and RDSI write-downs.

RURBAN FINANCIAL CORP.
Reconciliation of Non-GAAP Financial Matters to GAAP Financial Matters
               
  Three Months Ended Twelve Months Ended
($ in Thousands) December 2012 September 2012 June 2012 March 2012 December 2011 December 2012 December 2011
GAAP Earnings  $ 1,524  $ 1,304  $ 1,014  $ 972  $ 274  $ 4,814  $ 1,664
Realized securities gains (1) -- -- -- -- -- -- (1,871)
Prepayment penalties (1) -- -- -- -- -- -- 1,083
RDSI Settlement (2) (334) -- -- -- -- (334) --
Branch writedown (1) 65 -- -- -- -- 65 --
Hardware write-offs (2) -- -- -- -- 609 -- 609
New Core litigation costs (2) 115 -- -- -- -- 115 --
Contract buyouts (2) -- (53) -- (90) -- (143) (519)
Writedown of goodwill and intangibles (2) -- -- -- -- 381 -- 381
Total non-core items (154) (53) -- (90) 990 (297) (317)
Income tax effect on non-core items 52 18 -- 31 (336) 101 108
After-tax non- core items (102) (35) -- (59) 653 (196) (209)
Core recurring net income  $ 1,442  $ 1,269  $ 1,014  $ 913  $ 927  $ 4,618  $ 1,455
(1) State Bank               
(2) RDSI              

For the quarter ended December 31, 2012, Rurban reported net income of $1.52 million, or $0.31 per diluted share, compared to net income of $0.27 million, or $0.06 per diluted share, for the fourth quarter 2011. Excluding a one-time net gain of $0.10 million ($0.15 million pretax) for the 2012 fourth quarter and a net charge of $0.65 million ($0.99 million pretax) for the 2011 fourth quarter, operating earnings were $1.42 million for the quarter ended December 31, 2012 compared to $0.93 million for the fourth quarter 2011, up 53.4 percent. For the 2012 third quarter, net income was $1.3 million on a GAAP basis, and $1.27 million from operations; earnings from operations for the 2012 fourth quarter were 13.6 percent ahead of the linked quarter.

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