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Consolidated earnings up 36 percent year over year
Nonperforming assets declined to 1.30 percent of total assets
Portfolio loans increased $15.7 million, or 3.6 percent, year over year
Tangible leverage of 5.87 percent, up 20 percent year over year
Expense levels remained flat to the prior year
Net interest margin at 3.86 percent, up 26 basis points year over year
DEFIANCE, Ohio, April 22, 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 first quarter ended March 31, 2013.
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 quarter ended March 31, 2013, Rurban reported net income of $1.32 million, or $0.27 per diluted share, compared to net income of $0.97 million, or $0.20 per diluted share for the quarter ended March 31, 2012, and net income of $1.52 million, or $0.31 per diluted share, for the quarter ended December 31, 2012.
Mark Klein, president and chief executive officer of Rurban Financial Corp., stated, "Our first quarter results continued our progress toward higher performance. Earnings are up 36 percent, our loan portfolio experienced nearly $16 million in growth and asset quality showed another quarter of improvement. The hallmark of our success over these last two years has been our relentless focus on asset quality, solid steady loan growth and revenue diversity. These traits have served us well in this quarter and should continue to provide momentum in the future. We were also pleased to have met another benchmark, when earlier this month we initiated shareholder dividends after an extended absence."