Exhibit 99.1
Investor Contact:Valda Colbart, 419-784-2759, rfcinv@rurban.net
RURBAN FINANCIAL CORP. REPORTS FISCAL YEAR 2006 EPS OF $0.55 and
FOURTH QUARTER EPS OF $0.14
DEFIANCE, Ohio, January 24, 2007 — Rurban Financial Corp. (NASDAQ: RBNF), a leading provider of full-service community banking, investment management, trust services and bank data processing, today reported fiscal year and fourth quarter 2006 earnings.
Highlights of the year and fourth quarter 2006 include:
| | • | | Net income of $2.8 million, up $2.1 million or 310%, compared with net income of $673,000 reported for the fiscal year 2005. Diluted earnings per share were $0.55 for the current year, up 267% from $0.15 reported for the prior fiscal year; average diluted shares outstanding increased 9.7% year-over-year due to the acquisition of The Exchange Bank on December 31, 2005. |
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| | • | | Earnings for the fourth quarter of 2006 were $710,000, or $0.14 per share, compared with a loss of $344,000, or $0.08 per share, for the fourth quarter of 2005. |
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| | • | | During the fourth quarter of 2006, Rurban increased its quarterly dividend by 20%, to $0.06 per share. |
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| | • | | Fourth quarter 2006 results include actions that resulted in after-tax charges/income of $474,000 for balance sheet restructuring, merger-related expenses of $187,000, recovery of WorldCom bond losses totaling $587,000, and a gain associated with the sale of the credit card portfolio of $488,000. |
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| | • | | The fourth quarter sale of State Bank’s credit card portfolio includes the release of $140,000 in reserves associated with that portfolio. Since the sale is with partial recourse to Rurban, the company is applying that reserve to a separate liability account to cover future losses, if any. The fourth quarter loan loss provision reflects the adjustment. |
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| | • | | Consolidated non-performing assets at 2006 year-end were $3.9 million, or .70% of total assets, compared with $8.9 million or 1.67% of total assets for year-end 2005. Fourth quarter 2006 results include a sale of $1.4 million of non-performing assets. |
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| | • | | Rurban received regulatory approval to open a full-service banking center in Fort Wayne, Indiana, where it previously had a loan production office. This full service branch opened on January 2, 2007. |
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| | • | | Rurban announced the planned merger of Reliance Financial Services, N.A., Rurban’s trust and investment subsidiary, and The Exchange Bank, its recently acquired community bank, into its lead bank, The State Bank and Trust Company, subject to regulatory approval. An after-tax charge of $187,000 for this merger was recorded during the fourth quarter as stated earlier. |
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| | • | | Rurban’s Banking Group, consisting of The State Bank and Trust Company and The Exchange Bank, reported loan growth of $43.1 million or 13.2% in 2006, all of which was organic. Deposit growth increased $29.7 million or 7.7% in 2006. |
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| | • | | The efficiency ratio of the Banking Group continues to improve from 101.8% a year-ago to 88.2% for the FY 2006. |
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| | • | | RDSI, the data processing subsidiary, reported a strong year with revenue of $15.0 million, up 18% from last year. Net income for the year was $2.1 million, which compares to $1.7 million for 2005, a 21% increase. These results reflect strong organic growth, as well as the September 3, 2006 acquisition of the Lansing, Michigan-based Diverse Computer Marketers (DCM), which now operates as a subsidiary of RDSI. |
Kenneth A. Joyce, President and Chief Executive Officer of Rurban Financial Corp. commented, “2006 was a successful year for Rurban on numerous fronts, as we continued on our path of improving profitability. We are pleased to report that Rurban achieved its fourth consecutive quarter of core earnings and revenue growth, consisting of net interest income plus non-interest income. Non-performing assets reached a five-year low of 70 basis points as a percent of total assets marking Rurban’s return to banking normalcy. It also represents a new beginning for Rurban, where we can focus our energies on growth, efficiency and profitability. In the fourth quarter, we announced additional steps to complete our restructuring. We will move forward in 2007 to bring these initiatives to closure, streamlining Rurban into a holding company with a single-chartered community bank and a dynamic data processing company.”
CONSOLIDATED RESULTS
Earnings:
| | | | | | | | | |
| | | Year Ended | |
| | | December 31 | |
| (Dollars in thousands except per share data) | | 2006 | | | 2005 | |
| Net interest income | | $ | 15,034 | | | $ | 12,054 | |
| Non-interest income | | | 23,755 | | | | 18,338 | |
| Total revenue | | | 38,789 | | | | 30,392 | |
| Provision for loan losses | | | 178 | | | | 583 | |
| Non-interest expense | | | 34,904 | | | | 29,054 | |
| Net income | | | 2,760 | | | | 673 | |
| Diluted EPS | | $ | 0.55 | | | $ | 0.15 | |
Total revenue, consisting of net interest income plus non-interest income, was $38.8 million for the fiscal year 2006, up $8.4 million, or 27.6%, compared with $30.4 million for the fiscal year 2005.
Net interest incomewas $15.0 million for 2006, an increase of 24.7% above the prior year, which resulted from a 26.2% growth in average earning assets combined with a one basis point decline in the annual net interest margin, to 3.13%.
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Non-interest incomewas $23.8 million for FY 2006, accounting for 61.2% of total 2006 revenue compared with 60.3% for the year earlier period. Excluding the one-time impact of a $495,000 charge taken to restructure the bond portfolio, an $889,000 recovery of WorldCom bond losses and a gain associated with the sale of the credit card portfolio of $740,000, 2006 non-interest income was $22.6 million, up $4.2 million or 23.3% above the $18.3 million reported for the prior year. Over 63% of 2006 fee income was derived from RDSI, the data processing subsidiary, with smaller growth contributions from the Banking Group and Reliance.
Non-interest expenseincreased $5.8 million, or 20.0%, primarily from the additional expenses of $4.9 million and $1.2 million, respectively, contributed by Exchange Bank and DCM, both of which merged with Rurban in 2006. Excluding one-time 2006 charges including $215,000 associated with the prepayment of approximately $9.0 million of higher-cost FHLB advances and merger-related charges of approximately $283,000, including a fourth quarter charge to merge the two community banks, 2006 recurring non-interest expense was $34.4 million, up 18.4% from the $29.1 million reported for 2005.
Salaries and benefits accounted for $3.1 million, or 52.4%, of the $5.8 million year-over-year increase in non-interest expenses with the addition of 36 FTE employees, bringing the total to 317. Improvements in State Bank’s operating expenses since the acquisition of the Lima branches in the second quarter of 2005 partially offset higher spending levels in other categories.
Earnings:
| | | | | | | | | |
| | | Fourth Quarter Ended | |
| | | December 31 | |
| (Dollars in thousands except per share data) | | 2006 | | | 2005 | |
| Net interest income | | $ | 3,584 | | | $ | 3,147 | |
| Non-interest income | | | 7,576 | | | | 4,477 | |
| Revenue | | | 11,160 | | | | 7,624 | |
| Provision (credit) for loan losses | | | (159 | ) | | | 613 | |
| Non-interest expense | | | 10,359 | | | | 7,632 | |
| Net income (loss) | | | 710 | | | | (344 | ) |
| Diluted EPS | | $ | 0.14 | | | $ | (.08 | ) |
Total revenuefor the fourth quarter of 2006 was $11.2 million compared with $7.6 million for the fourth quarter of 2005, an increase of $3.5 million or 46.4%.
Net interest incomegrew 13.9% from a combination of 22.7% growth of earning assets and was offset by a 26 basis point decline in the net interest margin.
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Non-interest incomewas $7.6 million, accounting for 67.9% of fourth quarter 2006 revenue compared with 58.7% for the year earlier period. Excluding the one-time loss of $495,000 on securities sales, a recovery of WorldCom bond losses of $889,000 and the gain associated with the credit card sale of $740,000, recurring non-interest income was $6.4 million, up 43.9% from the $4.5 million reported in the fourth quarter 2005. Approximately 62% of this quarter’s fee income was derived from RDSI, the data processing subsidiary, with smaller growth contributions from the Banking Group and Reliance.
Non-interest expensefor year-over-year, fourth quarter increased $2.7 million, or 35.7%. These increases were primarily from the additional expenses of Exchange Bank and DCM, as well as one-time merger-related charges of $283,000 and $215,000 for the prepayment penalties of high-cost FHLB advances. These expenses were partially offset by growing efficiencies at State Bank and a decrease of $334,000 in professional fees, primarily due to reductions in legal costs associated with loan workouts. The company also expensed $180,000 in additional health care costs in the fourth quarter compared to the previous quarter. Excluding one-time items, recurring non-interest expense increased 29.6% primarily due to the aforementioned acquisitions.
BANKING GROUP RESULTS
Mr. Joyce commented, “We recognize the need for efficiencies within our banking group. We are targeting approximately $1.0 to $1.5 million in annual pretax savings as we eliminate charters in the first quarter of 2007, consolidating The Exchange Bank and Reliance Financial Services into The State Bank and Trust Company, under the leadership of Mark A. Klein, its current President and CEO. As a result of this consolidation, our customers will have the ability to do their banking easily in Northwest Ohio, Fort Wayne, Indiana and the Greater Toledo metropolitan area.”
The Banking Group reported net income of $1.9 million in FY 2006 compared with $132,621 reported for the prior fiscal year. State Bank performed profitably for the year, generating an ROA of 52 basis points. Both Exchange Bank and RFCBC, the workout company, recorded losses. During 2006, the net interest margin benefited from a $5.0 million decline in non-performing assets in addition to lower-cost deposits acquired in the Exchange Bank acquisition, and approximately $60.4 million in deposits from the two branches purchased in the Lima market in June of 2005. However, competitive pressures on loans and deposits, in addition to the flat/inverted yield curve, offset these positive factors.
Increases in net interest income from 2006 compared to 2005 was derived from a $102.0 million, or 26.2%, increase in average earning assets and offset by a one basis point decline in the net interest margin to 3.13%. Approximately $73.8 million of the earning asset increase was derived from the Exchange Bank acquisition, which closed on December 31, 2005. The remaining $28.2 million is the result of organic loan growth at State Bank.
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Balance sheetgrowth over the past twelve months has been achieved exclusively through organic growth, since the assets of The Exchange Bank were consolidated as of December 31, 2005. Despite a fourth quarter reduction in assets of $12.5 million due to the restructuring of the bank’s investment portfolio, total assets increased $25.5 million, or 4.8%, to $556.0 million.
Total deposits increased $29.7 million, or 7.7%, during 2006 as the Banking Group introduced new products and increased sales efforts to generate core deposits. Mr. Joyce commented, “Just like virtually every other community bank in the country these days, we continue to look at ways to increase our core funding. We named a chief deposit officer for our bank with the goal to generate lower cost deposits. In this current banking environment, our success depends on our ability to grow core deposits.”
During the fourth quarter, Rurban restructured its balance sheet to improve its net interest margin going forward by selling $17.5 million of investment securities, or approximately 13% of its investment portfolio, with an average yield of 3.89%. Approximately $12 million of the proceeds were used to repay higher-cost, non-core funding, namely, long-term advances from the Federal Home Loan Bank and other borrowings that had a cost in excess of 5.25%. The remaining proceeds of approximately $5.5 million will be used to fund the bank’s growing commercial loan portfolio.
Mr. Joyce noted, “These restructuring actions should create a stronger, more efficient balance sheet that will generate higher future returns for our shareholders. Although the immediate result reduced assets by $12 million, we plan to reinvest a portion of these proceeds in commercial loans to benefit customers in our markets.”
Asset Quality:“With the fourth quarter sale of $1.4 million of non-performing assets,” Mr. Joyce added, “non-performing assets are now well below our 1% goal, and returning to levels more in keeping with State Bank’s historic level of performance. Our efforts over the past several years to reduce non-performing assets had consumed our business focus, but it also taught us an important lesson in the value of disciplined underwriting and sound controls. Our loan production quality since 2002 has been excellent.”
| | | | | | | | | |
| (Dollars in thousands) | | 2006 | | | 2005 | |
| Net Charge-Offs | | $ | 1,160 | | | $ | 1,692 | |
| Net Charge-Offs / Avg. loans | | | 0.33 | % | | | 0.63 | % |
| Allowance for Loan Loss | | $ | 3,717 | | | $ | 4,700 | |
| Allowance for Loan Loss / Loans | | | 1.00 | % | | | 1.44 | % |
| Non-Performing Assets (Loans + OREO) | | $ | 3,910 | | | $ | 8,878 | |
| Non-Performing Assets / Total Assets | | | 0.70 | % | | | 1.67 | % |
| 4Q Net Charge-Offs | | $ | 645 | | | $ | 1,638 | |
| 4Q Net Charge-Offs / Avg. loans (Annualized) | | | 0.70 | % | | | 2.40 | % |
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Non-performing assets, namely, non-performing loans, OREO and OAO, were $3.9 million or 0.70% of total assets at December 31, 2006, a decline of $5.0 million from twelve months ago, despite an additional $1.5 million of non-performing assets acquired with The Exchange Bank. Of the $3.9 million of remaining non-performing assets, $621,000 resides in the loan workout company, RFCBC. This workout company has resolved approximately $42 million of problem loans over the last three years. Net charge-offs for 2006 were $1.2 million, or 0.33% of average loans, compared to $1.7 million in 2005, or 0.63% of average loans. The loan loss reserve now stands at 1.00% of period-end loans.
A Provision for Loan Lossesof $178,000 was taken in FY2006 compared to $583,000 taken for FY2005; the $405,000 decrease reflects the lower level of risk in the loan portfolio, in addition to the release of the $140,000 reserve associated with the credit card portfolio, which has been sold with partial recourse to the bank. The fourth quarter loan loss provision of $(159,000) represents a $772,000 decrease from the prior-year fourth quarter, and reflects the same factors as above.
RELIANCE FINANCIAL SERVICES (RFS)
Trust fees contributed 14.1% of recurring non-interest income in 2006. Fees from trust services were $3.4 million in FY 2006, up 3.6% above 2005. Income for the year was aided by $104,000 of one-time fee income associated with a third party customer. In order to grow income faster, Reliance expanded its products and services into the new State Bank and Exchange Bank footprints, requiring additional business development officers. Despite these increased spending levels, Reliance increased its net income by 12.2%, generating $715,000 in profits for the year compared to $637,000 for 2005.
RURBANC DATA SERVICES, INC (RDSI)
Data processing fees contributed 69.9% of Rurban’s recurring non-interest income for 2006. Fees were $16.6 million, up $3.4 million, or 25.5%, above the $13.2 million reported for FY 2005. The majority of the increase was due to RDSI core growth, as well as additional fee income from DCM, which was acquired September 3, 2006. RDSI now services over 100 community banks, accounting for 62.2% of Rurban’s fee growth in 2006.
Earnings for the 2006 fiscal year were $2.1 million compared to $1.7 million for 2005, up $366,000 or 21.3%. “We added an additional item processing client bank to our newly acquired DCM Company during the 4th quarter,” commented Mr. Joyce. “We continue to see a solid pipeline of potential customers for both our data processing and item processing business lines entering 2007.”
CAPITAL
Rurban continues to be well-capitalized. Stockholders’ equity at December 31, 2006 was $57.0 million, equivalent to 10.2% of total assets. On a tangible basis, the ratio was 6.9%. The total risk-based capital ratio was 15.8%, well in excess of the “well-capitalized” regulatory threshold of 10%.
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Mr. Joyce concluded, “We have made considerable progress over the past several years transforming Rurban into a profitable financial institution. We are optimistic about our prospects for 2007 and beyond, as we continue the growth initiatives we started last year to enhance the efficiency of our banking organization, and improve the yields on our earning assets.”
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, The Exchange Bank, Reliance Financial Services, N.A., Rurbanc Data Services, Inc. (RDSI), DCM and RFCBC, Inc. The two community banks, State Bank and Exchange Bank, offer a full range of financial services through 18 offices in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties, Ohio and Allen County, Indiana. Reliance Financial Services 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, Florida, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Rurban’s common stock is quoted on the Nasdaq Global Market under the symbol RBNF. The Company currently has 10,000,000 shares of stock authorized and 5,027,433 shares outstanding. The Company’s website is 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. All subsequent written and oral forward-looking statements attributable to Rurban or any person acting on our behalf are qualified by these cautionary statements.
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RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2006 and December 31, 2005
| | | | | | | | | |
| | | December | | | December | |
| | | 2006 | | | 2005 | |
| | | (Unaudited) | | | | | |
ASSETS | | | | | | | | |
| |
| Cash and due from banks | | $ | 13,381,791 | | | $ | 12,650,839 | |
| Federal funds sold | | | 9,100,000 | | | | — | |
| | | | | | | |
| Cash and cash equivalents | | | 22,481,791 | | | | 12,650,839 | |
| Interest-earning deposits in other financial institutions | | | 150,000 | | | | 150,000 | |
| Available-for-sale securities | | | 102,462,075 | | | | 139,353,329 | |
| Loans held for sale | | | 390,100 | | | | 224,000 | |
| Loans, net of unearned income | | | 370,101,809 | | | | 327,048,229 | |
| Allowance for loan losses | | | (3,717,377 | ) | | | (4,699,827 | ) |
| Premises and equipment, net | | | 15,449,774 | | | | 13,346,632 | |
| Purchased software | | | 4,618,691 | | | | 3,916,913 | |
| Federal Reserve and Federal Home Loan Bank Stock | | | 3,993,450 | | | | 3,607,500 | |
| Foreclosed assets held for sale, net | | | 82,397 | | | | 2,309,900 | |
| Accrued interest receivable | | | 3,129,774 | | | | 3,010,355 | |
| Goodwill | | | 13,674,058 | | | | 8,917,373 | |
| Core deposits and other intangibles | | | 5,858,982 | | | | 3,742,333 | |
| Cash value of life insurance | | | 10,771,843 | | | | 10,443,487 | |
| Other assets | | | 6,559,886 | | | | 6,521,213 | |
| | | | | | | |
| | | | | | | | | |
| Total assets | | $ | 556,007,253 | | | $ | 530,542,276 | |
| | | | | | | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| Liabilities | | | | | | | | |
| Deposits | | | | | | | | |
| Demand | | $ | 46,565,554 | | | $ | 52,073,751 | |
| Savings, interest checking and money market | | | 128,830,553 | | | | 124,206,115 | |
| Time | | | 239,159,338 | | | | 208,558,046 | |
| | | | | | | |
| Total deposits | | | 414,555,445 | | | | 384,837,912 | |
| Notes payable | | | 2,589,207 | | | | 938,572 | |
| Advances from Federal Home Loan Bank | | | 21,000,000 | | | | 45,500,000 | |
| Fed Funds Purchased | | | — | | | | 4,600,000 | |
| Repurchase Agreements | | | 32,270,900 | | | | 6,080,420 | |
| Trust preferred securities | | | 20,620,000 | | | | 20,620,000 | |
| Accrued interest payable | | | 2,224,413 | | | | 1,373,044 | |
| Other liabilities | | | 5,792,135 | | | | 12,141,680 | |
| | | | | | | |
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| Total liabilities | | | 499,052,100 | | | | 476,091,628 | |
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| Shareholders’ Equity | | | | | | | | |
| Common stock | | | 12,568,583 | | | | 12,568,583 | |
| Additional paid-in capital | | | 14,859,165 | | | | 14,835,110 | |
| Retained earnings | | | 30,407,298 | | | | 28,702,817 | |
| Accumulated other comprehensive loss | | | (879,893 | ) | | | (1,655,862 | ) |
| | | | | | | |
| |
| Total shareholders’ equity | | | 56,955,153 | | | | 54,450,648 | |
| | | | | | | |
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| Total liabilities and shareholders’ equity | | $ | 556,007,253 | | | $ | 530,542,276 | |
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RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Twelve Months Ended December 31, 2006 and 2005
| | | | | | | | | | | | | |
| | | | | | | | | | | Increase/ | |
| | | Twelve Months | | | Twelve Months | | | (Decrease) | |
| | | 2006 | | | 2005 | | | $ | |
| Interest income | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | |
| Taxable | | $ | 24,958,988 | | | $ | 16,593,703 | | | $ | 8,365,285 | |
| Tax-exempt | | | 63,356 | | | | 64,609 | | | | (1,253 | ) |
| Securities | | | | | | | | | | | | |
| Taxable | | | 5,211,672 | | | | 4,337,477 | | | | 874,195 | |
| Tax-exempt | | | 559,518 | | | | 265,959 | | | | 293,559 | |
| Other | | | 176,884 | | | | 160,240 | | | | 16,644 | |
| | | | | | | | | | |
| Total interest income | | | 30,970,418 | | | | 21,421,988 | | | | 9,548,430 | |
| | | | | | | | | | | | | |
| Interest expense | | | | | | | | | | | | |
| Deposits | | | 11,022,161 | | | | 5,651,372 | | | | 5,370,789 | |
| Other borrowings | | | 172,130 | | | | 304,047 | | | | (131,917 | ) |
| Retail Repurchase Agreements | | | 848,277 | | | | 97,966 | | | | 750,311 | |
| Federal Home Loan Bank advances | | | 2,106,385 | | | | 2,039,851 | | | | 66,534 | |
| Trust preferred securities | | | 1,787,023 | | | | 1,275,168 | | | | 511,855 | |
| | | | | | | | | | |
| Total interest expense | | | 15,935,976 | | | | 9,368,404 | | | | 6,567,572 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income | | | 15,034,442 | | | | 12,053,584 | | | | 2,980,858 | |
| | | | | | | | | | | | | |
| Provision for loan losses | | | 177,838 | | | | 583,402 | | | | (405,564 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 14,856,604 | | | | 11,470,182 | | | | 3,386,422 | |
| | | | | | | | | | | | | |
| Non-interest income | | | | | | | | | | | | |
| Data service fees | | | 15,011,143 | | | | 12,708,407 | | | | 2,302,736 | |
| Trust fees | | | 3,192,025 | | | | 3,133,550 | | | | 58,475 | |
| Customer service fees | | | 2,161,153 | | | | 1,859,547 | | | | 301,606 | |
| Net gain on sales of loans | | | 1,249,148 | | | | (436,971 | ) | | | 1,686,119 | |
| Net realized gains (losses) on sales of available-for-sale securities | | | (494,885 | ) | | | 25,300 | | | | (520,185 | ) |
| Investment securities recoveries | | | 889,454 | | | | — | | | | 889,454 | |
| Loan servicing fees | | | 419,709 | | | | 306,929 | | | | 112,780 | |
| Gain (loss) on sale of assets | | | 94,198 | | | | — | | | | 94,198 | |
| Other income | | | 1,233,376 | | | | 741,340 | | | | 492,036 | |
| | | | | | | | | | |
| Total non-interest income | | | 23,755,321 | | | | 18,338,102 | | | | 5,417,219 | |
| | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | |
| Salaries and employee benefits | | | 16,584,146 | | | | 13,518,749 | | | | 3,065,397 | |
| Net occupancy expense | | | 1,840,864 | | | | 1,214,169 | | | | 626,695 | |
| Equipment expense | | | 5,850,281 | | | | 5,148,458 | | | | 701,823 | |
| Data processing fees | | | 562,265 | | | | 411,465 | | | | 150,800 | |
| Professional fees | | | 2,395,863 | | | | 2,730,337 | | | | (334,474 | ) |
| Marketing expense | | | 669,764 | | | | 445,656 | | | | 224,108 | |
| Printing and office supplies | | | 619,100 | | | | 524,473 | | | | 94,627 | |
| Telephone and communication | | | 1,705,261 | | | | 1,549,449 | | | | 155,812 | |
| Postage and delivery expense | | | 735,210 | | | | 313,379 | | | | 421,831 | |
| State, local and other taxes | | | 674,280 | | | | 572,456 | | | | 101,824 | |
| Employee expense | | | 978,832 | | | | 994,735 | | | | (15,903 | ) |
| FHLB prepayment penalties | | | 214,886 | | | | — | | | | 214,886 | |
| Other expenses | | | 2,072,815 | | | | 1,630,514 | | | | 442,301 | |
| | | | | | | | | | |
| Total non-interest expense | | | 34,903,567 | | | | 29,053,840 | | | | 5,849,727 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income tax expense | | | 3,708,358 | | | | 754,444 | | | | 2,953,914 | |
| Income tax expense | | | 948,116 | | | | 81,353 | | | | 866,763 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 2,760,242 | | | $ | 673,091 | | | $ | 2,087,151 | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.55 | | | $ | 0.15 | | | $ | 0.40 | |
| | | | | | | | | | |
| Diluted | | $ | 0.55 | | | $ | 0.15 | | | $ | 0.40 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 5,030,317 | | | | 4,584,406 | | | | | |
| | | | | | | | | | | |
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Fourth Quarter Ended December 31, 2006 and 2005
| | | | | | | | | | | | | |
| | | | | | | | | | | Increase/ | |
| | | Fourth Quarter | | | Fourth Quarter | | | (Decrease) | |
| | | 2006 | | | 2005 | | | $ | |
| Interest income | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | |
| Taxable | | $ | 6,720,398 | | | $ | 4,494,995 | | | $ | 2,225,403 | |
| Tax-exempt | | | 17,638 | | | | 16,382 | | | | 1,256 | |
| Securities | | | | | | | | | | | | |
| Taxable | | | 1,258,234 | | | | 1,202,335 | | | | 55,899 | |
| Tax-exempt | | | 149,172 | | | | 99,971 | | | | 49,201 | |
| Other | | | 77,726 | | | | 1,634 | | | | 76,092 | |
| | | | | | | | | | |
| Total interest income | | | 8,223,168 | | | | 5,815,317 | | | | 2,407,851 | |
| | | | | | | | | | | | | |
| Interest expense | | | | | | | | | | | | |
| Deposits | | | 3,326,774 | | | | 1,639,319 | | | | 1,687,455 | |
| Other borrowings | | | 51,910 | | | | 99,683 | | | | (47,773 | ) |
| Repurchase Agreements | | | 382,717 | | | | 37,638 | | | | 345,079 | |
| Federal Home Loan Bank advances | | | 421,970 | | | | 458,799 | | | | (36,829 | ) |
| Trust preferred securities | | | 455,408 | | | | 432,998 | | | | 22,410 | |
| | | | | | | | | | |
| Total interest expense | | | 4,638,779 | | | | 2,668,437 | | | | 1,970,342 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income | | | 3,584,389 | | | | 3,146,880 | | | | 437,509 | |
| | | | | | | | | | | | | |
| Provision for loan losses | | | (159,483 | ) | | | 613,402 | | | | (772,885 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 3,743,872 | | | | 2,533,478 | | | | 1,210,394 | |
| | | | | | | | | | | | | |
| Non-interest income | | | | | | | | | | | | |
| Data service fees | | | 4,698,386 | | | | 3,399,178 | | | | 1,299,208 | |
| Trust fees | | | 830,898 | | | | 782,040 | | | | 48,858 | |
| Customer service fees | | | 525,881 | | | | 450,348 | | | | 75,533 | |
| Net gain on sales of loans | | | 833,315 | | | | (483,214 | ) | | | 1,316,529 | |
| Net realized gains on sales of available-for-sale securities | | | (494,885 | ) | | | — | | | | (494,885 | ) |
| Investment securities recoveries | | | 889,454 | | | | — | | | | 889,454 | |
| Loan servicing fees | | | 118,476 | | | | 81,603 | | | | 36,873 | |
| Gain (loss) on sale of assets | | | 8,852 | | | | (65,188 | ) | | | 74,040 | |
| Other income | | | 165,637 | | | | 311,750 | | | | (146,113 | ) |
| | | | | | | | | | |
| Total non-interest income | | | 7,576,014 | | | | 4,476,517 | | | | 3,099,497 | |
| | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,677,237 | | | | 3,139,135 | | | | 1,538,102 | |
| Net occupancy expense | | | 506,142 | | | | 317,110 | | | | 189,032 | |
| Equipment expense | | | 1,681,747 | | | | 1,316,981 | | | | 364,766 | |
| Data processing fees | | | 159,604 | | | | 107,684 | | | | 51,920 | |
| Professional fees | | | 870,464 | | | | 1,033,317 | | | | (162,853 | ) |
| Marketing expense | | | 132,787 | | | | 136,731 | | | | (3,944 | ) |
| Printing and office supplies | | | 165,990 | | | | 127,320 | | | | 38,670 | |
| Telephone and communication | | | 427,554 | | | | 408,846 | | | | 18,708 | |
| Postage and delivery expense | | | 337,993 | | | | 77,373 | | | | 260,620 | |
| State, local and other taxes | | | 161,523 | | | | 192,420 | | | | (30,897 | ) |
| Employee expense | | | 233,491 | | | | 268,173 | | | | (34,682 | ) |
| FHLB prepayment penalties | | | 214,886 | | | | — | | | | 214,886 | |
| Other expenses | | | 789,587 | | | | 507,067 | | | | 282,520 | |
| | | | | | | | | | |
| Total non-interest expense | | | 10,359,005 | | | | 7,632,157 | | | | 2,726,848 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income tax expense | | | 960,881 | | | | (622,162 | ) | | | 1,583,043 | |
| Income tax expense | | | 250,448 | | | | (278,308 | ) | | | 528,756 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net income | | $ | 710,433 | | | $ | (343,854 | ) | | $ | 1,054,287 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.14 | | | $ | (0.08 | ) | | $ | 0.22 | |
| | | | | | | | | | |
| Diluted | | $ | 0.14 | | | $ | (0.08 | ) | | $ | 0.22 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 5,027,440 | | | | 4,571,317 | | | | | |
| | | | | | | | | | | |
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Fourth Quarter Ended December 31, 2006 and Third Quarter 2006
| | | | | | | | | | | | | |
| | | | | | | | | | | Increase/ | |
| | | Fourth Quarter | | | Third Quarter | | | (Decrease) | |
| | | 2006 | | | 2006 | | | $ | |
| Interest income | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | |
| Taxable | | $ | 6,720,398 | | | $ | 6,641,379 | | | $ | 79,019 | |
| Tax-exempt | | | 17,638 | | | | 18,326 | | | | (688 | ) |
| Securities | | | | | | | | | | | | |
| Taxable | | | 1,258,234 | | | | 1,306,979 | | | | (48,745 | ) |
| Tax-exempt | | | 149,172 | | | | 141,943 | | | | 7,229 | |
| Other | | | 77,726 | | | | 48,846 | | | | 28,880 | |
| | | | | | | | | | |
| Total interest income | | | 8,223,168 | | | | 8,157,473 | | | | 65,695 | |
| | | | | | | | | | | | | |
| Interest expense | | | | | | | | | | | | |
| Deposits | | | 3,326,774 | | | | 3,017,993 | | | | 308,781 | |
| Other borrowings | | | 51,910 | | | | 67,773 | | | | (15,863 | ) |
| Repurchase Agreements | | | 382,717 | | | | 182,007 | | | | 200,710 | |
| Federal Home Loan Bank advances | | | 421,970 | | | | 667,749 | | | | (245,779 | ) |
| Trust preferred securities | | | 455,408 | | | | 466,417 | | | | (11,009 | ) |
| | | | | | | | | | |
| Total interest expense | | | 4,638,779 | | | | 4,401,939 | | | | 236,840 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income | | | 3,584,389 | | | | 3,755,534 | | | | (171,145 | ) |
| | | | | | | | | | | | | |
| Provision for loan losses | | | (159,483 | ) | | | 35,000 | | | | (194,483 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 3,743,872 | | | | 3,720,534 | | | | 23,338 | |
| | | | | | | | | | | | | |
| Non-interest income | | | | | | | | | | | | |
| Data service fees | | | 4,698,386 | | | | 3,785,037 | | | | 913,349 | |
| Trust fees | | | 830,898 | | | | 753,449 | | | | 77,449 | |
| Customer service fees | | | 525,881 | | | | 542,518 | | | | (16,637 | ) |
| Net gain on sales of loans | | | 833,315 | | | | 283,123 | | | | 550,192 | |
| Net realized gains (losses) on sales of available-for-sale securities | | | (494,885 | ) | | | — | | | | (494,885 | ) |
| Investment securities recoveries | | | 889,454 | | | | — | | | | 889,454 | |
| Loan servicing fees | | | 118,476 | | | | 96,754 | | | | 21,722 | |
| Gain (loss) on sale of assets | | | 8,852 | | | | 25,914 | | | | (17,062 | ) |
| Other income | | | 165,637 | | | | 415,961 | | | | (250,324 | ) |
| | | | | | | | | | |
| Total non-interest income | | | 7,576,014 | | | | 5,902,756 | | | | 1,673,258 | |
| | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,677,237 | | | | 4,253,924 | | | | 423,313 | |
| Net occupancy expense | | | 506,142 | | | | 468,855 | | | | 37,287 | |
| Equipment expense | | | 1,681,747 | | | | 1,445,073 | | | | 236,674 | |
| Data processing fees | | | 159,604 | | | | 146,703 | | | | 12,901 | |
| Professional fees | | | 870,464 | | | | 481,132 | | | | 389,332 | |
| Marketing expense | | | 132,787 | | | | 168,031 | | | | (35,244 | ) |
| Printing and office supplies | | | 165,990 | | | | 126,765 | | | | 39,225 | |
| Telephone and communication | | | 427,554 | | | | 467,692 | | | | (40,138 | ) |
| Postage and delivery expense | | | 337,993 | | | | 142,957 | | | | 195,036 | |
| State, local and other taxes | | | 161,523 | | | | 188,464 | | | | (26,941 | ) |
| Employee expense | | | 233,491 | | | | 235,429 | | | | (1,938 | ) |
| FHLB prepayment penalties | | | 214,886 | | | | — | | | | 214,886 | |
| Other expenses | | | 789,587 | | | | 389,631 | | | | 399,956 | |
| | | | | | | | | | |
| Total non-interest expense | | | 10,359,005 | | | | 8,514,656 | | | | 1,844,349 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income tax expense | | | 960,881 | | | | 1,108,634 | | | | (147,753 | ) |
| Income tax expense | | | 250,448 | | | | 294,893 | | | | (44,445 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net income | | $ | 710,433 | | | $ | 813,741 | | | $ | (103,308 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.14 | | | $ | 0.16 | | | $ | (0.02 | ) |
| | | | | | | | | | |
| Diluted | | $ | 0.14 | | | $ | 0.16 | | | $ | (0.02 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 5,027,440 | | | | 5,027,704 | | | | | |
| | | | | | | | | | | |
Rurban Financial Corp.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
| | | | | | | | | | | | | | | | | |
| | | YTD | | | 4th Qtr | | | YTD | | | 4th Qtr | |
| (dollars in thousands except per share data) | | 2006 | | | 2006 | | | 2005 | | | 2005 | |
EARNINGS | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 15,034 | | | $ | 3,584 | | | $ | 12,054 | | | $ | 3,147 | |
| Provision for loan loss | | $ | 178 | | | $ | (159 | ) | | $ | 583 | | | $ | 613 | |
| Non-interest income | | $ | 23,755 | | | $ | 7,576 | | | $ | 18,338 | | | $ | 4,477 | |
| Revenue (net interest income plus non-interest income) | | $ | 38,789 | | | $ | 11,160 | | | $ | 30,392 | | | $ | 7,624 | |
| Non-interest expense | | $ | 34,904 | | | $ | 10,359 | | | $ | 29,054 | | | $ | 7,632 | |
Net income (loss) | | $ | 2,760 | | | $ | 710 | | | $ | 673 | | | $ | (344) | |
| | | | | | | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | | | | | |
| Basic earnings per share | | $ | 0.55 | | | $ | 0.14 | | | $ | 0.15 | | | $ | (0.08 | ) |
| Diluted earnings per share | | $ | 0.55 | | | $ | 0.14 | | | $ | 0.15 | | | $ | (0.08 | ) |
| Book value per share | | $ | 11.33 | | | $ | 11.33 | | | $ | 10.83 | | | $ | 10.83 | |
| Tangible book value per share | | $ | 7.58 | | | $ | 7.58 | | | $ | 8.31 | | | $ | 8.31 | |
| Cash dividend per share | | $ | 0.21 | | | $ | 0.06 | | | $ | 0.20 | | | $ | 0.05 | |
| | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | |
| Return on average assets | | | 0.50 | % | | | 0.50 | % | | | 0.16 | % | | | (0.31 | %) |
| Return on average equity | | | 5.06 | % | | | 5.08 | % | | | 1.32 | % | | | (2.63 | %) |
| Net interest margin (tax equivalent) | | | 3.13 | % | | | 2.92 | % | | | 3.14 | % | | | 3.18 | % |
| Non-interest expense / Average assets | | | 6.30 | % | | | 7.27 | % | | | 26.82 | % | | | 6.91 | % |
| Efficiency Ratio — bank (non-GAAP) | | | 88.20 | % | | | 94.85 | % | | | 101.81 | % | | | 107.58 | % |
| Non-interest income/Total operating revenue (net interest income plus non-interest income) | | | 61.24 | % | | | 67.89 | % | | | 60.34 | % | | | 58.72 | % |
| | | | | | | | | | | | | | | | | |
MARKET DATA PER SHARE | | | | | | | | | | | | | | | | |
| Market value per share — Period end | | $ | 10.77 | | | $ | 10.77 | | | $ | 11.78 | | | $ | 11.78 | |
| Market as a % of book | | | 0.95 | | | | 0.95 | | | | 1.09 | | | | 1.09 | |
| Cash dividend yield | | | 1.95 | % | | | 2.23 | % | | | 1.70 | % | | | 1.70 | % |
| Period-end common shares outstanding (000) | | | 5,027 | | | | 5,027 | | | | 5,027 | | | | 5,027 | |
| Common stock market capitalization ($000) | | $ | 54,145 | | | $ | 54,145 | | | $ | 59,223 | | | $ | 59,223 | |
| | | | | | | | | | | | | | | | | |
CAPITAL & LIQUIDITY | | | | | | | | | | | | | | | | |
| Equity to assets | | | 10.2 | % | | | 10.2 | % | | | 10.3 | % | | | 10.3 | % |
| Period-end tangible equity to assets | | | 6.9 | % | | | 6.9 | % | | | 7.9 | % | | | 7.9 | % |
| Tier 1 risk-based capital ratio | | | 14.7 | % | | | 14.7 | % | | | 17.7 | % | | | 17.7 | % |
| Total risk-based capital ratio | | | 15.8 | % | | | 15.8 | % | | | 19.3 | % | | | 19.3 | % |
| Average loans to average deposits | | | 85.7 | % | | | 89.2 | % | | | 87.6 | % | | | 86.3 | % |
| | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | |
| Net charge-offs / (Recoveries) | | $ | 1,160 | | | $ | 645 | | | $ | 1,692 | | | $ | 1,638 | |
| Net loan charge-offs (Ann.) / Average loans | | | 0.33 | % | | | 0.70 | % | | | 0.63 | % | | | 2.40 | % |
| Non-performing loans | | $ | 3,828 | | | $ | 3,828 | | | $ | 6,270 | | | $ | 6,270 | |
| OREO / OAOs | | $ | 82 | | | $ | 82 | | | $ | 2,608 | | | $ | 2,608 | |
| Non-performing assets | | $ | 3,910 | | | $ | 3,910 | | | $ | 8,878 | | | $ | 8,878 | |
| Non-performing assets / Total assets | | | 0.70 | % | | | 0.70 | % | | | 1.67 | % | | | 1.67 | % |
| Allowance for loan losses / Total loans | | | 1.00 | % | | | 1.00 | % | | | 1.44 | % | | | 1.44 | % |
| Allowance for loan losses / Non-performing assets | | | 95.1 | % | | | 95.1 | % | | | 52.9 | % | | | 52.9 | % |
| | | | | | | | | | | | | | | | | |
END OF PERIOD BALANCES | | | | | | | | | | | | | | | | |
| Total loans, net of unearned income | | $ | 370,102 | | | $ | 370,102 | | | $ | 327,048 | | | $ | 327,048 | |
| Allowance for loan loss | | $ | 3,717 | | | $ | 3,717 | | | $ | 4,700 | | | $ | 4,700 | |
| Total assets | | $ | 556,007 | | | $ | 556,007 | | | $ | 530,542 | | | $ | 530,542 | |
| Deposits | | $ | 414,555 | | | $ | 414,555 | | | $ | 384,838 | | | $ | 384,838 | |
| Stockholders’ equity | | $ | 56,955 | | | $ | 56,955 | | | $ | 54,451 | | | $ | 54,451 | |
| Full-time equivalent employees | | | 317 | | | | 317 | | | | 281 | | | | 281 | |
| | | | | | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | |
| Loans | | $ | 354,400 | | | $ | 370,687 | | | $ | 268,158 | | | $ | 273,288 | |
| Total earning assets | | $ | 490,550 | | | $ | 502,530 | | | $ | 388,593 | | | $ | 409,566 | |
| Total assets | | $ | 554,095 | | | $ | 569,807 | | | $ | 433,366 | | | $ | 442,024 | |
| Deposits | | $ | 413,338 | | | $ | 415,576 | | | $ | 306,268 | | | $ | 316,570 | |
| Stockholders’ equity | | $ | 54,501 | | | $ | 55,963 | | | $ | 51,083 | | | $ | 52,366 | |
Rurban Financial Corp.
Segment Reporting
Three Months Ended December 31, 2006
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | RFCBC | | | Banking | | | | |
| | | | | | | | | | | (Loan | | | Intersegment | | | Banking | |
| | | State Bank | | | Exchange | | | Workout | | | Elimination | | | Related | |
| | | and Trust | | | Bank | | | Company) | | | Entries | | | Entities | |
Income Statement Measures | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | $ | 6,913 | | | $ | 1,362 | | | $ | — | | | $ | (7 | ) | | $ | 8,268 | |
| Interest Expense | | | 3,657 | | | | 497 | | | | — | | | | (7 | ) | | | 4,147 | |
| Net Interest Income | | | 3,256 | | | | 865 | | | | — | | | | — | | | | 4,121 | |
| Provision For Loan Loss | | | (109 | ) | | | (30 | ) | | | (20 | ) | | | — | | | | (159 | ) |
| Non-interest Income | | | 1,168 | | | | 303 | | | | 124 | | | | — | | | | 1,595 | |
| Non-interest Expense | | | 3,892 | | | | 1,252 | | | | 278 | | | | — | | | | 5,422 | |
| Net Income Before Taxes | | | 641 | | | | (54 | ) | | | (134 | ) | | | — | | | | 453 | |
| Income Taxes | | | 145 | | | | (18 | ) | | | (45 | ) | | | — | | | | 82 | |
| Net Income QTR | | $ | 496 | | | $ | (36 | ) | | $ | (89 | ) | | $ | — | | | $ | 371 | |
| | | | | | | | | | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | | | | | | | | | |
| Average Assets — Quarter | | $ | 463,788 | | | $ | 86,634 | | | $ | 2,178 | | | $ | (951 | ) | | $ | 551,649 | |
| ROAA | | | 0.43 | % | | | (0.17 | %) | | | 0.00 | % | | | 0.00 | % | | | 0.27 | % |
| Average Equity — Quarter | | $ | 41,581 | | | $ | 12,154 | | | $ | 1,714 | | | $ | — | | | $ | 55,449 | |
| ROAE | | | 4.78 | % | | | (1.18 | %) | | | 0.00 | % | | | 0.00 | % | | | 2.68 | % |
| Efficiency Ratio — % | | | 87.97 | % | | | 107.19 | % | | | 0.00 | % | | | 0.00 | % | | | 94.85 | % |
| Average Loans — Quarter | | $ | 307,757 | | | $ | 64,406 | | | $ | 1,059 | | | $ | — | | | $ | 373,222 | |
| Average Deposits — Quarter | | $ | 357,623 | | | $ | 67,436 | | | $ | — | | | $ | (781 | ) | | $ | 424,278 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | RFS (Trust | | | | | | | | | | | | | | |
| | | and | | | | | | | Parent | | | Intersegment | | | Rurban | |
| | | Investment | | | | | | | Company | | | Elimination | | | Financial | |
| | | Co.) | | | RDSI | | | and Other | | | Entries | | | Corp. | |
Income Statement Measures | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | $ | 16 | | | $ | — | | | $ | 1 | | | $ | (62 | ) | | $ | 8,223 | |
| Interest Expense | | | — | | | | 99 | | | | 455 | | | | (62 | ) | | | 4,639 | |
| Net Interest Income | | | 16 | | | | (99 | ) | | | (454 | ) | | | — | | | | 3,584 | |
| Provision For Loan Loss | | | — | | | | — | | | | — | | | | — | | | | (159 | ) |
| Non-interest Income | | | 764 | | | | 5,043 | | | | 1,576 | | | | (1,402 | ) | | | 7,576 | |
| Non-interest Expense | | | 616 | | | | 4,026 | | | | 1,697 | | | | (1,402 | ) | | | 10,359 | |
| Net Income Before Taxes | | | 164 | | | | 918 | | | | (575 | ) | | | — | | | | 960 | |
| Income Taxes | | | 55 | | | | 312 | | | | (199 | ) | | | — | | | | 250 | |
| Net Income QTR | | $ | 109 | | | $ | 606 | | | $ | (376 | ) | | $ | — | | | $ | 710 | |
| | | | | | | | | | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | | | | | | | | | |
| Average Assets — Quarter | | $ | 2,145 | | | $ | 19,695 | | | $ | 78,234 | | | $ | (81,916 | ) | | $ | 569,807 | |
| ROAA | | | 20.33 | % | | | 12.31 | % | | | 0.00 | % | | | 0.00 | % | | | 0.50 | % |
| Average Equity — Quarter | | $ | 2,161 | | | $ | 12,721 | | | $ | 56,477 | | | $ | (70,845 | ) | | $ | 55,963 | |
| ROAE | | | 20.18 | % | | | 19.06 | % | | | 0.00 | % | | | 0.00 | % | | | 5.08 | % |
| Efficiency Ratio — % | | | 78.97 | % | | | 81.43 | % | | | 0.00 | % | | | 0.00 | % | | | 92.82 | % |
| Average Loans — Quarter | | $ | — | | | $ | — | | | $ | — | | | $ | (2,908 | ) | | $ | 370,314 | |
| Average Deposits — Quarter | | $ | — | | | $ | — | | | $ | — | | | $ | (909 | ) | | $ | 423,369 | |
Rurban Financial Corp.
Segment Reporting
Twelve Months Ended December 31, 2006
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | RFCBC | | | Banking | | | | |
| | | | | | | | | | | (Loan | | | Intersegment | | | Banking | |
| | | State Bank | | | Exchange | | | Workout | | | Elimination | | | Related | |
| | | and Trust | | | Bank | | | Company) | | | Entries | | | Entities | |
Income Statement Measures | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | $ | 25,949 | | | $ | 5,291 | | | $ | 36 | | | $ | (123 | ) | | $ | 31,153 | |
| Interest Expense | | | 12,538 | | | | 1,716 | | | | — | | | | (123 | ) | | | 14,131 | |
| Net Interest Income | | | 13,411 | | | | 3,575 | | | | 36 | | | | — | | | | 17,022 | |
| Provision For Loan Loss | | | 284 | | | | 3 | | | | (109 | ) | | | — | | | | 178 | |
| Non-interest Income | | | 3,452 | | | | 1,154 | | | | 269 | | | | (3 | ) | | | 4,872 | |
| Non-interest Expense | | | 13,493 | | | | 4,900 | | | | 920 | | | | (3 | ) | | | 19,310 | |
| Net Income Before Taxes | | | 3,086 | | | | (174 | ) | | | (506 | ) | | | — | | | | 2,406 | |
| Income Taxes | | | 751 | | | | (60 | ) | | | (172 | ) | | | — | | | | 519 | |
| Net Income YTD | | | 2,335 | | | | (114 | ) | | | (334 | ) | | | — | | | | 1,887 | |
| | | | | | | | | | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | | | | | | | | | |
| Average Assets — YTD | | $ | 452,777 | | | $ | 84,904 | | | $ | 2,022 | | | $ | (951 | ) | | $ | 538,752 | |
| ROAA | | | 0.52 | % | | | (0.13 | %) | | | 0.00 | % | | | 0.00 | % | | | 0.35 | % |
| Average Equity — YTD | | $ | 40,028 | | | $ | 12,097 | | | $ | 4,073 | | | $ | — | | | $ | 56,198 | |
| ROAE | | | 5.83 | % | | | (0.94 | %) | | | 0.00 | % | | | 0.00 | % | | | 3.36 | % |
| Efficiency Ratio — % | | | 80.02 | % | | | 103.62 | % | | | 0.00 | % | | | 0.00 | % | | | 88.20 | % |
| Average Loans — YTD | | $ | 293,382 | | | $ | 62,042 | | | $ | 1,884 | | | $ | — | | | $ | 357,308 | |
| Average Deposits — YTD | | $ | 344,956 | | | $ | 70,072 | | | $ | — | | | $ | (781 | ) | | $ | 414,247 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | RFS (Trust | | | | | | | | | | | | | | |
| | | and | | | | | | | Parent | | | Intersegment | | | Rurban | |
| | | Investment | | | | | | | Company | | | Elimination | | | Financial | |
| | | Co.) | | | RDSI | | | and Other | | | Entries | | | Corp. | |
Income Statement Measures | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | $ | 61 | | | $ | 12 | | | $ | 3 | | | $ | (258 | ) | | $ | 30,970 | |
| Interest Expense | | | — | | | | 276 | | | | 1,787 | | | | (258 | ) | | | 15,936 | |
| Net Interest Income | | | 61 | | | | (264 | ) | | | (1,784 | ) | | | — | | | | 15,034 | |
| Provision For Loan Loss | | | — | | | | — | | | | — | | | | — | | | | 178 | |
| Non-interest Income | | | 3,359 | | | | 16,563 | | | | 4,823 | | | | (5,862 | ) | | | 23,755 | |
| Non-interest Expense | | | 2,337 | | | | 13,143 | | | | 5,976 | | | | (5,862 | ) | | | 34,904 | |
| Net Income Before Taxes | | | 1,083 | | | | 3,156 | | | | (2,937 | ) | | | — | | | | 3,708 | |
| Income Taxes | | | 368 | | | | 1,073 | | | | (1,012 | ) | | | — | | | | 948 | |
| Net Income YTD | | | 715 | | | | 2,083 | | | | (1,925 | ) | | | — | | | | 2,760 | |
| | | | | | | | | | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | | | | | | | | | |
| Average Assets — YTD | | $ | 2,382 | | | $ | 16,513 | | | $ | 77,381 | | | $ | (80,933 | ) | | $ | 554,095 | |
| ROAA | | | 30.02 | % | | | 12.61 | % | | | 0.00 | % | | | 0.00 | % | | | 0.50 | % |
| Average Equity — YTD | | $ | 1,905 | | | $ | 9,311 | | | $ | 54,937 | | | $ | (67,850 | ) | | $ | 54,501 | |
| ROAE | | | 37.53 | % | | | 22.37 | % | | | 0.00 | % | | | 0.00 | % | | | 5.06 | % |
| Efficiency Ratio — % | | | 68.33 | % | | | 80.64 | % | | | 0.00 | % | | | 0.00 | % | | | 89.98 | % |
| Average Loans — YTD | | $ | — | | | $ | — | | | $ | — | | | $ | (2,908 | ) | | $ | 354,400 | |
| Average Deposits — YTD | | $ | — | | | $ | — | | | $ | — | | | $ | (909 | ) | | $ | 413,338 | |
Rurban Financial Corp.
Proforma Performance Measurement
Quarterly Comparison — Fourth Quarter 2006
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | RFCBC | | | Banking | | | | |
| | | | | | | | | | | (Loan | | | Intersegment | | | Banking | |
| | | State Bank | | | Exchange | | | Workout | | | Elimination | | | Related | |
| | | and Trust | | | Bank | | | Company) | | | Entries | | | Entities | |
Average Assets | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 463,788 | | | $ | 86,634 | | | $ | 2,178 | | | $ | (951 | ) | | $ | 551,649 | |
| 3Q06 | | $ | 463,601 | | | $ | 88,141 | | | $ | 2,451 | | | $ | (1,572 | ) | | $ | 552,621 | |
| 2Q06 | | $ | 446,579 | | | $ | 85,449 | | | $ | 5,477 | | | $ | (4,001 | ) | | $ | 533,504 | |
| 1Q06 | | $ | 436,239 | | | $ | 83,209 | | | $ | 6,675 | | | $ | (1,071 | ) | | $ | 525,052 | |
| 4Q05 | | $ | 424,432 | | | | N/A | | | $ | 13,896 | | | $ | (847 | ) | | $ | 437,481 | |
| 4th Quarter Comparison | | $ | 39,356 | | | | N/A | | | $ | (11,718 | ) | | $ | — | | | $ | 114,168 | |
| | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 4,424 | | | $ | 1,168 | | | $ | 124 | | | $ | — | | | $ | 5,716 | |
| 3Q06 | | $ | 4,136 | | | $ | 1,309 | | | $ | 3 | | | $ | — | | | $ | 5,448 | |
| 2Q06 | | $ | 4,173 | | | $ | 1,214 | | | $ | 85 | | | $ | (2 | ) | | $ | 5,469 | |
| 1Q06 | | $ | 4,131 | | | $ | 1,036 | | | $ | 93 | | | $ | (2 | ) | | $ | 5,258 | |
| 4Q05 | | $ | 4,389 | | | | N/A | | | $ | (256 | ) | | $ | (2 | ) | | $ | 4,131 | |
| 4th Quarter Comparison | | $ | 35 | | | $ | 1,168 | | | $ | 380 | | | $ | — | | | $ | 1,585 | |
| | | | | | | | | | | | | | | | | | | | | |
Non-interest Expenses | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 3,892 | | | $ | 1,252 | | | $ | 278 | | | $ | — | | | $ | 5,422 | |
| 3Q06 | | $ | 3,236 | | | $ | 1,180 | | | $ | 161 | | | $ | — | | | $ | 4,577 | |
| 2Q06 | | $ | 3,131 | | | $ | 1,195 | | | $ | 307 | | | $ | (2 | ) | | $ | 4,631 | |
| 1Q06 | | $ | 3,234 | | | $ | 1,273 | | | $ | 174 | | | $ | (2 | ) | | $ | 4,679 | |
| 4Q05 | | $ | 3,564 | | | | N/A | | | $ | 882 | | | $ | (2 | ) | | $ | 4,444 | |
| 4th Quarter Comparison | | $ | 328 | | | $ | 1,252 | | | $ | (604 | ) | | $ | — | | | $ | 978 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Income | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 496 | | | $ | (36 | ) | | $ | (89 | ) | | $ | — | | | $ | 371 | |
| 3Q06 | | $ | 651 | | | $ | 62 | | | $ | (82 | ) | | $ | — | | | $ | 631 | |
| 2Q06 | | $ | 687 | | | $ | 15 | | | $ | (109 | ) | | $ | — | | | $ | 593 | |
| 1Q06 | | $ | 502 | | | $ | (156 | ) | | $ | (54 | ) | | $ | — | | | $ | 292 | |
| 4Q05 | | $ | 479 | | | | N/A | | | $ | (1,058 | ) | | $ | — | | | $ | (579 | ) |
| 4th Quarter Comparison | | $ | 17 | | | $ | (36 | ) | | $ | 969 | | | $ | — | | | $ | 950 | |
| | | | | | | | | | | | | | | | | | | | | |
Efficiency Ratio | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 87.97 | % | | | 107.19 | % | | | — | | | | — | | | | 94.86 | % |
| 3Q06 | | | 78.24 | % | | | 90.15 | % | | | — | | | | — | | | | 84.01 | % |
| 2Q06 | | | 75.03 | % | | | 98.41 | % | | | — | | | | — | | | | 84.67 | % |
| 1Q06 | | | 78.28 | % | | | 122.84 | % | | | — | | | | — | | | | 88.99 | % |
| 4Q05 | | | 81.20 | % | | | N/A | | | | — | | | | — | | | | 107.58 | % |
| 4th Quarter Comparison | | | 6.77 | % | | | N/A | | | | — | | | | — | | | | (12.72 | %) |
| | | | | | | | | | | | | | | | | | | | | |
NPA/Total Assets | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 0.67 | % | | | 0.31 | % | | | — | | | | — | | | | 0.70 | % |
| 3Q06 | | | 0.92 | % | | | 0.77 | % | | | — | | | | — | | | | 1.07 | % |
| 2Q06 | | | 0.70 | % | | | 1.66 | % | | | — | | | | — | | | | 1.07 | % |
| 1Q06 | | | 0.70 | % | | | 1.77 | % | | | — | | | | — | | | | 1.64 | % |
| 4Q05 | | | 0.64 | % | | | 2.03 | % | | | — | | | | — | | | | 1.67 | % |
| 4th Quarter Comparison | | | 0.03 | % | | | (1.72 | %) | | | — | | | | — | | | | (0.97 | %) |
| | | | | | | | | | | | | | | | | | | | | |
ROAA | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 0.43 | % | | | (0.17 | %) | | | — | | | | — | | | | 0.27 | % |
| 3Q06 | | | 0.56 | % | | | 0.28 | % | | | — | | | | — | | | | 0.46 | % |
| 2Q06 | | | 0.62 | % | | | 0.07 | % | | | — | | | | — | | | | 0.44 | % |
| 1Q06 | | | 0.46 | % | | | (0.75 | %) | | | — | | | | — | | | | 0.22 | % |
| 4Q05 | | | 0.45 | % | | | N/A | | | | — | | | | — | | | | (0.40 | %) |
| 4th Quarter Comparison | | | (0.02 | %) | | | N/A | | | | — | | | | — | | | | 0.67 | % |
| | | | | | | | | | | | | | | | | | | | | |
ROAE | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 4.78 | % | | | (1.18 | %) | | | — | | | | — | | | | 2.68 | % |
| 3Q06 | | | 6.52 | % | | | 2.05 | % | | | — | | | | — | | | | 4.65 | % |
| 2Q06 | | | 7.03 | % | | | 0.50 | % | | | — | | | | — | | | | 5.52 | % |
| 1Q06 | | | 5.08 | % | | | (5.09 | %) | | | — | | | | — | | | | 3.16 | % |
| 4Q05 | | | 4.94 | % | | | N/A | | | | — | | | | — | | | | (2.88 | %) |
| 4th Quarter Comparison | | | (0.16 | %) | | | N/A | | | | — | | | | — | | | | 5.56 | % |
| | | | | | | | | | | | | | | | | | | | | |
Average Equity | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 41,581 | | | $ | 12,154 | | | $ | 1,714 | | | $ | — | | | $ | 55,449 | |
| 3Q06 | | $ | 39,911 | | | $ | 12,119 | | | $ | 2,261 | | | $ | — | | | $ | 54,291 | |
| 2Q06 | | $ | 39,078 | | | $ | 12,015 | | | $ | 5,393 | | | $ | — | | | $ | 56,486 | |
| 1Q06 | | $ | 39,522 | | | $ | 12,228 | | | $ | 7,001 | | | $ | — | | | $ | 58,751 | |
| 4Q05 | | $ | 38,784 | | | $ | 8,109 | | | $ | 13,731 | | | $ | — | | | $ | 60,624 | |
| 4th Quarter Comparison | | $ | 2,797 | | | $ | 4,045 | | | $ | (12,017 | ) | | $ | — | | | $ | (5,175 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| | | RFS (Trust | | | | | | | | | | | | | | |
| | | and | | | | | | | Parent | | | Intersegment | | | Rurban | |
| | | Investment | | | | | | | Company | | | Elimination | | | Financial | |
| | | Co.) | | | RDSI | | | and Other | | | Entries | | | Corp. | |
Average Assets | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 2,145 | | | $ | 19,695 | | | $ | 78,234 | | | $ | (81,916 | ) | | $ | 569,807 | |
| 3Q06 | | $ | 2,390 | | | $ | 14,442 | | | $ | 75,666 | | | $ | (91,653 | ) | | $ | 553,465 | |
| 2Q06 | | $ | 2,583 | | | $ | 13,368 | | | $ | 74,679 | | | $ | (79,060 | ) | | $ | 545,074 | |
| 1Q06 | | $ | 2,138 | | | $ | 11,579 | | | $ | 78,706 | | | $ | (83,104 | ) | | $ | 534,371 | |
| 4Q05 | | $ | 2,469 | | | $ | 9,783 | | | $ | 71,938 | | | $ | (79,647 | ) | | $ | 442,024 | |
| 4th Quarter Comparison | | $ | (324 | ) | | $ | 9,912 | | | $ | 6,296 | | | $ | — | | | $ | 127,783 | |
| | | | | | | | | | | | | | | | | | | | | |
Revenue | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 780 | | | $ | 4,944 | | | $ | 1,122 | | | $ | (1,402 | ) | | $ | 11,160 | |
| 3Q06 | | $ | 950 | | | $ | 4,084 | | | $ | 594 | | | $ | (1,418 | ) | | $ | 9,658 | |
| 2Q06 | | $ | 834 | | | $ | 3,632 | | | $ | 537 | | | $ | (1,374 | ) | | $ | 9,098 | |
| 1Q06 | | $ | 856 | | | $ | 3,637 | | | $ | 789 | | | $ | (1,668 | ) | | $ | 8,872 | |
| 4Q05 | | $ | 823 | | | $ | 3,686 | | | $ | (163 | ) | | $ | (854 | ) | | $ | 7,624 | |
| 4th Quarter Comparison | | $ | (43 | ) | | $ | 1,258 | | | $ | 1,285 | | | $ | — | | | $ | 3,536 | |
| | | | | | | | | | | | | | | | | | | | | |
Non-interest Expenses | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 616 | | | $ | 4,026 | | | $ | 1,697 | | | $ | (1,402 | ) | | $ | 10,359 | |
| 3Q06 | | $ | 568 | | | $ | 3,360 | | | $ | 1,427 | | | $ | (1,418 | ) | | $ | 8,514 | |
| 2Q06 | | $ | 553 | | | $ | 2,949 | | | $ | 1,321 | | | $ | (1,374 | ) | | $ | 8,080 | |
| 1Q06 | | $ | 601 | | | $ | 2,807 | | | $ | 1,531 | | | $ | (1,668 | ) | | $ | 7,950 | |
| 4Q05 | | $ | 606 | | | $ | 2,812 | | | $ | 575 | | | $ | (805 | ) | | $ | 7,632 | |
| 4th Quarter Comparison | | $ | 10 | | | $ | 1,214 | | | $ | 1,122 | | | $ | — | | | $ | 2,727 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Income | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 109 | | | $ | 606 | | | $ | (376 | ) | | $ | — | | | $ | 710 | |
| 3Q06 | | $ | 251 | | | $ | 478 | | | $ | (546 | ) | | $ | — | | | $ | 814 | |
| 2Q06 | | $ | 186 | | | $ | 451 | | | $ | (516 | ) | | $ | — | | | $ | 714 | |
| 1Q06 | | $ | 168 | | | $ | 548 | | | $ | (485 | ) | | $ | — | | | $ | 523 | |
| 4Q05 | | $ | 143 | | | $ | 577 | | | $ | (484 | ) | | $ | — | | | $ | (344 | ) |
| 4th Quarter Comparison | | $ | (34 | ) | | $ | 29 | | | $ | 108 | | | $ | — | | | $ | 1,055 | |
| | | | | | | | | | | | | | | | | | | | | |
Efficiency Ratio | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 78.97 | % | | | 81.43 | % | | | — | | | | — | | | | 92.82 | % |
| 3Q06 | | | 59.79 | % | | | 82.27 | % | | | — | | | | — | | | | 88.15 | % |
| 2Q06 | | | 66.21 | % | | | 81.18 | % | | | — | | | | — | | | | 88.05 | % |
| 1Q06 | | | 70.23 | % | | | 77.17 | % | | | — | | | | — | | | | 88.87 | % |
| 4Q05 | | | 73.63 | % | | | 76.29 | % | | | — | | | | — | | | | 99.32 | % |
| 4th Quarter Comparison | | | 5.34 | % | | | 5.14 | % | | | — | | | | — | | | | (6.50 | %) |
| | | | | | | | | | | | | | | | | | | | | |
NPA/Total Assets | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | — | | | | — | | | | — | | | | — | | | | 0.70 | % |
| 3Q06 | | | — | | | | — | | | | — | | | | — | | | | 1.07 | % |
| 2Q06 | | | — | | | | — | | | | — | | | | — | | | | 1.07 | % |
| 1Q06 | | | — | | | | — | | | | — | | | | — | | | | 1.64 | % |
| 4Q05 | | | — | | | | — | | | | — | | | | — | | | | 1.67 | % |
| 4th Quarter Comparison | | | — | | | | — | | | | — | | | | — | | | | (0.97 | %) |
| | | | | | | | | | | | | | | | | | | | | |
ROAA | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 20.33 | % | | | 12.31 | % | | | — | | | | — | | | | 0.50 | % |
| 3Q06 | | | 42.01 | % | | | 13.24 | % | | | — | | | | — | | | | 0.59 | % |
| 2Q06 | | | 28.81 | % | | | 13.50 | % | | | — | | | | — | | | | 0.52 | % |
| 1Q06 | | | 31.45 | % | | | 18.93 | % | | | — | | | | — | | | | 0.39 | % |
| 4Q05 | | | 25.84 | % | | | 23.59 | % | | | — | | | | — | | | | (0.31 | %) |
| 4th Quarter Comparison | | | (5.51 | %) | | | (11.28 | %) | | | — | | | | — | | | | 0.81 | % |
| | | | | | | | | | | | | | | | | | | | | |
ROAE | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | | 20.18 | % | | | 19.06 | % | | | — | | | | — | | | | 5.08 | % |
| 3Q06 | | | 52.70 | % | | | 21.26 | % | | | — | | | | — | | | | 5.95 | % |
| 2Q06 | | | 31.88 | % | | | 21.39 | % | | | — | | | | — | | | | 5.28 | % |
| 1Q06 | | | 32.42 | % | | | 31.59 | % | | | — | | | | — | | | | 3.86 | % |
| 4Q05 | | | 33.18 | % | | | 40.75 | % | | | — | | | | — | | | | (2.63 | %) |
| 4th Quarter Comparison | | | (13.00 | %) | | | (21.70 | %) | | | — | | | | — | | | | 7.71 | % |
| | | | | | | | | | | | | | | | | | | | | |
Average Equity | | | | | | | | | | | | | | | | | | | | |
| 4Q06 | | $ | 2,161 | | | $ | 12,721 | | | $ | 56,477 | | | $ | (70,845 | ) | | $ | 55,963 | |
| 3Q06 | | $ | 1,905 | | | $ | 8,995 | | | $ | 53,593 | | | $ | (64,082 | ) | | $ | 54,702 | |
| 2Q06 | | $ | 2,334 | | | $ | 8,437 | | | $ | 53,593 | | | $ | (66,811 | ) | | $ | 54,039 | |
| 1Q06 | | $ | 2,074 | | | $ | 6,938 | | | $ | 54,251 | | | $ | (67,763 | ) | | $ | 54,251 | |
| 4Q05 | | $ | 1,724 | | | $ | 5,664 | | | $ | 52,366 | | | $ | (68,012 | ) | | $ | 52,366 | |
| 4th Quarter Comparison | | $ | 437 | | | $ | 7,057 | | | $ | 4,111 | | | $ | (2,833 | ) | | $ | 3,597 | |
