Exhibit 99.1
INVESTOR CONTACT: Valda Colbart, 419-784-2759,rfcinv@rurban.net
RURBAN FINANCIAL CORP. REPORTS FIRST
QUARTER 2007 EARNINGS
DEFIANCE, Ohio, April 18, 2007 — Rurban Financial Corp. (Nasdaq: RBNF), a leading provider of full-service community banking, investment management, trust services and bank data processing, today reported first quarter 2007 net income of $702,000 compared with $523,000 for the first quarter of 2006, up 34 percent. Diluted earnings per share were $0.14, compared to $0.10 reported for the year-ago first quarter.
Highlights of the quarter include:
| | • | | Completion of the merger of banking activities into Rurban’s lead bank. Effective as of the opening of business on March 26, 2007, Rurban merged Reliance Financial Services, N.A., its trust and investment subsidiary, and The Exchange Bank, its recently acquired community bank, into The State Bank and Trust Company. The newly-consolidated bank had assets of $529.2 million at period-end. |
| |
| | • | | Rurban reduced expenses during the first quarter by more than $1.8 million on an annualized basis. Most of the expense reductions were related to the merger, which occurred late in the first quarter. Therefore, it is anticipated that the second quarter of 2007 should reflect the impact of the majority of the targeted $1.0 million to $1.5 million annualized pre-tax efficiencies from the merger. Approximately $95,000 of one-time expenses were incurred in the first quarter as a result of implementing these efficiencies. |
| |
| | • | | Bank performance continues to improve. First quarter 2007 net income for State Bank and Trust was $707,000, an increase of $173,000 or 32.4 percent above the year-ago first quarter and $138,000 or 24.3 percent over the linked fourth quarter. The bank’s efficiency ratio improved to 84.0 percent this quarter, from 91.7 percent in the previous quarter and 86.7 percent for the first quarter of 2006. The efficiencies that were implemented in the first quarter are expected to improve the banking operating efficiency ratios beginning in the second quarter. |
| |
| | • | | Continuing improvement in asset quality. Non-performing assets at quarter-end were $4.1 million, or 0.75 percent of total assets, compared with $8.8 million, or 1.64 percent, for the first quarter of 2006 and up nominally from the linked quarter. Net charge-offs were $41,000 or 0.04 percent of average loans this quarter compared with $597,000 or 0.72 percent of average loans for the year-ago quarter. |
| |
| | • | | State Bank and Trust Company opened two new banking offices. On January 2, 2007, the full-service banking center in Fort Wayne, Indiana, replaced the previously-opened loan production office. The new Northtowne banking center, located in Defiance, Ohio, opened on January 16, 2007 and replaced an outdated office building that will be sold. |
| | • | | RDSI, Rurban’s data and item processing subsidiary, reported an excellent quarter. Revenue was $5.2 million, up 41.7 percent from last year first quarter and net income was $690,000, up $142,000 or 25.9 percent. Results reflect organic growth, as well as the impact of the September 2006 acquisition of Diverse Computer Marketers, a subsidiary of RDSI. |
Kenneth A. Joyce, President and Chief Executive Officer, commented, “This quarter marks the final step in our merger process. The reduction in our expenses as a result of the merger should begin to position us to more efficiently operate in this difficult banking environment.
“Our operations are streamlined, integrated and fully-staffed by managers that are focused on growth and profitability. Asset quality will always remain a priority, but it no longer occupies a predominant portion of our focus. More importantly for investors, we are improving our transparency, with two distinct business segments, banking and data and item processing.”
CONSOLIDATED OPERATIONS
| | | | | | | | | | | | | |
| Earnings: (Three months ended) | | Mar. | | | | | | Mar. |
| (Dollars in thousands except per share data) | | 2007 | | Dec. 2006 | | 2006 |
| Diluted EPS | | $ | 0.14 | | | $ | 0.14 | | | $ | 0.10 | |
| Net interest income | | $ | 3,593 | | | $ | 3,584 | | | $ | 3,864 | |
| Provision (credit) for loan losses | | | 93 | | | | (159 | ) | | | 246 | |
| Non-interest income | | | 6,739 | | | | 7,576 | | | | 5,008 | |
| Non-interest expense | | | 9,300 | | | | 10,359 | | | | 7,950 | |
| Net income (loss) | | $ | 702 | | | $ | 710 | | | $ | 523 | |
Total revenue, consisting of net interest income plus non-interest income, was $10.3 million for the first quarter of 2007, compared with $8.9 million for the prior-year first quarter, an increase of $1.5 million, or 16.5 percent. Net interest income was $3.6 million, a decrease of $271,000 or 7.0 percent from the 2006 first quarter, and essentially unchanged from the fourth quarter of 2006. Year over year results reflect 2.1 percent growth in average earning assets, combined with a 33 basis point decline in net interest margin. The linked quarter comparison reflects a 3.7 percent decline in average earning assets offset by a twelve basis point improvement in the net interest margin. Mr. Joyce added, “While margins are still declining for the majority of banks in our market, we improved our margin by 12 basis points, reflecting the success of the balance sheet restructuring that we completed last quarter. With banking margins shrinking over the past ten years, we feel that opportunities exist to increase our non-interest income. We will continue our focus on profitable loan growth, fee income opportunities, margin improvement, and operating efficiencies, all of which should enable Rurban to continue to make earnings progress.”
Non-interest income, largely derived from RDSI, has become increasingly more important as a contributor to net income growth. Non-interest income currently accounts for 65.2 percent of total revenue compared with 56.4 percent for the year-ago quarter. Rurban reported $1.7 million or 34.6 percent growth in non-interest income this quarter, increasing to $6.7 million from $5.0 million a year earlier. Compared with the previous quarter, however, non-interest income declined $837,000 or 11.1 percent, largely from one-time revenue items totaling $1.2 million in the fourth quarter of
2006. Excluding these items, non-interest income increased 4.8 percent above fourth quarter (19.2 percent annualized).
The provision for loan losses was $93,000 compared with $246,000 taken in the first quarter 2006. Net charge-offs were minimal at $41,000 during the quarter.
Non-interest expense was $9.3 million for the first quarter of 2007, up $1.4 million or 17.3 percent from the year-earlier quarter. Included in the first quarter 2007 operating results are $1.0 million of DCM operating expense. The acquisition of DCM took place in September 2006, so there were no corresponding DCM expenses in the first quarter, 2006. First quarter 2007 expenses also included $95,000 of one-time merger-related expense. Excluding the DCM operating and one-time merger-related expenses, non-interest expense increased $255,000 or 3.2% to $8.2 million for the first quarter of 2007 most of which was expense increases at RDSI.
Compared with the linked quarter, non-interest expense in the 2007 first quarter was lower by $1.1 million, or 10.2 percent. Reductions in Compensation (Severance payments), Benefits (healthcare), Professional fees (litigation), and FHLB prepayment penalties were all contributors to the quarter-over-quarter decrease. Consolidation of banking activities resulted in the elimination of approximately 25 full-time equivalent positions; greater savings should be forthcoming in future quarters since the reductions occurred late in the first quarter.
Rurban continues to be very well-capitalized. Stockholders’ equity at March 31, 2007 was $57.7 million, equivalent to 10.5 percent of total assets; on a tangible basis, the ratio was 7.0 percent. The total risk-based capital ratio was 15.9 percent, well in excess of the “well-capitalized” regulatory threshold of ten percent.
THE STATE BANK AND TRUST COMPANY
The newly consolidated State Bank and Trust Company reported net income of $707,000 for the quarter, compared with $534,000 for the prior-year quarter, an increase of $173,000 or 32.4 percent. Revenue for the Bank (net interest income plus non-interest income) was $6.5 million for the current quarter, a decline of $392,000, or 5.7 percent, from the year-earlier level of $6.9 million. This decline in revenue was offset by a $522,000 or 8.7 percent reduction in non-interest expenses. Mortgage banking continues to increase as loan servicing fees increased 25% for the first quarter of 2007 compared to first quarter 2006. The $93,000 in loan loss provision taken this quarter is a $153,000 reduction compared to the previous year quarter this also contributed to the Bank’s improvement in earnings growth.
Year-over-year, average assets increased $13.0 million, or 2.5 percent. Loan growth over the past twelve months was approximately $36 million, or 10.5 percent, reaching $373.3 million at March 31, 2007; this growth was entirely organic. Nearly 62 percent of State Bank’s loan portfolio is commercial, and virtually all of the Bank’s growth was derived from this sector. Loan growth during the first quarter slowed, both from competitive factors and from the priority given to merger activities this past quarter. As of March 31, 2007, loans were $3.2 million higher than year-end, with commercial loan growth leading the way.
Mr. Joyce commented, “We anticipate improved net income from banking through greater savings from our streamlined organization and higher revenue from the new, higher growth markets we recently entered.”
ASSET QUALITY
| | | | | | | | | | | | | |
| Asset Quality | | Mar. | | | | | | Mar. |
| (dollars in thousands) | | 2007 | | Dec. 2006 | | 2006 |
| Net charge-offs / (Recoveries) | | $ | 41 | | | $ | 645 | | | $ | 597 | |
| Net charge-offs (Ann.) / Avg. loans | | | 0.04 | % | | | 0.70 | % | | | 0.72 | % |
| Allowance for loan loss | | $ | 3,769 | | | $ | 3,717 | | | $ | 4,349 | |
| Allowance for loan loss / Loans | | | 1.01 | % | | | 1.00 | % | | | 1.29 | % |
| Non-performing assets | | $ | 4,112 | | | $ | 3,910 | | | $ | 8,833 | |
| NPA / Total assets | | | 0.75 | % | | | 0.70 | % | | | 1.64 | % |
Non-performing assets (loans, OREO & OAO) were $4.1 million, or 0.75 percent of total assets on March 31, 2007, a decline of $4.7 million from twelve months ago and a nominal increase from the linked quarter. Net charge-offs for first quarter were a nominal $41,000, compared with the $597,000 in charge-offs taken in last year’s first quarter. The loan loss reserve now stands at 1.01 percent of period-end loans.
RURBANC DATA SERVICES, INC. (RDSI)
“We continue to see a solid pipeline of potential customers for both our data processing and item processing businesses as we enter 2007. RDSI signed three new client banks for data and item processing, with one bank converted in the first quarter. DCM’s clients are rapidly moving to remote capture and becoming Check 21 compliant,” stated Ken Joyce. Revenue for the quarter was $5.2 million, up $1.6 million or 41.7 percent above the $3.6 million reported for the first quarter of 2006. Of this increase, $1.1 million resulted from DCM, which RDSI acquired in September 2006, and the remainder was derived from new RDSI customers and new products purchased by RDSI’s customer base. RDSI now services over 100 community banks, accounting for 92.2% of Rurban’s fee growth over the past twelve months. Earnings for the first quarter were $690,000 compared to $548,000 for the year-ago quarter, up $142,000 or 25.9%.
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, Rurbanc Data Services, Inc. (RDSI), and DCM. The community bank offers financial services through its 18 branches 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 ishttp://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.
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, 2007 and December 31, 2006
| | | | | | | | | | | | | |
| | | March | | | December | | | March | |
| | | 2007 | | | 2006 | | | 2006 | |
| | | (Unaudited) | | | | | | | (Unaudited) | |
ASSETS | | | | | | | | | | | | |
| Cash and due from banks | | $ | 10,627,291 | | | $ | 13,381,791 | | | $ | 12,289,142 | |
| Federal funds sold | | | 6,500,000 | | | | 9,100,000 | | | | 4,228,000 | |
| | | | | | | | | | |
| Cash and cash equivalents | | | 17,127,291 | | | | 22,481,791 | | | | 16,517,142 | |
| Interest-earning deposits in other financial institutions | | | 150,000 | | | | 150,000 | | | | 150,000 | |
| Available-for-sale securities | | | 97,148,409 | | | | 102,462,075 | | | | 130,124,716 | |
| Loans held for sale | | | 110,697 | | | | 390,100 | | | | 40,000 | |
| Loans, net of unearned income | | | 373,293,814 | | | | 370,101,809 | | | | 337,729,277 | |
| Allowance for loan losses | | | (3,768,814 | ) | | | (3,717,377 | ) | | | (4,348,541 | ) |
| Premises and equipment, net | | | 15,912,493 | | | | 15,449,774 | | | | 14,017,625 | |
| Purchased software | | | 4,482,113 | | | | 4,618,691 | | | | 4,498,803 | |
| Federal Reserve and Federal Home Loan Bank Stock | | | 4,040,700 | | | | 3,993,450 | | | | 3,649,400 | |
| Foreclosed assets held for sale, net | | | 9,400 | | | | 82,397 | | | | 2,383,852 | |
| Accrued interest receivable | | | 2,820,915 | | | | 3,129,774 | | | | 2,766,999 | |
| Goodwill | | | 13,690,092 | | | | 13,674,058 | | | | 8,805,347 | |
| Core deposits and other intangibles | | | 5,683,598 | | | | 5,858,982 | | | | 3,625,573 | |
| Cash value of life insurance | | | 10,861,017 | | | | 10,771,843 | | | | 10,528,528 | |
| Other assets | | | 7,323,829 | | | | 6,559,886 | | | | 7,712,506 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total assets | | $ | 548,885,554 | | | $ | 556,007,253 | | | $ | 538,201,227 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | |
| Demand | | $ | 43,759,627 | | | $ | 46,565,554 | | | $ | 45,380,636 | |
| Savings, interest checking and money market | | | 136,754,887 | | | | 130,267,333 | | | | 129,111,866 | |
| Time | | | 232,078,426 | | | | 237,722,558 | | | | 224,033,626 | |
| | | | | | | | | | |
| Total deposits | | | 412,592,940 | | | | 414,555,445 | | | | 398,526,128 | |
| Notes payable | | | 2,515,911 | | | | 2,589,207 | | | | — | |
| Advances from Federal Home Loan Bank | | | 17,500,000 | | | | 21,000,000 | | | | 43,500,000 | |
| Repurchase Agreements | | | 30,827,195 | | | | 32,270,900 | | | | 15,403,500 | |
| Trust preferred securities | | | 20,620,000 | | | | 20,620,000 | | | | 20,620,000 | |
| Accrued interest payable | | | 2,233,625 | | | | 2,224,413 | | | | 1,486,845 | |
| Other liabilities | | | 4,884,579 | | | | 5,792,135 | | | | 4,612,822 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total liabilities | | | 491,174,250 | | | | 499,052,100 | | | | 484,149,295 | |
| | | | | | | | | | | | | |
| Shareholders’ Equity | | | | | | | | | | | | |
| Common stock,$2.50 stated value; authorized 10,000,000 shares; 5,027,433 shares outstanding | | | 12,568,583 | | | | 12,568,583 | | | | 12,568,583 | |
| Additional paid-in capital | | | 14,872,424 | | | | 14,859,165 | | | | 14,841,050 | |
| Retained earnings | | | 30,808,105 | | | | 30,407,298 | | | | 28,973,991 | |
| Accumulated other comprehensive loss | | | (537,808 | ) | | | (879,893 | ) | | | (2,331,692 | ) |
| | | | | | | | | | |
| |
| Total shareholders’ equity | | | 57,711,304 | | | | 56,955,153 | | | | 54,051,932 | |
| | | | | | | | | | |
| |
| Total liabilities and shareholders’ equity | | $ | 548,885,554 | | | $ | 556,007,253 | | | $ | 538,201,227 | |
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The First Quarter Ended March 31, 2007 and Fourth Quarter Ended December 31, 2006
| | | | | | | | | | | | | |
| | | First Quarter | | | Fourth Quarter | | | Increase/(Decrease) | |
| | | 2007 | | | 2006 | | | $ | |
| Interest income | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | |
| Taxable | | $ | 6,676,813 | | | $ | 6,720,398 | | | $ | (43,585 | ) |
| Tax-exempt | | | 17,293 | | | | 17,638 | | | | (345 | ) |
| Securities | | | | | | | | | | | | |
| Taxable | | | 1,091,197 | | | | 1,258,234 | | | | (167,037 | ) |
| Tax-exempt | | | 153,057 | | | | 149,172 | | | | 3,885 | |
| Other | | | 78,468 | | | | 77,726 | | | | 742 | |
| | | | | | | | | | |
| Total interest income | | | 8,016,828 | | | | 8,223,168 | | | | (206,340 | ) |
| | | | | | | | | | | | | |
| Interest expense | | | | | | | | | | | | |
| Deposits | | | 3,333,730 | | | | 3,326,774 | | | | 6,956 | |
| Other borrowings | | | 51,072 | | | | 51,910 | | | | (838 | ) |
| Repurchase Agreements | | | 343,849 | | | | 382,717 | | | | (38,868 | ) |
| Federal Home Loan Bank advances | | | 249,587 | | | | 421,970 | | | | (172,383 | ) |
| Trust preferred securities | | | 445,314 | | | | 455,408 | | | | (10,094 | ) |
| | | | | | | | | | |
| Total interest expense | | | 4,423,552 | | | | 4,638,779 | | | | (215,227 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income | | | 3,593,276 | | | | 3,584,389 | | | | 8,887 | |
| | | | | | | | | | | | | |
| Provision for loan losses | | | 92,640 | | | | (159,483 | ) | | | 252,123 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 3,500,636 | | | | 3,743,872 | | | | (243,236 | ) |
| | | | | | | | | | | | | |
| Non-interest income | | | | | | | | | | | | |
| Data service fees | | | 4,834,136 | | | | 4,698,386 | | | | 135,750 | |
| Trust fees | | | 826,382 | | | | 830,898 | | | | (4,516 | ) |
| Customer service fees | | | 528,424 | | | | 525,881 | | | | 2,543 | |
| Net gain on sales of loans | | | 54,279 | | | | 833,315 | | | | (779,036 | ) |
| 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 | | | 108,706 | | | | 118,476 | | | | (9,770 | ) |
| Gain (loss) on sale of assets | | | 35,967 | | | | 8,852 | | | | 27,115 | |
| Other income | | | 350,848 | | | | 165,637 | | | | 185,211 | |
| | | | | | | | | | |
| Total non-interest income | | | 6,738,742 | | | | 7,576,014 | | | | (837,272 | ) |
| | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,396,787 | | | | 4,677,237 | | | | (280,450 | ) |
| Net occupancy expense | | | 527,133 | | | | 506,142 | | | | 20,991 | |
| Equipment expense | | | 1,605,873 | | | | 1,681,747 | | | | (75,874 | ) |
| Data processing fees | | | 156,181 | | | | 159,604 | | | | (3,423 | ) |
| Professional fees | | | 677,391 | | | | 870,464 | | | | (193,073 | ) |
| Marketing expense | | | 155,685 | | | | 132,787 | | | | 22,898 | |
| Printing and office supplies | | | 198,092 | | | | 165,990 | | | | 32,102 | |
| Telephone and communication | | | 445,204 | | | | 427,554 | | | | 17,650 | |
| Postage and delivery expense | | | 392,261 | | | | 337,993 | | | | 54,268 | |
| State, local and other taxes | | | 199,741 | | | | 161,523 | | | | 38,218 | |
| Employee expense | | | 255,069 | | | | 233,491 | | | | 21,578 | |
| FHLB prepaymemt penalties | | | — | | | | 214,886 | | | | (214,886 | ) |
| Other expenses | | | 290,836 | | | | 789,587 | | | | (498,751 | ) |
| | | | | | | | | | |
| Total non-interest expense | | | 9,300,253 | | | | 10,359,005 | | | | (1,058,752 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income tax expense | | | 939,125 | | | | 960,881 | | | | (21,756 | ) |
| Income tax expense | | | 236,672 | | | | 250,448 | | | | (13,776 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net income | | $ | 702,453 | | | $ | 710,433 | | | $ | (7,980 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.14 | | | $ | 0.14 | | | $ | (0.00 | ) |
| | | | | | | | | | |
| Diluted | | $ | 0.14 | | | $ | 0.14 | | | $ | (0.00 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 5,027,613 | | | | 5,027,440 | | | | | |
| | | | | | | | | | | |
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Three Months Ended March 31, 2007 and 2006
| | | | | | | | | | | | | |
| | | Three Months | | | Three Months | | | Increase/(Decrease) | |
| | | 2007 | | | 2006 | | | $ | |
| Interest income | | | | | | | | | | | | |
| Loans | | | | | | | | | | | | |
| Taxable | | $ | 6,676,813 | | | $ | 5,554,154 | | | $ | 1,122,659 | |
| Tax-exempt | | | 17,293 | | | | 12,235 | | | | 5,058 | |
| Securities | | | | | | | | | | | | |
| Taxable | | | 1,091,197 | | | | 1,312,600 | | | | (221,403 | ) |
| Tax-exempt | | | 153,057 | | | | 131,833 | | | | 21,224 | |
| Other | | | 78,468 | | | | 36,267 | | | | 42,201 | |
| | | | | | | | | | |
| Total interest income | | | 8,016,828 | | | | 7,047,089 | | | | 969,739 | |
| |
| Interest expense | | | | | | | | | | | | |
| Deposits | | | 3,333,730 | | | | 2,121,214 | | | | 1,212,516 | |
| Other borrowings | | | 51,072 | | | | 26,299 | | | | 24,773 | |
| Retail Repurchase Agreements | | | 343,849 | | | | 124,277 | | | | 219,572 | |
| Federal Home Loan Bank advances | | | 249,587 | | | | 482,821 | | | | (233,234 | ) |
| Trust preferred securities | | | 445,314 | | | | 428,422 | | | | 16,892 | |
| | | | | | | | | | |
| Total interest expense | | | 4,423,552 | | | | 3,183,033 | | | | 1,240,519 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income | | | 3,593,276 | | | | 3,864,056 | | | | (270,780 | ) |
| | | | | | | | | | | | | |
| Provision for loan losses | | | 92,640 | | | | 246,000 | | | | (153,360 | ) |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 3,500,636 | | | | 3,618,056 | | | | (117,420 | ) |
| | | | | | | | | | | | | |
| Non-interest income | | | | | | | | | | | | |
| Data service fees | | | 4,834,136 | | | | 3,241,134 | | | | 1,593,002 | |
| Trust fees | | | 826,382 | | | | 815,451 | | | | 10,931 | |
| Customer service fees | | | 528,424 | | | | 550,067 | | | | (21,643 | ) |
| Net gain on sales of loans | | | 54,279 | | | | 61,046 | | | | (6,767 | ) |
| Loan servicing fees | | | 108,706 | | | | 86,694 | | | | 22,012 | |
| Gain (loss) on sale of assets | | | 35,967 | | | | (19,126 | ) | | | 55,093 | |
| Other income | | | 350,848 | | | | 273,034 | | | | 77,814 | |
| | | | | | | | | | |
| Total non-interest income | | | 6,738,742 | | | | 5,008,300 | | | | 1,730,442 | |
| | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | |
| Salaries and employee benefits | | | 4,396,787 | | | | 3,857,734 | | | | 539,053 | |
| Net occupancy expense | | | 527,133 | | | | 439,948 | | | | 87,185 | |
| Equipment expense | | | 1,605,873 | | | | 1,375,828 | | | | 230,045 | |
| Data processing fees | | | 156,181 | | | | 136,590 | | | | 19,591 | |
| Professional fees | | | 677,391 | | | | 519,365 | | | | 158,026 | |
| Marketing expense | | | 155,685 | | | | 126,448 | | | | 29,237 | |
| Printing and office supplies | | | 198,092 | | | | 152,984 | | | | 45,108 | |
| Telephone and communication | | | 445,204 | | | | 402,367 | | | | 42,837 | |
| Postage and delivery expense | | | 392,261 | | | | 131,994 | | | | 260,267 | |
| State, local and other taxes | | | 199,741 | | | | 133,858 | | | | 65,883 | |
| Employee expense | | | 255,069 | | | | 249,388 | | | | 5,681 | |
| Other expenses | | | 290,836 | | | | 423,527 | | | | (132,691 | ) |
| | | | | | | | | | |
| Total non-interest expense | | | 9,300,253 | | | | 7,950,031 | | | | 1,350,222 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Income before income tax expense | | | 939,125 | | | | 676,325 | | | | 262,800 | |
| Income tax expense | | | 236,672 | | | | 153,780 | | | | 82,892 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
Net income | | $ | 702,453 | | | $ | 522,545 | | | $ | 179,908 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Earnings per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.14 | | | $ | 0.10 | | | $ | 0.04 | |
| | | | | | | | | | |
| Diluted | | $ | 0.14 | | | $ | 0.10 | | | $ | 0.04 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Average diluted shares outstanding | | | 5,027,613 | | | | 5,028,183 | | | | | |
| | | | | | | | | | | |
Rurban Financial Corp.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
| | | | | | | | | | | | | |
| | | 1st Qtr | | 4th Qtr | | 1st Qtr |
| (dollars in thousands except per share data) | | 2007 | | 2006 | | 2006 |
EARNINGS | | | | | | | | | | | | |
| Net interest income | | $ | 3,593 | | | $ | 3,584 | | | $ | 3,864 | |
| Provision for loan loss | | $ | 93 | | | $ | (159 | ) | | $ | 246 | |
| Non-interest income | | $ | 6,739 | | | $ | 7,576 | | | $ | 5,008 | |
| Revenue (net interest income plus non-interest income) | | $ | 10,332 | | | $ | 11,160 | | | $ | 8,872 | |
| Non-interest expense | | $ | 9,300 | | | $ | 10,359 | | | $ | 7,950 | |
Net income (loss) | | $ | 702 | | | $ | 710 | | | $ | 523 | |
| | | | | | | | | | | | | |
PER SHARE DATA | | | | | | | | | | | | |
| Basic earnings per share | | $ | 0.14 | | | $ | 0.14 | | | $ | 0.10 | |
| Diluted earnings per share | | $ | 0.14 | | | $ | 0.14 | | | $ | 0.10 | |
| Book value per share | | $ | 11.48 | | | $ | 11.33 | | | $ | 10.75 | |
| Tangible book value per share | | $ | 7.69 | | | $ | 7.58 | | | $ | 8.28 | |
| Cash dividend per share | | $ | 0.06 | | | $ | 0.06 | | | $ | 0.05 | |
| | | | | | | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | | | | | |
| Return on average assets | | | 0.51 | % | | | 0.50 | % | | | 0.39 | % |
| Return on average equity | | | 4.91 | % | | | 5.08 | % | | | 3.86 | % |
| Net interest margin (tax equivalent) | | | 3.04 | % | | | 2.92 | % | | | 3.37 | % |
| Non-interest expense / Average assets | | | 6.71 | % | | | 7.27 | % | | | 5.95 | % |
| Efficiency Ratio — bank (non-GAAP) | | | 87.20 | % | | | 94.85 | % | | | 88.99 | % |
| | | | | | | | | | | | | |
MARKET DATA PER SHARE | | | | | | | | | | | | |
| Market value per share — Period end | | $ | 11.84 | | | $ | 10.77 | | | $ | 12.42 | |
| Market as a % of book | | | 1.03 | | | | 0.95 | | | | 1.16 | |
| Cash dividend yield | | | 2.03 | % | | | 2.23 | % | | | 1.61 | % |
| Period-end common shares outstanding (000) | | | 5,027 | | | | 5,027 | | | | 5,027 | |
| Common stock market capitalization ($000) | | $ | 59,525 | | | $ | 54,145 | | | $ | 62,441 | |
| | | | | | | | | | | | | |
CAPITAL & LIQUIDITY | | | | | | | | | | | | |
| Equity to assets | | | 10.5 | % | | | 10.2 | % | | | 10.0 | % |
| Period-end tangible equity to assets | | | 7.0 | % | | | 6.9 | % | | | 7.7 | % |
| Tier 1 risk-based capital ratio | | | 14.8 | % | | | 14.9 | % | | | 17.3 | % |
| Total risk-based capital ratio | | | 15.9 | % | | | 16.0 | % | | | 18.9 | % |
| | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | |
| Net charge-offs / (Recoveries) | | $ | 41 | | | $ | 645 | | | $ | 597 | |
| Net loan charge-offs (Ann.) / Average loans | | | 0.04 | % | | | 0.70 | % | | | 0.72 | % |
| Non-performing loans | | $ | 4,103 | | | $ | 3,828 | | | $ | 6,031 | |
| OREO / OAOs | | $ | 9 | | | $ | 82 | | | $ | 2,802 | |
| Non-performing assets | | $ | 4,112 | | | $ | 3,910 | | | $ | 8,833 | |
| Non-performing assets / Total assets | | | 0.75 | % | | | 0.70 | % | | | 1.64 | % |
| Allowance for loan losses / Total loans | | | 1.01 | % | | | 1.00 | % | | | 1.29 | % |
| Allowance for loan losses / Non-performing Assets | | | 91.6 | % | | | 95.1 | % | | | 49.2 | % |
| | | | | | | | | | | | | |
END OF PERIOD BALANCES | | | | | | | | | | | | |
| Total loans, net of unearned income | | $ | 373,294 | | | $ | 370,102 | | | $ | 337,729 | |
| Allowance for loan loss | | $ | 3,769 | | | $ | 3,717 | | | $ | 4,349 | |
| Total assets | | $ | 548,886 | | | $ | 556,007 | | | $ | 538,201 | |
| Deposits | | $ | 412,593 | | | $ | 414,555 | | | $ | 398,526 | |
| Stockholders’ equity | | $ | 57,711 | | | $ | 56,955 | | | $ | 54,052 | |
| Full-time equivalent employees | | | 294 | | | | 317 | | | | 275 | |
| | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | |
| Loans | | $ | 371,724 | | | $ | 370,687 | | | $ | 331,711 | |
| Total earning assets | | $ | 484,110 | | | $ | 502,530 | | | $ | 474,087 | |
| Total assets | | $ | 554,631 | | | $ | 569,807 | | | $ | 534,371 | |
| Deposits | | $ | 415,887 | | | $ | 415,576 | | | $ | 392,323 | |
| Stockholders’ equity | | $ | 57,192 | | | $ | 55,963 | | | $ | 54,251 | |
Rurban Financial Corp.
Segment Reporting
Three Months Ended March 31, 2007
| | | | | | | | | | | | | | | | | |
| | | | | | | RFCBC | | | | |
| | | | | | | (Loan | | | | |
| | | State Bank | | Workout | | Total | | Data |
| | | and Trust | | Company) | | Banking | | Processing |
Income Statement Measures | | | | | | | | | | | | | | | | |
| Interest Income | | $ | 8,070 | | | $ | 1 | | | $ | 8,071 | | | $ | — | |
| Interest Expense | | | 3,940 | | | | — | | | | 3,940 | | | | 94 | |
| Net Interest Income | | | 4,130 | | | | 1 | | | | 4,131 | | | | (94 | ) |
| Provision For Loan Loss | | | 100 | | | | (7 | ) | | | 93 | | | | — | |
| Non-interest Income | | | 2,416 | | | | — | | | | 2,416 | | | | 5,249 | |
| Non-interest Expense | | | 5,495 | | | | 214 | | | | 5,709 | | | | 4,109 | |
| Net Income Before Taxes | | | 951 | | | | (206 | ) | | | 745 | | | | 1,046 | |
| Income Taxes | | | 244 | | | | (70 | ) | | | 174 | | | | 356 | |
| Net Income YTD | | $ | 707 | | | $ | (136 | ) | | $ | 571 | | | $ | 690 | |
| | | | | | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | | | | | |
| Average Assets — YTD | | $ | 534,629 | | | $ | 1,914 | | | $ | 536,543 | | | $ | 20,217 | |
| ROAA | | | 0.53 | % | | | — | | | | 0.43 | % | | | 13.65 | % |
| Average Equity — YTD | | $ | 54,828 | | | $ | 1,502 | | | $ | 56,330 | | | $ | 13,378 | |
| ROAE | | | 5.16 | % | | | — | | | | 4.05 | % | | | 20.63 | % |
| Efficiency Ratio — % | | | 83.94 | % | | | — | | | | 87.20 | % | | | 79.71 | % |
| Average Loans — YTD | | $ | 373,586 | | | $ | 614 | | | $ | 374,200 | | | $ | — | |
| Average Deposits — YTD | | $ | 424,355 | | | $ | — | | | $ | 424,355 | | | $ | — | |
| | | | | | | | | | | | | |
| | | Parent | | | | | | Rurban |
| | | Company | | Elimination | | Financial |
| | | and Other | | Entries | | Corp. |
Income Statement Measures | | | | | | | | | | | | |
| Interest Income | | $ | 1 | | | $ | (55 | ) | | $ | 8,017 | |
| Interest Expense | | | 445 | | | | (55 | ) | | | 4,424 | |
| Net Interest Income | | | (444 | ) | | | — | | | | 3,593 | |
| Provision For Loan Loss | | | — | | | | | | | | 93 | |
| Non-interest Income | | | 328 | | | | (1,254 | ) | | | 6,739 | |
| Non-interest Expense | | | 736 | | | | (1,254 | ) | | | 9,300 | |
| Net Income Before Taxes | | | (852 | ) | | | — | | | | 939 | |
| Income Taxes | | | (293 | ) | | | — | | | | 237 | |
| Net Income YTD | | $ | (559 | ) | | $ | — | | | $ | 702 | |
| | | | | | | | | | | | | |
Performance Measures | | | | | | | | | | | | |
| Average Assets — YTD | | $ | 79,251 | | | $ | (81,380 | ) | | $ | 554,631 | |
| ROAA | | | — | | | | — | | | | 0.51 | % |
| Average Equity — YTD | | $ | 57,192 | | | $ | (69,708 | ) | | $ | 57,192 | |
| ROAE | | | — | | | | — | | | | 4.91 | % |
| Efficiency Ratio — % | | | — | | | | — | | | | 90.01 | % |
| Average Loans — YTD | | $ | — | | | $ | (2,476 | ) | | $ | 371,724 | |
| Average Deposits — YTD | | $ | — | | | $ | (8,468 | ) | | $ | 415,887 | |
Rurban Financial Corp.
Proforma Performance Measurement
Quarterly Comparison — First Quarter 2007
| | | | | | | | | | | | | | | | | |
| | | | | | | RFCBC | | | | |
| | | | | | | (Loan | | Banking | | |
| | | State Bank | | Workout | | Related | | |
| | | and Trust | | Company) | | Entities | | RDSI |
Average Assets | | | | | | | | | | | | | | | | |
| 1Q07 | | $ | 534,629 | | | $ | 1,914 | | | $ | 536,543 | | | $ | 20,217 | |
| 4Q06 | | $ | 549,777 | | | $ | 2,178 | | | $ | 551,955 | | | $ | 19,695 | |
| 3Q06 | | $ | 549,931 | | | $ | 2,451 | | | $ | 552,382 | | | $ | 14,442 | |
| 2Q06 | | $ | 532,027 | | | $ | 5,477 | | | $ | 537,504 | | | $ | 13,368 | |
| 1Q06 | | $ | 521,586 | | | $ | 6,675 | | | $ | 528,261 | | | $ | 11,579 | |
| 1st Quarter Comparison | | $ | 13,043 | | | $ | (4,761 | ) | | $ | 8,282 | | | $ | 8,638 | |
| | | | | | | | | | | | | | | | | |
Revenue | | | | | | | | | | | | | | | | |
| 1Q07 | | $ | 6,546 | | | $ | 1 | | | $ | 6,547 | | | $ | 5,155 | |
| 4Q06 | | $ | 7,233 | | | $ | 124 | | | $ | 7,357 | | | $ | 4,944 | |
| 3Q06 | | $ | 7,207 | | | $ | 3 | | | $ | 7,210 | | | $ | 4,085 | |
| 2Q06 | | $ | 6,917 | | | $ | 85 | | | $ | 7,002 | | | $ | 3,632 | |
| 1Q06 | | $ | 6,938 | | | $ | 93 | | | $ | 7,031 | | | $ | 3,637 | |
| 1st Quarter Comparison | | $ | (392 | ) | | $ | (92 | ) | | $ | (484 | ) | | $ | 1,518 | |
| | | | | | | | | | | | | | | | | |
Non-interest Expenses | | | | | | | | | | | | | | | | |
| 1Q07 | | $ | 5,495 | | | $ | 215 | | | $ | 5,710 | | | $ | 4,109 | |
| 4Q06 | | $ | 6,635 | | | $ | 278 | | | $ | 6,913 | | | $ | 4,026 | |
| 3Q06 | | $ | 5,784 | | | $ | 161 | | | $ | 5,945 | | | $ | 3,375 | |
| 2Q06 | | $ | 5,573 | | | $ | 307 | | | $ | 5,880 | | | $ | 2,949 | |
| 1Q06 | | $ | 6,017 | | | $ | 174 | | | $ | 6,191 | | | $ | 2,807 | |
| 1st Quarter Comparison | | $ | (522 | ) | | $ | 41 | | | $ | (481 | ) | | $ | 1,302 | |
| | | | | | | | | | | | | | | | | |
Net Income | | | | | | | | | | | | | | | | |
| 1Q07 | | $ | 707 | | | $ | (136 | ) | | $ | 571 | | | $ | 690 | |
| 4Q06 | | $ | 569 | | | $ | (89 | ) | | $ | 480 | | | $ | 606 | |
| 3Q06 | | $ | 872 | | | $ | (82 | ) | | $ | 790 | | | $ | 478 | |
| 2Q06 | | $ | 888 | | | $ | (109 | ) | | $ | 779 | | | $ | 451 | |
| 1Q06 | | $ | 534 | | | $ | (54 | ) | | $ | 480 | | | $ | 548 | |
| 1st Quarter Comparison | | $ | 173 | | | $ | (82 | ) | | $ | 91 | | | $ | 142 | |
| | | | | | | | | | | | | | | | | |
Efficiency Ratio | | | | | | | | | | | | | | | | |
| 1Q07 | | | 83.95 | % | | | | | | | 87.22 | % | | | 79.71 | % |
| 4Q06 | | | 91.73 | % | | | | | | | 93.96 | % | | | 81.43 | % |
| 3Q06 | | | 80.26 | % | | | | | | | 82.45 | % | | | 82.62 | % |
| 2Q06 | | | 80.57 | % | | | | | | | 83.98 | % | | | 81.19 | % |
| 1Q06 | | | 86.73 | % | | | | | | | 88.05 | % | | | 77.18 | % |
| 1st Quarter Comparison | | | (2.78 | %) | | | | | | | (0.84 | %) | | | 2.53 | % |
| | | | | | | | | | | | | | | | | |
NPA/Total Assets | | | | | | | | | | | | | | | | |
| 1Q07 | | | 0.66 | % | | | | | | | | | | | | |
| 4Q06 | | | 0.61 | % | | | | | | | | | | | | |
| 3Q06 | | | 0.90 | % | | | | | | | | | | | | |
| 2Q06 | | | 0.86 | % | | | | | | | | | | | | |
| 1Q06 | | | 0.88 | % | | | | | | | | | | | | |
| 1st Quarter Comparison | | | (0.22 | %) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
ROAA | | | | | | | | | | | | | | | | |
| 1Q07 | | | 0.53 | % | | | | | | | 0.43 | % | | | 13.65 | % |
| 4Q06 | | | 0.41 | % | | | | | | | 0.35 | % | | | 12.31 | % |
| 3Q06 | | | 0.63 | % | | | | | | | 0.57 | % | | | 13.24 | % |
| 2Q06 | | | 0.67 | % | | | | | | | 0.58 | % | | | 13.49 | % |
| 1Q06 | | | 0.41 | % | | | | | | | 0.36 | % | | | 18.93 | % |
| 1st Quarter Comparison | | | 0.12 | % | | | | | | | 0.06 | % | | | (5.28 | %) |
| | | | | | | | | | | | | | | | | |
ROAE | | | | | | | | | | | | | | | | |
| 1Q07 | | | 5.16 | % | | | | | | | 4.05 | % | | | 20.63 | % |
| 4Q06 | | | 4.20 | % | | | | | | | 3.43 | % | | | 19.06 | % |
| 3Q06 | | | 6.72 | % | | | | | | | 5.83 | % | | | 21.26 | % |
| 2Q06 | | | 6.95 | % | | | | | | | 5.52 | % | | | 21.38 | % |
| 1Q06 | | | 3.97 | % | | | | | | | 3.16 | % | | | 31.59 | % |
| 1st Quarter Comparison | | | 1.19 | % | | | | | | | 0.90 | % | | | (10.96 | %) |
| | | | | | | | | | | | | | | | | |
Average Equity | | | | | | | | | | | | | | | | |
| 1Q07 | | $ | 54,828 | | | $ | 1,502 | | | $ | 56,330 | | | $ | 13,378 | |
| 4Q06 | | $ | 54,249 | | | $ | 1,714 | | | $ | 55,963 | | | $ | 12,721 | |
| 3Q06 | | $ | 51,917 | | | $ | 2,261 | | | $ | 54,178 | | | $ | 8,995 | |
| 2Q06 | | $ | 51,093 | | | $ | 5,393 | | | $ | 56,486 | | | $ | 8,437 | |
| 1Q06 | | $ | 53,824 | | | $ | 7,001 | | | $ | 60,825 | | | $ | 6,938 | |
| 1st Quarter Comparison | | $ | 1,004 | | | $ | (5,499 | ) | | $ | (4,495 | ) | | $ | 6,440 | |
| | | | | | | | | | | | | |
| | | Parent | | Intersegment | | Rurban |
| | | Company and | | Elimination | | Financial |
| | | Other | | Entries | | Corp. |
Average Assets | | | | | | | | | | | | |
| 1Q07 | | $ | 79,251 | | | $ | (81,380 | ) | | $ | 554,631 | |
| 4Q06 | | $ | 78,234 | | | $ | (80,077 | ) | | $ | 569,807 | |
| 3Q06 | | $ | 75,666 | | | $ | (89,023 | ) | | $ | 553,465 | |
| 2Q06 | | $ | 74,679 | | | $ | (80,477 | ) | | $ | 545,074 | |
| 1Q06 | | $ | 78,705 | | | $ | (84,175 | ) | | $ | 534,370 | |
| 1st Quarter Comparison | | $ | 546 | | | | | | | $ | 20,261 | |
| | | | | | | | | | | | | |
Revenue | | | | | | | | | | | | |
| 1Q07 | | $ | (116 | ) | | $ | (1,254 | ) | | $ | 10,332 | |
| 4Q06 | | $ | 247 | | | $ | (1,388 | ) | | $ | 11,160 | |
| 3Q06 | | $ | (219 | ) | | $ | (1,417 | ) | | $ | 9,659 | |
| 2Q06 | | $ | (163 | ) | | $ | (1,373 | ) | | $ | 9,098 | |
| 1Q06 | | $ | (129 | ) | | $ | (1,667 | ) | | $ | 8,872 | |
| 1st Quarter Comparison | | $ | 13 | | | | | | | $ | 1,460 | |
| | | | | | | | | | | | | |
Non-interest Expenses | | | | | | | | | | | | |
| 1Q07 | | $ | 736 | | | $ | (1,254 | ) | | $ | 9,301 | |
| 4Q06 | | $ | 822 | | | $ | (1,402 | ) | | $ | 10,359 | |
| 3Q06 | | $ | 612 | | | $ | (1,417 | ) | | $ | 8,515 | |
| 2Q06 | | $ | 625 | | | $ | (1,374 | ) | | $ | 8,080 | |
| 1Q06 | | $ | 622 | | | $ | (1,670 | ) | | $ | 7,950 | |
| 1st Quarter Comparison | | $ | 114 | | | | | | | $ | 1,351 | |
| | | | | | | | | | | | | |
Net Income | | | | | | | | | | | | |
| 1Q07 | | $ | (559 | ) | | | | | | $ | 702 | |
| 4Q06 | | $ | (376 | ) | | | | | | $ | 710 | |
| 3Q06 | | $ | (454 | ) | | | | | | $ | 814 | |
| 2Q06 | | $ | (516 | ) | | | | | | $ | 714 | |
| 1Q06 | | $ | (505 | ) | | | | | | $ | 523 | |
| 1st Quarter Comparison | | $ | (54 | ) | | | | | | $ | 179 | |
| | | | | | | | | | | | | |
Efficiency Ratio | | | | | | | | | | | | |
| 1Q07 | | | | | | | | | | | 90.04 | % |
| 4Q06 | | | | | | | | | | | 92.82 | % |
| 3Q06 | | | | | | | | | | | 88.16 | % |
| 2Q06 | | | | | | | | | | | 88.81 | % |
| 1Q06 | | | | | | | | | | | 89.61 | % |
| 1st Quarter Comparison | | | | | | | | | | | 0.43 | % |
| | | | | | | | | | | | | |
NPA/Total Assets | | | | | | | | | | | | |
| 1Q07 | | | | | | | | | | | 0.75 | % |
| 4Q06 | | | | | | | | | | | 0.70 | % |
| 3Q06 | | | | | | | | | | | 1.07 | % |
| 2Q06 | | | | | | | | | | | 1.07 | % |
| 1Q06 | | | | | | | | | | | 1.64 | % |
| 1st Quarter Comparison | | | | | | | | | | | (0.89 | %) |
| | | | | | | | | | | | | |
ROAA | | | | | | | | | | | | |
| 1Q07 | | | | | | | | | | | 0.51 | % |
| 4Q06 | | | | | | | | | | | 0.50 | % |
| 3Q06 | | | | | | | | | | | 0.59 | % |
| 2Q06 | | | | | | | | | | | 0.52 | % |
| 1Q06 | | | | | | | | | | | 0.39 | % |
| 1st Quarter Comparison | | | | | | | | | | | 0.11 | % |
| | | | | | | | | | | | | |
ROAE | | | | | | | | | | | | |
| 1Q07 | | | | | | | | | | | 4.91 | % |
| 4Q06 | | | | | | | | | | | 5.08 | % |
| 3Q06 | | | | | | | | | | | 5.95 | % |
| 2Q06 | | | | | | | | | | | 5.28 | % |
| 1Q06 | | | | | | | | | | | 3.86 | % |
| 1st Quarter Comparison | | | | | | | | | | | 1.05 | % |
| | | | | | | | | | | | | |
Average Equity | | | | | | | | | | | | |
| 1Q07 | | $ | 57,192 | | | $ | (69,708 | ) | | $ | 57,192 | |
| 4Q06 | | $ | 55,963 | | | $ | (68,684 | ) | | $ | 55,963 | |
| 3Q06 | | $ | 54,702 | | | $ | (63,173 | ) | | $ | 54,702 | |
| 2Q06 | | $ | 54,039 | | | $ | (64,923 | ) | | $ | 54,039 | |
| 1Q06 | | $ | 54,251 | | | $ | (67,763 | ) | | $ | 54,251 | |
| 1st Quarter Comparison | | $ | 2,941 | | | | | | | $ | 2,941 | |
