Exhibit 99.1
INVESTOR CONTACT: Valda Colbart, 419-784-2759, rfcinv@rurban.net
RURBAN FINANCIAL CORP. REPORTS 6.1% INCREASE IN THIRD
QUARTER 2007 EARNINGS
DEFIANCE, Ohio, October 17, 2007 -- Rurban Financial Corp. (Nasdaq: RBNF), a leading provider of full-service community banking, investment management, trust services and bank data processing, reported third quarter 2007 net income of $864,000, an increase of 6.1 percent over the $814,000 reported for the third quarter of 2006. Third quarter 2007 earnings were $0.17 per diluted share, an increase of 6.3 percent from the $0.16 reported for the prior-year period. Compared with the second quarter of 2007, net income and diluted earnings per share increased by 10.0 and 6.5 percent, respectively.
For the nine months ended September 30, 2007, Rurban reported net income of $2,351,000, up $301,000, or 14.7 percent, from the $2,050,000 reported for the nine months ended September 30, 2006. Diluted earnings per share were $0.47 for the current year, up 14.6 percent compared with the $0.41 reported for the prior year.
Highlights of the quarter include:
| · | RDSI, Rurban’s data processing subsidiary, reported another exceptional quarter. Revenue from RDSI rose 30.5 percent above the prior-year third quarter, accounting for 51.1 percent of Rurban’s total revenue. Net income for RDSI was $659,000, up 38.0 percent from the year-ago quarter. Year-over-year growth reflects RDSI’s continued organic expansion, greater penetration of its markets, entry into new markets, and the results of DCM, an item processing company acquired on September 2, 2006. |
| · | Following the consolidation of the operational activities of The Exchange Bank into The State Bank and Trust Company in the first quarter of 2007, The State Bank and Trust Company has been growing its loan portfolio as it capitalizes on the new markets, as well as its recent entry into Fort Wayne, Indiana. The Bank continues to implement an aggressive calling strategy resulting in year-to-date consolidated loan growth of $18.2 million, up 4.9 percent from December 31, 2006, driven primarily by increases in commercial loans. |
| · | Credit quality remains solid; non-performing assets increased slightly to $6.4 million or 1.14 percent, of total assets for the current quarter, from $6.1 million, or 1.07 percent, a year-ago. Non-performing assets increased by $435,000 from the second quarter 2007. The increase on a quarter-to-quarter basis reflects modest deterioration, which is diversified across several business lines: residential real estate, agriculture and consumer loans. Net loan charge-offs were nominal at $28,000 for the quarter and $159,000 for the nine months ended September 30, 2007. |
| · | On April 12, 2007, Rurban initiated a stock repurchase program, authorizing the repurchase of up to 250,000 shares, or approximately five percent, of the Company's outstanding shares. As of September 30, 2007, Rurban has repurchased 28,000 shares at an average cost of $12.52; 16,000 of these shares were repurchased during the third quarter of 2007 at an average cost of $12.58. |
Kenneth A. Joyce, Rurban’s President and Chief Executive Officer, commented, “This was a relatively quiet quarter for Rurban showing continuing progress on most fronts. We are improving our earnings performance through continued attention to, and mitigation of, the many risks in this challenging environment. Our consolidation initiatives are reducing operating expenses consistent with our projections. Also, RDSI in particular has been making an ever-stronger contribution to earnings growth. The recent 50 basis point reduction in the Federal Funds Discount Rate and the subsequent change in the prime rate should improve net interest income over the course of the next six to twelve months as our Bank is liability-sensitive. We had a number of one-time adjustments in the comparison to past quarters, but overall the net interest margin at our Bank held firm. Most importantly, we do not see any material deterioration of credit quality as non-performing assets have held relatively steady, as have delinquencies. We realize that we have much work to do, but we are keeping our goals in sight, paying attention to basic blocking and tackling, and we believe we are on the right track for Rurban and for the investors in our stock.”
CONSOLIDATED OPERATIONS
| Earnings: (Three months ended) | Sept. 2007 | June 2007 | Sept. 2006 | |||||||
| (Dollars in thousands except per share data) | ||||||||||
| Total Revenue | $ | 10,444 | $ | 10,258 | $ | 9,659 | ||||
| Net interest income | 3,661 | 3,750 | 3,756 | |||||||
| Provision for loan losses | 140 | 146 | 35 | |||||||
| Non-interest income | 6,783 | 6,508 | 5,903 | |||||||
| Non-interest expense | 9,106 | 9,065 | 8,515 | |||||||
| Net income | $ | 864 | $ | 785 | $ | 814 | ||||
| Diluted EPS | $ | 0.17 | $ | 0.16 | $ | 0.16 | ||||
Total revenue, consisting of net interest income plus non-interest income, was $10.4 million for the third quarter of 2007, an increase of $785,000, or 8.1 percent, compared with $9.7 million for the prior-year third quarter. Compared with the second quarter of this year, total revenue increased $186,000, or 1.8 percent. Net interest income was $3.7 million in the current quarter, a decrease of $95,000, or 2.5 percent, from the 2006 third quarter, as a result of portfolio restructuring that lowered the level of Earning Assets. Net interest income decreased $89,000, or 2.4 percent, from the $3.8 million reported for the second quarter of this year, due to one-time items in the second quarter.
| Margin (QTR) | Sept. 2007 | June 2007 | Sept. 2006 | ||||||||||||||||
| (Bank Only) | Balance | Rate | Balance | Rate | Balance | Rate | |||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Loans | $ | 386,337 | 7.32 | % | $ | 380,598 | 7.41 | % | $ | 370,063 | 7.22 | % | |||||||
| Investments | $ | 97,952 | 5.00 | % | $ | 99,411 | 4.87 | % | $ | 132,129 | 4.47 | % | |||||||
| Earning Assets | $ | 488,240 | 6.84 | % | $ | 482,447 | 6.88 | % | $ | 504,391 | 6.49 | % | |||||||
| Deposits | $ | 418,764 | 3.32 | % | $ | 418,391 | 3.24 | % | $ | 419,052 | 2.87 | % | |||||||
| Total Funds | $ | 475,973 | 3.51 | % | $ | 469,363 | 3.41 | % | $ | 494,313 | 3.16 | % | |||||||
| Net Interest Margin | 3.41 | % | 3.56 | % | 3.40 | % | |||||||||||||
Net interest margin for the Bank for the quarter ended September 30, 2007 was 3.41%, a one basis point increase from the 2006 third quarter margin of 3.40% and a 15 basis point drop from the 2007 second quarter margin of 3.56%. The margin for second quarter of 2007 was aided by a $70,000 recovery of interest income on non-accrual loans and other loan fees that are included in the yield. The yields on loans increased 10 basis points from third quarter 2007 compared to the third quarter 2006. The yield on investments increased by 53 basis points due to the balance sheet restructuring that was completed at year-end. The yield on Earning Assets increased 35 basis points year-over-year for the third quarter. Total cost of deposits increased 45 basis points for the third quarter 2007, compared to the third quarter 2006. Total funding cost increased by 35 basis points year-over-year.
“Margin pressure remains a challenge for the banking industry,” said Joyce. “We are very encouraged that we have been able to maintain our margin in the Bank during the past twelve months. Our yield on Earning Assets increased by 35 basis points and was offset by an increase in cost of funds of an equivalent 35 basis points. We feel that our cost of deposits have hit a plateau and we expect them to decrease going forward. We will experience some decrease in our yield on loans going forward due to the Fed’s rate cut. However, we have been successful in reducing our offering rates on deposits, which we believe will more than offset the decrease in loan rates. We have been very focused on increasing our core deposits, for example, our interest bearing checking accounts have increased by $4.9 million during the past twelve months. We remain confident that we are improving our Bank’s fundamentals each quarter.”
Non-interest income, derived primarily from RDSI, continues to be an increasingly significant contributor to Rurban's revenue stream, accounting for 51.1 percent of total revenue for the third quarter of 2007, compared with 42.3 percent for the year-ago quarter. Non-interest income grew $880,000, or 14.9 percent, increasing to $6.8 million when compared to the previous-year quarter; compared with the linked quarter, non-interest income grew $275,000, or 4.2 percent. On both a year-over-year and a linked quarter basis, growth in non-interest income was driven by data service fees, which increased $1.2 million and $375,100, respectively. The year-over-year increase is mainly due to the acquisition of DCM, which occurred on September 2, 2006. DCM accounted for $758,000 of the $1.2 million increase in data service fees. Trust fees, the second largest component of non-interest income, increased $66,500, or 8.8%, from the prior-year quarter. Excluding second quarter 2007 $45,000 fees for tax preparation, trust fees remained flat compared with the linked quarter. The growth in data processing fees and trust fees were offset by lower gains on the sale of mortgage loans and a reduction to other income. The other income decrease was due to one-time recoveries of $174,000 in the 2006 third quarter relating to The Exchange Bank.
The provision for loan losses was $140,000 compared with $35,000 for the third quarter of 2006, and $146,000 for the second quarter of 2007, reflecting both loan portfolio growth and a slightly higher level of non-performing assets.
Third quarter 2007 non-interest expense was $9.1 million, up $592,000, or 6.9 percent, from the prior-year third quarter. The year-over-year increase is due to the acquisition of DCM. Excluding the DCM acquisition, non-interest expense decreased by $203,000 reflecting the expense reductions identified and taken in the beginning of 2007. Compared with the second quarter, operating expenses were virtually unchanged, up $41,000, or 0.5 percent. Salaries and benefits increased marginally as a result of the growth being experienced at RDSI and DCM. Marketing expenses increased slightly due to the increased marketing expenses associated with the High Performance Checking account promotion at the Bank. Other expenses increased slightly due to the write-down of Other Assets Owned. Many of the expense categories experienced decreases due to the efficiencies gained following the merger of The Exchange Bank into The State Bank and Trust Company. At quarter-end, Rurban had 280 FTE employees, 37 fewer than at year-end 2006. The majority of this reduction is accounted for within the Bank.
Rurban continues to be very well capitalized. Shareholders' equity at September 30, 2007 was $58.5 million, equivalent to 10.3 percent of total assets; on a tangible basis, the ratio was 7.9 percent. The total risk-based capital ratio was 15.7 percent, well in excess of the “well-capitalized” regulatory threshold of 10 percent.
THE STATE BANK AND TRUST COMPANY
The State Bank and Trust Company reported net income of $714,000 for the quarter, compared with $872,000 for the prior-year quarter, a decrease of 18.4 percent. Compared with the second quarter of 2007, income decreased $203,000, or 22.2 percent. Revenue for the Bank (net interest income plus non-interest income) was $5.9 million for the current quarter, a decline of $454,000, or 7.1 percent, from the year earlier level of $6.4 million. During the 2006 third quarter, $265,000 of additional revenue was recorded on payments of impaired loans and the sale of previously charged-off loans at Exchange Bank. The Company also experienced a decrease in gain on sale of loans of $209,000 due to a decrease in residential real estate lending. Revenue decreased $191,000, or 3.1 percent, from the linked quarter's results. This, once again, was primarily due to the decrease in gains from saleable real estate loans and the aforementioned $70,000 recovery of interest on non-accrual loans during the second quarter 2007. Non-interest expense decreased $166,000 to $4.8 million for the current quarter compared with $5.0 million for the third quarter of 2006. The decrease continued to be driven by the operating efficiencies completed at the end of the first quarter. Non-interest expense increased $92,000 in the third quarter of 2007 compared to the second quarter of 2007. This increase was due to an increase in health care costs and additional advertising expenses associated with the High Performance Checking account promotion.
Loan growth over the past twelve months was $23.9 million, or 6.6 percent, reaching $388.3 million at September 30, 2007. Compared with the linked quarter, loans grew $6.6 million, or an annualized 6.9 percent. Year-over-year loan growth was primarily attributable to increases in commercial real estate (CRE) loans and commercial and industrial (C&I) loans. Partially offsetting these increases were declines in consumer loans and residential mortgages.
Deposits at September 30, 2007 were $413.2 million, up $1.0 million, or 0.2 percent, from the third quarter of 2006, and up $5.6 million from the linked quarter. The increase from the previous quarter resulted from an $8.5 million increase in retail time deposits, and a $2.5 million increase in NOW accounts, and other transaction accounts. The increase was partially offset by a $5.2 million decrease in savings and money market accounts. Rurban’s deposit mix continued to shift toward core deposits, which accounted for 87.0 percent of total deposits at period-end, compared with 86.8 percent for the linked quarter, and 83.8 percent for the prior-year quarter.
ASSET QUALITY
| Asset Quality | Sept. 2007 | June 2007 | Sept. 2006 | |||||||
| (Dollars in thousands) | ||||||||||
| Net charge-offs / (Recoveries) | $ | 28 | $ | 90 | $ | (54 | ) | |||
| Net charge-offs (Ann.) / Avg. loans | 0.03 | % | 0.09 | % | (0.06 | %) | ||||
| Allowance for loan loss | $ | 3,937 | $ | 3,824 | $ | 4,522 | ||||
| Allowance for loan loss / Loans | 1.01 | % | 1.00 | % | 1.24 | % | ||||
| Non-performing assets | $ | 6,432 | $ | 5,997 | $ | 6,126 | ||||
| NPA / Total assets | 1.14 | % | 1.09 | % | 1.07 | % | ||||
Non-performing assets (loans + OREO + OAO) were $6.4 million, or 1.14 percent, of total assets at September 30, 2007, an increase of $306,000 from twelve months ago, and an increase of $435,000 from the second quarter. Rurban’s non-performing assets continue to be impacted by three legacy credits totaling $2.1 million. Net charge-offs for the second quarter were $28,000, compared with a recovery of $54,000 in the third quarter of 2006, and net charge-offs of $90,000 for the linked quarter. The loan loss reserve is 1.01 percent of period-end loans.
RFCBC, Inc. (Loan Workout Company)
RFCBC’s sole remaining loan relationship is currently in litigation; with resolution, Rurban expects to close out the loan workout company by 2007 year-end or first quarter 2008. RFCBC recorded a nominal loss of $39,000 for the quarter compared to $82,000 for the previous-year quarter. The majority of the expenses are being incurred from litigation costs associated with the remaining loan and past legal issues; there are no employees at RFCBC, as the remaining workout activity is being outsourced.
RURBANC DATA SERVICES, INC (RDSI)
Revenue for the quarter was $5.3 million, up $1.2 million, or 30.5 percent, above the $4.1 million reported for the third quarter of 2006; compared with the linked quarter, revenue increased $383,000, or 7.7 percent. RDSI continues to build its client base signing three new data processing clients during the third quarter of 2007. There are four conversions scheduled over the next several months, which will continue to build RDSI revenue and net income. Currently, RDSI services 113 community banks.
Earnings for the third quarter were $659,000, compared to $478,000 for the year-ago quarter, up $181,000, or 38.0 percent; on a linked quarter basis, third quarter net income increased by $183,000, or 38.5 percent
ABOUT RURBAN FINANCIAL CORP.
Rurban Financial Corp. is a publicly-held financial services holding company based in Defiance, Ohio with assets of $565.7 million as of September 30, 2007. Rurban's wholly-owned subsidiaries are The State Bank and Trust Company, including Reliance Financial Services; Rurbanc Data Services, Inc. (RDSI); and DCM. The State Bank and Trust Company offers financial services through its 18 branches in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties, Ohio and Allen County, Indiana. Reliance Financial Services, a division of the Bank, 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 4,999,433 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.
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2007 and December 31, 2006
| September | December | ||||||
| 2007 | 2006 | ||||||
| (Unaudited) | |||||||
ASSETS | |||||||
| Cash and due from banks | $ | 12,859,263 | $ | 13,381,791 | |||
| Federal funds sold | - | 9,100,000 | |||||
| Cash and cash equivalents | 12,859,263 | 22,481,791 | |||||
| Interest-earning deposits in other financial institutions | - | 150,000 | |||||
| Available-for-sale securities | 102,759,847 | 102,462,075 | |||||
| Loans held for sale | - | 390,100 | |||||
| Loans, net of unearned income | 388,264,099 | 370,101,809 | |||||
| Allowance for loan losses | (3,936,545 | ) | (3,717,377 | ) | |||
| Premises and equipment, net | 15,290,795 | 15,449,774 | |||||
| Purchased software | 4,500,417 | 4,618,691 | |||||
| Federal Reserve and Federal Home Loan Bank Stock | 4,021,200 | 3,993,450 | |||||
| Foreclosed assets held for sale, net | 64,805 | 82,397 | |||||
| Accrued interest receivable | 3,374,265 | 3,129,774 | |||||
| Goodwill | 13,940,618 | 13,674,058 | |||||
| Core deposits and other intangibles | 5,322,647 | 5,858,982 | |||||
| Cash value of life insurance | 12,048,425 | 10,771,843 | |||||
| Other assets | 7,164,456 | 6,559,886 | |||||
| Total assets | $ | 565,674,291 | $ | 556,007,253 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Liabilities | |||||||
| Deposits | |||||||
| Demand | $ | 41,486,691 | $ | 46,565,554 | |||
| Savings, interest checking and money market | 138,095,329 | 130,267,333 | |||||
| Time | 233,570,398 | 237,722,558 | |||||
| Total deposits | 413,152,418 | 414,555,445 | |||||
| Notes payable | 1,025,992 | 2,589,207 | |||||
| Advances from Federal Home Loan Bank | 19,000,000 | 21,000,000 | |||||
| Fed Funds Purchased | 4,400,000 | - | |||||
| Repurchase Agreements | 42,566,025 | 32,270,900 | |||||
| Trust preferred securities | 20,620,000 | 20,620,000 | |||||
| Accrued interest payable | 2,409,523 | 2,224,413 | |||||
| Other liabilities | 3,995,977 | 5,792,135 | |||||
| Total liabilities | 507,169,936 | 499,052,100 | |||||
| Shareholders' Equity | |||||||
| Common stock | 12,568,583 | 12,568,583 | |||||
| Additional paid-in capital | 14,902,827 | 14,859,165 | |||||
| Retained earnings | 31,805,145 | 30,407,298 | |||||
| Accumulated other comprehensive loss | (421,721 | ) | (879,893 | ) | |||
| Treasury stock | (350,480 | ) | - | ||||
| Total shareholders' equity | 58,504,355 | 56,955,153 | |||||
| Total liabilities and shareholders' equity | $ | 565,674,291 | $ | 556,007,253 | |||
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
For The Third Quarter Ended September 30, 2007 and 2006
| Third Quarter | Third Quarter | Increase/(Decrease) | ||||||||
| 2007 | 2006 | $ | ||||||||
| Interest income | ||||||||||
| Loans | ||||||||||
| Taxable | $ | 7,072,488 | $ | 6,641,379 | $ | 431,109 | ||||
| Tax-exempt | 16,668 | 18,326 | (1,658 | ) | ||||||
| Securities | ||||||||||
| Taxable | 1,041,177 | 1,306,979 | (265,802 | ) | ||||||
| Tax-exempt | 169,719 | 141,943 | 27,776 | |||||||
| Other | 50,288 | 48,846 | 1,442 | |||||||
| Total interest income | 8,350,340 | 8,157,473 | 192,867 | |||||||
| Interest expense | ||||||||||
| Deposits | 3,497,275 | 3,017,993 | 479,282 | |||||||
| Other borrowings | 32,026 | 67,773 | (35,747 | ) | ||||||
| Retail Repurchase Agreements | 435,216 | 182,007 | 253,209 | |||||||
| Federal Home Loan Bank advances | 268,289 | 667,749 | (399,460 | ) | ||||||
| Trust preferred securities | 456,582 | 466,417 | (9,835 | ) | ||||||
| Total interest expense | 4,689,389 | 4,401,939 | 287,450 | |||||||
Net interest income | 3,660,951 | 3,755,534 | (94,583 | ) | ||||||
| Provision for loan losses | 140,409 | 35,000 | 105,409 | |||||||
Net interest income after provision | ||||||||||
for loan losses | 3,520,543 | 3,720,534 | (199,991 | ) | ||||||
| Non-interest income | ||||||||||
| Data service fees | 5,004,394 | 3,785,037 | 1,219,357 | |||||||
| Trust fees | 819,989 | 753,449 | 66,540 | |||||||
| Customer service fees | 588,447 | 542,518 | 45,929 | |||||||
| Net gain on sales of loans | 73,581 | 283,123 | (209,542 | ) | ||||||
| Net realized gains on sales of | ||||||||||
| available-for-sale securities | - | - | - | |||||||
| Loan servicing fees | 82,651 | 96,754 | (14,103 | ) | ||||||
| Gain on sale of assets | 11,862 | 25,914 | (14,052 | ) | ||||||
| Other income | 201,920 | 415,961 | (214,041 | ) | ||||||
| Total non-interest income | 6,782,842 | 5,902,756 | 880,086 | |||||||
| Non-interest expense | ||||||||||
| Salaries and employee benefits | 4,290,961 | 4,253,924 | 37,037 | |||||||
| Net occupancy expense | 514,742 | 468,855 | 45,887 | |||||||
| Equipment expense | 1,625,762 | 1,445,073 | 180,689 | |||||||
| Data processing fees | 102,292 | 146,703 | (44,411 | ) | ||||||
| Professional fees | 461,844 | 481,132 | (19,288 | ) | ||||||
| Marketing expense | 259,196 | 168,031 | 91,165 | |||||||
| Printing and office supplies | 130,363 | 126,765 | 3,598 | |||||||
| Telephone and communication | 446,465 | 467,692 | (21,227 | ) | ||||||
| Postage and delivery expense | 392,211 | 142,957 | 249,254 | |||||||
| State, local and other taxes | 103,674 | 188,464 | (84,790 | ) | ||||||
| Employee expense | 266,227 | 235,429 | 30,798 | |||||||
| Other expenses | 512,663 | 389,631 | 123,032 | |||||||
| Total non-interest expense | 9,106,400 | 8,514,656 | 591,744 | |||||||
Income before income tax expense | 1,196,985 | 1,108,634 | 88,351 | |||||||
| Income tax expense | 333,384 | 294,893 | 38,491 | |||||||
Net income | $ | 863,601 | $ | 813,741 | $ | 49,860 | ||||
| Earnings per common share: | ||||||||||
| Basic | $ | 0.17 | $ | 0.16 | $ | 0.01 | ||||
| Diluted | $ | 0.17 | $ | 0.16 | $ | 0.01 | ||||
| Average diluted shares outstanding | 5,008,334 | 5,027,704 |
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
For The Three Months Ended September 30, 2007 and June 30, 2007
| Third Quarter | Second Quarter | Increase/(Decrease) | ||||||||
| 2007 | 2007 | $ | ||||||||
| Interest income | ||||||||||
| Loans | ||||||||||
| Taxable | $ | 7,072,488 | $ | 6,976,506 | $ | 95,982 | ||||
| Tax-exempt | 16,668 | 17,250 | (582 | ) | ||||||
| Securities | ||||||||||
| Taxable | 1,041,177 | 1,044,300 | (3,123 | ) | ||||||
| Tax-exempt | 169,719 | 160,845 | 8,874 | |||||||
| Other | 50,288 | 35,138 | 15,150 | |||||||
| Total interest income | 8,350,340 | 8,234,039 | 116,301 | |||||||
| Interest expense | ||||||||||
| Deposits | 3,497,275 | 3,381,667 | 115,608 | |||||||
| Other borrowings | 32,026 | 57,546 | (25,520 | ) | ||||||
| Retail Repurchase Agreements | 435,216 | 351,833 | 83,383 | |||||||
| Federal Home Loan Bank advances | 268,289 | 242,658 | 25,631 | |||||||
| Trust preferred securities | 456,582 | 450,197 | 6,385 | |||||||
| Total interest expense | 4,689,389 | 4,483,901 | 205,488 | |||||||
Net interest income | 3,660,951 | 3,750,138 | (89,187 | ) | ||||||
| Provision for loan losses | 140,409 | 145,594 | (5,185 | ) | ||||||
Net interest income after provision | ||||||||||
for loan losses | 3,520,543 | 3,604,544 | (84,001 | ) | ||||||
| Non-interest income | ||||||||||
| Data service fees | 5,004,394 | 4,629,258 | 375,136 | |||||||
| Trust fees | 819,989 | 865,880 | (45,891 | ) | ||||||
| Customer service fees | 588,447 | 533,209 | 55,238 | |||||||
| Net gain on sales of loans | 73,581 | 174,168 | (100,587 | ) | ||||||
| Net realized gains on sales of | ||||||||||
| available-for-sale securities | - | 367 | (367 | ) | ||||||
| Loan servicing fees | 82,651 | 89,432 | (6,781 | ) | ||||||
| Gain on sale of assets | 11,862 | 14,010 | (2,148 | ) | ||||||
| Other income | 201,920 | 201,376 | 544 | |||||||
| Total non-interest income | 6,782,842 | 6,507,700 | 275,142 | |||||||
| Non-interest expense | ||||||||||
| Salaries and employee benefits | 4,290,961 | 4,185,324 | 105,637 | |||||||
| Net occupancy expense | 514,742 | 505,925 | 8,817 | |||||||
| Equipment expense | 1,625,762 | 1,676,676 | (50,914 | ) | ||||||
| Data processing fees | 102,292 | 114,243 | (11,951 | ) | ||||||
| Professional fees | 461,844 | 501,015 | (39,171 | ) | ||||||
| Marketing expense | 259,196 | 187,098 | 72,098 | |||||||
| Printing and office supplies | 130,363 | 181,362 | (50,999 | ) | ||||||
| Telephone and communication | 446,465 | 437,690 | 8,775 | |||||||
| Postage and delivery expense | 392,211 | 384,091 | 8,120 | |||||||
| State, local and other taxes | 103,674 | 165,175 | (61,501 | ) | ||||||
| Employee expense | 266,227 | 280,078 | (13,851 | ) | ||||||
| Other expenses | 512,663 | 446,693 | 65,970 | |||||||
| Total non-interest expense | 9,106,400 | 9,065,370 | 41,030 | |||||||
Income before income tax expense | 1,196,985 | 1,046,874 | 150,111 | |||||||
| Income tax expense | 333,384 | 261,829 | 71,555 | |||||||
Net income | $ | 863,601 | $ | 785,045 | $ | 78,556 | ||||
| Earnings per common share: | ||||||||||
| Basic | $ | 0.17 | $ | 0.16 | $ | 0.01 | ||||
| Diluted | $ | 0.17 | $ | 0.16 | $ | 0.01 | ||||
| Average diluted shares outstanding | 5,008,334 | 5,031,458 | ||||||||
RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
For The Nine Months Ended September 30, 2007 and 2006
| Nine Months | Nine Months | Increase/(Decrease) | ||||||||
| 2007 | 2006 | $ | ||||||||
| Interest income | ||||||||||
| Loans | ||||||||||
| Taxable | $ | 20,725,807 | $ | 18,238,590 | $ | 2,487,217 | ||||
| Tax-exempt | 51,211 | 45,718 | 5,493 | |||||||
| Securities | ||||||||||
| Taxable | 3,176,674 | 3,953,438 | (776,764 | ) | ||||||
| Tax-exempt | 483,621 | 410,346 | 73,275 | |||||||
| Other | 163,894 | 99,158 | 64,736 | |||||||
| Total interest income | 24,601,207 | 22,747,250 | 1,853,957 | |||||||
| Interest expense | ||||||||||
| Deposits | 10,212,672 | 7,695,387 | 2,517,285 | |||||||
| Other borrowings | 140,644 | 120,220 | 20,424 | |||||||
| Repurchase Agreements | 1,130,898 | 465,560 | 665,338 | |||||||
| Federal Home Loan Bank advances | 760,534 | 1,684,415 | (923,881 | ) | ||||||
| Trust preferred securities | 1,352,093 | 1,331,615 | 20,478 | |||||||
| Total interest expense | 13,596,842 | 11,297,197 | 2,299,645 | |||||||
Net interest income | 11,004,365 | 11,450,053 | (445,688 | ) | ||||||
| Provision for loan losses | 378,643 | 337,321 | 41,322 | |||||||
Net interest income after provision | ||||||||||
for loan losses | 10,625,723 | 11,112,732 | (487,009 | ) | ||||||
| Non-interest income | ||||||||||
| Data service fees | 14,467,788 | 10,312,757 | 4,155,031 | |||||||
| Trust fees | 2,512,251 | 2,361,127 | 151,124 | |||||||
| Customer service fees | 1,650,080 | 1,635,272 | 14,808 | |||||||
| Net gain on sales of loans | 302,028 | 415,833 | (113,805 | ) | ||||||
| Net realized gains on sales of | ||||||||||
| available-for-sale securities | 367 | - | 367 | |||||||
| Loan servicing fees | 280,789 | 301,233 | (20,444 | ) | ||||||
| Gain on sale of assets | 61,839 | 85,346 | (23,507 | ) | ||||||
| Other income | 754,144 | 1,067,739 | (313,595 | ) | ||||||
| Total non-interest income | 20,029,284 | 16,179,307 | 3,849,977 | |||||||
| Non-interest expense | ||||||||||
| Salaries and employee benefits | 12,873,072 | 11,906,909 | 966,163 | |||||||
| Net occupancy expense | 1,547,800 | 1,334,722 | 213,078 | |||||||
| Equipment expense | 4,908,311 | 4,168,534 | 739,777 | |||||||
| Data processing fees | 372,716 | 402,661 | (29,945 | ) | ||||||
| Professional fees | 1,640,250 | 1,525,399 | 114,851 | |||||||
| Marketing expense | 601,979 | 536,977 | 65,002 | |||||||
| Printing and office supplies | 509,817 | 453,110 | 56,707 | |||||||
| Telephone and communication | 1,329,359 | 1,277,707 | 51,652 | |||||||
| Postage and delivery expense | 1,168,563 | 397,217 | 771,346 | |||||||
| State, local and other taxes | 468,590 | 512,757 | (44,167 | ) | ||||||
| Employee expense | 801,374 | 745,341 | 56,033 | |||||||
| Other expenses | 1,250,192 | 1,283,228 | (33,036 | ) | ||||||
| Total non-interest expense | 27,472,023 | 24,544,562 | 2,927,461 | |||||||
Income before income tax expense | 3,182,984 | 2,747,477 | 435,507 | |||||||
| Income tax expense | 831,885 | 697,668 | 134,217 | |||||||
Net income | $ | 2,351,099 | $ | 2,049,809 | $ | 301,290 | ||||
| Earnings per common share: | ||||||||||
| Basic | $ | 0.47 | $ | 0.41 | $ | 0.06 | ||||
| Diluted | $ | 0.47 | $ | 0.41 | $ | 0.06 | ||||
| Average diluted shares outstanding | 5,021,939 | 5,029,338 | ||||||||
RURBAN FINANCIAL CORP. | |||||||||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||||||||||
(Unaudited) | |||||||||||||
3rd Qtr | YTD | 3rd Qtr | YTD | ||||||||||
(dollars in thousands except per share data) | 2007 | 2007 | 2006 | 2006 | |||||||||
EARNINGS | |||||||||||||
| Net interest income | $ | 3,661 | $ | 11,004 | $ | 3,756 | $ | 11,450 | |||||
| Provision for loan loss | $ | 140 | $ | 379 | $ | 35 | $ | 337 | |||||
| Non-interest income | $ | 6,783 | $ | 20,029 | $ | 5,903 | $ | 16,179 | |||||
| Revenue (net interest income plus non-interest income) | $ | 10,444 | $ | 31,034 | $ | 9,659 | $ | 27,629 | |||||
| Non-interest expense | $ | 9,106 | $ | 27,472 | $ | 8,515 | $ | 24,545 | |||||
Net income (loss) | $ | 864 | $ | 2,351 | $ | 814 | $ | 2,050 | |||||
PER SHARE DATA | |||||||||||||
| Basic earnings per share | $ | 0.17 | $ | 0.47 | $ | 0.16 | $ | 0.41 | |||||
| Diluted earnings per share | $ | 0.17 | $ | 0.47 | $ | 0.16 | $ | 0.41 | |||||
| Book value per share | $ | 11.70 | $ | 11.70 | $ | 11.16 | $ | 11.16 | |||||
| Tangible book value per share | $ | 7.87 | $ | 7.87 | $ | 7.19 | $ | 7.19 | |||||
| Cash dividend per share | $ | 0.07 | $ | 0.19 | $ | 0.05 | $ | 0.15 | |||||
PERFORMANCE RATIOS | |||||||||||||
| Return on average assets | 0.62 | % | 0.57 | % | 0.59 | % | 0.50 | % | |||||
| Return on average equity | 5.97 | % | 5.44 | % | 5.95 | % | 5.21 | % | |||||
| Net interest margin (tax equivalent) | 2.96 | % | 3.10 | % | 3.10 | % | 3.12 | % | |||||
| Net interest margin (Bank Only) | 3.41 | % | 3.47 | % | 3.40 | % | 3.82 | % | |||||
| Non-interest expense / Average assets | 6.56 | % | 6.63 | % | 6.15 | % | 5.95 | % | |||||
| Efficiency Ratio - bank (non-GAAP) | 80.14 | % | 80.52 | % | 84.01 | % | 85.85 | % | |||||
MARKET DATA PER SHARE | |||||||||||||
| Market value per share -- Period end | $ | 12.65 | $ | 12.65 | $ | 11.92 | $ | 11.92 | |||||
| Market as a % of book | 1.08 | 1.08 | 1.07 | 1.07 | |||||||||
| Cash dividend yield | 2.21 | % | 2.00 | % | 1.68 | % | 1.82 | % | |||||
| Period-end common shares outstanding (000) | 4,999 | 4,999 | 5,027 | 5,027 | |||||||||
| Common stock market capitalization ($000) | $ | 63,237 | $ | 63,237 | $ | 59,927 | $ | 59,927 | |||||
CAPITAL & LIQUIDITY | |||||||||||||
| Equity to assets | 10.3 | % | 10.3 | % | 9.8 | % | 9.8 | % | |||||
| Period-end tangible equity to assets | 7.0 | % | 7.0 | % | 6.3 | % | 6.3 | % | |||||
| Tier 1 risk-based capital ratio | 14.6 | % | 14.6 | % | 14.6 | % | 14.6 | % | |||||
| Total risk-based capital ratio | 15.7 | % | 15.7 | % | 16.0 | % | 16.0 | % | |||||
ASSET QUALITY | |||||||||||||
| Net charge-offs / (Recoveries) | $ | 28 | $ | 159 | $ | (54 | ) | $ | 510 | ||||
| Net loan charge-offs (Ann.) / Average loans | 0.03 | % | 0.06 | % | (0.06 | %) | 0.29 | % | |||||
| Non-performing loans | $ | 6,361 | $ | 6,361 | $ | 5,636 | $ | 5,636 | |||||
| OREO / OAOs | $ | 71 | $ | 71 | $ | 490 | $ | 490 | |||||
| Non-performing assets | $ | 6,432 | $ | 6,432 | $ | 6,126 | $ | 6,126 | |||||
| Non-performing assets / Total assets | 1.14 | % | 1.14 | % | 1.07 | % | 1.07 | % | |||||
| Allowance for loan losses / Total loans | 1.01 | % | 1.01 | % | 1.24 | % | 1.24 | % | |||||
| Allowance for loan losses / Non-performing Assets | 61.2 | % | 61.2 | % | 73.8 | % | 73.8 | % | |||||
END OF PERIOD BALANCES | |||||||||||||
| Total loans, net of unearned income | $ | 388,264 | $ | 388,264 | $ | 364,343 | $ | 364,343 | |||||
| Allowance for loan loss | $ | 3,937 | $ | 3,937 | $ | 4,522 | $ | 4,522 | |||||
| Total assets | $ | 565,674 | $ | 565,674 | $ | 569,987 | $ | 569,987 | |||||
| Deposits | $ | 413,152 | $ | 413,152 | $ | 412,178 | $ | 412,178 | |||||
| Stockholders' equity | $ | 58,504 | $ | 58,504 | $ | 56,111 | $ | 56,111 | |||||
| Full-time equivalent employees | 280 | 280 | 271 | 271 | |||||||||
AVERAGE BALANCES | |||||||||||||
| Loans | $ | 385,126 | $ | 378,733 | $ | 368,324 | $ | 349,047 | |||||
| Total earning assets | $ | 488,798 | $ | 485,624 | $ | 506,594 | $ | 501,689 | |||||
| Total assets | $ | 555,452 | $ | 552,657 | $ | 553,465 | $ | 549,954 | |||||
| Deposits | $ | 411,948 | $ | 412,587 | $ | 408,247 | $ | 400,085 | |||||
| Stockholders' equity | $ | 57,830 | $ | 57,607 | $ | 54,702 | $ | 52,434 | |||||
Rurban Financial Corp.
Segment Reporting
Third Quarter Ended September 30, 2007
| State Bank and Trust | RFCBC (Loan Workout Company) | Total Banking | Data Processing | Parent Company and Other | Elimination Entries | Rurban Financial Corp. | ||||||||||||||||
Income Statement Measures | ||||||||||||||||||||||
| Interest Income | $ | 8,383 | $ | - | $ | 8,383 | $ | - | $ | 1 | $ | (34 | ) | $ | 8,350 | |||||||
| Interest Expense | 4,213 | - | 4,213 | 53 | 457 | (34 | ) | $ | 4,689 | |||||||||||||
| Net Interest Income | 4,170 | - | 4,170 | (53 | ) | (456 | ) | - | $ | 3,661 | ||||||||||||
| Provision For Loan Loss | 150 | (10 | ) | 140 | - | - | - | $ | 140 | |||||||||||||
| Non-interest Income | 1,769 | - | 1,769 | 5,385 | 356 | (727 | ) | $ | 6,783 | |||||||||||||
| Non-interest Expense | 4,804 | 69 | 4,873 | 4,334 | 627 | (727 | ) | $ | 9,107 | |||||||||||||
| Net Income Before Taxes | 985 | (59 | ) | 926 | 998 | (727 | ) | - | $ | 1,197 | ||||||||||||
| Income Taxes | 271 | (20 | ) | 251 | 339 | (257 | ) | - | $ | 333 | ||||||||||||
| Net Income QTD | $ | 714 | $ | (39 | ) | $ | 675 | $ | 659 | $ | (470 | ) | $ | - | $ | 864 | ||||||
Performance Measures | ||||||||||||||||||||||
| Average Assets -QTD | $ | 535,129 | $ | 1,341 | $ | 536,470 | $ | 19,739 | $ | 79,380 | $ | (80,137 | ) | $ | 555,452 | |||||||
| ROAA | 0.53 | % | - | 0.50 | % | 13.35 | % | - | - | 0.62 | % | |||||||||||
| Average Equity - QTD | $ | 55,534 | $ | 1,270 | $ | 56,804 | $ | 14,732 | $ | 57,830 | $ | (71,536 | ) | $ | 57,830 | |||||||
| ROAE | 5.15 | % | - | 4.76 | % | 17.89 | % | - | - | 5.97 | % | |||||||||||
| Efficiency Ratio - % | 78.97 | % | - | 80.14 | % | 80.04 | % | - | - | 85.47 | % | |||||||||||
| Average Loans - QTD | $ | 386,337 | $ | 574 | $ | 386,911 | $ | - | $ | - | $ | (1,785 | ) | $ | 385,126 | |||||||
| Average Deposits - QTD | $ | 418,764 | $ | - | $ | 418,764 | $ | - | $ | - | $ | (6,816 | ) | $ | 411,948 | |||||||
Rurban Financial Corp.
Segment Reporting
Nine Months Ended September 30, 2007
| State Bank and Trust | RFCBC (Loan Workout Company) | Total Banking | Data Processing | Parent Company and Other | Elimination Entries | Rurban Financial Corp. | ||||||||||||||||
Income Statement Measures | ||||||||||||||||||||||
| Interest Income | $ | 24,721 | $ | 1 | $ | 24,722 | $ | 1 | $ | 3 | $ | (125 | ) | $ | 24,601 | |||||||
| Interest Expense | 12,148 | - | 12,148 | 221 | 1,352 | (125 | ) | 13,596 | ||||||||||||||
| Net Interest Income | 12,573 | 1 | 12,574 | (220 | ) | (1,349 | ) | - | 11,005 | |||||||||||||
| Provision For Loan Loss | 400 | (21 | ) | 379 | - | - | - | 379 | ||||||||||||||
| Non-interest Income | 5,532 | - | 5,532 | 15,656 | 1,051 | (2,209 | ) | 20,030 | ||||||||||||||
| Non-interest Expense | 14,500 | 421 | 14,921 | 12,671 | 2,090 | (2,209 | ) | 27,473 | ||||||||||||||
| Net Income Before Taxes | 3,205 | (399 | ) | 2,806 | 2,765 | (2,388 | ) | - | 3,183 | |||||||||||||
| Income Taxes | 866 | (135 | ) | 731 | 940 | (839 | ) | - | 832 | |||||||||||||
| Net Income YTD | $ | 2,339 | $ | (264 | ) | $ | 2,075 | $ | 1,825 | $ | (1,549 | ) | $ | - | $ | 2,351 | ||||||
Performance Measures | ||||||||||||||||||||||
| Average Assets - YTD | $ | 532,945 | $ | 1,599 | $ | 534,544 | $ | 20,237 | $ | 79,294 | $ | (81,418 | ) | $ | 552,657 | |||||||
| ROAA | 0.59 | % | - | 0.52 | % | 12.02 | % | - | - | 0.57 | % | |||||||||||
| Average Equity - YTD | $ | 55,091 | $ | 1,372 | $ | 56,463 | $ | 14,172 | $ | 57,607 | $ | (70,635 | ) | $ | 57,607 | |||||||
| ROAE | 5.66 | % | - | 4.90 | % | 17.17 | % | - | - | 5.44 | % | |||||||||||
| Efficiency Ratio - % | 78.20 | % | - | 80.52 | % | 80.83 | % | - | - | 86.79 | % | |||||||||||
| Average Loans - YTD | $ | 380,221 | $ | 590 | $ | 380,811 | $ | - | $ | - | $ | (2,078 | ) | $ | 378,733 | |||||||
| Average Deposits - YTD | $ | 420,483 | $ | - | $ | 420,483 | $ | - | $ | - | $ | (7,896 | ) | $ | 412,587 | |||||||
Rurban Financial Corp.
Proforma Performance Measurement
Quarterly Comparison - Third Quarter 2007
| State Bank and Trust | RFCBC (Loan Workout Company) | Banking Related Entities | RDSI | Parent Company and Other | Intersegment Elimination Entries | Rurban Financial Corp. | ||||||||||||||||
Average Assets | ||||||||||||||||||||||
| 3Q07 | $ | 535,129 | $ | 1,341 | $ | 536,470 | $ | 19,739 | $ | 79,380 | $ | (80,137 | ) | $ | 555,452 | |||||||
| 2Q07 | $ | 529,071 | $ | 1,547 | $ | 530,618 | $ | 20,320 | $ | 78,908 | $ | (80,420 | ) | $ | 549,426 | |||||||
| 1Q07 | $ | 534,629 | $ | 1,914 | $ | 536,543 | $ | 20,217 | $ | 79,251 | $ | (81,380 | ) | $ | 554,631 | |||||||
| 4Q06 | $ | 549,777 | $ | 2,178 | $ | 551,955 | $ | 19,695 | $ | 78,234 | $ | (80,077 | ) | $ | 569,807 | |||||||
| 3Q06 | $ | 549,931 | $ | 2,451 | $ | 552,382 | $ | 14,442 | $ | 75,666 | $ | (89,023 | ) | $ | 553,465 | |||||||
| 3rd Quarter Comparison | $ | (14,802 | ) | $ | (1,110 | ) | $ | (15,912 | ) | $ | 5,297 | $ | 3,714 | $ | - | $ | 1,987 | |||||
Revenue | ||||||||||||||||||||||
| 3Q07 | $ | 5,939 | $ | - | $ | 5,939 | $ | 5,332 | $ | (100 | ) | $ | (727 | ) | $ | 10,444 | ||||||
| 2Q07 | $ | 6,130 | $ | - | $ | 6,130 | $ | 4,949 | $ | (82 | ) | $ | (739 | ) | $ | 10,258 | ||||||
| 1Q07 | $ | 6,024 | $ | 1 | $ | 6,025 | $ | 5,155 | $ | (116 | ) | $ | (732 | ) | $ | 10,332 | ||||||
| 4Q06 | $ | 6,345 | $ | 124 | $ | 6,469 | $ | 4,944 | $ | 247 | $ | (500 | ) | $ | 11,160 | |||||||
| 3Q06 | $ | 6,393 | $ | 3 | $ | 6,396 | $ | 4,085 | $ | (219 | ) | $ | (603 | ) | $ | 9,659 | ||||||
| 3rd Quarter Comparison | $ | (454 | ) | $ | (3 | ) | $ | (457 | ) | $ | 1,247 | $ | 119 | $ | - | $ | 785 | |||||
Non-interest Expenses | ||||||||||||||||||||||
| 3Q07 | $ | 4,804 | $ | 69 | $ | 4,873 | $ | 4,334 | $ | 627 | $ | (727 | ) | $ | 9,107 | |||||||
| 2Q07 | $ | 4,712 | $ | 137 | $ | 4,849 | $ | 4,228 | $ | 728 | $ | (739 | ) | $ | 9,065 | |||||||
| 1Q07 | $ | 4,973 | $ | 215 | $ | 5,188 | $ | 4,109 | $ | 736 | $ | (732 | ) | $ | 9,301 | |||||||
| 4Q06 | $ | 5,747 | $ | 278 | $ | 6,025 | $ | 4,026 | $ | 822 | $ | (514 | ) | $ | 10,359 | |||||||
| 3Q06 | $ | 4,970 | $ | 161 | $ | 5,131 | $ | 3,375 | $ | 612 | $ | (603 | ) | $ | 8,515 | |||||||
| 3rd Quarter Comparison | $ | (166 | ) | $ | (92 | ) | $ | (258 | ) | $ | 959 | $ | 15 | $ | - | $ | 592 | |||||
Net Income | ||||||||||||||||||||||
| 3Q07 | $ | 714 | $ | (39 | ) | $ | 675 | $ | 659 | $ | (470 | ) | $ | - | $ | 864 | ||||||
| 2Q07 | $ | 917 | $ | (87 | ) | $ | 830 | $ | 476 | $ | (521 | ) | $ | - | $ | 785 | ||||||
| 1Q07 | $ | 707 | $ | (136 | ) | $ | 571 | $ | 690 | $ | (559 | ) | $ | - | $ | 702 | ||||||
| 4Q06 | $ | 569 | $ | (89 | ) | $ | 480 | $ | 606 | $ | (376 | ) | $ | - | $ | 710 | ||||||
| 3Q06 | $ | 872 | $ | (82 | ) | $ | 790 | $ | 478 | $ | (454 | ) | $ | - | $ | 814 | ||||||
| 3rd Quarter Comparison | $ | (158 | ) | $ | 43 | $ | (115 | ) | $ | 181 | $ | (16 | ) | $ | - | $ | 50 | |||||
Efficiency Ratio | ||||||||||||||||||||||
| 3Q07 | 78.97 | % | - | 80.14 | % | 80.04 | % | - | - | 85.47 | % | |||||||||||
| 2Q07 | 74.99 | % | - | 77.23 | % | 84.09 | % | - | - | 86.61 | % | |||||||||||
| 1Q07 | 82.20 | % | - | 85.47 | % | 78.52 | % | - | - | 88.33 | % | |||||||||||
| 4Q06 | 88.78 | % | - | 91.37 | % | 80.40 | % | - | - | 91.34 | % | |||||||||||
| 3Q06 | 75.96 | % | - | 78.44 | % | 82.20 | % | - | - | 86.80 | % | |||||||||||
| 3rd Quarter Comparison | 3.01 | % | - | 1.70 | % | (2.17 | %) | - | - | (1.33 | %) | |||||||||||
NPA/Total Assets | ||||||||||||||||||||||
| 3Q07 | 1.07 | % | - | - | - | - | - | 1.14 | % | |||||||||||||
| 2Q07 | 1.03 | % | - | - | - | - | - | 1.09 | % | |||||||||||||
| 1Q07 | 0.66 | % | - | - | - | - | - | 0.75 | % | |||||||||||||
| 4Q06 | 0.61 | % | - | - | - | - | - | 0.70 | % | |||||||||||||
| 3Q06 | 0.90 | % | - | - | - | - | - | 1.07 | % | |||||||||||||
| 3rd Quarter Comparison | 0.18 | % | - | - | - | - | - | (0.86 | %) | |||||||||||||
ROAA | ||||||||||||||||||||||
| 3Q07 | 0.53 | % | - | 0.50 | % | 13.35 | % | - | - | 0.62 | % | |||||||||||
| 2Q07 | 0.69 | % | - | 0.63 | % | 9.37 | % | - | - | 0.57 | % | |||||||||||
| 1Q07 | 0.53 | % | - | 0.43 | % | 13.65 | % | - | - | 0.51 | % | |||||||||||
| 4Q06 | 0.41 | % | - | 0.35 | % | 12.31 | % | - | - | 0.50 | % | |||||||||||
| 3Q06 | 0.63 | % | - | 0.57 | % | 13.24 | % | - | - | 0.59 | % | |||||||||||
| 3rd Quarter Comparison | (0.10 | %) | - | 0.03 | % | 0.03 | % | - | - | 0.03 | % | |||||||||||
ROAE | ||||||||||||||||||||||
| 3Q07 | 5.15 | % | - | 4.76 | % | 17.89 | % | - | - | 5.97 | % | |||||||||||
| 2Q07 | 6.68 | % | - | 5.90 | % | 13.43 | % | - | - | 5.45 | % | |||||||||||
| 1Q07 | 5.16 | % | - | 4.05 | % | 20.63 | % | - | - | 4.91 | % | |||||||||||
| 4Q06 | 4.20 | % | - | 3.43 | % | 19.06 | % | - | - | 5.08 | % | |||||||||||
| 3Q06 | 6.72 | % | - | 5.83 | % | 21.26 | % | - | - | 5.95 | % | |||||||||||
| 3rd Quarter Comparison | (1.57 | %) | - | (0.26 | %) | (0.26 | %) | - | - | (0.26 | %) | |||||||||||
Average Equity | ||||||||||||||||||||||
| 3Q07 | $ | 55,534 | $ | 1,270 | $ | 56,804 | $ | 14,732 | $ | 57,830 | $ | (71,536 | ) | $ | 57,830 | |||||||
| 2Q07 | $ | 54,905 | $ | 1,344 | $ | 56,249 | $ | 14,182 | $ | 57,617 | $ | (70,431 | ) | $ | 57,617 | |||||||
| 1Q07 | $ | 54,828 | $ | 1,502 | $ | 56,330 | $ | 13,378 | $ | 57,192 | $ | (69,708 | ) | $ | 57,192 | |||||||
| 4Q06 | $ | 54,249 | $ | 1,714 | $ | 55,963 | $ | 12,721 | $ | 55,963 | $ | (68,684 | ) | $ | 55,963 | |||||||
| 3Q06 | $ | 51,917 | $ | 2,261 | $ | 54,178 | $ | 8,995 | $ | 54,702 | $ | (63,173 | ) | $ | 54,702 | |||||||
| 3rd Quarter Comparison | $ | 3,617 | $ | (991 | ) | $ | 2,626 | $ | 5,737 | $ | 3,128 | $ | - | $ | 3,128 | |||||||