Rurban Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 24, 2013 at 02:45 am IST
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Rurban Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter ended December 31, 2012, Rurban reported net income of $1.52 million, or $0.31 per diluted share, compared to net income of $0.27 million, or $0.06 per diluted share, for the fourth quarter 2011. Excluding a one-time net gain of $0.10 million ($0.15 million pretax) for the 2012 fourth quarter and a net charge of $0.65 million ($0.99 million pretax) for the 2011 fourth quarter, operating earnings were $1.42 million for the quarter ended December 31, 2012 compared to $0.93 million for the fourth quarter 2011, up 53.4 %. Net interest income (FTE) for the 2012 fourth quarter was $5.25 million, a decline of $0.13 million, or 2.5 %, from the fourth quarter 2011. The company reported total interest income of $6,349,000 against $6,666,000 for the quarter ended September 2012. The company reported income before income tax of $2,191,000 against $1,817,000 for the quarter ended September 2012.
For the 2012 fiscal year, net income was $4.81 million, or $0.99 per diluted share, compared to $1.66 million, or $0.34 per diluted share, for the 2011 fiscal year. Excluding a 2012 net gain of $0.20 million after-tax ($0.30 million pretax) from non-recurring items, primarily from the settlement of RDSI matters, including litigation and contract buyouts, 2012 core earnings were $4.62 million, or $0.95 per diluted share. This compares to 2011 core earnings of $1.46 million, or $0.30 per common share, excluding a net gain of $0.21 million ($0.32 million pretax), primarily from balance sheet restructuring, RDSI contract buyouts and RDSI write-downs. For the 2012 fiscal year, net income was $4.81 million, or $0.99 per diluted share, compared to $1.66 million, or $0.34 per diluted share, for the 2011 fiscal year. Excluding a 2012 net gain of $0.20 million after-tax ($0.30 million pretax) from non-recurring items, primarily from the settlement of RDSI matters, including litigation and contract buyouts, 2012 core earnings were $4.62 million, or $0.95 per diluted share. This compares to 2011 core earnings of $1.46 million, or $0.30 per common share, excluding a net gain of $0.21 million ($0.32 million pretax), primarily from balance sheet restructuring, RDSI contract buyouts and RDSI write-downs. The company reported income before income tax of $6,743,000 against $2,322,000 for the year ended December 2011. Book value per common share was $10.96 against $9.86 a year ago. Return on average assets was 0.75% against $0.26 a year ago. Return on average equity was 9.57% against 3.54% a year ago.
SB Financial Group, Inc. is a financial holding company. Through its direct and indirect subsidiaries, the Company is engaged in a various financial activities, including commercial banking, and wealth management services. The Company is primarily engaged in providing a full range of banking and wealth management services to individual and corporate customers primarily located in Ohio, Indiana, and Michigan. Its principal activity is the ownership and management of its wholly owned subsidiaries, The State Bank and Trust Company, SBFG Title, LLC, SB Captive, Inc., RFCBC, Inc., Rurbanc Data Services, Inc., Rurban Statutory Trust II, and SBFG Mortgage, LLC. The State Bank and Trust Company offers a full range of commercial banking services, including checking accounts, savings accounts, money market accounts and time certificates of deposit, automatic teller machines, commercial, consumer, agricultural and residential mortgage loans, commercial leasing, and various other services.