Rurban Financial’s 2012 earnings jump 189%

1/24/2013

DEFIANCE — Bolstered by a strong fourth quarter, Rurban Financial Corp. said Wednesday it had a $4.8 million profit, or 99 cents per share, in fiscal 2012, an increase of 189 percent from 2011, when its profits were $1.7 million, or 34 cents per share.

The financial institution, which is the parent company of the State Bank and Trust Co., said its net interest income, a key statistic for banks, was $20.7 million in 2012, unchanged from 2011.

Its provisions for loan losses for the year were just $1.4 million, down from $2 million in 2011, and was a reflection of the company’s efforts to clean up its loan portfolio.

For the fourth quarter, Rurban had a profit of $1.5 million, or 31 cents per share, up from $972,000, or 20 cents per share, in the fourth quarter of 2011.