2nd-quarter profit rises to $1M at Rurban

7/25/2012

DEFIANCE -- Rurban Financial Corp., parent firm of State Bank & Trust Co., reported a second quarter profit Tuesday of $1 million, or 21 cents a share, a 30 percent increase over the $776,793, or 16 cents a share, in the same period a year earlier.

The firm said it had net interest income, a key measurement for banks, of $5.3 million. That compared with $5.2 million for the same quarter a year ago. It had assets of $643 million in the latest period, compared with $648.6 million a year ago.

Its provision for loan losses was $200,000 compared with $898,440 a year ago.

"We hit the million-dollar mark for net income this quarter, an event that last transpired exactly three years ago while [the firm's data processing subsidiary] was still generating $5 million of revenue per quarter," Mark Klein Rurban, president and chief executive officer, said. "Although that source of revenue is now greatly diminished, we've offset the decline with other sources of revenue and a much more efficiently managed organization.