EX-99.1

Exhibit 99.1

Investor Contact: Valda Colbart, 419-784-2759, rfcinv@rurban.net

Rurban Financial Corp. Reports Third Quarter 2006 Earnings of $814,000, Up
65.3% over Third Quarter 2005

DEFIANCE, Ohio, October 18, 2006 — Rurban Financial Corp. (Nasdaq: RBNF), a diversified provider of full-service community banking, investment management, trust services and bank data processing, today reported third quarter 2006 earnings. Highlights of the quarter include:

•		Net income of $814,000, up $322,000 or 65.3 percent, compared with net income of $492,000 reported for the third quarter of 2005. Diluted earnings per share were $0.16 for the current quarter, up 45.5 percent from $0.11 reported for the 2005 third quarter; average diluted shares outstanding increased 10.0 percent year-over-year.

•		Consolidated non-performing assets at 2006 third quarter-end, including RFCBC, the loan workout subsidiary, were $6.1 million or 1.07 percent of total assets, compared with $15.0 million or 3.43 percent of assets for the prior-year third quarter.

•		On October 10th, Rurban announced that it filed an application to open a full-service banking center in Fort Wayne, Indiana where it presently has a Loan Production Office.

•		Since January 1, 2006, Rurban’s Banking Group, consisting of The State Bank and Trust Company and The Exchange Bank, reported organic loan growth of $37.3 million, or 11.4 percent (15.2 percent annualized). Deposit growth since year-end 2005 was $27.3 million or 7.1 percent (9.5 percent annualized).

•		The Company’s efficiency ratio was 88.15 percent for the consolidated entity. The efficiency of the Banking Group continues to reduce from 93.53 percent a year-ago to 84.01 percent for the current quarter.

•		RDSI, the data processing subsidiary, reported a strong quarter with revenue of $4.1 million, up 22.3 percent from third quarter last year. Net income of $478,000 was $187,000 or 64.3 percent higher. RDSI completed its acquisition of Lansing, Michigan based Diverse Computer Marketers (DCM) on September 2, 2006. DCM will operate as a subsidiary of RDSI.

Kenneth A. Joyce, President and Chief Executive Officer, commented, “We continue to make progress as a result of the initiatives we began in 2005. Rurban had solid core earnings for three consecutive quarters and the expense of the expansion initiatives has been moderating throughout 2006. We believe we are now positioned to achieve greater growth and profitability as we take Rurban into new markets and products.”


Earnings: (Three months ended)	Sept. 2006		Dec. 2005			Sept. 2005
(Dollars in thousands except per share data)
Diluted EPS	$	0.16	$	(0.08	)	$	0.11
Net interest income		3,756		3,147			2,982
Provision (credit) for loan losses		35		613			(382	)
Non-interest income		5,903		4,477			4,595
Non-interest expense		8,515		7,632			7,219
Net income (loss)		814		(344	)		492

CONSOLIDATED RESULTS

Total revenue, consisting of net interest income plus non-interest income, was $9.7 million for the third quarter of 2006, up $2.1 million or 27.5 percent, compared with $7.6 million for the prior-year third quarter. Net interest income was $3.8 million, up $773,000 or 25.9 percent, from the 2005 third quarter. Average earning assets rose $110.0 million or 27.7 percent over the 12-month period, of which approximately $72.9 million was derived from the acquisition of Exchange Bank at year-end 2005. Year-over-year, the net interest margin was unchanged at 3.10 percent; the $8.9 million decline in non-performing assets over the course of the year, combined with a lower cost of funds from deposits acquired in the Exchange Bank acquisition, and the approximately $60.4 million in deposits from the two branches purchased in the Lima market in June of 2005, were offset by rising funding costs, which gradually eroded the interest margin from its first quarter 2006 high of 3.37 percent.

Non-interest income was $5.9 million for the third quarter of 2006 compared with $4.6 million for the prior-year third quarter, an increase of $1.3 million or 28.5 percent. RDSI, Rurban’s data processing subsidiary, accounts for approximately $4.1 million or 69.2 percent of non-interest income and 56.7 percent of the growth; the remainder was derived from mortgage banking activities ($254,000 from gains on sale) and a swing of $61,900 from the sale of OREOs, partially offset by a $34,000 lower level of securities gains than last year. The quarter was also impacted by a $265,000 increase in other income, which was driven by the payments on impaired loans and the sale of previously charged-off loans at Exchange Bank.

Revenue for the quarter continued to grow faster than non-interest expense; year-over-year expense growth was $1.3 million or 17.9 percent compared with revenue growth of $2.1 million or 27.5 percent. The $1.3 million expense increase was primarily due to the addition of Exchange Bank’s $1.2 million of operating expenses, partially offset by a $438,000 improvement in State Bank’s operating expenses since the acquisition of the Lima branches in the second quarter of 2005.

Mr. Joyce continued, “Asset quality continues to improve. The decisive steps we took at year-end 2005 to sell $8.4 million of problem loans and add to reserves were a turning point on our road to recovery. With fewer troubled assets, we could devote ourselves to building a profitable financial institution. We have continued to reduce non-performing assets over the past year from $15.0 million or 3.43 percent of assets to a current level of

$6.1 million or 1.07 percent of assets, and the negative financial impact on Rurban has declined commensurately. We are working hard to reduce the remaining non-performing assets to a level consistent with our peers. With every quarter, we get closer to meeting our Ohio peer banks at around 60 to 65 basis points.”


Asset Quality: (Three months ended)	Sept. 2006			Dec. 2005			Sept. 2005
(Dollars in thousands)
Net Charge-Offs / (Recoveries)	$	(54	)	$	1,638		$	14
Net Charge-Offs / Avg. loans		(0.06	%)		2.40	%		0.02	%
Allowance for Loan Loss		4,522			4,700			4,814
Allowance for Loan Loss / Loans		1.24	%		1.44	%		1.77	%
Non-Performing Assets		6,126			8,878			15,025
NPA / Total Assets		1.07	%		1.67	%		3.43	%

Non-performing assets (non-performing loans, OREO & OAO) were $6.1 million or 1.07% percent of total assets at September 30, 2006, a decline of $8.9 million from twelve months ago, despite an additional $1.5 million of non-performing assets acquired with Exchange Bank, which were not included in the prior-year third quarter financial results. Of the $6.1 million of remaining non-performing assets, $1.1 million remain in the loan workout company RFCBC. “We are getting closer to resolution on several large credits and expect to hit our target of reducing non-performing assets to total assets below 1% by year end,” commented Mr. Joyce. The loan loss reserve now stands at 1.24 percent of period-end loans.

Balance sheet growth over the past twelve months has been achieved through a combination of acquisitions and organic growth. Year-over-year, assets increased $131.4 million or 30.0 percent. Since December 31, 2005, loan growth has been exclusively organic; loans increased $37.3 million or 15.2 percent annualized over the past nine months, and by $4.5 million over the last quarter, equivalent to 5.0 percent growth annualized. Mr. Joyce continued, “We are being selective in this environment in terms of asset quality and our ability to fund at a reasonable spread. We received $6.2 million in commercial loan payoffs in late September, however; our loan pipelines remain strong and we continue to see an increase in mortgage banking activity.”

Rurban continues to be very well capitalized. Stockholders’ equity at September 30, 2006 was $56.1 million, equivalent to 9.8 percent of total assets; on a tangible basis, the ratio was 6.3 percent. The total risk-based capital ratio was 16.0 percent, well in excess of the “well-capitalized” regulatory threshold of 10 percent. At quarter-end, Rurban had 5,027,433 of its 10,000,000 authorized shares outstanding. Mr. Joyce concluded, “We are making progress in each of our business units, but at different rates. We are well into a year that has been transformative in terms of profit generation, the reduction of business risk, and the clarification of our strategic direction. Our new management team has been successfully integrated into the Rurban family and our progress should begin to accelerate going forward.”

BANKING GROUP RESULTS

•		Mr. Joyce commented, “All of our bank-related businesses are growing and becoming more profitable. We are particularly pleased with the progress being made at State Bank and Trust where third quarter net income increased 82.4 percent over the past twelve months.” State Bank and Trust Company opened a Loan Production Office in Fort Wayne in January 2006. It announced on October 10th that it has applied to open a new full-service branch office in Fort Wayne, which will incorporate the present LPO. The Fort Wayne branch is expected to open in the fourth quarter of 2006, subject to regulatory approvals and the normal contingencies of a purchase agreement for the branch site.

•		On a consolidated basis, third quarter net income for the banking group was $631,000 compared with $454,000 for the year-ago quarter, an increase of 39.0 percent. Revenue increased 25.8 percent to $5.4 million. Exchange Bank turned profitable in the second quarter, and has continued to improve its performance in the current quarter.

RELIANCE FINANCIAL SERVICES, N.A. (RFS)

Rurban’s trust company is building profitability under its new CEO. Revenue increased 17.7 percent in the third quarter compared to the prior-year quarter, while expenses increased only 5.2 percent. Net income for the quarter was $251,000, up $75,000 or 42.6 percent year-over-year. This quarter included approximately $104,000, net of federal income tax, of a one time fee income associated with the buy-out of a third party customer.

RURBANC DATA SERVICES, INC. (RDSI)

On September 2nd, Rurbanc Data Services, Inc., Rurban’s data and item processing subsidiary, completed its acquisition of Diverse Computer Marketers (DCM). Similarly to RDSI, DCM provides check-processing services to 48 financial institutions in several Midwest states, primarily Michigan and Indiana.

RDSI’s revenue for the quarter was $4.1 million, an increase of $733,000 or 21.9 percent from the year-ago quarter; and 12.4 percent ahead of the linked quarter. Net income for the quarter was $478,000, up an exceptionally strong 64.3 percent from the prior-year period; net income increased 6.0 percent compared to the second quarter. The twenty-two new bank contracts over the past year are having a positive impact on revenue growth, as is the addition of DCM’s revenue stream. “DCM is proving to be an excellent acquisition for us,” commented Joyce. “We expected the acquisition to be accretive to earnings and the first month’s results appear to support our assumptions and projections. We continue to be very excited about the potential of this acquisition and the potential synergies with RDSI.”

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, The Exchange Bank, Reliance Financial Services, N.A., Rurbanc Data Services, Inc. (RDSI), Diverse Computer Marketers (DCM) and RFCBC, Inc. The two community banks, State Bank and Exchange Bank, offer a full range of financial services through 19 offices 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 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, 2006 and December 31, 2005


	September			December
	2006			2005
	(Unaudited)
ASSETS
Cash and due from banks	$	18,333,213		$	12,650,839
Federal funds sold		—			—

Cash and cash equivalents		18,333,213			12,650,839
Interest-earning deposits in other financial institutions		150,000			150,000
Available-for-sale securities		127,863,121			139,353,329
Loans held for sale		282,100			224,000
Loans, net of unearned income		364,343,193			327,048,229
Allowance for loan losses		(4,521,911	)		(4,699,827	)
Premises and equipment, net		13,790,324			13,346,632
Purchased software		4,722,746			3,916,913
Federal Reserve and Federal Home Loan Bank Stock		3,994,000			3,607,500
Foreclosed assets held for sale, net		490,256			2,309,900
Accrued interest receivable		3,399,893			3,010,355
Goodwill		14,169,292			8,917,373
Core deposits and other intangibles		5,375,386			3,742,333
Cash value of life insurance		10,706,737			10,443,487
Other assets		6,888,763			6,521,213


Total assets	$	569,987,113		$	530,542,276


LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits
Demand	$	44,369,103		$	52,073,751
Savings, interest checking and money market		133,184,971			124,206,115
Time		234,623,570			208,558,046

Total deposits		412,177,644			384,837,912
Notes payable		2,468,646			938,572
Advances from Federal Home Loan Bank		38,500,000			45,500,000
Fed Funds Purchased		800,000			4,600,000
Repurchase Agreements		31,784,052			6,080,420
Trust preferred securities		20,620,000			20,620,000
Accrued interest payable		2,108,320			1,373,044
Other liabilities		5,417,278			12,141,680


Total liabilities		513,875,940			476,091,628

Shareholders’ Equity
Common stock: stated value $2.50 per share; shares authorized: 10,000,000; shares issued: 5,027,433; shares outstanding: 2006 - 5,027,433, December 31, 2005 - 5,027,433		12,568,583			12,568,583
Additional paid-in capital		14,852,930			14,835,110
Retained earnings		29,998,511			28,702,817
Accumulated other comprehensive loss		(1,308,851	)		(1,655,862	)


Total shareholders’ equity		56,111,173			54,450,648


Total liabilities and shareholders’ equity	$	569,987,113		$	530,542,276

RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Third Quarter Ended September 30, 2006 and 2005


						Increase/
	Third Quarter		Third Quarter			(Decrease)
	2006		2005			$
Interest income Loans Taxable	$	6,641,379	$	4,187,543		$	2,453,836
Tax-exempt		18,326		17,898			428
Securities Taxable		1,306,979		1,095,151			211,828
Tax-exempt		183,466		71,264			112,202
Other		7,323		57,498			(50,175	)

Total interest income		8,157,473		5,429,354			2,728,119

Interest expense Deposits		3,017,993		1,615,308			1,402,685
Other borrowings		67,773		67,162			611
Repurchase Agreements		182,007		23,874			158,133
Federal Home Loan Bank advances		667,749		440,175			227,574
Trust preferred securities		466,417		300,360			166,057

Total interest expense		4,401,939		2,446,879			1,955,060


Net interest income		3,755,534		2,982,475			773,059

Provision for loan losses		35,000		(382,000	)		417,000


Net interest income after provision for loan losses		3,720,534		3,364,475			356,059

Non-interest income Data service fees		3,785,037		3,042,996			742,041
Trust fees		753,449		767,969			(14,520	)
Customer service fees		542,518		526,197			16,321
Net gain on sales of loans		283,123		28,895			254,228
Net realized gains on sales of available-for-sale securities		—		34,050			(34,050	)
Loan servicing fees		96,754		79,186			17,568
Gain (loss) on sale of assets		25,914		(36,011	)		61,925
Other income		415,961		151,328			264,633

Total non-interest income		5,902,756		4,594,610			1,308,146

Non-interest expense Salaries and employee benefits		4,253,924		3,607,270			646,654
Net occupancy expense		468,855		312,661			156,194
Equipment expense		1,445,073		1,294,686			150,387
Data processing fees		146,703		99,085			47,618
Professional fees		481,132		467,951			13,181
Marketing expense		168,031		144,954			23,077
Printing and office supplies		126,765		115,320			11,445
Telephone and communication		467,692		388,900			78,792
Postage and delivery expense		142,957		77,979			64,978
State, local and other taxes		188,464		146,683			41,781
Employee expense		235,429		225,032			10,397
Other expenses		389,631		338,556			51,075

Total non-interest expense		8,514,656		7,219,077			1,295,579


Income before income tax expense		1,108,634		740,008			368,626
Income tax expense		294,893		247,824			47,069

Net income	$	813,741	$	492,184		$	321,557


Earnings per common share:
Basic	$	0.16	$	0.11		$	0.05

Diluted	$	0.16	$	0.11		$	0.05


Average diluted shares outstanding		5,027,704		4,569,316

RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Third Quarter Ended September 30, 2006 and Second Quarter 2006


					Increase/
	Third Quarter		Second Quarter		(Decrease)
	2006		2006		$
Interest income
Loans
Taxable	$	6,641,379	$	6,043,057	$	598,322
Tax-exempt		18,326		15,157		3,169
Securities
Taxable		1,306,979		1,333,858		(26,879	)
Tax-exempt		183,466		136,570		46,896
Other		7,323		14,046		(6,723	)
Total interest income		8,157,473		7,542,688		614,785


Interest expense
Deposits		3,017,993		2,556,180		461,813
Other borrowings		67,773		26,148		41,625
Repurchase Agreements		182,007		159,276		22,731
Federal Home Loan Bank advances		667,749		533,845		133,904
Trust preferred securities		466,417		436,776		29,641

Total interest expense		4,401,939		3,712,225		689,714


Net interest income		3,755,534		3,830,463		(74,929	)

Provision for loan losses		35,000		56,321		(21,321	)


Net interest income after provision for loan losses		3,720,534		3,774,142		(53,608	)

Non-interest income
Data service fees		3,785,037		3,286,586		498,451
Trust fees		753,449		792,227		(38,778	)
Customer service fees		542,518		542,687		(169	)
Net gain on sales of loans		283,123		71,664		211,459
Loan servicing fees		96,754		117,785		(21,031	)
Gain (loss) on sale of assets		25,914		78,558		(52,644	)
Other income		415,961		378,745		37,216

Total non-interest income		5,902,756		5,268,252		634,504

Non-interest expense
Salaries and employee benefits		4,253,924		3,795,252		458,672
Net occupancy expense		468,855		425,918		42,937
Equipment expense		1,445,073		1,347,634		97,439
Data processing fees		146,703		119,368		27,335
Professional fees		481,132		524,902		(43,770	)
Marketing expense		168,031		242,498		(74,467	)
Printing and office supplies		126,765		173,361		(46,596	)
Telephone and communication		467,692		407,648		60,044
Postage and delivery expense		142,957		122,267		20,690
State, local and other taxes		188,464		190,436		(1,972	)
Employee expense		235,429		260,523		(25,094	)
Other expenses		389,631		470,068		(80,437	)

Total non-interest expense		8,514,656		8,079,875		434,781


Income before income tax expense		1,108,634		962,519		146,115

Income tax expense		294,893		248,996		45,897

Net income	$	813,741	$	713,523	$	100,218


Earnings per common share:
Basic	$	0.16	$	0.14	$	0.02

Diluted	$	0.16	$	0.14	$	0.02


Average diluted shares outstanding		5,027,704		5,028,397

RURBAN FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
For The Nine Months Ended September 30, 2006 and 2005


						Increase/
	Nine Months		Nine Months			(Decrease)
	2006		2005			$
Interest income
Loans
Taxable	$	18,238,590	$	12,098,708		$	6,139,882
Tax-exempt		45,718		48,227			(2,509	)
Securities
Taxable		3,953,438		3,134,559			818,879
Tax-exempt		451,869		165,462			286,407
Other		57,635		159,716			(102,081	)
Total interest income		22,747,250		15,606,672			7,140,578


Interest expense
Deposits		7,695,387		4,012,052			3,683,335
Other borrowings		120,220		204,365			(84,145	)
Retail Repurchase Agreements		465,560		60,328			405,232
Federal Home Loan Bank advances		1,684,415		1,581,052			103,363
Trust preferred securities		1,331,615		842,170			489,445

Total interest expense		11,297,197		6,699,967			4,597,230


Net interest income		11,450,053		8,906,705			2,543,348

Provision for loan losses		337,321		(30,000	)		367,321


Net interest income after provision for loan losses		11,112,732		8,936,705			2,176,027

Non-interest income
Data service fees		10,312,757		9,312,961			999,796
Trust fees		2,361,127		2,351,509			9,618
Customer service fees		1,635,272		1,409,199			226,073
Net gain on sales of loans		415,833		46,243			369,590
Net realized gains (losses) on sales of available-for-sale securities		—		25,300			(25,300	)
Loan servicing fees		301,233		225,326			75,907
Gain (loss) on sale of assets		85,346		(18,935	)		104,281
Other income		1,067,739		513,714			554,025

Total non-interest income		16,179,307		13,865,317			2,313,990

Non-interest expense
Salaries and employee benefits		11,906,909		10,339,614			1,567,295
Net occupancy expense		1,334,722		897,058			437,664
Equipment expense		4,168,534		3,831,477			337,057
Data processing fees		402,661		303,781			98,880
Professional fees		1,525,399		1,697,020			(171,621	)
Marketing expense		536,977		308,925			228,052
Printing and office supplies		453,110		397,153			55,957
Telephone and communication		1,277,707		1,144,334			133,373
Postage and delivery expense		397,217		236,006			161,211
State, local and other taxes		512,757		380,036			132,721
Employee expense		745,341		726,561			18,780
Other expenses		1,283,228		1,163,450			119,778

Total non-interest expense		24,544,562		21,425,415			3,119,147


Income before income tax expense		2,747,477		1,376,607			1,370,870
Income tax expense		697,668		359,661			338,007

Net income	$	2,049,809	$	1,016,946		$	1,032,863


Earnings per common share:
Basic	$	0.41	$	0.22		$	0.19

Diluted	$	0.41	$	0.22		$	0.19

Average diluted shares outstanding		5,030,084		4,578,981


Rurban Financial Corp.
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(Unaudited)
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
(dollars in thousands
except per share data)	2006			2006			2006			2005			2005
EARNINGS
Net interest income	$	3,756		$	3,830		$	3,864		$	3,147		$	2,982
Provision for loan loss	$	35		$	56		$	246		$	613		$	(382	)
Non-interest income	$	5,903		$	5,268		$	5,008		$	4,477		$	4,595
Revenue (net interest income plus non-interest income)	$	9,659		$	9,098		$	8,872		$	7,624		$	7,577
Non-interest expense	$	8,515		$	8,080		$	7,950		$	7,632		$	7,219
Net income (loss)	$	814		$	714		$	523		$	(344	)	$	492

PER SHARE DATA
Basic earnings per share	$	0.16		$	0.14		$	0.10		$	(0.08	)	$	0.11
Diluted earnings per share	$	0.16		$	0.14		$	0.10		$	(0.08	)	$	0.11
Book value per share	$	11.16		$	10.75		$	10.75		$	10.83		$	10.99
Tangible book value per share	$	7.19		$	8.28		$	8.28		$	8.31		$	9.39
Cash dividend per share	$	0.05		$	0.05		$	0.05		$	0.05		$	0.05

PERFORMANCE RATIOS
Return on average assets		0.59	%		0.52	%		0.39	%		(0.31	%)		0.44	%
Return on average equity		5.95	%		5.28	%		3.86	%		(2.63	%)		3.90	%
Net interest margin (tax equivalent)		3.10	%		3.25	%		3.37	%		3.18	%		3.10	%
Non-interest expense / Average assets		6.15	%		5.93	%		5.95	%		6.91	%		6.49	%
Efficiency Ratio — bank (non-GAAP)		84.01	%		84.67	%		88.99	%		107.58	%		93.53	%
Non-interest income/Total operating revenue (net interest income plus non-interest income)		61.11	%		57.90	%		56.45	%		58.72	%		60.64	%

MARKET DATA PER SHARE
Market value per share — Period end	$	11.92		$	11.00		$	12.42		$	11.78		$	12.75
Market as a % of book		1.07			1.02			1.16			1.09			1.16
Cash dividend yield		1.68	%		1.82	%		1.61	%		1.70	%		1.57	%
Period-end common shares outstanding (000)		5,027			5,027			5,027			5,027			4,576
Common stock market capitalization ($000)	$	59,927		$	55,302		$	62,441		$	59,223		$	58,340

CAPITAL & LIQUIDITY
Equity to assets		9.8	%		9.8	%		10.0	%		10.3	%		11.5	%
Period-end tangible equity to assets		6.3	%		7.5	%		7.7	%		7.9	%		9.8	%
Tier 1 risk-based capital ratio		14.6	%		16.7	%		17.3	%		17.7	%		20.8	%
Total risk-based capital ratio		16.0	%		18.1	%		18.9	%		19.3	%		23.0	%
Average loans to average deposits		90.2	%		86.4	%		84.6	%		86.3	%		84.1	%


Rurban Financial Corp.
CONSOLIDATED
FINANCIAL HIGHLIGHTS
(Unaudited)
	3rd Qtr			2nd Qtr			1st Qtr			4th Qtr			3rd Qtr
(dollars in thousands
except per share data)	2006			2006			2006			2005			2005
ASSET QUALITY
Net charge-offs / (Recoveries)	$	(54	)	$	(33	)	$	597		$	1,638		$	14
Net loan charge-offs (Ann.) / Average loans		(0.06	%)		(0.04	%)		0.72	%		2.40	%		0.02	%
Non-performing loans	$	5,636		$	5,479		$	6,031		$	6,270		$	12,507
OREO / OAOs	$	490		$	430		$	2,802		$	2,608		$	2,518
Non-performing assets	$	6,126		$	5,909		$	8,833		$	8,878		$	15,025
Non-performing assets / Total assets		1.07	%		1.07	%		1.64	%		1.67	%		3.43	%
Allowance for loan losses / Total loans		1.24	%		1.23	%		1.29	%		1.44	%		1.77	%
Allowance for loan losses / Non-performing Assets		73.8	%		75.1	%		49.2	%		52.9	%		32.0	%

END OF PERIOD BALANCES
Total loans, net of unearned income	$	364,343		$	359,854		$	337,729		$	327,048		$	271,409
Allowance for loan loss	$	4,522		$	4,438		$	4,349		$	4,700		$	4,814
Total assets	$	569,987		$	551,845		$	538,201		$	530,542		$	438,582
Deposits	$	412,178		$	400,956		$	398,526		$	384,838		$	318,492
Stockholders’ equity	$	56,111		$	54,026		$	54,052		$	54,451		$	50,281
Full-time equivalent employees		271			279			275			281			238

AVERAGE BALANCES
Loans	$	368,324		$	345,941		$	331,711		$	273,288		$	270,985
Total earning assets	$	506,594		$	487,637		$	474,087		$	409,566		$	396,616
Total assets	$	553,465		$	545,074		$	534,371		$	442,024		$	444,815
Deposits	$	408,247		$	400,581		$	392,323		$	316,570		$	322,225
Stockholders’ equity	$	54,702		$	54,039		$	54,251		$	52,366		$	50,441

Rurban Financial Corp.
Segment Reporting
Three Months Ended September 30, 2006


										Banking
							RFCBC			Intersegment			Banking
	State Bank			Exchange			(Loan Workout			Elimination			Related
	and Trust			Bank			Company)			Entries			Entities
*Income Statement Measures*
Interest Income	$	6,784		$	1,447		$	1		$	(23	)	$	8,209
Interest Expense		3,491			475			—			(23	)		3,943
Net Interest Income		3,293			972			1			—			4,266
Provision For Loan Loss		33			35			(33	)		—			35
Non-interest Income		843			337			2			—			1,182
Non-interest Expense		3,236			1,180			161			—			4,577
Net Income Before Taxes		867			94			(125	)		—			836
Income Taxes		216			32			(43	)		—			205
Net Income QTR	$	651		$	62		$	(82	)	$	—		$	631

*Performance Measures*
Average Assets — Quarter	$	463,601		$	88,141		$	2,451		$	(1,572	)	$	552,621
ROAA		0.56	%		0.28	%		0.00	%		0.00	%		0.46	%
Average Equity — Quarter	$	39,911		$	12,119		$	2,261		$	—		$	54,290
ROAE		6.52	%		2.05	%		0.00	%		0.00	%		4.65	%
Efficiency Ratio — %		78.24	%		90.15	%		0.00	%		0.00	%		84.01	%
Average Loans — Quarter	$	305,910		$	64,153		$	1,138		$	—		$	371,201
Average Deposits — Quarter	$	347,062		$	71,990		$	—		$	(180	)	$	418,872


	RFS						Parent			Intersegment			Rurban
	(Trust and						Company			Elimination			Financial
	Investment Co.)			RDSI			and Other			Entries			Corp.
*Income Statement Measures*
Interest Income	$	15		$	—		$	1		$	(68	)	$	8,157
Interest Expense		—			68			459			(68	)		4,402
Net Interest Income		15			(68	)		(458	)		—			3,755
Provision For Loan Loss		—			—			—			—			35
Non-interest Income		935			4,152			1,052			(1,418	)		5,903
Non-interest Expense		568			3,360			1,427			(1,418	)		8,514
Net Income Before Taxes		382			724			(833	)		—			1,109
Income Taxes		131			246			(287	)		—			295
Net Income QTR	$	251		$	478		$	(546	)	$	—		$	814

*Performance Measures*
Average Assets — Quarter	$	2,390		$	14,442		$	75,666		$	(91,653	)	$	553,465
ROAA		42.01	%		13.24	%		0.00	%		0.00	%		0.59	%
Average Equity — Quarter	$	1,905		$	8,995		$	53,593		$	(64,082	)	$	54,702
ROAE		52.70	%		21.26	%		0.00	%		0.00	%		5.95	%
Efficiency Ratio — %		59.79	%		82.27	%		0.00	%		0.00	%		88.15	%
Average Loans — Quarter	$	—		$	—		$	—		$	(2,877	)	$	368,324
Average Deposits — Quarter	$	—		$	—		$	—		$	(10,625	)	$	408,247

Rurban Financial Corp.
Segment Reporting
Nine Months Ended September 30, 2006


										Banking
							RFCBC			Intersegment			Banking
	State Bank			Exchange			(Loan Workout			Elimination			Related
	and Trust			Bank			Company)			Entries			Entities
*Income Statement Measures*
Interest Income	$	19,036		$	3,928		$	36		$	(116	)	$	22,884
Interest Expense		8,881			1,219			—			(116	)		9,984
Net Interest Income		10,155			2,709			36			—			12,900
Provision For Loan Loss		393			33			(89	)		—			337
Non-interest Income		2,284			851			145			(3	)		3,277
Non-interest Expense		9,601			3,647			642			(3	)		13,887
Net Income Before Taxes		2,445			(120	)		(372	)		—			1,953
Income Taxes		606			(42	)		(127	)		—			437
Net Income YTD		1,839			(78	)		(245	)		—			1,516

*Performance Measures*
Average Assets — YTD	$	448,906		$	84,497		$	4,852		$	(1,572	)	$	536,683
ROAA		0.55	%		(0.12	%)		0.00	%		0.00	%		0.38	%
Average Equity — YTD	$	39,505		$	12,081		$	4,867		$	—		$	56,453
ROAE		6.20	%		(0.86	%)		0.00	%		0.00	%		3.57	%
Efficiency Ratio — %		77.20	%		102.45	%		0.00	%		0.00	%		85.85	%
Average Loans — YTD	$	288,537		$	61,225		$	2,162		$	—		$	351,924
Average Deposits — YTD	$	340,687		$	70,203		$	—		$	(180	)	$	410,710


	RFS						Parent			Intersegment			Rurban
	(Trust and						Company			Elimination			Financial
	Investment Co.)			RDSI			and Other			Entries			Corp.
*Income Statement Measures*
Interest Income	$	45		$	12		$	2		$	(196	)	$	22,747
Interest Expense		—			177			1,332			(196	)		11,297
Net Interest Income		45			(165	)		(1,330	)		—			11,450
Provision For Loan Loss		—			—			—						337
Non-interest Income		2,595			11,520			3,247			(4,460	)		16,179
Non-interest Expense		1,721			9,117			4,279			(4,460	)		24,544
Net Income Before Taxes		919			2,238			(2,362	)		—			2,748
Income Taxes		313			761			(813	)		—			698
Net Income YTD		606			1,477			(1,549	)		—			2,050

*Performance Measures*
Average Assets — YTD	$	2,406		$	13,924		$	76,923		$	(79,982	)	$	549,954
ROAA		33.63	%		14.14	%		0.00	%		0.00	%		0.50	%
Average Equity — YTD	$	2,017		$	7,922		$	53,625		$	(65,566	)	$	52,434
ROAE		40.12	%		24.86	%		0.00	%		0.00	%		5.21	%
Efficiency Ratio — %		65.17	%		80.31	%		0.00	%		0.00	%		88.36	%
Average Loans — YTD	$	—		$	—		$	—		$	(2,877	)	$	349,047
Average Deposits — YTD	$	—		$	—		$	—		$	(10,625	)	$	400,085

Rurban Financial Corp.
Proforma Performance Measurement
Quarterly Comparison — Third Quarter 2006


							RFCBC			Banking
							(Loan			Intersegment			Banking
	State Bank			Exchange			Workout			Elimination			Related
	and Trust			Bank			Company)			Entries			Entities
*Average Assets*
3Q06	$	463,601		$	88,141		$	2,451		$	(1,572	)	$	552,621
2Q06	$	446,579		$	85,449		$	5,477		$	(4,001	)	$	533,504
1Q06	$	436,239		$	83,209		$	6,675		$	(1,071	)	$	525,052
4Q05	$	424,432			N/A		$	13,896		$	(847	)	$	437,481
3Q05	$	421,009			N/A		$	15,375		$	(2,234	)	$	434,150
Linked Quarter Change	$	17,022		$	2,692		$	(3,026	)				$	19,117

*Revenue*
3Q06	$	4,136		$	1,309		$	3		$	—		$	5,448
2Q06	$	4,173		$	1,214		$	85		$	(2	)	$	5,469
1Q06	$	4,131		$	1,036		$	93		$	(2	)	$	5,258
4Q05	$	4,389			N/A		$	(256	)	$	(2	)	$	4,131
3Q05	$	4,291			N/A		$	40		$	(2	)	$	4,329
Linked Quarter Change	$	(37	)	$	95		$	(82	)				$	(21	)

*Non-interest Expenses*
3Q06	$	3,236		$	1,180		$	161		$	—		$	4,577
2Q06	$	3,131		$	1,195		$	307		$	(2	)	$	4,631
1Q06	$	3,234		$	1,273		$	174		$	(2	)	$	4,679
4Q05	$	3,564			N/A		$	882		$	(2	)	$	4,444
3Q05	$	3,674			N/A		$	377		$	(2	)	$	4,049
Linked Quarter Change	$	105		$	(15	)	$	(146	)				$	(54	)

*Net Income*
3Q06	$	651		$	62		$	(82	)				$	631
2Q06	$	687		$	15		$	(109	)				$	593
1Q06	$	502		$	(156	)	$	(54	)				$	292
4Q05	$	479			N/A		$	(1,058	)				$	(579	)
3Q05	$	357			N/A		$	97					$	454
Linked Quarter Change	$	(36	)	$	47		$	27					$	38

*Efficiency Ratio*
3Q06		78.24	%		90.15	%								84.01	%
2Q06		75.03	%		98.41	%								84.67	%
1Q06		78.28	%		122.84	%								88.99	%
4Q05		81.20	%		N/A									107.58	%
3Q05		85.62	%		N/A									93.53	%
Linked Quarter Change		3.21	%		(8.26	%)								(0.66	%)

*NPA/Total Assets*
3Q06		0.92	%		0.77	%								1.07	%
2Q06		0.70	%		1.66	%								1.07	%
1Q06		0.70	%		1.77	%								1.64	%
4Q05		0.64	%		2.03	%								1.67	%
3Q05		0.65	%		N/A									3.43	%
Linked Quarter Change		0.22	%		(0.90	%)								(0.00	%)

*ROAA*
3Q06		0.56	%		0.28	%								0.46	%
2Q06		0.62	%		0.07	%								0.44	%
1Q06		0.46	%		(0.75	%)								0.22	%
4Q05		0.45	%		N/A									(0.40	%)
3Q05		0.34	%		N/A									0.58	%
Linked Quarter Change		(0.05	%)		0.21	%								0.02	%

*ROAE*
3Q06		6.52	%		2.05	%								4.65	%
2Q06		7.03	%		0.50	%								5.52	%
1Q06		5.08	%		(5.09	%)								3.16	%
4Q05		4.94	%		N/A									(2.88	%)
3Q05		3.68	%		N/A									4.76	%
Linked Quarter Change		(0.51	%)		1.55	%								(0.87	%)

Average Equity
3Q06	$	39,911		$	12,119		$	2,261		$	—		$	54,291
2Q06	$	39,078		$	12,015		$	5,393		$	—		$	56,486
1Q06	$	39,522		$	12,228		$	7,001		$	—		$	58,751
4Q05	$	38,784		$	8,109		$	13,731		$	—		$	60,624
3Q05	$	38,768			N/A		$	14,161		$	—		$	52,929
Linked Quarter Change	$	833		$	104		$	(3,132	)				$	(2,195	)


	RFS
	(Trust and						Parent			Intersegment			Rurban
	Investment						Company			Elimination			Financial
	Co.)			RDSI			and Other			Entries			Corp.
*Average Assets*
3Q06	$	2,390		$	14,442		$	75,666		$	(91,653	)	$	553,465
2Q06	$	2,583		$	13,368		$	74,679		$	(79,060	)	$	545,074
1Q06	$	2,138		$	11,579		$	78,706		$	(83,104	)	$	534,371
4Q05	$	2,469		$	9,783		$	71,938		$	(79,647	)	$	442,024
3Q05	$	2,504		$	10,128		$	64,332		$	(66,299	)	$	444,815
Linked Quarter Change	$	(193	)	$	1,074		$	987					$	8,391

*Revenue*
3Q06	$	950		$	4,084		$	594		$	(1,418	)	$	9,658
2Q06	$	834		$	3,632		$	537		$	(1,374	)	$	9,098
1Q06	$	856		$	3,637		$	789		$	(1,668	)	$	8,872
4Q05	$	823		$	3,686		$	(163	)	$	(854	)	$	7,624
3Q05	$	807		$	3,351		$	(43	)	$	(868	)	$	7,577
Linked Quarter Change	$	116		$	452		$	57					$	560

*Non-interest Expenses*
3Q06	$	568		$	3,360		$	1,427		$	(1,418	)	$	8,514
2Q06	$	553		$	2,949		$	1,321		$	(1,374	)	$	8,080
1Q06	$	601		$	2,807		$	1,531		$	(1,668	)	$	7,950
4Q05	$	606		$	2,812		$	575		$	(805	)	$	7,632
3Q05	$	540		$	2,845		$	609		$	(824	)	$	7,219
Linked Quarter Change	$	16		$	411		$	106					$	434

*Net Income*
3Q06	$	251		$	478		$	(546	)				$	814
2Q06	$	186		$	451		$	(516	)				$	714
1Q06	$	168		$	548		$	(485	)				$	523
4Q05	$	143		$	577		$	(484	)				$	(344	)
3Q05	$	176		$	291		$	(428	)				$	492
Linked Quarter Change	$	65		$	27		$	(30	)				$	101

*Efficiency Ratio*
3Q06		59.79	%		82.27	%								88.15	%
2Q06		66.21	%		81.18	%								88.05	%
1Q06		70.23	%		77.17	%								88.87	%
4Q05		73.63	%		76.29	%								99.32	%
3Q05		66.91	%		84.92	%								94.54	%
Linked Quarter Change		(6.42	%)		1.09	%								0.11	%

*NPA/Total Assets*
3Q06														1.07	%
2Q06														1.07	%
1Q06														1.64	%
4Q05														1.67	%
3Q05														3.43	%
Linked Quarter Change														(0.00	%)

*ROAA*
3Q06		42.01	%		13.24	%								0.59	%
2Q06		28.81	%		13.50	%								0.52	%
1Q06		31.45	%		18.93	%								0.39	%
4Q05		25.84	%		23.59	%								(0.31	%)
3Q05		26.81	%		11.49	%								0.44	%
Linked Quarter Change		13.20	%		(0.26	%)								0.06	%

*ROAE*
3Q06		52.70	%		21.26	%								5.95	%
2Q06		31.88	%		21.39	%								5.28	%
1Q06		32.42	%		31.59	%								3.86	%
4Q05		33.18	%		40.75	%								(2.63	%)
3Q05		37.59	%		21.61	%								3.90	%
Linked Quarter Change		20.83	%		(0.13	%)								0.67	%

Average Equity
3Q06	$	1,905		$	8,995		$	53,593		$	(64,082	)	$	54,702
2Q06	$	2,334		$	8,437		$	53,593		$	(66,811	)	$	54,039
1Q06	$	2,074		$	6,938		$	54,251		$	(67,763	)	$	54,251
4Q05	$	1,724		$	5,664		$	52,366		$	(68,012	)	$	52,366
3Q05	$	1,873		$	5,386		$	50,441		$	(60,188	)	$	50,441
Linked Quarter Change	$	(429	)	$	558		$	—					$	663