Exhibit 99.1

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

RURBAN FINANCIAL CORP. REPORTS SUBSTANTIAL INCREASE IN EARNINGS

FOR FIRST QUARTER

DEFIANCE, Ohio, April 16, 2008 — Rurban Financial Corp. (NASDAQ: RBNF), a leading provider of full-service community banking, investment management, trust services and bank data and item processing, reported first quarter 2008 earnings of $1.11 million, or $0.22 per diluted share, an increase of 58.0% and 60.0%, respectively, above the $702 thousand, or $0.14 per diluted share, reported in first quarter 2007. Improved performance reflects across-the-board improvement at both of Rurban’s subsidiary companies, The State Bank and Trust Company and RDSI. The growth initiatives and improved efficiencies implemented over the past two years are providing clear and positive results.

Consolidated earnings for the 2008 first quarter include one-time pre-tax gains of $197,000 and $132,000, respectively, from the partial recovery of previously written-off WorldCom securities and proceeds from the sale of equity securities derived from VISA Inc.’s Initial Public Offering (IPO). These gains were partially offset by $176,000 of one-time expenses associated with the wind-down of RFCBC, Rurban’s workout subsidiary. These one-time items resulted in a net after-tax gain of $101,000. The 2007 first quarter included a pre-tax merger-related expense of $95,000 ($63,000 after-tax). Excluding the after-tax impact of the $101,000 net gain for the 2008 quarter and the $63,000 expense for the year-ago quarter, operating earnings were $1.0 million in 2008, compared with $765,000 for the prior-year quarter, up 31.8%.

“This has been a break-through quarter for Rurban,” commented Kenneth Joyce, President and CEO of Rurban Financial Corp. “While much of the banking industry has suffered from the financial and economic crises that began over a year ago, Rurban has proven to be more resilient. Our combination of fee and loan income provides balance to our revenue stream, and enables us to be more resistant to interest rate swings. From our earlier experience with problem loans, we have built a credit infrastructure with strong controls and a disciplined lending team. These are the primary factors - revenue growth and asset quality - that influence our present and future performance, and that of the banking industry as a whole. We believe that Rurban is well-positioned for the current environment, and we know there are still many additional opportunities as we continue down this path.”

The Banking Group (including RFCBC, the workout company) increased earnings from $571,000 for the first quarter of 2007, to $917,000 for the first quarter of 2008, an increase of 60.6%. Excluding earnings from the one-time net after-tax gain in the first quarter of 2008, and merger-related expenses from 2007, 2008 first quarter operating earnings were $881,000 versus $634,000 in 2007, up $247,000, or 39.0%.

RDSI had a record first quarter. The first quarter of 2008 net income was $800,000, compared with $690,000 in the 2007 first quarter, up $110,000, or 15.9%.

Highlights of Rurban’s consolidated first quarter performance include:

·       Rurban’s revenue stream has benefited from the complementary contributions of both subsidiaries. RDSI revenue consists entirely of non-interest income, while State Bank has a mix of 66.3% net interest income and 33.6% non-interest income. The consolidated mix is approximately 66.3% non-interest and the remainder net interest income, a significant advantage in the current banking interest rate environment.

·       Rurban’s Banking Group entered this declining rate environment liability-sensitive and has benefited from this positioning in the current interest rate environment. First quarter 2008 banking net interest margin was 3.45%, up 2 basis points from the linked quarter.

·       Consolidated return on average assets (ROAA) was 0.78% for the first quarter of 2008, compared with 0.51% for the year-ago quarter, up 27 basis points. On a core operating basis, first quarter ROAA was 0.71% in 2008, and 0.56% in 2007, an increase of 15 basis points.

·       Profitability has benefited largely from revenue growth; as a percent of average assets, annualized revenue has increased from 7.45% in the first quarter of 2007, to 7.99% for the current quarter - an improvement of 54 basis points. Meanwhile, annualized operating expenses were a stable percent of average assets, at 6.77%. As Rurban continues with the successful implementation of its expansion strategy, operating leverage should provide growing profitability.

·       Loans grew $18.7 million, or 5.0%, over the past twelve months, reflecting Rurban’s entry into higher-growth markets, such as Lima, Toledo, Fort Wayne and Columbus. Its strategy to complete acquisitions and open loan production offices, followed by full-service branches, has been a cost-effective approach to building its franchise.

CONSOLIDATED - FIRST QUARTER RESULTS

(Dollars in thousands except per share data)
OPERATING EARNINGS:*		1Q 2008		4Q 2007		1Q 2007
Net interest income	$	3,817	$	3,783	$	3,593
Recurring non-interest income		7,186		6,832		6,739
Operating revenue		11,003		10,615		10,332
Provision for loan losses		192		143		93
Operating expense		9,601		9,164		9,300
Net income (GAAP)		1,109		906		702
Operating income		1,008		906		765
Diluted EPS	$	0.22	$	0.18	$	0.14

* Nonrecurring items in 1Q 2008 are [pre-tax] gains of $197,500 from WorldCom recovery, $132,000 of proceeds from VISA IPO and expenses of $176,000 associated with RFCBC. Nonrecurring item in 1Q 2007 was $95,000 of merger-related expense.

Operating revenue, consisting of net interest income and recurring non-interest income, was $11.0 million for the first quarter of 2008, up 6.5% from the year-ago quarter. For both quarters, non-interest income contributed approximately 65% of total operating revenue. Both Banking and RDSI contributed to this growth - net interest income and fee income grew 10.4% and 5.8%, respectively, over first quarter 2007 results. Net interest income, contributed by the Banking Group, grew 10.4% from the combined impact of a 4.9% increase in average loans and a 7.2% improvement in net interest margin.

Operating expenses, excluding non-recurring items, were $9.4 million for the first quarter of 2008, compared with $9.2 million for the first quarter of 2007, an increase of $200,000, or 2.4%. RDSI took billing for postage in-house during the quarter resulting in additional postage expense of $230,000 being recorded. This is offset by increases in revenues. Excluding all non-recurring items, operating expenses were flat for the first quarter 2008 compared to the first quarter of 2007. Expenses are well-controlled, mainly as a result of the efficiencies completed throughout 2007. The reduction in staff kept salaries and employee benefits in check, and virtually unchanged, over the course of the past twelve months.

BANK OPERATING RESULTS

Net income for the Banking Group was $917,000 for the first quarter of 2008 compared with $571,000 reported for the prior-year quarter, an increase of 60.6%. Included in first quarter 2008 results are 50% of the $197,500 recovery on previously charged-off WorldCom bond, (the other 50% was recorded at the holding company level), $132,000 in proceeds from the VISA Inc. IPO, and the $176,000 of one-time expenses.

Mr. Joyce commented, "Our staff has worked hard and smart to obtain these first quarter results. Not only has the Banking Group produced improved earnings, but also, we’ve repositioned the bank according to the plan that we developed over the course of two years, and it’s exciting to see this plan deliver. While current quarter results benefited from a number of nonrecurring items, our performance is still at improved levels, whether measured by GAAP, or by operating earnings. All of our banking offices have been instrumental in expanding our loan portfolio and generating mortgage originations. We originated $18.0 million in mortgage loans during the first quarter 2008 - this compares to $8.4 million for the first quarter of 2007. These positive results reflect several changes in structure and function we had implemented in 2007, and will continue to execute in 2008."

BANKING - QUARTERLY RESULTS

(Dollars in thousands except per share data)
OPERATING EARNINGS:		1Q 2008		4Q 2007		1Q 2007
Net interest income	$	4,295	$	4,287	$	4,131
Recurring non-interest income		1,938		1,945		1,894
Operating revenue		6,233		6,232		6,025
Provision for loan losses		192		143		93
Operating expense		5,018		4,908		5,188
Net income (GAAP)		917		836		571
Operating income	$	881	$	836	$	634

Operating revenue, consisting of net interest income and recurring non-interest income, totaled $6.2 million for the first quarter of 2008, compared with $6.0 million for the first quarter of 2007, an increase of 3.5%. Net interest income increased 4.0% to $4.3 million, reflecting earning asset growth of 3.0% and a two basis point expansion in the net interest margin to 3.45%. Mr. Joyce added, “State Bank’s net interest margin is being well-managed in this declining interest rate environment and we are being aided by our balance sheet positioning. Non-interest income, excluding non-recurring items, increased to $1.94 million, or 2.3%, compared to the first quarter of 2007. Growth in deposit and mortgage banking fees was offset by slight declines in other income and loan servicing fees.”

The Banking Group took a slightly larger provision for loan losses than in previous quarters. The $192,000 loan loss provision more than replaced the level of loans charged-off, which totaled $166,000. Total Allowance for loan losses to total loans was 1.02%, and consistent with the previous year levels.

Operating expenses, excluding non-recurring, items were $4.8 million for the first quarter of 2008, down $251,000, or 4.9%, reported for the prior-year quarter. This decline is attributable to the reduction of 25 full-time equivalent positions during the first quarter of 2007. Reflecting this improvement, the efficiency ratio declined to 75.90% for the current quarter, compared with 76.68% for the linked quarter, and 85.47% for the prior-year quarter.

Total loans were $392.0 million on March 31, 2008, up $18.7 million, or 5.0%, from 12 months ago and up $2.7 million, or an annualized 2.8%, from the linked quarter. Growth over the past twelve months was derived primarily from commercial real estate loans, up $17.4 million, and commercial business loans, up $9.3 million. Commercial loans now account for 65.9% of the loan portfolio, compared with 62.3%, twelve months ago. Linked quarter growth came from agricultural loans, up $4.1 million, and commercial real estate loans, up $2.9 million. Growth for both periods was primarily offset by slight declines in consumer and residential loans.

Total deposits on March 31, 2008 were $416.7 million, up $4.1 million, or 1.0%, from the March 2007 quarter-end. The more robust linked quarter results reflect Money Market Deposit growth of $11.3 million and Interest Checking Deposits growth of $5.2 million. These increases were partially offset by a $2.9 million decline in Retail Time Deposits, a $2.1 million decline in Brokered Time Deposits, and a $1.0 million decline in Savings Deposits. The High Performance Checking promotion begun in April of 2007 has generated $6.2 million in new retail checking account balances at a funding cost of 1.00%. Retail Time Deposits have declined by $10.3 million from the year-ago quarter, reflecting the execution of run-off of municipal deposits as part of the planned balance sheet restructuring.

“We have spent a considerable amount of time restructuring our balance sheet over the past two years,” commented Mr. Joyce. “We have dedicated as much time on the liability side of our balance sheet as we have on the asset side. The percentage of transaction account balances to total deposits increased to 47.6% for the current quarter compared to 43.8% for the prior-year first quarter. This has contributed significantly to our reduction in cost of funds.”

ASSET QUALITY

(Dollars in thousands except percent data)
ASSET QUALITY	1Q 2008			4Q 2007			1Q 2007
Net charge-offs	$	166		$	89		$	41
(Ann.) Net charge-offs to avg. loans		0.17	%		0.09	%		0.04	%
Non-performing assets (NPAs)	$	6,967		$	6,162		$	4,112
NPA / Total assets		1.22	%		1.10	%		0.75	%
Allowance for loan losses	$	4,016		$	3,990		$	3,769
Allowance for loan losses / Loans		1.02	%		1.03	%		1.01	%

Non-performing assets (loans + OREO + OAO) were $7.0 million, or 1.22 %, of total assets on March 31, 2008, compared with $6.2 million, or 1.10%, of assets for the linked quarter and $4.1 million, or 0.75%, of assets 12 months ago. The increase in non-performing asset was primarily due to four credits. Management does not anticipate losses on these credits. Also during the quarter, the company was successful in taking title to one of the three remaining legacy credits, which increased OREO balances. This represents a step in clearing this asset off the balance sheet, aiding us in our goal of reducing NPA’s during 2008.

RDSI RESULTS

First quarter 2008 net income for RDSI was $800,000, an increase of 15.9 % from the $690,000 reported for the prior-year first quarter. Mr. Joyce commented, “RDSI continues to improve its performance through strong revenue growth and disciplined control of expenses. We converted thirteen new clients over the past year, and have a pipeline in place that should support continued growth through 2008.”

Total revenue for first quarter of 2008 was $5.6 million, an increase 8.7% above the $5.2 million reported for the first quarter of 2007. The increase in revenue was aided by $237,000 of revenue associated with postage fees. During the first quarter, RDSI brought the billing for postage associated with client banks in-house. Excluding this change, revenue increased $214,000, or 16.6%, on an annualized basis.

As of March, 2008 the RDSI (including DCM) roster of clients totaled 116 banking organizations, representing a net increase of ten clients since March 31, 2007.  RDSI provided Data Processing Services to 76 clients and Item Processing Services to a total of 92 clients.

Operating expenses were $4.4 million for first quarter 2008, up $285,000, or 6.9%, from the first quarter of 2007. The increase was due largely to postage expenses associated with the aforementioned in-house process. Excluding the postage change, operating expenses increased $55,000, or 1.3%, reflecting several efficiencies gained on consolidations within the item processing segment of RDSI’s business.

Mr. Joyce concluded, “We are very pleased with RDSI’s performance this past quarter, and continue to improve upon both revenue and expenses - identifying new key growth areas and conservatively managing operating expenses - to continue our net income growth. As always, we will be working to maximize growth and profitability for Rurban Financial Corp. and its shareholders.”

Rurban continues to maintain a strong capital position. Stockholders’ equity totaled $59.9 million, on March 31, 2008, an increase of $2.2 million, or 3.7%, from 12 months ago. Capital ratios exceed the regulatory minimums for a well-capitalized institution.

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, including Reliance Financial Services and Rurbanc Data Services, Inc. (RDSI), including DCM. The State Bank and Trust Company offers financial services through its 16 branches in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties, Ohio and Allen County, Indiana and a Loan Production Office in Franklin County, Ohio. 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, Nebraska, Nevada, 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 4,941,933 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.

CONSOLIDATED BALANCE SHEETS

March 31, 2008, December 31, 2007 and March 31, 2007

	March			December			March
	2008			2007			2007
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	15,758,593		$	15,183,627		$	10,627,291
Federal funds sold		6,400,000			2,000,000			6,500,000
Cash and cash equivalents		22,158,593			17,183,627			17,127,291
Interest-earning deposits in other financial institutions		-			-			150,000
Available-for-sale securities		94,378,377			92,661,386			97,148,409
Loans held for sale		2,464,643			1,649,758			110,697
Loans, net of unearned income		391,962,691			389,268,744			373,293,814
Allowance for loan losses		(4,016,230	)		(3,990,455	)		(3,768,814	)
Premises and equipment, net		15,180,760			15,128,754			15,912,493
Purchased software		4,149,202			4,282,563			4,482,113
Federal Reserve and Federal Home Loan Bank Stock		4,062,100			4,021,200			4,040,700
Foreclosed assets held for sale, net		1,572,644			124,131			9,400
Accrued interest receivable		2,752,252			3,008,968			2,820,915
Goodwill		13,940,618			13,940,618			13,690,092
Core deposits and other intangibles		4,961,846			5,135,228			5,683,598
Cash value of life insurance		12,276,003			12,160,581			10,861,017
Other assets		5,889,849			6,638,895			7,323,829
Total assets	$	571,733,348		$	561,213,998		$	548,885,554
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non interest bearing demand	$	41,748,793		$	41,541,297		$	43,759,627
Interest bearing NOW		59,547,916			54,308,665			47,026,613
Savings		24,289,198			25,320,126			27,738,612
Money Market		72,676,846			61,380,252			61,989,662
Time Deposits		218,449,515			223,480,842			232,078,426
Total deposits		416,712,268			406,031,182			412,592,940
Notes payable		817,584			922,457			2,515,911
Advances from Federal Home Loan Bank		23,000,000			24,000,000			17,500,000
Repurchase Agreements		43,536,570			43,006,438			30,827,195
Trust preferred securities		20,620,000			20,620,000			20,620,000
Accrued interest payable		2,481,629			2,532,914			2,233,625
Other liabilities		4,694,986			4,775,773			4,884,579
Total liabilities		511,863,037			501,888,764			491,174,250
Shareholders' Equity
Common stock		12,568,583			12,568,583			12,568,583
Additional paid-in capital		14,944,315			14,923,571			14,872,424
Retained earnings		32,956,244			32,361,106			30,808,105
Accumulated other comprehensive income (loss)		432,429			82,235			(537,808	)
Treasury stock		(1,031,260	)		(610,260	)		-
Total shareholders' equity		59,870,311			59,325,235			57,711,304
Total liabilities and shareholders' equity	$	571,733,348		$	561,213,998		$	548,885,554

RURBAN FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

For The Three Months Ended March 31, 2008 and 2007 and December 2007

	First Quarter			Fourth Quarter			First Quarter
	2008			2007			2007
Interest income
Loans
Taxable	$	6,808,196		$	7,056,261		$	6,676,813
Tax-exempt		21,350			22,240			17,293
Securities
Taxable		1,039,894			1,106,834			1,091,197
Tax-exempt		158,367			161,830			153,057
Other		97,409			61,257			78,468
Total interest income		8,125,216			8,408,422			8,016,828
Interest expense
Deposits		3,091,902			3,383,225			3,333,730
Other borrowings		17,506			25,215			51,072
Retail Repurchase Agreements		460,552			484,118			343,849
Federal Home Loan Bank advances		302,336			276,492			249,587
Trust preferred securities		435,704			456,427			445,314
Total interest expense		4,308,000			4,625,477			4,423,552
Net interest income		3,817,216			3,782,945			3,593,276
Provision for loan losses		192,218			142,663			92,640
Net interest income after provision
for loan losses		3,624,998			3,640,282			3,500,636
Non-interest income
Data service fees		5,264,565			4,914,328			4,834,136
Trust fees		855,107			873,069			826,382
Customer service fees		586,207			593,665			528,424
Net gain on sales of loans		274,603			137,611			54,279
Net realized gain on sales of securities					1,631
Net proceeds from liquidation
of equity securities		132,106			-			-
Investment securities recoveries		197,487			-			-
Loan servicing fees		62,940			80,590			108,706
Gain (loss) on sale of assets		(71,032	)		(32,362	)		35,967
Other income		213,530			263,583			350,848
Total non-interest income		7,515,513			6,832,115			6,738,742
Non-interest expense
Salaries and employee benefits		4,438,764			4,134,242			4,396,787
Net occupancy expense		566,016			587,150			527,133
Equipment expense		1,567,637			1,678,311			1,605,873
Data processing fees		96,567			97,092			156,181
Professional fees		570,687			586,327			677,391
Marketing expense		181,747			218,549			155,685
Printing and office supplies		186,052			151,943			198,092
Telephone and communication		421,929			451,918			445,204
Postage and delivery expense		602,634			376,777			392,261
State, local and other taxes		180,768			115,441			199,741
Employee expense		230,611			281,682			255,069
Other expenses		557,948			485,154			290,836
Total non-interest expense		9,601,360			9,164,586			9,300,253
Income before income tax expense		1,539,151			1,307,811			939,125
Income tax expense		429,795			402,275			236,672
Net income	$	1,109,356		$	905,536		$	702,453
Earnings per common share:
Basic	$	0.22		$	0.18		$	0.14
Diluted	$	0.22		$	0.18		$	0.14
Average diluted shares outstanding		4,962,428			4,988,493			5,027,613

RURBAN FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
	1st Qtr			4th Qtr			3rd Qtr			2nd Qtr			1st Qtr
(dollars in thousands except per share data)	2008			2007			2007			2007			2007
EARNINGS
Net interest income	$	3,817		$	3,783		$	3,661		$	3,750		$	3,593
Provision for loan loss	$	192		$	143		$	140		$	146		$	93
Non-interest income	$	7,516		$	6,832		$	6,783		$	6,508		$	6,739
Revenue (net interest income plus non-interest income)	$	11,333		$	10,615		$	10,444		$	10,258		$	10,332
Non-interest expense	$	9,601		$	9,164		$	9,106		$	9,065		$	9,301
Net income	$	1,109		$	906		$	864		$	785		$	702
PER SHARE DATA
Basic earnings per share	$	0.22		$	0.18		$	0.17		$	0.16		$	0.14
Diluted earnings per share	$	0.22		$	0.18		$	0.17		$	0.16		$	0.14
Book value per share	$	12.11		$	11.92		$	11.70		$	11.43		$	11.48
Tangible book value per share	$	8.10		$	8.00		$	7.87		$	7.83		$	7.69
Cash dividend per share	$	0.08		$	0.07		$	0.07		$	0.06		$	0.06
PERFORMANCE RATIOS
Return on average assets		0.78	%		0.64	%		0.62	%		0.57	%		0.51	%
Return on average equity		7.50	%		6.15	%		5.97	%		5.45	%		4.91	%
Net interest margin (tax equivalent)		3.26	%		3.12	%		2.96	%		3.19	%		3.04	%
Net interest margin (Bank Only)		3.45	%		3.43	%		3.41	%		3.56	%		3.45	%
Non-interest expense / Average assets		6.77	%		6.48	%		6.56	%		6.60	%		6.71	%
Efficiency Ratio - bank (non-GAAP)		73.20	%		76.68	%		80.17	%		77.23	%		87.20	%
MARKET DATA PER SHARE
Market value per share -- Period end	$	10.24		$	12.49		$	12.65		$	12.82		$	11.84
Market as a % of book		0.85			1.05			1.08			1.12			1.03
Cash dividend yield		3.13	%		2.24	%		2.21	%		1.87	%		2.03	%
Period-end common shares outstanding (000)		4,942			4,979			4,999			5,015			5,027
Common stock market capitalization ($000)	$	50,605		$	62,188		$	63,237		$	64,298		$	59,525
CAPITAL & LIQUIDITY
Equity to assets		10.5	%		10.6	%		10.3	%		10.5	%		10.5	%
Period-end tangible equity to tangible assets		7.2	%		7.3	%		7.2	%		7.4	%		7.3	%
Tier 1 risk-based capital ratio		14.9	%		14.8	%		14.6	%		14.9	%		14.8	%
Total risk-based capital ratio		15.8	%		16.0	%		15.7	%		16.1	%		15.9	%
ASSET QUALITY
Net charge-offs / (Recoveries)	$	166		$	89		$	28		$	90		$	41
Net loan charge-offs (Ann.) / Average loans		0.17	%		0.09	%		0.03	%		0.09	%		0.04	%
Non-performing loans	$	5,305		$	5,990		$	6,361		$	5,913		$	4,103
OREO / OAOs	$	1,662		$	172		$	71		$	84		$	9
Non-performing assets	$	6,967		$	6,162		$	6,432		$	5,997		$	4,112
Non-performing assets / Total assets		1.22	%		1.10	%		1.14	%		1.09	%		0.75	%
Allowance for loan losses / Total loans		1.02	%		1.03	%		1.01	%		1.00	%		1.01	%
Allowance for loan losses / Non-performing Assets		57.6	%		64.8	%		61.2	%		63.8	%		91.6	%
END OF PERIOD BALANCES
Total loans, net of unearned income	$	391,963		$	389,084		$	388,264		$	381,662		$	373,294
Allowance for loan loss	$	4,016		$	3,990		$	3,937		$	3,824		$	3,769
Total assets	$	571,733		$	561,214		$	565,674		$	548,200		$	548,886
Deposits	$	416,712		$	406,031		$	413,152		$	407,585		$	412,593
Stockholders' equity	$	59,870		$	59,325		$	58,504		$	57,349		$	57,711
Full-time equivalent employees		272			275			280			285			294
AVERAGE BALANCES
Loans	$	389,917		$	389,526		$	385,126		$	379,191		$	371,724
Total earning assets	$	498,731		$	496,782		$	488,798		$	482,036		$	484,110
Total assets	$	567,129		$	565,779		$	555,451		$	549,426		$	554,631
Deposits	$	412,424		$	413,473		$	411,948		$	410,392		$	415,887
Stockholders' equity	$	59,149		$	58,928		$	57,830		$	57,617		$	57,192

Rurban Financial Corp.

Segment Reporting

First Quarter Ended March 31, 2008

	Total Banking			Data Processing			Parent Company and Other			Elimination Entries			Rurban Financial Corp.
Income Statement Measures
Interest Income	$	8,151		$	-		$	1		$	(27	)	$	8,125
Interest Expense		3,856			44			435			(27	)	$	4,308
Net Interest Income		4,295			(44	)		(434	)		-		$	3,817
Provision For Loan Loss		192			-			-					$	192
Non-interest Income		2,169			5,650			407			(710	)	$	7,516
Non-interest Expense		5,018			4,394			899			(710	)	$	9,601
Net Income QTD	$	917		$	800		$	(608	)	$	-		$	1,109
Performance Measures
Average Assets -QTD	$	547,502		$	20,103		$	81,297		$	(81,773	)	$	567,129
ROAA		0.67	%		15.92	%		-			-			0.78	%
Average Equity - QTD	$	59,044		$	15,282		$	59,149		$	(74,326	)	$	59,149
ROAE		6.21	%		20.94	%		-			-			7.50	%
Efficiency Ratio - %		75.90	%		77.28	%		-			-			83.19	%
Average Loans - QTD	$	391,379		$	-		$	-		$	(1,462	)	$	389,917
Average Deposits - QTD	$	418,409		$	-		$	-		$	(5,985	)	$	412,424

Rurban Financial Corp.

Proforma Performance Measurement

Quarterly Comparison - First Quarter 2008

	Banking Related Entities			RDSI			Parent Company and Other			Intersegment Elimination Entries			Rurban Financial Corp.
Revenue
1Q08	$	6,464		$	5,606		$	(27	)	$	(710	)	$	11,333
4Q07	$	6,232		$	5,184		$	(114	)	$	(687	)	$	10,615
3Q07	$	5,939		$	5,332		$	(100	)	$	(727	)	$	10,444
2Q07	$	6,130		$	4,949		$	(82	)	$	(739	)	$	10,258
1Q07	$	6,025		$	5,155		$	(116	)	$	(732	)	$	10,332
1st Quarter Comparison	$	439		$	451		$	89		$	-		$	1,001
Non-interest Expenses
1Q08	$	5,018		$	4,394		$	899		$	(710	)	$	9,601
4Q07	$	4,908		$	4,202		$	742		$	(687	)	$	9,164
3Q07	$	4,874		$	4,334		$	626		$	(727	)	$	9,106
2Q07	$	4,849		$	4,228		$	728		$	(739	)	$	9,065
1Q07	$	5,188		$	4,109		$	736		$	(732	)	$	9,301
1st Quarter Comparison	$	(170	)	$	285		$	163		$	-		$	300
Net Income
1Q08	$	917		$	800		$	(608	)	$	-		$	1,109
4Q07	$	836		$	648		$	(578	)	$	-		$	906
3Q07	$	674		$	659		$	(470	)	$	-		$	864
2Q07	$	830		$	476		$	(521	)	$	-		$	785
1Q07	$	571		$	690		$	(559	)	$	-		$	702
1st Quarter Comparison	$	346		$	110		$	(49	)	$	-		$	407
Average Assets
1Q08	$	547,502		$	20,103		$	81,297		$	(81,773	)	$	567,129
4Q07	$	546,609		$	20,014		$	80,827		$	(81,671	)	$	565,779
3Q07	$	536,470		$	19,739		$	79,380		$	(80,137	)	$	555,451
2Q07	$	530,618		$	20,320		$	78,908		$	(80,420	)	$	549,426
1Q07	$	536,543		$	20,217		$	79,251		$	(81,380	)	$	554,631
1st Quarter Comparison	$	10,959		$	(114	)	$	2,046		$	-		$	12,498
ROAA
1Q08		0.67	%		15.92	%		-			-			0.78	%
4Q07		0.61	%		12.95	%		-			-			0.64	%
3Q07		0.50	%		13.35	%		-			-			0.62	%
2Q07		0.63	%		9.37	%		-			-			0.57	%
1Q07		0.43	%		13.65	%		-			-			0.51	%
1st Quarter Comparison		0.24	%		2.44	%		-			-			0.27	%
Average Equity
1Q08	$	59,044		$	15,282		$	59,149		$	(74,326	)	$	59,149
4Q07	$	58,115		$	15,222		$	58,928		$	(73,337	)	$	58,928
3Q07	$	56,805		$	14,732		$	57,830		$	(71,536	)	$	57,830
2Q07	$	56,249		$	14,182		$	57,617		$	(70,431	)	$	57,617
1Q07	$	56,330		$	13,378		$	57,192		$	(69,708	)	$	57,192
1st Quarter Comparison	$	2,714		$	1,904		$	1,957					$	1,957
ROAE
1Q08		6.21	%		20.94	%		-			-			7.50	%
4Q07		5.75	%		17.03	%		-			-			6.15	%
3Q07		4.75	%		17.89	%		-			-			5.97	%
2Q07		5.90	%		13.43	%		-			-			5.45	%
1Q07		4.05	%		20.63	%		-			-			4.91	%
1st Quarter Comparison		2.16	%		0.31	%		-			-			2.59	%
Efficiency Ratio
1Q08		75.90	%		77.28	%		-			-			83.19	%
4Q07		76.68	%		79.77	%		-			-			84.49	%
3Q07		80.17	%		80.04	%		-			-			85.47	%
2Q07		77.23	%		84.09	%		-			-			86.61	%
1Q07		85.47	%		78.52	%		-			-			88.33	%
1st Quarter Comparison		(9.57	%)		(1.24	%)		-			-			(5.14	%)