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MBT Financial Corp. Announces Third Quarter 2016 Profit and Dividend

MONROE, Mich., Oct. 27, 2016 (GLOBE NEWSWIRE) -- MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a preliminary net profit of $3,687,000 ($0.16 per share, basic and diluted), in the third quarter of 2016, compared to a profit of $3,006,000 ($0.13 per share, basic and diluted), in the third quarter of 2015. Year to date profit is $10,923,000 ($0.48 per share, basic and diluted) compared to $8,068,000 ($0.35 per share, basic and diluted) in the first three quarters of 2015.

The Company also announced that it will pay a dividend of $0.04 per share on November 17, 2016 to shareholders of record as of November 10, 2016. The Company did not pay a dividend in the same period in 2015.

Earnings for the Company improved this quarter due to increases in net interest income and non-interest income and decreases in the provision for loan losses and non-interest expenses compared to the third quarter of 2015. The net interest margin was unchanged at 3.11% in the third quarter of 2016 compared to the third quarter of 2015, however the average amount of interest earning assets increased $43.7 million, and as a result, the net interest income increased $291,000, or 3.2% in the third quarter of 2016 compared to the third quarter of 2015. 

The provision for loan losses decreased $500,000 compared to the third quarter of 2015 from a negative expense of $200,000 in the third quarter of 2015 to a negative expense of $700,000 recorded this quarter. Classified assets decreased 16.6% during the third quarter and the analysis of the risk in the loan portfolio indicated a need to reduce the Allowance for Loan Losses again this quarter. Total Loans increased $17.2 million during the third quarter, but the continued improvement in asset quality and historical loss ratios enabled the Company to reduce the Allowance for Loan and Lease Losses from 1.55% of loans at the end of the second quarter to 1.43% as of the end of the third quarter of 2016.

Non-interest income, excluding Other Real Estate and securities gains and losses was unchanged at $3.9 million in the third quarter of 2016 and 2015. Securities gains increased from $16,000 in the third quarter of 2015 to $87,000 in the third quarter of 2016 and total non-interest income increased $61,000 or 1.5% compared to last year.

Total non-interest expenses decreased $192,000, or 2.1% in the third quarter of 2016 compared to the third quarter of 2015. Salaries and benefits decreased $180,000 or 3.2% as a result of the efficiency initiative that reduced our staffing in the fourth quarter of 2015. The FDIC deposit insurance assessment decreased $33,000 and other insurance decreased $85,000 due to the improved financial condition of the bank.

Total assets of the company increased $713,000, or 0.1% compared to December 31, 2015. Capital increased $321,000 during the first nine months of 2016 even though the payment of the special and regular dividends exceeded the net income for the period because the AOCI increased $4.1 million due to the increase in the value of AFS securities. The ratio of equity to assets increased from 10.98% at the end of 2015 to 10.99% at September 30, 2016. The Bank’s Tier 1 Leverage ratio decreased from 10.91% as of December 31, 2015 to 10.52% as of September 30, 2016.

H. Douglas Chaffin, President and CEO, commented, “Our results this quarter are a product of our continued focus on growth and cost control, along with improvements in the local economy and our portfolio.  We have been effective at growing the loan book and net interest income, while controlling non-interest expense.  We plan to continue growing loans and fee income, as we also improve our operational efficiency. We will also continue to actively manage our capital, along with looking for the right opportunities to fund growth, throughout our existing branch network and strategic acquisitions.  We remain confident in our ability to maintain our position as the premier independent provider of financial services in the communities we serve, despite challenges in our current environment.”

Conference Call
MBT Financial Corp. will hold a conference call to discuss the Third Quarter 2016 results on Friday, October 28, 2016, at 10:00 a.m. Eastern Time. The call will be webcast and can be accessed at the Investor Relations/Corporate Profile page of MBT Financial Corp.’s web site www.mbandt.com. The call can also be accessed in the United States by calling toll free (877) 510-3783. The toll free number for callers in Canada is (855) 669-9657 and international callers can access the call at (412) 902-4136. A replay will be available one hour after the conclusion of the call at (877) 344-7529, Conference #10093588. The replay will be available until November 28, 2016 at 9:00 a.m. Eastern. The webcast will be archived on the Company’s web site and available for twelve months following the call.

About the Company:
MBT Financial Corp. (NASDAQ:MBTF), a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust (“MBT”). Founded in 1858, MBT is one of the largest independently owned community banks in Southeast Michigan.  With over $1.3 billion in assets, MBT is a full-service bank, offering a complete range of business and personal accounts, credit and mortgage options, investment and retirement services and award-winning financial literacy outreach.  MBT employee volunteers contribute approximately 9,000 hours of community service annually. MBT’s Commercial Lending Group is a top SBA lending partner.  MBT’s Wealth Management Group (“WMG”) is one of the largest and most respected in Michigan.  The Michigan Bankers Association ranks MBT fourth among all Michigan banks for total trust assets.  With offices and ATMs in Monroe, Lenawee, and Wayne Counties, convenient mobile and online banking, a robust online and social media presence and a comprehensive array of products and services, MBT prides itself in offering World Class Banking with a Local Address. Visit MBT’s website at www.mbandt.com.

Forward-Looking Statements
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934.  Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms.  Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, change in the financial and securities markets, including changes with respect to the market value of our financial assets, the availability of and costs associated with sources of liquidity, and the ability of the Company to resolve or dispose of problem loans.  The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS - UNAUDITED
                                 
        Quarterly   Year to Date
        2016
  2016
  2016
  2015
  2015
       
(dollars in thousands except per share data)   3rd Qtr   2nd Qtr   1st Qtr   4th Qtr   3rd Qtr   2016
  2015
                                 
EARNINGS                            
  Net interest income   $ 9,515     $ 9,244     $ 9,290     $ 9,328     $ 9,224     $ 28,049     $ 27,647  
  FTE Net interest income   $ 9,671     $ 9,393     $ 9,438     $ 9,469     $ 9,358     $ 28,502     $ 28,045  
  Provision for loan and lease losses   $ (700 )   $ (200 )   $ (300 )   $ (2,000 )   $ (200 )   $ (1,200 )   $ (1,000 )
  Non interest income   $ 4,039     $ 5,555     $ 4,114     $ 3,919     $ 3,978     $ 13,708     $ 11,408  
  Non interest expense   $ 8,974     $ 8,872     $ 9,483     $ 9,485     $ 9,166     $ 27,329     $ 28,715  
  Net income   $ 3,687     $ 4,239     $ 2,997     $ 4,014     $ 3,006     $ 10,923     $ 8,068  
  Basic earnings per share   $ 0.16     $ 0.19     $ 0.13     $ 0.18     $ 0.13     $ 0.48     $ 0.35  
  Diluted earnings per share   $ 0.16     $ 0.18     $ 0.13     $ 0.18     $ 0.13     $ 0.48     $ 0.35  
  Average shares outstanding     22,733,134       22,884,350       22,854,556       22,764,801       22,748,974       22,823,682       22,734,952  
  Average diluted shares outstanding     22,915,278       23,049,718       23,014,957       22,967,108       22,949,063       22,988,364       22,916,444  
                                 
PERFORMANCE RATIOS                            
  Return on average assets     1.10 %     1.28 %     0.91 %     1.22 %     0.93 %     1.10 %     0.84 %
  Return on average common equity     9.98 %     11.87 %     8.57 %     10.79 %     8.48 %     10.15 %     7.74 %
                                 
  Base Margin     3.07 %     3.03 %     3.04 %     3.04 %     3.05 %     3.05 %     3.06 %
  FTE Adjustment     0.05 %     0.05 %     0.05 %     0.05 %     0.04 %     0.05 %     0.04 %
  Loan Fees     -0.01 %     0.02 %     0.00 %     0.02 %     0.02 %     0.01 %     0.06 %
  FTE Net Interest Margin     3.11 %     3.10 %     3.09 %     3.11 %     3.11 %     3.11 %     3.16 %
                                 
  Efficiency ratio     65.59 %     67.83 %     69.75 %     72.10 %     67.83 %     67.71 %     71.54 %
  Full-time equivalent employees     281       288       288       297       337       286       347  
                                 
CAPITAL                            
  Average equity to average assets     11.05 %     10.80 %     10.65 %     11.34 %     10.96 %     10.84 %     10.92 %
  Book value per share   $ 6.49     $ 6.41     $ 6.22     $ 6.46     $ 6.42     $ 6.49     $ 6.42  
  Cash dividend per share   $ 0.04     $ 0.03     $ 0.53     $ -     $ -     $ 0.60     $ -  
                                 
ASSET QUALITY                            
  Loan Charge-Offs   $ 114     $ 618     $ 209     $ 1,191     $ 192     $ 941     $ 921  
  Loan Recoveries   $ 316     $ 184     $ 150     $ 1,091     $ 309     $ 650     $ 1,709  
  Net Charge-Offs   $ (202 )   $ 434     $ 59     $ 100     $ (117 )   $ 291     $ (788 )
                                 
  Allowance for loan and lease losses   $ 9,405     $ 9,903     $ 10,537     $ 10,896     $ 12,996     $ 9,405     $ 12,996  
                                 
  Nonaccrual Loans   $ 6,545     $ 7,522     $ 8,079     $ 8,633     $ 10,623     $ 6,545     $ 10,623  
  Loans 90 days past due   $ 32     $ 41     $ 17     $ 4     $ 6     $ 32     $ 6  
  Restructured loans   $ 15,923     $ 16,701     $ 17,828     $ 18,910     $ 20,972     $ 15,923     $ 20,972  
    Total non performing loans   $ 22,500     $ 24,264     $ 25,924     $ 27,547     $ 31,601     $ 22,500     $ 31,601  
  Other real estate owned & other assets   $ 1,696     $ 1,818     $ 1,608     $ 2,383     $ 2,154     $ 1,696     $ 2,154  
    Total non performing assets   $ 24,196     $ 26,082     $ 27,532     $ 29,930     $ 33,755     $ 24,196     $ 33,755  
                                 
  Classified Loans   $ 20,151     $ 24,365     $ 26,768     $ 28,490     $ 34,948     $ 20,151     $ 34,948  
  Other real estate owned & other assets   $ 1,696     $ 1,818     $ 1,608     $ 2,383     $ 2,154     $ 1,696     $ 2,154  
    Total classified assets   $ 21,847     $ 26,183     $ 28,376     $ 30,873     $ 37,102     $ 21,847     $ 37,102  
                                 
  Net loan charge-offs to average loans     -0.12 %     0.28 %     0.04 %     0.06 %     -0.07 %     0.06 %     -0.17 %
  Allowance for loan losses to total loans     1.43 %     1.55 %     1.70 %     1.76 %     2.08 %     1.43 %     2.08 %
  Non performing loans to gross loans     3.43 %     3.80 %     4.19 %     4.45 %     5.05 %     3.43 %     5.05 %
  Non performing assets to total assets     1.80 %     1.97 %     2.06 %     2.23 %     2.56 %     1.80 %     2.56 %
  Classified assets to total capital     14.61 %     17.70 %     19.65 %     20.06 %     24.55 %     14.61 %     24.55 %
  Allowance to non performing loans     41.80 %     40.81 %     40.65 %     39.55 %     41.13 %     41.80 %     41.13 %
                                 
END OF PERIOD BALANCES                            
  Loans and leases   $ 656,445     $ 639,199     $ 618,613     $ 618,785     $ 625,406     $ 656,445     $ 625,406  
  Total earning assets   $ 1,232,863     $ 1,214,557     $ 1,227,990     $ 1,231,128     $ 1,212,892     $ 1,232,863     $ 1,212,892  
  Total assets   $ 1,343,026     $ 1,323,415     $ 1,334,131     $ 1,342,313     $ 1,316,719     $ 1,343,026     $ 1,316,719  
  Deposits   $ 1,180,461     $ 1,163,418     $ 1,162,733     $ 1,165,393     $ 1,136,809     $ 1,180,461     $ 1,136,809  
  Interest Bearing Liabilities   $ 894,697     $ 893,027     $ 918,593     $ 926,598     $ 904,297     $ 894,697     $ 904,297  
  Shareholders' equity   $ 147,662     $ 145,623     $ 142,424     $ 147,341     $ 146,154     $ 147,662     $ 146,154  
  Tier 1 Capital (Bank)   $ 140,131     $ 138,059     $ 133,870     $ 142,997     $ 138,163     $ 140,131     $ 138,163  
  Total Shares Outstanding     22,736,116       22,728,558       22,902,198       22,790,707       22,761,327       22,736,116       22,761,327  
                                 
AVERAGE BALANCES                            
  Loans and leases   $ 652,163     $ 625,435     $ 620,010     $ 621,217     $ 624,921     $ 632,608     $ 620,676  
  Total earning assets   $ 1,234,255     $ 1,218,569     $ 1,227,703     $ 1,211,342     $ 1,190,561     $ 1,226,871     $ 1,183,612  
  Total assets   $ 1,329,284     $ 1,329,935     $ 1,320,975     $ 1,302,176     $ 1,283,384     $ 1,326,739     $ 1,276,642  
  Deposits   $ 1,178,941     $ 1,173,998     $ 1,164,320     $ 1,139,475     $ 1,130,807     $ 1,172,441     $ 1,125,723  
  Interest Bearing Liabilities   $ 905,082     $ 920,340     $ 926,618     $ 902,216     $ 903,648     $ 917,300     $ 909,102  
  Shareholders' equity   $ 146,926     $ 143,685     $ 140,684     $ 147,626     $ 140,619     $ 143,776     $ 139,382  
                                 

 

MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
                     
          Quarter Ended September 30,
  Nine Months Ended September 30,
Dollars in thousands (except per share data)   2016   2015   2016   2015
Interest Income              
Interest and fees on loans   $ 7,538     $ 7,225     $ 21,752     $ 21,811  
Interest on investment securities-              
  Tax-exempt     316       278       924       826  
  Taxable     1,970       2,437       6,714       7,301  
Interest on balances due from banks     171       24       450       64  
      Total interest income     9,995       9,964       29,840       30,002  
                     
Interest Expense              
Interest on deposits     480       562       1,483       1,826  
Interest on borrowed funds     -       178       308       529  
      Total interest expense     480       740       1,791       2,355  
                     
Net Interest Income     9,515       9,224       28,049       27,647  
Provision For Loan Losses     (700 )     (200 )     (1,200 )     (1,000 )
                     
Net Interest Income After              
Provision For Loan Losses     10,215       9,424       29,249       28,647  
                     
Other Income              
Income from wealth management services     1,145       1,163       3,347       3,576  
Service charges and other fees     1,118       1,134       3,142       3,058  
Debit Card income     721       594       2,130       1,749  
Net gain on sales of securities     87       16       2,159       274  
Net gain (loss) on other real estate owned     (4 )     36       (61 )     (248 )
Origination fees on mortgage loans sold     149       184       415       450  
Bank Owned Life Insurance income     352       358       1,069       991  
Other       471       493       1,507       1,558  
      Total other income     4,039       3,978       13,708       11,408  
                     
Other Expenses              
Salaries and employee benefits     5,514       5,694       16,531       17,318  
Occupancy expense     668       648       2,002       2,074  
Equipment expense     731       708       2,141       2,232  
Marketing expense     280       267       825       821  
Professional fees     459       481       1,667       1,607  
EFT/ATM expense     235       109       781       317  
Other real estate owned expense     35       59       129       364  
FDIC deposit insurance assessment     179       212       539       1,055  
Bonding and other insurance expense     118       203       454       660  
Telephone expense     95       113       312       317  
Other       660       672       1,948       1,950  
      Total other expenses     8,974       9,166       27,329       28,715  
                     
Profit Before Income Taxes     5,280       4,236       15,628       11,340  
Income Tax Expense     1,593       1,230       4,705       3,272  
Net Profit   $ 3,687     $ 3,006     $ 10,923     $ 8,068  
                     
Basic Earnings Per Common Share   $ 0.16     $ 0.13     $ 0.48     $ 0.35  
                     
Diluted Earnings Per Common Share   $ 0.16     $ 0.13     $ 0.48     $ 0.35  
                     
Dividends Declared Per Common Share   $ 0.04     $ -     $ 0.60     $ -  
                     

 

MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
             
             
        (Unaudited)    
Dollars in thousands September 30, 2016   December 31, 2015
Assets        
Cash and Cash Equivalents      
  Cash and due from banks      
    Non-interest bearing $ 16,122     $ 14,996  
    Interest bearing   63,975       70,054  
    Total cash and cash equivalents   80,097       85,050  
             
Securities - Held to Maturity   42,685       41,282  
Securities - Available for Sale   465,610       496,859  
Federal Home Loan Bank stock - at cost   4,148       4,148  
Loans held for sale   636       1,477  
             
Loans     655,809       617,308  
Allowance for Loan Losses   (9,405 )     (10,896 )
Loans - Net   646,404       606,412  
             
Accrued interest receivable and other assets   20,438       23,365  
Other Real Estate Owned   1,686       2,383  
Bank Owned Life Insurance   54,059       53,093  
Premises and Equipment - Net   27,263       28,244  
    Total assets $ 1,343,026     $ 1,342,313  
             
Liabilities      
Deposits:      
  Non-interest bearing $ 285,764     $ 253,795  
  Interest-bearing   894,697       911,598  
    Total deposits   1,180,461       1,165,393  
             
Repurchase agreements   -       15,000  
Accrued interest payable and other liabilities   14,903       14,579  
    Total liabilities   1,195,364       1,194,972  
             
Shareholders' Equity      
Common stock (no par value)   22,474       23,492  
Retained Earnings   123,411       126,214  
Unearned Compensation   (19 )     (13 )
Accumulated other comprehensive income (loss)   1,796       (2,352 )
    Total shareholders' equity   147,662       147,341  
    Total liabilities and shareholders' equity $ 1,343,026     $ 1,342,313  
                   
FOR FURTHER INFORMATION:

H. Douglas Chaffin
Chief Executive Officer
(734) 384-8123
doug.chaffin@mbandt.com

John L. Skibski	
Chief Financial Officer
(734) 242-1879
john.skibski@mbandt.com

Julian J. Broggio
Director of Marketing
(734) 240-2341
julian.broggio@mbandt.com 

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