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MBT Financial Corp. Announces Dividend and Preliminary First Quarter 2019 Highlights

/EIN News/ -- MONROE, Mich., April 25, 2019 (GLOBE NEWSWIRE) -- MBT Financial Corp. (NASDAQ: MBTF), the parent company of Monroe Bank & Trust, announced that it will pay a quarterly dividend of $0.10 per common share on May 16, 2019 to shareholders of record as of May 9, 2019. This is an increase of $0.03 per share compared to the regular dividend paid in the same quarter last year.

Excluding securities losses and other merger related expenses, core earnings for the first quarter of 2019 were $4,319,000, or $0.19 per share, basic and diluted. This is an increase of 11% from the net profit of $3,902,000 recorded in the first quarter of 2018 ($0.17 per share, basic and diluted). During the first quarter of 2019, we liquidated a substantial portion of our investment portfolio in anticipation of our merger with First Merchants, which resulted in a loss from the sale of these securities in the amount of $11,646,000. This is consistent with the Accumulated Other Comprehensive Loss previously reflected on our balance sheet, and did not have a negative effect on capital. The preliminary net loss was $5,141,000 ($0.22 per share) in the first quarter of 2019.

The Net Interest Income for the first quarter of 2019 increased $1,082,000, or 10.3% compared to the first quarter of 2018 as the Net Interest Margin improved from 3.49% to 3.83%. The Company did not record a provision for loan losses this quarter, compared to a negative provision of $100,000 recorded in the first quarter of 2018. Excluding securities losses, non-interest income for the first quarter of 2019 was $3,759,000, a decrease of $126,000, or 3.2% compared to the first quarter of 2018 primarily due to lower service charges and other fees on deposit accounts. Non-interest expense increased $518,000, or 5.3% primarily due to the aforementioned merger related expenses.

Total assets of the company decreased $3.4 million, or 0.3%, compared to December 31, 2018, to $1.333 billion. Capital increased $2.6 million during the first quarter of 2019 because the securities losses realized in the first quarter were already included in Accumulated Other Comprehensive Income (Loss). Total loans decreased $1.8 million, or 0.2% in the first quarter of 2019 while total deposits increased $239,000, or less than 0.1%. The decrease in loan balances was the result of payment activity on mortgage loans and purchased consumer loans as well as scheduled principal payments on commercial participation loans. The loan pipeline remains strong at $70 million, and the amount of unfunded loan commitments increased significantly during the first quarter, from $131 million to $142 million.

H. Douglas Chaffin, President and CEO, commented, “We are making good progress toward closing our previously announced merger with First Merchants Corporation headquartered in Muncie, Indiana, which is expected to take place during the first half of 2019. This merger will provide tremendous benefits to our customers, shareholders and communities, and we look forward to continuing the legacy of exceptional customer service, local responsiveness, and strong community engagement that has defined Monroe Bank and Trust for 160 years.”

About the Company:
MBT Financial Corp. (NASDAQ:MBTF), a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust. Founded in 1858, Monroe Bank & Trust helps customers’ remarkable stories unfold through an uncommon, optimistic culture. As one of the largest community banks in Southeast Michigan, with over $1.3 billion in assets, this full-service bank offers a complete range of business and personal accounts, mobile and online banking, offices and ATMs across Monroe and Wayne Counties, credit and mortgage options, investment and retirement services and award-winning community outreach. The bank believes in its customers, helping them with everything from day-to-day needs to long-term goals, and is ranked fourth among all Michigan banks for total trust assets.  The bank believes in its communities, supporting over 300 organizations with sponsorships and also more than 8,000 employee volunteer hours through the Monroe Bank & Trust ENLIST Volunteerism program. The bank believes in the power of knowledge, helping thousands of students and adults thrive through the Monroe Bank & Trust Financial Education program.  Monroe Bank & Trust is proud to be a trusted partner to communities and clients, and an employer of choice.  We are Monroe Bank & Trust, and we believe in the story of you.

On October 10, 2018, the Company announced that it signed a definitive agreement to merge with First Merchants Corporation (NASDAQ: FRME), headquartered in Muncie, Indiana. The merger is expected to close in the first half of 2019, so the Company will not be providing its typical detailed earnings announcement and investor conference call. First Merchants announced their first quarter results and hosted a conference call earlier today. For information about First Merchants and the merger, and to access a replay of their call, please see the Investor Relations link on www.firstmerchants.com.

For more information about Monroe Bank & Trust, visit www.monroe.bank or contact:

Doug Chaffin John Skibski
President & CEO Executive Vice President & CFO
(734) 384-8123 (734) 242-1879
doug.chaffin@monroe.bank john.skibski@monroe.bank
   


 
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
             
        Quarter Ended March 31,
Dollars in thousands (except per share data) 2019
  2018
Interest Income      
Interest and fees on loans $ 9,571     $ 8,217  
Interest on investment securities-      
  Tax-exempt   296       404  
  Taxable   1,174       2,210  
Interest on balances due from banks   1,209       125  
      Total interest income   12,250       10,956  
             
Interest Expense      
Interest on deposits   568       414  
Interest on borrowed funds   64       6  
      Total interest expense   632       420  
             
Net Interest Income   11,618       10,536  
Provision For (Recovery Of) Loan Losses   -       (100 )
             
Net Interest Income After      
Provision For (Recovery Of) Loan Losses   11,618       10,636  
             
Other Income      
Income from wealth management services   1,161       1,185  
Service charges and other fees   822       946  
Debit Card income   701       720  
Net gain on sales of securities   (11,646 )     (101 )
Net gain (loss) on other real estate owned   9       19  
Origination fees on mortgage loans sold   69       62  
Bank Owned Life Insurance income   338       353  
Other
  659       600  
      Total other income   (7,887 )     3,784  
             
Other Expenses      
Salaries and employee benefits   6,064       5,962  
Occupancy expense   729       721  
Equipment expense   913       793  
Marketing expense   292       377  
Professional fees   843       594  
EFT/ATM expense   291       259  
Other real estate owned expense   22       15  
FDIC deposit insurance assessment   89       107  
Bonding and other insurance expense   429       132  
Telephone expense   80       75  
Other
  558       757  
      Total other expenses   10,310       9,792  
             
Profit (Loss) Before Income Taxes   (6,579 )     4,628  
Income Tax Expense (Benefit)   (1,438 )     726  
Net Profit (Loss) $ (5,141 )   $ 3,902  
             
Basic Earnings (Loss) Per Common Share $ (0.22 )   $ 0.17  
             
Diluted Earnings (Loss) Per Common Share $ (0.22 )   $ 0.17  
             
Dividends Declared Per Common Share $ 0.10     $ 0.66  
             

 

 
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
           
           
      (Unaudited)    
Dollars in thousands March 31, 2019   December 31, 2018
Assets      
Cash and Cash Equivalents      
  Cash and due from banks      
    Non-interest bearing $ 18,426     $ 17,058  
    Interest bearing   414,381       34,784  
    Total cash and cash equivalents   432,807       51,842  
           
Interest Bearing Time Deposits in Other Banks   600       10,796  
Securities - Available for Sale   30,133       401,613  
Equity Securities   7,450       7,415  
Loans held for sale   -       488  
           
Loans   766,877       768,660  
Allowance for Loan Losses   (7,503 )     (7,771 )
Loans - Net   759,374       760,889  
           
Accrued interest receivable and other assets   16,662       16,743  
Other Real Estate Owned   58       692  
Bank Owned Life Insurance   59,901       59,563  
Premises and Equipment - Net   26,480       26,850  
    Total assets $ 1,333,465     $ 1,336,891  
           
Liabilities      
Deposits:      
  Non-interest bearing $ 290,929     $ 297,704  
  Interest-bearing   892,220       885,206  
    Total deposits   1,183,149       1,182,910  
           
Federal Home Loan Bank advances   10,000       10,000  
Accrued interest payable and other liabilities   10,028       16,314  
    Total liabilities   1,203,177       1,209,224  
           
Shareholders' Equity      
Common stock (no par value)   23,565       23,453  
Retained Earnings   106,477       113,921  
Accumulated other comprehensive income (loss)   246       (9,707 )
    Total shareholders' equity   130,288       127,667  
    Total liabilities and shareholders' equity $ 1,333,465     $ 1,336,891  
                   

 

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