MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe
Bank & Trust, reported a preliminary net loss of $144,000
($0.01 per share), in the fourth quarter of 2017, compared to a
profit of $3,578,000 ($0.16 per share, basic and diluted), in the
fourth quarter of 2016. The profit for the year ended December 31,
2017 is $10,609,000, compared to $14,501,000 for 2016. The Company
recorded Federal income Tax Expense of $5,559,000 in the fourth
quarter, which included $4,278,000 to adjust the value of its
deferred tax assets following the enactment of the Tax Cuts and
Jobs Act of 2017. When adjusting for non-recurring items such as
negative loan loss provisions, gains and losses on securities, a
life insurance benefit, and an adjustment to the wealth management
fee income accrual, the adjusted operating income for 2017 was
$19,509,000, an increase of 18.4% compared to $16,472,000 earned in
2016.
In addition, the Company announced that it will
pay a quarterly dividend of $0.06 per common share and a special
dividend of $0.60 per common share. The dividends will be paid as a
single distribution on February 15, 2018 to shareholders of record
as of February 8, 2018. This is compared to the quarterly dividend
of $0.05 and special dividend of $0.70 paid in the same quarter
last year.
The Company also announced that its Board of
Directors authorized the repurchase of up to 2 million shares of
its common stock. This represents 8.7% of the shares currently
outstanding. Repurchases may be conducted from time to time in the
open market or through privately negotiated transactions. The
authorization commences February 1, 2018 and expires January 31,
2020. The authorization replaces a two year authorization to
repurchase up to 2 million shares that is set to expire on January
31, 2018. During that authorization, 192,080 shares were
repurchased.
The Net Interest Income for the fourth quarter
of 2017 increased $799,000, or 8.3% as the net interest margin
improved from 3.14% in the fourth quarter of 2016 to 3.43% in the
fourth quarter of 2017 due to higher interest rates and growth in
the loan portfolio.
The provision for loan losses was a negative
expense of $500,000 for the fourth quarter of 2017, an increase of
$500,000 compared to last year’s fourth quarter, when we recorded a
negative expense of $1,000,000. Asset quality and historical loss
ratios improved, but the growth in the loan portfolio reduced the
size of the negative provision expense required to adjust the
Allowance for Loan Losses. Total Loans increased $42.4 million, or
6.5% during 2017, while the Allowance for Loan and Lease Losses was
reduced from $8.5 million, or 1.30% of loans to a still relatively
strong $7.7 million, or 1.10%.
Non-interest income for the fourth quarter of
2017 decreased $148,000, or 3.9% compared to the fourth quarter of
2016. Excluding gains and losses on securities and ORE transactions
in both periods and a gain from life insurance proceeds that
occurred in the fourth quarter of 2017, the non-interest income
increased $46,000, or 1.2%. Non-interest expense decreased
$154,000, or 1.7%, as a $532,000 decrease in salaries and benefits
was partially offset by increases in equipment expense and
professional fees.
Total assets of the company decreased $9.9
million, or 0.7%, compared to December 31, 2016, to $1.35 billion.
Capital decreased $8.5 million during the year as the payment of
the special and regular dividends exceeded the net income. The
ratio of equity to assets decreased from 10.40% at the end of 2016
to 9.84% at the end of 2017. The Bank’s Tier 1 Leverage ratio
decreased from 10.75% as of December 31, 2016 to 10.33 % as of
December 31, 2017.
H. Douglas Chaffin, President and CEO,
commented, “We continue to see solid loan growth, and the
improvement in net interest margin combined with well-controlled
non-interest expenses contributed to improved core earnings this
year. Our new business pipeline remains strong and we expect loan
growth to continue in 2018, which should lead to further margin
improvement. Notably, we also expect credit quality to remain
strong, as we see nothing that might inhibit our strong quality
metrics in the near term. Our focus on managing our capital
has also allowed us to bring more value to our shareholders,
through the regular and special dividends and the repurchase
authorization we announced today. We will continue to keep
our eyes open for the right opportunities to grow through strategic
acquisitions, while remaining disciplined in that regard. We
remain confident in our ability to maintain our position as the
premier independent provider of financial services in the
communities we serve.”
Conference CallMBT Financial
Corp. will hold a conference call to discuss the Fourth Quarter
2017 results on Friday, January 26, 2018, 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
#10115518. The replay will be available until February 26, 2018 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 between 8,000 to 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, ranking fourth among all
Michigan banks for total trust assets. With offices and ATMs
in Monroe, 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
StatementsCertain 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 |
|
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|
Quarterly |
|
Year to Date |
|
|
|
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
(dollars in
thousands except per share data) |
|
4th Qtr |
|
3rd Qtr |
|
2nd Qtr |
|
1st Qtr |
|
4th Qtr |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
10,373 |
|
|
$ |
10,231 |
|
|
$ |
9,864 |
|
|
$ |
9,595 |
|
|
$ |
9,574 |
|
|
$ |
40,063 |
|
|
$ |
37,623 |
|
|
FTE Net
interest income |
|
$ |
10,552 |
|
|
$ |
10,394 |
|
|
$ |
10,017 |
|
|
$ |
9,749 |
|
|
$ |
9,731 |
|
|
$ |
40,712 |
|
|
$ |
38,233 |
|
|
Provision
for loan and lease losses |
|
$ |
(500 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(200 |
) |
|
$ |
(1,000 |
) |
|
$ |
(700 |
) |
|
$ |
(2,200 |
) |
|
Non
interest income |
|
$ |
3,657 |
|
|
$ |
4,035 |
|
|
$ |
4,370 |
|
|
$ |
3,820 |
|
|
$ |
3,805 |
|
|
$ |
15,882 |
|
|
$ |
17,513 |
|
|
Non
interest expense |
|
$ |
9,115 |
|
|
$ |
8,950 |
|
|
$ |
9,008 |
|
|
$ |
9,062 |
|
|
$ |
9,269 |
|
|
$ |
36,135 |
|
|
$ |
36,598 |
|
|
Net
income |
|
$ |
(144 |
) |
|
$ |
3,933 |
|
|
$ |
3,640 |
|
|
$ |
3,180 |
|
|
$ |
3,578 |
|
|
$ |
10,609 |
|
|
$ |
14,501 |
|
|
Basic
earnings per share |
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.64 |
|
|
Diluted
earnings per share |
|
$ |
(0.01 |
) |
|
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.63 |
|
|
Average
shares outstanding |
|
|
22,884,010 |
|
|
|
22,871,451 |
|
|
|
22,865,529 |
|
|
|
22,821,273 |
|
|
|
22,738,718 |
|
|
$ |
22,860,767 |
|
|
$ |
22,802,325 |
|
|
Average
diluted shares outstanding |
|
|
23,044,241 |
|
|
|
23,040,960 |
|
|
|
23,006,766 |
|
|
|
22,961,425 |
|
|
|
22,905,786 |
|
|
$ |
23,019,716 |
|
|
$ |
22,937,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
-0.04 |
% |
|
|
1.18 |
% |
|
|
1.11 |
% |
|
|
0.97 |
% |
|
|
1.07 |
% |
|
|
0.80 |
% |
|
|
1.09 |
% |
|
Return on
average common equity |
|
|
-0.42 |
% |
|
|
11.54 |
% |
|
|
11.14 |
% |
|
|
9.83 |
% |
|
|
9.57 |
% |
|
|
7.94 |
% |
|
|
10.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
Margin |
|
|
3.37 |
% |
|
|
3.30 |
% |
|
|
3.25 |
% |
|
|
3.16 |
% |
|
|
3.07 |
% |
|
|
3.27 |
% |
|
|
3.05 |
% |
|
FTE
Adjustment |
|
|
0.06 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
|
0.05 |
% |
|
Loan
Fees |
|
|
0.00 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
FTE Net
Interest Margin |
|
|
3.43 |
% |
|
|
3.38 |
% |
|
|
3.31 |
% |
|
|
3.21 |
% |
|
|
3.14 |
% |
|
|
3.33 |
% |
|
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
62.80 |
% |
|
|
62.52 |
% |
|
|
64.14 |
% |
|
|
66.43 |
% |
|
|
68.18 |
% |
|
|
63.94 |
% |
|
|
67.83 |
% |
|
Full-time
equivalent employees |
|
|
288 |
|
|
|
295 |
|
|
|
287 |
|
|
|
287 |
|
|
|
277 |
|
|
|
289 |
|
|
|
284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
equity to average assets |
|
|
10.34 |
% |
|
|
10.21 |
% |
|
|
9.95 |
% |
|
|
9.87 |
% |
|
|
11.21 |
% |
|
|
10.09 |
% |
|
|
10.93 |
% |
|
Book value
per share |
|
$ |
5.79 |
|
|
$ |
5.94 |
|
|
$ |
5.87 |
|
|
$ |
5.67 |
|
|
$ |
6.20 |
|
|
$ |
5.79 |
|
|
$ |
6.20 |
|
|
Cash
dividend per share |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
0.05 |
|
|
$ |
0.75 |
|
|
$ |
0.04 |
|
|
$ |
0.17 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan
Charge-Offs |
|
$ |
14 |
|
|
$ |
306 |
|
|
$ |
396 |
|
|
$ |
112 |
|
|
$ |
522 |
|
|
$ |
828 |
|
|
$ |
1,463 |
|
|
Loan
Recoveries |
|
$ |
170 |
|
|
$ |
179 |
|
|
$ |
199 |
|
|
$ |
188 |
|
|
$ |
575 |
|
|
$ |
736 |
|
|
$ |
1,225 |
|
|
Net
Charge-Offs |
|
$ |
(156 |
) |
|
$ |
127 |
|
|
$ |
197 |
|
|
$ |
(76 |
) |
|
$ |
(53 |
) |
|
$ |
92 |
|
|
$ |
238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses |
|
$ |
7,666 |
|
|
$ |
8,010 |
|
|
$ |
8,137 |
|
|
$ |
8,334 |
|
|
$ |
8,458 |
|
|
$ |
7,666 |
|
|
$ |
8,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans |
|
$ |
3,658 |
|
|
$ |
3,050 |
|
|
$ |
4,143 |
|
|
$ |
5,001 |
|
|
$ |
4,656 |
|
|
$ |
3,658 |
|
|
$ |
4,656 |
|
|
Loans 90
days past due |
|
$ |
3 |
|
|
$ |
5 |
|
|
$ |
3 |
|
|
$ |
9 |
|
|
$ |
10 |
|
|
$ |
3 |
|
|
$ |
10 |
|
|
Restructured loans |
|
$ |
9,625 |
|
|
$ |
9,859 |
|
|
$ |
10,103 |
|
|
$ |
10,318 |
|
|
$ |
14,161 |
|
|
$ |
9,625 |
|
|
$ |
14,161 |
|
|
|
Total non performing
loans |
|
$ |
13,286 |
|
|
$ |
12,914 |
|
|
$ |
14,249 |
|
|
$ |
15,328 |
|
|
$ |
18,827 |
|
|
$ |
13,286 |
|
|
$ |
18,827 |
|
|
Other real
estate owned & other assets |
|
$ |
1,452 |
|
|
$ |
1,686 |
|
|
$ |
1,542 |
|
|
$ |
1,400 |
|
|
$ |
1,634 |
|
|
$ |
1,452 |
|
|
$ |
1,634 |
|
|
|
Total non performing
assets |
|
$ |
14,738 |
|
|
$ |
14,600 |
|
|
$ |
15,791 |
|
|
$ |
16,728 |
|
|
$ |
20,461 |
|
|
$ |
14,738 |
|
|
$ |
20,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Classified
Loans |
|
$ |
8,273 |
|
|
$ |
9,206 |
|
|
$ |
10,599 |
|
|
$ |
14,030 |
|
|
$ |
14,971 |
|
|
$ |
8,273 |
|
|
$ |
14,971 |
|
|
Other real
estate owned & other assets |
|
$ |
1,452 |
|
|
$ |
1,686 |
|
|
$ |
1,542 |
|
|
$ |
1,400 |
|
|
$ |
1,634 |
|
|
$ |
1,452 |
|
|
$ |
1,634 |
|
|
|
Total classified
assets |
|
$ |
9,725 |
|
|
$ |
10,892 |
|
|
$ |
12,141 |
|
|
$ |
15,430 |
|
|
$ |
16,605 |
|
|
$ |
9,725 |
|
|
$ |
16,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loan
charge-offs to average loans |
|
|
-0.09 |
% |
|
|
0.07 |
% |
|
|
0.12 |
% |
|
|
-0.05 |
% |
|
|
-0.03 |
% |
|
|
0.01 |
% |
|
|
0.04 |
% |
|
Allowance
for loan losses to total loans |
|
|
1.10 |
% |
|
|
1.15 |
% |
|
|
1.19 |
% |
|
|
1.26 |
% |
|
|
1.30 |
% |
|
|
1.10 |
% |
|
|
1.30 |
% |
|
Non
performing loans to gross loans |
|
|
1.91 |
% |
|
|
1.86 |
% |
|
|
2.08 |
% |
|
|
2.31 |
% |
|
|
2.88 |
% |
|
|
1.91 |
% |
|
|
2.88 |
% |
|
Non
performing assets to total assets |
|
|
1.09 |
% |
|
|
1.08 |
% |
|
|
1.19 |
% |
|
|
1.24 |
% |
|
|
1.51 |
% |
|
|
1.09 |
% |
|
|
1.51 |
% |
|
Classified
assets to total capital |
|
|
6.64 |
% |
|
|
7.59 |
% |
|
|
8.63 |
% |
|
|
11.16 |
% |
|
|
10.95 |
% |
|
|
6.64 |
% |
|
|
10.95 |
% |
|
Allowance
to non performing loans |
|
|
57.70 |
% |
|
|
62.03 |
% |
|
|
57.11 |
% |
|
|
54.37 |
% |
|
|
44.92 |
% |
|
|
57.70 |
% |
|
|
44.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
END
OF PERIOD BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
|
$ |
695,325 |
|
|
$ |
693,866 |
|
|
$ |
683,648 |
|
|
$ |
663,449 |
|
|
$ |
652,948 |
|
|
$ |
695,325 |
|
|
$ |
652,948 |
|
|
Total
earning assets |
|
$ |
1,229,425 |
|
|
$ |
1,220,844 |
|
|
$ |
1,201,903 |
|
|
$ |
1,232,350 |
|
|
$ |
1,239,439 |
|
|
$ |
1,229,425 |
|
|
$ |
1,239,439 |
|
|
Total
assets |
|
$ |
1,347,420 |
|
|
$ |
1,347,352 |
|
|
$ |
1,326,392 |
|
|
$ |
1,346,554 |
|
|
$ |
1,357,283 |
|
|
$ |
1,347,420 |
|
|
$ |
1,357,283 |
|
|
Deposits |
|
$ |
1,198,164 |
|
|
$ |
1,195,335 |
|
|
$ |
1,177,069 |
|
|
$ |
1,203,072 |
|
|
$ |
1,199,717 |
|
|
$ |
1,198,164 |
|
|
$ |
1,199,717 |
|
|
Interest
Bearing Liabilities |
|
$ |
898,326 |
|
|
$ |
897,408 |
|
|
$ |
886,474 |
|
|
$ |
918,126 |
|
|
$ |
920,716 |
|
|
$ |
898,326 |
|
|
$ |
920,716 |
|
|
Shareholders' equity |
|
$ |
132,658 |
|
|
$ |
135,969 |
|
|
$ |
134,222 |
|
|
$ |
129,553 |
|
|
$ |
141,114 |
|
|
$ |
132,658 |
|
|
$ |
141,114 |
|
|
Tier 1
Capital (Bank) |
|
$ |
138,819 |
|
|
$ |
135,470 |
|
|
$ |
132,565 |
|
|
$ |
129,935 |
|
|
$ |
143,123 |
|
|
$ |
138,819 |
|
|
$ |
143,123 |
|
|
Total
Shares Outstanding |
|
|
22,907,844 |
|
|
|
22,875,505 |
|
|
|
22,870,082 |
|
|
|
22,860,794 |
|
|
|
22,777,882 |
|
|
|
22,907,844 |
|
|
$ |
22,777,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases |
|
$ |
693,586 |
|
|
$ |
686,259 |
|
|
$ |
672,849 |
|
|
$ |
656,550 |
|
|
$ |
654,077 |
|
|
$ |
677,437 |
|
|
$ |
638,006 |
|
|
Total
earning assets |
|
$ |
1,220,426 |
|
|
$ |
1,220,620 |
|
|
$ |
1,215,360 |
|
|
$ |
1,229,947 |
|
|
$ |
1,230,134 |
|
|
$ |
1,221,561 |
|
|
$ |
1,227,692 |
|
|
Total
assets |
|
$ |
1,324,847 |
|
|
$ |
1,324,723 |
|
|
$ |
1,316,081 |
|
|
$ |
1,329,128 |
|
|
$ |
1,326,623 |
|
|
$ |
1,323,686 |
|
|
$ |
1,326,710 |
|
|
Deposits |
|
$ |
1,184,592 |
|
|
$ |
1,187,768 |
|
|
$ |
1,183,645 |
|
|
$ |
1,194,296 |
|
|
$ |
1,174,024 |
|
|
$ |
1,187,550 |
|
|
$ |
1,172,839 |
|
|
Interest
Bearing Liabilities |
|
$ |
884,979 |
|
|
$ |
895,376 |
|
|
$ |
904,581 |
|
|
$ |
917,125 |
|
|
$ |
891,510 |
|
|
$ |
900,415 |
|
|
$ |
910,818 |
|
|
Shareholders' equity |
|
$ |
136,963 |
|
|
$ |
135,188 |
|
|
$ |
131,015 |
|
|
$ |
131,171 |
|
|
$ |
148,765 |
|
|
$ |
133,605 |
|
|
$ |
145,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBT FINANCIAL CORP. |
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, |
|
Year Ended December 31, |
Dollars in thousands (except per share data) |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Interest Income |
|
|
|
|
|
|
|
Interest
and fees on loans |
$ |
8,132 |
|
|
$ |
7,513 |
|
|
$ |
31,300 |
|
|
$ |
29,265 |
|
Interest on
investment securities- |
|
|
|
|
|
|
|
|
Tax-exempt |
|
356 |
|
|
|
317 |
|
|
|
1,299 |
|
|
|
1,241 |
|
|
Taxable |
|
2,200 |
|
|
|
2,077 |
|
|
|
8,707 |
|
|
|
8,791 |
|
Interest on
balances due from banks |
|
102 |
|
|
|
112 |
|
|
|
494 |
|
|
|
562 |
|
|
|
|
Total interest income |
|
10,790 |
|
|
|
10,019 |
|
|
|
41,800 |
|
|
|
39,859 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
Interest on
deposits |
|
414 |
|
|
|
445 |
|
|
|
1,731 |
|
|
|
1,928 |
|
Interest on borrowed funds |
|
3 |
|
|
|
- |
|
|
|
6 |
|
|
|
308 |
|
|
|
|
Total
interest expense |
|
417 |
|
|
|
445 |
|
|
|
1,737 |
|
|
|
2,236 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
10,373 |
|
|
|
9,574 |
|
|
|
40,063 |
|
|
|
37,623 |
|
Provision For Loan Losses |
|
(500 |
) |
|
|
(1,000 |
) |
|
|
(700 |
) |
|
|
(2,200 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Income After |
|
|
|
|
|
|
|
Provision For Loan Losses |
|
10,873 |
|
|
|
10,574 |
|
|
|
40,763 |
|
|
|
39,823 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
|
Income from
wealth management services |
|
1,187 |
|
|
|
1,106 |
|
|
|
5,017 |
|
|
|
4,453 |
|
Service
charges and other fees |
|
1,050 |
|
|
|
1,079 |
|
|
|
4,186 |
|
|
|
4,221 |
|
Debit Card
income |
|
730 |
|
|
|
701 |
|
|
|
2,877 |
|
|
|
2,831 |
|
Net gain
(loss) on sales of securities |
|
(773 |
) |
|
|
(8 |
) |
|
|
(546 |
) |
|
|
2,151 |
|
Net gain
(loss) on other real estate owned |
|
67 |
|
|
|
(24 |
) |
|
|
(22 |
) |
|
|
(85 |
) |
Origination
fees on mortgage loans sold |
|
68 |
|
|
|
125 |
|
|
|
329 |
|
|
|
540 |
|
Bank Owned
Life Insurance income |
|
848 |
|
|
|
356 |
|
|
|
1,978 |
|
|
|
1,425 |
|
Other |
|
|
480 |
|
|
|
470 |
|
|
|
2,063 |
|
|
|
1,977 |
|
|
|
|
Total other income |
|
3,657 |
|
|
|
3,805 |
|
|
|
15,882 |
|
|
|
17,513 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
5,380 |
|
|
|
5,912 |
|
|
|
21,400 |
|
|
|
22,443 |
|
Occupancy
expense |
|
701 |
|
|
|
728 |
|
|
|
2,825 |
|
|
|
2,730 |
|
Equipment
expense |
|
855 |
|
|
|
738 |
|
|
|
3,126 |
|
|
|
2,879 |
|
Marketing
expense |
|
361 |
|
|
|
319 |
|
|
|
1,322 |
|
|
|
1,144 |
|
Professional fees |
|
560 |
|
|
|
471 |
|
|
|
2,339 |
|
|
|
2,138 |
|
EFT/ATM
expense |
|
259 |
|
|
|
241 |
|
|
|
1,022 |
|
|
|
1,022 |
|
Other real
estate owned expense |
|
22 |
|
|
|
19 |
|
|
|
117 |
|
|
|
148 |
|
FDIC
deposit insurance assessment |
|
107 |
|
|
|
28 |
|
|
|
428 |
|
|
|
567 |
|
Bonding and
other insurance expense |
|
119 |
|
|
|
123 |
|
|
|
486 |
|
|
|
577 |
|
Telephone
expense |
|
83 |
|
|
|
101 |
|
|
|
385 |
|
|
|
413 |
|
Other |
|
|
668 |
|
|
|
589 |
|
|
|
2,685 |
|
|
|
2,537 |
|
|
|
|
Total other expenses |
|
9,115 |
|
|
|
9,269 |
|
|
|
36,135 |
|
|
|
36,598 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit Before Income Taxes |
|
5,415 |
|
|
|
5,110 |
|
|
|
20,510 |
|
|
|
20,738 |
|
Income Tax Expense |
|
5,559 |
|
|
|
1,532 |
|
|
|
9,901 |
|
|
|
6,237 |
|
Net Profit |
$ |
(144 |
) |
|
$ |
3,578 |
|
|
$ |
10,609 |
|
|
$ |
14,501 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Common Share |
$ |
(0.01 |
) |
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings Per Common Share |
$ |
(0.01 |
) |
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared Per Common
Share |
$ |
0.06 |
|
|
$ |
0.04 |
|
|
$ |
0.92 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MBT FINANCIAL CORP. |
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
Dollars in thousands |
December 31, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
Cash and
Cash Equivalents |
|
|
|
|
Cash and
due from banks |
|
|
|
|
|
Non-interest bearing |
$ |
18,233 |
|
|
$ |
18,183 |
|
|
|
Interest
bearing |
|
34,777 |
|
|
|
34,589 |
|
|
|
Total cash and cash equivalents |
|
53,010 |
|
|
|
52,772 |
|
|
|
|
|
|
|
|
Interest
Bearing Time Deposits in Other Banks |
|
15,196 |
|
|
|
18,946 |
|
Securities
- Held to Maturity |
|
37,163 |
|
|
|
40,741 |
|
Securities
- Available for Sale |
|
442,816 |
|
|
|
488,067 |
|
Federal
Home Loan Bank stock - at cost |
|
4,148 |
|
|
|
4,148 |
|
Loans held
for sale |
|
346 |
|
|
|
611 |
|
|
|
|
|
|
|
|
Loans |
|
|
694,979 |
|
|
|
652,337 |
|
Allowance
for Loan Losses |
|
(7,666 |
) |
|
|
(8,458 |
) |
Loans - Net |
|
687,313 |
|
|
|
643,879 |
|
|
|
|
|
|
|
|
Accrued
interest receivable and other assets |
|
20,463 |
|
|
|
24,901 |
|
Other Real
Estate Owned |
|
1,412 |
|
|
|
1,634 |
|
Bank Owned
Life Insurance |
|
58,153 |
|
|
|
54,415 |
|
Premises
and Equipment - Net |
|
27,400 |
|
|
|
27,169 |
|
|
|
Total assets |
$ |
1,347,420 |
|
|
$ |
1,357,283 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
Deposits: |
|
|
|
|
Non-interest bearing |
$ |
299,838 |
|
|
$ |
279,001 |
|
|
Interest-bearing |
|
898,326 |
|
|
|
920,716 |
|
|
|
Total
deposits |
|
1,198,164 |
|
|
|
1,199,717 |
|
|
|
|
|
|
|
|
Accrued interest payable and other liabilities |
|
16,598 |
|
|
|
16,452 |
|
|
|
Total liabilities |
|
1,214,762 |
|
|
|
1,216,169 |
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
Common
stock (no par value) |
|
22,840 |
|
|
|
22,562 |
|
Retained
Earnings |
|
117,524 |
|
|
|
126,079 |
|
Unearned
Compensation |
|
- |
|
|
|
(4 |
) |
Accumulated other comprehensive loss |
|
(7,706 |
) |
|
|
(7,523 |
) |
|
|
Total shareholders' equity |
|
132,658 |
|
|
|
141,114 |
|
|
|
Total liabilities and shareholders' equity |
$ |
1,347,420 |
|
|
$ |
1,357,283 |
|
|
|
|
|
|
|
|
|
|
|
FOR FURTHER INFORMATION: |
H. Douglas
ChaffinChief Executive Officer(734)
384-8123doug.chaffin@mbandt.com |
|
John L.
SkibskiChief Financial Officer(734)
242-1879john.skibski@mbandt.com |
|
Julian J.
BroggioDirector of Marketing(734)
240-2341julian.broggio@mbandt.com |
|
|
|
|
|
MBT Financial (NASDAQ:MBTF)
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MBT Financial (NASDAQ:MBTF)
Gráfica de Acción Histórica
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