MBT Financial Corp. Announces Improved Second Quarter Results
MONROE, Mich., July 27, 2010 (GLOBE NEWSWIRE) -- MBT Financial Corp. (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a net loss of $372,000, or $0.02 per share, in the second quarter of 2010, compared to the loss of $5.4 million, or $0.33 per share in the second quarter of 2009. The decrease in the loss was mainly due to the decrease in the provision for loan losses from $8.0 million in the second quarter of 2009 to $3.75 million in the second quarter of 2010. After a profitable first quarter of 2010, the Company reported a year to date net loss of $24,000, or $0.00 per share, compared to the loss of $6.7 million, or $0.42 per share for the first six months of 2009.
The Net Interest Income for the second quarter of 2010 was $9.2 million, a decrease of $1.0 million, or 9.8% compared to the same period in 2009. The net interest income decreased because the average earning assets decreased $141 million, or 10.5%. This included a decrease of $102 million, or 11.1% in average loans, as weak economic conditions, coupled with ongoing stringent underwriting standards, continue to have a negative impact on loan demand and growth.
Non interest income, excluding securities gains, increased from $3.6 million in the second quarter of 2009 to $4.0 million in the second quarter of 2010. This was due to improvements in all revenue sources except service charges on deposit accounts, which decreased due to lower overdraft fees. Total non interest expenses decreased $2.0 million, or 13.4%. The bank's efforts to control expenses resulted in a significant reduction in salaries and benefits. Also, losses on Other Real Estate Owned decreased sharply and FDIC insurance costs decreased due to a special assessment in the second quarter of 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV