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
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV