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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.

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