MBT Financial Corp. Announces Third Quarter Results
MONROE, Mich., Oct. 28, 2010 (GLOBE NEWSWIRE) -- MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a net loss of $4.3 million, or $0.27 per share, in the third quarter of 2010, compared to the loss of $2.3 million, or $0.14 per share in the third quarter of 2009. The loss was due to continuing elevated credit costs and a decrease in the net interest income. The Company reported a year to date net loss of $4.4 million, or $0.27 per share, compared to the loss of $9.1 million, or $0.56 per share for the first nine months of 2009. The pre-tax loss for the quarter was $4.3 million, or $0.27 per share compared to $4.1 million, or $0.25 per share. The year to date pre-tax loss of $4.4, or $0.27 per share is significantly lower than the pre-tax loss last year of $15.5 million, or $0.96 per share.
The Net Interest Income for the second quarter of 2010 was $9.4 million, a decrease of $1.1 million, or 10.4% compared to the same period in 2009. The net interest income decreased because the average earning assets decreased $183 million, or 13.7%. This included a decrease of $98.5 million, or 11.0% 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 12.1% from $3.7 million in the third quarter of 2009 to $4.2 million in the third quarter of 2010. Total non interest expenses increased $250,000, or 2.2%. The bank's efforts to control expenses resulted in significant reductions in salaries, employee benefits, occupancy expenses, and marketing. Write downs and carrying costs of Other Real Estate Owned and FDIC insurance costs increased compared to the third quarter of 2009. Excluding OREO related costs and FDIC deposit insurance assessments, non interest expenses decreased 5.1% from $8.4 million to $8.0 million in the third quarter of 2010 compared to the third quarter of 2009.
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