MBT Financial Corp. Announces Fourth Quarter 2010 Results
MONROE, Mich., Jan. 28, 2011 (GLOBE NEWSWIRE) -- Please note that this release was originally intended to be distributed on January 27 but was inadvertently delayed.
MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a net loss of $7.5 million, or $0.44 per share, in the fourth quarter of 2010, compared to the loss of $25.1 million, or $1.55 per share in the fourth quarter of 2009. The loss was due to continuing elevated credit costs, a decrease in the net interest income, and an increase in the valuation allowance for the deferred tax assets. The Company reported a 2010 full year net loss of $11.9 million, or $0.72 per share, compared to the loss of $34.2 million, or $2.11 per share for 2009. The pre-tax loss for the quarter was $4.4 million, or $0.25 per share compared to $18.7 million, or $1.16 per share, in the fourth quarter of 2009. The year to date pre-tax loss of $8.7 million, or $0.53 per share is significantly lower than the pre-tax loss last year of $34.3 million, or $2.12 per share in 2009.
The Net Interest Income for the fourth quarter of 2010 was $8.8 million, a decrease of $1.3 million, or 12.7% compared to the same period in 2009. The net interest income decreased because the average earning assets decreased $141.6 million, or 11.0%, and the net interest margin decreased 10 basis points from 3.22% to 3.12%. The decrease in average earning assets included a decrease of $95.9 million, or 11.0%, in average loans, as weak economic conditions continue to have a negative impact on loan demand and growth.Non interest income, excluding securities gains, increased 5.1% from $4.0 million in the fourth quarter of 2009 to $4.2 million in the fourth quarter of 2010. Total non interest expenses decreased $1.5 million, or 12.9%. The bank's efforts to control expenses resulted in significant reductions in salaries, employee benefits, and occupancy expenses. Excluding OREO losses, write downs, and carrying costs and FDIC deposit insurance assessments, non interest expenses decreased 3.8% from $8.4 million to $8.1 million in the fourth quarter of 2010 compared to the fourth 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 Plus 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