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.
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