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MBT Financial Corp. Announces Revised 2012 Profit

Stocks in this article: MBTF

MONROE, Mich., Feb. 13, 2013 (GLOBE NEWSWIRE) -- MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a revision to its preliminary results that were announced on January 24, 2013. The Bank reassessed recent guidance from banking regulators regarding the Allowance for Loan and Lease Losses (ALLL) on troubled debt restructurings, and decided to increase its ALLL as of December 31, 2012 by recording an additional provision for loan loss expense of $500,000. As a result, the previously announced preliminary fourth quarter 2012 net profit of $6,118,000, or $0.36 per share (basic and diluted), is reduced to $5,618,000, or $0.32 per share (basic and diluted). The previously announced full year profit of $8,976,000, or $0.52 per share (basic and diluted) is reduced to $8,476,000, or $0.49 per share (basic and diluted) and the ALLL increased from the previously reported $16,799,000 to $17,299,000.

H. Douglas Chaffin, President and CEO, commented, "Throughout the financial and economic crisis we continued to work with our customers who were struggling financially. We currently have $38.5 million of loans in which we restructured payment terms and/or interest rates that are considered Troubled Debt Restructurings (TDRs). Even though payments on these loans are current and are performing according to the terms of the restructure, they are classified technically as "non-performing" for reporting purposes. The Company recorded the additional provision expense as a result of recently issued guidance from the Federal bank regulatory agencies recommending additional reserves be taken with respect to certain performing TDRs. While there appears to be some conflict between this new regulatory guidance and the traditional accounting treatment in calculating reserves for loans of this type, we recalculated our ALLL and increased our allowance for the fourth quarter to follow the most conservative approach."

These revised results are preliminary and unaudited. Final, audited results will be included in the Company's Annual Report on Form 10-K which we anticipate filing with the SEC in mid March. These preliminary results include significant estimates based on preliminary analyses which may change due to subsequent events or completion of more thorough analyses. The most significant estimates included in these results are the Allowance for Loan Losses and the Deferred Tax Asset Valuation Allowance.

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