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TheStreet Open House

MBT Financial Corp. Announces Revised 2012 Profit

About the Company

MBT Financial Corp. (Nasdaq:MBTF), a single bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust (MBT).

Founded in 1858, MBT is one of the largest community banks in Southeast Michigan. MBT is a full-service bank, offering a complete range of business and personal accounts, credit options, and phone and online banking services. MBT's Wealth Management Group is one of the largest and most respected in Southeastern Michigan. With 24 offices, 40 ATMs, and a comprehensive array of products and services, MBT prides itself in offering an incomparable banking experience for its customers. Visit MBT's web site at www.mbandt.com .

The MBT Financial Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4214

Forward-Looking Statements

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, change in the financial and securities markets, including changes with respect to the market value of our financial assets, the availability of and costs associated with sources of liquidity, and the ability of the Company to resolve or dispose of problem loans. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS - UNAUDITED
               
  Quarterly Year to Date
(dollars in thousands except per share data) 2012 4th Qtr 2012 3rd Qtr 2012 2nd Qtr 2012 1st Qtr 2011 4th Qtr 2012 2011
               
EARNINGS              
Net interest income  $ 8,316  $ 8,621  $ 8,784  $ 8,928  $ 8,824  $ 34,649  $ 35,127
FTE Net interest income  $ 8,456  $ 8,766  $ 8,936  $ 9,105  $ 8,981  $ 35,263  $ 35,768
Provision for loan and lease losses  $ 2,500  $ 1,550  $ 1,050  $ 2,250  $ 2,500  $ 7,350  $ 13,800
Non interest income  $ 4,173  $ 4,023  $ 3,564  $ 4,677  $ 6,390  $ 16,437  $ 18,230
Non interest expense  $ 9,371  $ 9,689  $ 9,622  $ 10,012  $ 11,783  $ 38,694  $ 42,819
Net income (loss)  $ 5,618  $ 1,388  $ 253  $ 1,217  $ 431  $ 8,476  $ (3,762)
Basic earnings (loss) per share  $ 0.32  $ 0.08  $ 0.01  $ 0.07  $ 0.02  $ 0.49  $ (0.22)
Diluted earnings (loss) per share  $ 0.32  $ 0.08  $ 0.01  $ 0.07  $ 0.02  $ 0.49  $ (0.22)
Average shares outstanding  17,385,761 17,321,337 17,315,696 17,304,781 17,285,762 17,332,012 17,270,528
Average diluted shares outstanding 17,452,206 17,402,653 17,382,419 17,347,641 17,285,762 17,387,059 17,270,528
               
PERFORMANCE RATIOS              
Return on average assets 1.79% 0.45% 0.08% 0.39% 0.14% 0.68% -0.30%
Return on average common equity 27.96% 7.09% 1.33% 6.39% 2.26% 10.90% -5.11%
               
Base Margin 2.84% 2.94% 3.06% 3.10% 3.07% 2.98% 3.03%
FTE Adjustment 0.05% 0.05% 0.05% 0.06% 0.06% 0.05% 0.06%
Loan Fees 0.03% 0.06% 0.04% 0.03% 0.03% 0.04% 0.04%
FTE Net Interest Margin 2.92% 3.05% 3.15% 3.19% 3.16% 3.07% 3.13%
               
Efficiency ratio 70.69% 69.72% 68.86% 73.19% 68.80% 70.59% 69.74%
Full-time equivalent employees  357  352  348  349  349  352  349
               
CAPITAL              
Average equity to average assets 6.41% 6.28% 6.21% 6.16% 6.14% 6.26% 5.89%
Book value per share  $ 4.80  $ 4.57  $ 4.43  $ 4.38  $ 4.38  $ 4.80  $ 4.38
Cash dividend per share  $ --   $ --   $ --   $ --   $ --   $ --   $ -- 
               
ASSET QUALITY              
Loan Charge-Offs  $ 4,658  $ 2,156  $ 2,369  $ 2,832  $ 3,733  $ 12,015  $ 15,872
Loan Recoveries  $ 334  $ 243  $ 324  $ 198  $ 229  $ 1,099  $ 1,714
Net Charge-Offs  $ 4,324  $ 1,913  $ 2,045  $ 2,634  $ 3,504  $ 10,916  $ 14,158
               
Allowance for loan and lease losses  $ 17,299  $ 19,123  $ 19,486  $ 20,481  $ 20,865  $ 17,299  $ 20,865
               
Nonaccrual Loans  $ 31,343  $ 44,422  $ 40,139  $ 45,436  $ 50,717  $ 31,343  $ 50,717
Loans 90 days past due  $ 1  $ 138  $ 2  $ 2  $ 20  $ 1  $ 20
Restructured loans  $ 38,460  $ 28,184  $ 26,134  $ 25,954  $ 24,774  $ 38,460  $ 24,774
Total non performing loans  $ 69,804  $ 72,744  $ 66,275  $ 71,392  $ 75,511  $ 69,804  $ 75,511
Other real estate owned & other assets  $ 14,294  $ 13,784  $ 12,777  $ 14,277  $ 16,711  $ 14,294  $ 16,711
Nonaccrual Investment Securities  $ 3,045  $ 2,916  $ 2,829  $ 2,888  $ 2,984  $ 3,045  $ 2,984
Total non performing assets  $ 87,143  $ 89,444  $ 81,881  $ 88,557  $ 95,206  $ 87,143  $ 95,206
Problem Loans Still Performing  $ 38,086  $ 42,359  $ 44,918  $ 40,592  $ 41,558  $ 38,086  $ 41,558
Total Problem Assets  $ 125,229  $ 131,803  $ 126,799  $ 129,149  $ 136,764  $ 125,229  $ 136,764
               
Net loan charge-offs to average loans 2.69% 1.15% 1.23% 1.57% 2.01% 1.65% 1.97%
Allowance for loan losses to total loans 2.75% 2.94% 2.91% 3.07% 3.07% 2.75% 3.07%
Non performing loans to gross loans 11.10% 11.17% 9.91% 10.70% 11.10% 11.10% 11.10%
Non performing assets to total assets 6.87% 7.24% 6.63% 7.08% 7.69% 6.87% 7.69%
Allowance to non performing loans 24.78% 26.29% 29.40% 28.69% 27.63% 24.78% 27.63%
               
END OF PERIOD BALANCES              
Loans and leases  $ 628,769  $ 651,218  $ 668,604  $ 667,294  $ 680,510  $ 628,769  $ 680,510
Total earning assets  $ 1,167,318  $ 1,138,424  $ 1,138,191  $ 1,152,128  $ 1,139,172  $ 1,167,318  $ 1,139,172
Total assets  $ 1,268,595  $ 1,236,064  $ 1,235,271  $ 1,250,449  $ 1,238,027  $ 1,268,595  $ 1,238,027
Deposits  $ 1,048,830  $ 1,020,410  $ 1,017,502  $ 1,035,550  $ 1,022,310  $ 1,048,830  $ 1,022,310
Interest Bearing Liabilities  $ 987,949  $ 974,097  $ 976,218  $ 998,226  $ 984,593  $ 987,949  $ 984,593
Shareholders' equity  $ 83,505  $ 79,098  $ 76,784  $ 75,899  $ 75,711  $ 83,505  $ 75,711
Total Shares Outstanding  17,396,179  17,324,063  17,318,153  17,312,707  17,291,729  17,396,179  17,291,729
               
AVERAGE BALANCES              
Loans and leases  $ 640,558  $ 660,901  $ 668,632  $ 672,907  $ 690,569  $ 660,694  $ 717,772
Total earning assets  $ 1,154,384  $ 1,144,823  $ 1,140,410  $ 1,145,865  $ 1,129,960  $ 1,146,388  $ 1,145,439
Total assets  $ 1,247,129  $ 1,240,752  $ 1,234,984  $ 1,242,995  $ 1,231,959  $ 1,241,480  $ 1,248,822
Deposits  $ 1,030,677  $ 1,025,730  $ 1,019,305  $ 1,027,501  $ 1,015,703  $ 1,025,817  $ 1,030,717
Interest Bearing Liabilities  $ 972,104  $ 979,494  $ 980,007  $ 993,711  $ 977,956  $ 981,298  $ 1,010,671
Shareholders' equity  $ 79,940  $ 77,884  $ 76,637  $ 76,625  $ 75,673  $ 77,777  $ 73,584
 
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
         
  Quarter Ended December 31, Year Ended December 31,
Dollars in thousands (except per share data) 2012 2011 2012 2011
Interest Income        
Interest and fees on loans  $ 8,277  $ 9,342  $ 35,050  $ 39,712
Interest on investment securities-        
Tax-exempt  329  346  1,405  1,415
Taxable  1,862  2,071  7,885  8,282
Interest on balances due from banks  50  39  195  151
Total interest income  10,518  11,798  44,535  49,560
         
Interest Expense        
Interest on deposits  1,366  2,077  6,330  10,698
Interest on borrowed funds  836  897  3,556  3,735
Total interest expense  2,202  2,974  9,886  14,433
         
Net Interest Income  8,316  8,824  34,649  35,127
Provision For Loan Losses  2,500  2,500  7,350  13,800
         
Net Interest Income After        
Provision For Loan Losses  5,816  6,324  27,299  21,327
         
Other Income        
Income from wealth management services  1,169  964  4,028  3,919
Service charges and other fees  1,172  1,172  4,564  4,694
Net gain on sales of securities  41  433  1,280  1,084
Origination fees on mortgage loans sold  278  211  902  482
Bank Owned Life Insurance income  380  2,400  1,458  3,607
Other  1,133  1,210  4,205  4,444
Total other income  4,173  6,390  16,437  18,230
         
Other Expenses        
Salaries and employee benefits  5,185  4,864  20,313  19,475
Occupancy expense  619  857  2,677  3,103
Equipment expense  689  777  2,915  2,941
Marketing expense  177  154  701  849
Professional fees  617  644  2,263  2,477
Collection expense  50  52  238  233
Net loss on other real estate owned  206  618  1,078  3,561
Other real estate owned expense  238  650  1,496  2,108
FDIC deposit insurance assessment  677  693  2,744  2,947
Death benefit expense  --   1,639  --   1,639
Other  913  835  4,269  3,486
Total other expenses  9,371  11,783  38,694  42,819
         
Profit (Loss) Before Income Taxes  618  931  5,042  (3,262)
Income Tax (Benefit) Expense   (5,000)  500  (3,434)  500
Net Profit (Loss)  $ 5,618  $ 431  $ 8,476  $ (3,762)
Basic Earnings (Loss) Per Common Share  $ 0.32  $ 0.02  $ 0.49  $ (0.22)
Diluted Earnings (Loss) Per Common Share  $ 0.32  $ 0.02  $ 0.49  $ (0.22)
Dividends Declared Per Common Share  $ --   $ --   $ --   $ -- 
 
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
     
     
  December 31, 2012 December 31,
Dollars in thousands (Unaudited) 2011
Assets    
Cash and Cash Equivalents    
Cash and due from banks    
Non-interest bearing  $ 17,116  $ 18,201
Interest bearing  95,391  57,794
Total cash and cash equivalents  112,507  75,995
     
Securities - Held to Maturity  38,786  35,364
Securities - Available for Sale  393,767  354,899
Federal Home Loan Bank stock - at cost  10,605  10,605
Loans held for sale  1,520  1,035
     
Loans  627,249  679,475
Allowance for Loan Losses  (17,299)  (20,865)
Loans - Net  609,950  658,610
     
Accrued interest receivable and other assets  10,037  7,700
Other Real Estate Owned  14,262  16,650
Bank Owned Life Insurance  49,111  47,653
Premises and Equipment - Net  28,050  29,516
Total assets  $ 1,268,595  $ 1,238,027
     
Liabilities    
Deposits:    
Non-interest bearing  $ 183,016  $ 164,852
Interest-bearing  865,814  857,458
Total deposits  1,048,830  1,022,310
     
Federal Home Loan Bank advances  107,000  107,000
Repurchase agreements  15,000  20,000
Accrued interest payable and other liabilities  14,260  13,006
Total liabilities  1,185,090  1,162,316
     
Shareholders' Equity    
Common stock (no par value)  2,397  2,099
Retained Earnings  81,211  72,735
Unearned Compensation  (27)  (87)
Accumulated other comprehensive income (loss)  (76)  964
Total shareholders' equity  83,505  75,711
Total liabilities and shareholders' equity  $ 1,268,595  $ 1,238,027
CONTACT: FOR FURTHER INFORMATION:
         H. Douglas Chaffin
         Chief Executive Officer
         (734) 384-8123
         doug.chaffin@mbandt.com
         
         John L. Skibski
         Chief Financial Officer
         (734) 242-1879
         john.skibski@mbandt.com
         
         John Betrus
         Director of Marketing
         (734) 240-2341
         john.betrus@mbandt.com

MBT Financial Corp. Logo

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