Total noninterest expenses decreased $594,000, or 5.9% compared to the first quarter of 2012. The decrease in expenses was mainly due to lower losses on sales and writedowns of Other Real Estate Owned (OREO) as well as lower OREO carrying costs. Real estate values continued to increase in the Bank's market area, reducing the need to write down the carrying values of foreclosed properties held for sale and resulting in gains on sales of some properties following earlier write downs.The Company remains in the process of an Internal Revenue Service audit for its 2007 through 2010 tax years. During the second quarter of 2012 we recorded a federal income tax expense to reflect the amount of a settlement that we offered to the IRS early in the third quarter of 2012. While we cannot predict the outcome of the IRS audit, or any appeal we may pursue as a result of an IRS assessment from the audit, we are optimistic that a settlement agreement will be reached without the need to record significant additional tax expense.
MBT Financial Corp. Announces First Quarter 2013 Profit
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