MBT Financial Corp. (NASDAQ:MBTF), the parent company of Monroe Bank & Trust, reported a preliminary net profit of $3,902,000 ($0.17 per share, basic and diluted), in the first quarter of 2018, compared to a profit of $3,180,000 ($0.14 per share, basic and diluted), in the first quarter of 2017. The company also announced that it will pay a quarterly dividend of $0.07 cents per common share on May 17, 2018 to shareholders of record as of May 10, 2018. This is an increase of $0.01 per share compared to the dividend paid last quarter and an increase of $0.02 compared to the dividend paid in the same quarter last year.

The Net Interest Income for the first quarter of 2018 increased $941,000, or 9.8% as the net interest margin improved from 3.21% in the first quarter of 2017 to 3.52% in the first quarter of 2018 as higher interest rates and shifting from investment securities to loans improved the yield on earning assets.

The provision for loan losses was a negative expense of $100,000 for the first quarter of 2018, an increase of $100,000 compared to last year’s first quarter, when a negative expense of $200,000 was recorded. Asset quality and historical loss ratios improved, but the growth in the loan portfolio reduced the size of the negative provision expense required to adjust the Allowance for Loan Losses. Total Loans increased $27.3 million, or 3.9% during the first quarter of 2018, and $59.2 million, or 8.9% compared to a year ago. Even though the bank recorded a negative provision for loan losses, the recovery of previously charged off loans caused the Allowance for Loan and Lease Losses to increase from $7.7 million at the end of 2017 to $7.9 million at the end of the first quarter of 2018. Due to the loan growth, the Allowance as a percent of loans decreased during the quarter from 1.10% to 1.09%.

Non-interest income for the first quarter of 2018 decreased $36,000, or 0.9% compared to the first quarter of 2017. Excluding gains and losses on securities transactions in both periods, the non-interest income increased $75,000, or 2.0%. Non-interest expense increased $730,000, or 8.1%, mainly due to increases in salaries and benefits, equipment, and marketing expenses.

Total assets of the company decreased $21.4 million, or 1.6%, compared to December 31, 2017, to $1.33 billion. Capital decreased $15.2 million during the first quarter of 2018 primarily because the payment of the special and regular dividends exceeded the net income. The ratio of equity to assets decreased from 9.85% at the end of 2017 to 8.86% at the end of the first quarter of 2018. The Bank’s Tier 1 Leverage ratio decreased from 10.33% as of December 31, 2017 to 9.51% as of March 31, 2018.

H. Douglas Chaffin, President and CEO, commented, “We continue to see solid loan growth, and the improvement in net interest margin combined with the effects of the Tax Cuts and Jobs Act contributed to the substantial improvement in earnings this quarter. Our new business pipeline remains strong and we expect loan growth to continue the rest of this year, which should lead to further margin improvement.  Notably, we also expect credit quality to remain strong, as we see nothing that might inhibit our strong quality metrics in the near term. Our focus on managing our capital has also allowed us to bring more value to our shareholders, through the regular and special dividends paid in the first quarter and the increase in the quarterly dividend we announced today. We will continue to keep our eyes open for the right opportunities to grow through strategic acquisitions, while remaining disciplined in that regard. We remain confident in our ability to maintain our position as the premier independent provider of financial services in the communities we serve.”

Conference CallMBT Financial Corp. will hold a conference call to discuss the First Quarter 2018 results on Friday, April 27, 2018, at 10:00 a.m. Eastern Time. The call will be webcast and can be accessed at the Investor Relations/Corporate Profile page of MBT Financial Corp.’s web site www.monroe.bank. The call can also be accessed in the United States by calling toll free (877) 510-3783. The toll free number for callers in Canada is (855) 669-9657 and international callers can access the call at (412) 902-4136. A replay will be available one hour after the conclusion of the call at (877) 344-7529, Conference #10118711. The replay is available to callers from Canada at (855) 669-9658 and international callers at (412) 317-0088. The replay will be available until May 27, 2018 at 9:00 a.m. Eastern. The webcast will be archived on the Company’s web site and available for twelve months following the call.

About the Company: MBT Financial Corp. (NASDAQ:MBTF), a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust. Founded in 1858, Monroe Bank & Trust helps customers’ remarkable stories unfold through an uncommon, optimistic culture. As one of the largest independently owned community banks in Southeast Michigan, with over $1.3 billion in assets, this full-service bank offers a complete range of business and personal accounts, mobile and online banking, offices and ATMs across Monroe and Wayne Counties, credit and mortgage options, investment and retirement services and award-winning community outreach. The bank believes in its customers, helping them with everything from day-to-day needs to long-term goals, and is ranked fourth among all Michigan banks for total trust assets.  The bank believes in its communities, supporting over 300 organizations with sponsorships and also more than 8,000 employee volunteer hours through the Monroe Bank & Trust ENLIST Volunteerism program. The bank believes in the power of knowledge, helping thousands of students and adults thrive through the Monroe Bank & Trust Financial Education program.  Monroe Bank & Trust is proud to be a trusted partner to communities and clients, and an employer of choice.  We are Monroe Bank & Trust, and we believe in the story of you.

For more information about Monroe Bank & Trust, visit www.monroe.bank.Or, contact: Julian Broggio SVP, Director of Marketing (734) 240-2341 julian.broggio@monroe.bank

 
 
MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS - UNAUDITED
                                 
        Quarterly   Year to Date
          2018       2017       2017       2017       2017          
(dollars in thousands except per share data)   1st Qtr   4th Qtr   3rd Qtr   2nd Qtr   1st Qtr     2018       2017  
                                 
EARNINGS                                                        
  Net interest income   $ 10,536     $ 10,373     $ 10,231     $ 9,864     $ 9,595     $ 10,536     $ 9,595  
  FTE Net interest income   $ 10,638     $ 10,552     $ 10,394     $ 10,017     $ 9,749     $ 10,638     $ 9,749  
  Provision for loan and lease losses   $ (100 )   $ (500 )   $ -     $ -     $ (200 )   $ (100 )   $ (200 )
  Non interest income   $ 3,784     $ 3,657     $ 4,035     $ 4,370     $ 3,820     $ 3,784     $ 3,820  
  Non interest expense   $ 9,792     $ 9,115     $ 8,950     $ 9,008     $ 9,062     $ 9,792     $ 9,062  
  Net income   $ 3,902     $ (144 )   $ 3,933     $ 3,640     $ 3,180     $ 3,902     $ 3,180  
  Basic earnings per share   $ 0.17     $ (0.01 )   $ 0.17     $ 0.16     $ 0.14     $ 0.17     $ 0.14  
  Diluted earnings per share   $ 0.17     $ (0.01 )   $ 0.17     $ 0.16     $ 0.14     $ 0.17     $ 0.14  
  Average shares outstanding     22,943,736       22,884,010       22,871,451       22,865,529       22,821,273       22,943,736       22,821,273  
  Average diluted shares outstanding     23,063,200       23,044,241       23,040,960       23,006,766       22,961,425       23,063,200       22,961,425  
                                                             
PERFORMANCE RATIOS                                                        
  Return on average assets     1.19 %     -0.04 %     1.18 %     1.11 %     0.97 %     1.19 %     0.97 %
  Return on average common equity     12.80 %     -0.42 %     11.54 %     11.14 %     9.83 %     12.80 %     9.83 %
                                                             
  Base Margin     3.48 %     3.37 %     3.30 %     3.25 %     3.16 %     3.48 %     3.16 %
  FTE Adjustment     0.03 %     0.06 %     0.05 %     0.05 %     0.05 %     0.03 %     0.05 %
  Loan Fees     0.01 %     0.00 %     0.03 %     0.01 %     0.00 %     0.01 %     0.00 %
  FTE Net Interest Margin     3.52 %     3.43 %     3.38 %     3.31 %     3.21 %     3.52 %     3.21 %
                                                             
  Efficiency ratio     67.41 %     62.80 %     62.52 %     64.14 %     66.43 %     67.41 %     66.43 %
  Full-time equivalent employees     281       288       295       287       287       281       287  
                                                             
CAPITAL                                                        
  Average equity to average assets     9.31 %     10.34 %     10.21 %     9.95 %     9.87 %     9.31 %     9.87 %
  Book value per share   $ 5.11     $ 5.79     $ 5.94     $ 5.87     $ 5.67     $ 5.11     $ 5.67  
  Cash dividend per share   $ 0.66     $ 0.06     $ 0.06     $ 0.05     $ 0.75     $ 0.66     $ 0.75  
                                                             
ASSET QUALITY                                                        
  Loan Charge-Offs   $ 12     $ 14     $ 306     $ 396     $ 112     $ 12     $ 112  
  Loan Recoveries   $ 331     $ 170     $ 179     $ 199     $ 188     $ 331     $ 188  
  Net Charge-Offs   $ (319 )   $ (156 )   $ 127     $ 197     $ (76 )   $ (319 )   $ (76 )
                                                             
  Allowance for loan and lease losses   $ 7,885     $ 7,666     $ 8,010     $ 8,137     $ 8,334     $ 7,885     $ 8,334  
                                                             
  Nonaccrual Loans   $ 3,453     $ 3,658     $ 3,050     $ 4,143     $ 5,001     $ 3,453     $ 5,001  
  Loans 90 days past due   $ -     $ 3     $ 5     $ 3     $ 9     $ -     $ 9  
  Restructured loans   $ 8,290     $ 9,625     $ 9,859     $ 10,103     $ 10,318     $ 8,290     $ 10,318  
    Total non performing loans   $ 11,743     $ 13,286     $ 12,914     $ 14,249     $ 15,328     $ 11,743     $ 15,328  
  Other real estate owned & other assets   $ 1,229     $ 1,452     $ 1,686     $ 1,542     $ 1,400     $ 1,229     $ 1,400  
    Total non performing assets   $ 12,972     $ 14,738     $ 14,600     $ 15,791     $ 16,728     $ 12,972     $ 16,728  
                                                             
  Classified Loans   $ 8,866     $ 8,273     $ 9,206     $ 10,599     $ 14,030     $ 8,866     $ 14,030  
  Other real estate owned & other assets   $ 1,229     $ 1,452     $ 1,686     $ 1,542     $ 1,400     $ 1,229     $ 1,400  
    Total classified assets   $ 10,095     $ 9,725     $ 10,892     $ 12,141     $ 15,430     $ 10,095     $ 15,430  
                                                             
  Net loan charge-offs to average loans     -0.18 %     -0.09 %     0.07 %     0.12 %     -0.05 %     -0.18 %     -0.05 %
  Allowance for loan losses to total loans     1.09 %     1.10 %     1.15 %     1.19 %     1.26 %     1.09 %     1.26 %
  Non performing loans to gross loans     1.63 %     1.91 %     1.86 %     2.08 %     2.31 %     1.63 %     2.31 %
  Non performing assets to total assets     0.98 %     1.09 %     1.08 %     1.19 %     1.24 %     0.98 %     1.24 %
  Classified assets to total capital     7.44 %     6.64 %     7.59 %     8.63 %     11.16 %     7.44 %     11.16 %
  Allowance to non performing loans     67.15 %     57.70 %     62.03 %     57.11 %     54.37 %     67.15 %     54.37 %
                                                             
END OF PERIOD BALANCES                                                        
  Loans and leases   $ 722,640     $ 695,325     $ 693,866     $ 683,648     $ 663,449     $ 722,640     $ 663,449  
  Total earning assets   $ 1,214,209     $ 1,229,425     $ 1,220,844     $ 1,201,903     $ 1,232,350     $ 1,214,209     $ 1,232,350  
  Total assets   $ 1,326,056     $ 1,347,420     $ 1,347,352     $ 1,326,392     $ 1,346,554     $ 1,326,056     $ 1,346,554  
  Deposits   $ 1,193,363     $ 1,198,164     $ 1,195,335     $ 1,177,069     $ 1,203,072     $ 1,193,363     $ 1,203,072  
  Interest Bearing Liabilities   $ 900,120     $ 898,326     $ 897,408     $ 886,474     $ 918,126     $ 900,120     $ 918,126  
  Shareholders' equity   $ 117,502     $ 132,658     $ 135,969     $ 134,222     $ 129,553     $ 117,502     $ 129,553  
  Tier 1 Capital (Bank)   $ 127,783     $ 138,819     $ 135,470     $ 132,565     $ 129,935     $ 127,783     $ 129,935  
  Total Shares Outstanding     22,973,261       22,907,844       22,875,505       22,870,082       22,860,794       22,973,261       22,860,794  
                                                             
AVERAGE BALANCES                                                        
  Loans and leases   $ 705,874     $ 693,586     $ 686,259     $ 672,849     $ 656,550     $ 705,874     $ 656,550  
  Total earning assets   $ 1,224,359     $ 1,220,426     $ 1,220,620     $ 1,215,360     $ 1,229,947     $ 1,224,359     $ 1,229,947  
  Total assets   $ 1,327,708     $ 1,324,847     $ 1,324,723     $ 1,316,081     $ 1,329,128     $ 1,327,708     $ 1,329,128  
  Deposits   $ 1,192,570     $ 1,184,592     $ 1,187,768     $ 1,183,645     $ 1,194,296     $ 1,192,570     $ 1,194,296  
  Interest Bearing Liabilities   $ 898,089     $ 884,979     $ 895,376     $ 904,581     $ 917,125     $ 898,089     $ 917,125  
  Shareholders' equity   $ 123,636     $ 136,963     $ 135,188     $ 131,015     $ 131,171     $ 123,636     $ 131,171  
                                                             

 

MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
             
        Quarter Ended March 31,
Dollars in thousands (except per share data)   2018       2017  
Interest Income              
Interest and fees on loans $ 8,217     $ 7,364  
Interest on investment securities-              
Tax-exempt   404       310  
Taxable   2,210       2,268  
Interest on balances due from banks   125       109  
Total interest income   10,956       10,051  
                     
Interest Expense              
Interest on deposits   414       456  
Interest on borrowed funds   6       -  
Total interest expense   420       456  
                     
Net Interest Income   10,536       9,595  
Provision For Loan Losses   (100 )     (200 )
                     
Net Interest Income After              
Provision For Loan Losses   10,636       9,795  
                     
Other Income              
Income from wealth management services   1,185       1,128  
Service charges and other fees   946       1,014  
Debit Card income   720       680  
Net gain on sales of securities   (101 )     10  
Net gain (loss) on other real estate owned   19       (34 )
Origination fees on mortgage loans sold   62       59  
Bank Owned Life Insurance income   353       341  
Other     600       622  
Total other income   3,784       3,820  
                     
Other Expenses              
Salaries and employee benefits   5,962       5,434  
Occupancy expense   721       748  
Equipment expense   793       697  
Marketing expense   377       284  
Professional fees   594       589  
EFT/ATM expense   259       248  
Other real estate owned expense   15       32  
FDIC deposit insurance assessment   107       107  
Bonding and other insurance expense   132       122  
Telephone expense   75       116  
Other     757       685  
Total other expenses   9,792       9,062  
                     
Profit Before Income Taxes   4,628       4,553  
Income Tax Expense   726       1,373  
Net Profit $ 3,902     $ 3,180  
                     
Basic Earnings Per Common Share $ 0.17     $ 0.14  
                     
Diluted Earnings Per Common Share $ 0.17     $ 0.14  
                     
Dividends Declared Per Common Share $ 0.66     $ 0.75  
                     
                     

 

MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
           
           
      (Unaudited)    
Dollars in thousands March 31, 2018   December 31, 2017
Assets      
Cash and Cash Equivalents      
  Cash and due from banks      
    Non-interest bearing $   13,987     $   18,233  
    Interest bearing     481         34,777  
    Total cash and cash equivalents     14,468         53,010  
                   
Interest Bearing Time Deposits in Other Banks     14,196         15,196  
Securities - Held to Maturity     36,907         37,163  
Securities - Available for Sale     435,837         442,816  
Federal Home Loan Bank stock - at cost     4,148         4,148  
Loans held for sale     -          346  
                   
Loans     722,640         694,979  
Allowance for Loan Losses     (7,885 )       (7,666 )
Loans - Net     714,755         687,313  
                   
Accrued interest receivable and other assets     18,949         20,463  
Other Real Estate Owned     1,229         1,412  
Bank Owned Life Insurance     58,505         58,153  
Premises and Equipment - Net     27,062         27,400  
    Total assets $   1,326,056     $   1,347,420  
                   
Liabilities              
Deposits:              
  Non-interest bearing $   293,243     $   299,838  
  Interest-bearing     900,120         898,326  
    Total deposits     1,193,363         1,198,164  
                   
Accrued interest payable and other liabilities     15,191         16,598  
    Total liabilities     1,208,554         1,214,762  
                   
Shareholders' Equity              
Common stock (no par value)     23,078         22,840  
Retained Earnings     106,330         117,524  
Unearned Compensation     (59 )       -   
Accumulated other comprehensive loss     (11,847 )       (7,706 )
    Total shareholders' equity     117,502         132,658  
    Total liabilities and shareholders' equity $   1,326,056     $   1,347,420  
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