Attached files
| file | filename |
|---|---|
| 8-K - MBT FINANCIAL CORP | v209261_8k.htm |
EXHIBIT
99
MBT
Financial Corp. Announces Fourth Quarter 2010 Results
MONROE, Mich., January 27,
2011 – 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.
Total
assets of the company decreased $124.0 million compared to December 31, 2009,
mainly due to the previously mentioned decrease in loan demand and a reduction
in borrowed funds. Core deposit activity remains strong and non interest bearing
demand deposits increased by 9.8% over the 12 month period. Total Deposits were
unchanged at $1.032 billion, but in market deposits increased $16.2 million to
replace maturing brokered certificates of deposit, which decreased 25.6% from
$63.2 million at December 31, 2009 to $47.0 million at December 31,
2010.
Although
we recorded a loss for the year of $11.9 million, capital only decreased $7.8
million this year, and the ratio of equity to assets, a key indicator of bank
strength and safety, only decreased from 5.91% at December 31, 2009 to 5.88% at
December 31, 2010. In addition, the company’s liquidity position strengthened,
with cash and investments increasing from 29.9% of assets at the end of 2009 to
31.7% at the end of 2010.
H.
Douglas Chaffin, President and CEO, commented, “Our results for the fourth
quarter and full year 2010 are significantly better than the same periods in
2009. However, the prolonged recession continues to impact our asset
quality and earnings. Fortunately, southeast Michigan is beginning to experience
some indications that the national economic recovery that began in 2009 is
spreading to our area. Real estate values are more stable, unemployment is
improving, and commercial activity is increasing. Our net interest margin
decreased slightly this quarter as our loan portfolio continued to shrink and we
increased the amount of our assets held in lower yielding cash and
securities. This increase in liquidity will allow us to meet the
needs of our customers as loan demand improves, and will enable us to improve
net interest margins when interest rates rise.”
Mr.
Chaffin concluded, “We will continue to focus our efforts on improving asset
quality, maintaining liquidity, strengthening capital, seeking new sources of
revenue, and controlling expenses. During the second half of 2010 we were able
to raise some capital through our private placement of debt and equity
securities. Coupled with the decrease in assets, this additional capital helped
offset our loss and maintain adequate capital ratios at the Bank. We still have
much work ahead of us given our current environment. Our focus on
asset quality, earnings, and capital is producing results, and we remain
confident in our ability to maintain our position as the premier independent
provider of financial services in the communities we serve.”
Conference
Call
MBT
Financial Corp. will hold a conference call to discuss the fourth quarter
results on Friday, January 28, 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.mbandt.com. The call can also be
accessed by calling (877) 317-6789. The event 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 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 25 offices, 41 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.
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
|
|||||||||||||||||||||||||||
|
2010
|
2010
|
2010
|
2010
|
2009
|
||||||||||||||||||||||||
|
(dollars
in thousands except per share data)
|
4th
Qtr
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
4th
Qtr
|
2010
|
2009
|
|||||||||||||||||||||
|
EARNINGS
|
||||||||||||||||||||||||||||
|
Net
interest income
|
$ | 8,814 | $ | 9,421 | $ | 9,188 | $ | 9,405 | $ | 10,101 | $ | 36,828 | $ | 41,015 | ||||||||||||||
|
FTE
Net interest income
|
$ | 8,985 | $ | 9,603 | $ | 9,389 | $ | 9,677 | $ | 10,417 | $ | 37,654 | $ | 42,375 | ||||||||||||||
|
Provision
for loan and lease losses
|
$ | 7,086 | $ | 7,464 | $ | 3,750 | $ | 2,200 | $ | 17,000 | $ | 20,500 | $ | 36,000 | ||||||||||||||
|
Non-interest
income
|
$ | 4,195 | $ | 4,381 | $ | 6,819 | $ | 4,041 | $ | (40 | ) | $ | 19,436 | $ | 10,480 | |||||||||||||
|
Non-interest
expense
|
$ | 10,277 | $ | 10,676 | $ | 12,629 | $ | 10,898 | $ | 11,798 | $ | 44,480 | $ | 49,774 | ||||||||||||||
|
Net
income (loss)
|
$ | (7,537 | ) | $ | (4,338 | ) | $ | (372 | ) | $ | 348 | $ | (25,112 | ) | $ | (11,899 | ) | $ | (34,177 | ) | ||||||||
|
Basic
earnings (loss) per share
|
$ | (0.44 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | 0.02 | $ | (1.55 | ) | $ | (0.72 | ) | $ | (2.11 | ) | ||||||||
|
Diluted
earnings (loss) per share
|
$ | (0.44 | ) | $ | (0.27 | ) | $ | (0.02 | ) | $ | 0.02 | $ | (1.55 | ) | $ | (0.72 | ) | $ | (2.11 | ) | ||||||||
|
Average
shares outstanding
|
17,214,768 | 16,329,549 | 16,225,327 | 16,216,177 | 16,204,139 | 16,498,734 | 16,186,478 | |||||||||||||||||||||
|
Average
diluted shares outstanding
|
17,214,768 | 16,329,549 | 16,225,327 | 16,216,708 | 16,204,139 | 16,498,734 | 16,186,478 | |||||||||||||||||||||
|
PERFORMANCE
RATIOS
|
||||||||||||||||||||||||||||
|
Return
on average assets
|
-2.39 | % | -1.37 | % | -0.11 | % | 0.10 | % | -7.17 | % | -0.92 | % | -2.36 | % | ||||||||||||||
|
Return
on average common equity
|
-35.55 | % | -19.74 | % | -1.77 | % | 1.71 | % | -90.17 | % | -14.06 | % | -29.53 | % | ||||||||||||||
|
Base
Margin
|
3.03 | % | 3.21 | % | 3.03 | % | 3.01 | % | 3.08 | % | 3.07 | % | 3.01 | % | ||||||||||||||
|
FTE
Adjustment
|
0.06 | % | 0.06 | % | 0.07 | % | 0.09 | % | 0.10 | % | 0.07 | % | 0.10 | % | ||||||||||||||
|
Loan
Fees
|
0.03 | % | 0.05 | % | 0.03 | % | 0.03 | % | 0.04 | % | 0.03 | % | 0.05 | % | ||||||||||||||
|
FTE
Net Interest Margin
|
3.12 | % | 3.32 | % | 3.13 | % | 3.13 | % | 3.22 | % | 3.17 | % | 3.16 | % | ||||||||||||||
|
Efficiency
ratio
|
67.61 | % | 65.36 | % | 63.84 | % | 67.75 | % | 61.93 | % | 66.13 | % | 65.07 | % | ||||||||||||||
|
Full-time
equivalent employees
|
342 | 350 | 356 | 351 | 362 | 350 | 369 | |||||||||||||||||||||
|
CAPITAL
|
||||||||||||||||||||||||||||
|
Average
equity to average assets
|
6.73 | % | 6.94 | % | 6.44 | % | 6.08 | % | 7.95 | % | 6.54 | % | 8.00 | % | ||||||||||||||
|
Book
value per share
|
$ | 4.29 | $ | 4.94 | $ | 5.31 | $ | 5.17 | $ | 5.04 | $ | 4.29 | $ | 5.04 | ||||||||||||||
|
Cash
dividend per share
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.02 | ||||||||||||||
|
ASSET
QUALITY
|
||||||||||||||||||||||||||||
|
Loan
Charge-Offs
|
$ | 7,217 | $ | 11,010 | $ | 3,967 | $ | 2,362 | $ | 11,721 | $ | 24,556 | $ | 31,994 | ||||||||||||||
|
Loan
Recoveries
|
$ | 607 | $ | 266 | $ | 131 | $ | 211 | $ | 211 | $ | 1,215 | $ | 1,529 | ||||||||||||||
|
Net
Charge-Offs
|
$ | 6,610 | $ | 10,744 | $ | 3,836 | $ | 2,151 | $ | 11,510 | $ | 23,341 | $ | 30,465 | ||||||||||||||
|
Allowance
for loan and lease losses
|
$ | 21,223 | $ | 20,746 | $ | 24,026 | $ | 24,112 | $ | 24,063 | $ | 21,223 | $ | 24,063 | ||||||||||||||
|
Nonaccrual
Loans
|
$ | 67,581 | $ | 64,192 | $ | 65,066 | $ | 61,722 | $ | 56,992 | $ | 67,581 | $ | 56,992 | ||||||||||||||
|
Loans
90 days past due
|
$ | 4 | $ | 117 | $ | 166 | $ | 53 | $ | 20 | $ | 4 | $ | 20 | ||||||||||||||
|
Restructured
loans
|
$ | 14,098 | $ | 15,290 | $ | 25,058 | $ | 28,042 | $ | 29,102 | $ | 14,098 | $ | 29,102 | ||||||||||||||
|
Total
non performing loans
|
$ | 81,683 | $ | 79,599 | $ | 90,290 | $ | 89,817 | $ | 86,114 | $ | 81,683 | $ | 86,114 | ||||||||||||||
|
Other
real estate owned & other assets
|
$ | 19,815 | $ | 19,042 | $ | 18,387 | $ | 19,634 | $ | 18,832 | $ | 19,815 | $ | 18,832 | ||||||||||||||
|
Nonaccrual
Investment Securities
|
$ | 4,740 | $ | 4,740 | $ | 4,740 | $ | 4,740 | $ | 4,740 | $ | 4,740 | $ | 4,740 | ||||||||||||||
|
Total
non performing assets
|
$ | 106,238 | $ | 103,381 | $ | 113,417 | $ | 114,191 | $ | 109,686 | $ | 106,238 | $ | 109,686 | ||||||||||||||
|
Problem
Loans Still Performing
|
$ | 53,726 | $ | 49,589 | $ | 41,693 | $ | 44,105 | $ | 46,278 | $ | 53,726 | $ | 46,278 | ||||||||||||||
|
Total
Problem Assets
|
$ | 159,964 | $ | 152,970 | $ | 155,110 | $ | 158,296 | $ | 155,964 | $ | 159,964 | $ | 155,964 | ||||||||||||||
|
Net
loan charge-offs to average loans
|
3.39 | % | 5.32 | % | 1.88 | % | 1.04 | % | 5.25 | % | 2.89 | % | 3.36 | % | ||||||||||||||
|
Allowance
for losses to total loans
|
2.82 | % | 2.64 | % | 2.97 | % | 2.93 | % | 2.83 | % | 2.82 | % | 2.83 | % | ||||||||||||||
|
Non
performing loans to gross loans
|
10.84 | % | 10.13 | % | 11.18 | % | 10.91 | % | 10.13 | % | 10.84 | % | 10.13 | % | ||||||||||||||
|
Non
performing assets to total assets
|
8.44 | % | 8.21 | % | 8.98 | % | 8.27 | % | 7.93 | % | 8.44 | % | 7.93 | % | ||||||||||||||
|
Allowance
to non performing loans
|
25.98 | % | 26.06 | % | 26.61 | % | 26.85 | % | 27.94 | % | 25.98 | % | 27.94 | % | ||||||||||||||
|
END
OF PERIOD BALANCES
|
||||||||||||||||||||||||||||
|
Loans
and leases
|
$ | 753,860 | $ | 786,054 | $ | 807,788 | $ | 823,515 | $ | 849,910 | $ | 753,860 | $ | 849,910 | ||||||||||||||
|
Total
earning assets
|
$ | 1,151,371 | $ | 1,143,825 | $ | 1,144,120 | $ | 1,260,637 | $ | 1,258,073 | $ | 1,151,371 | $ | 1,258,073 | ||||||||||||||
|
Total
assets
|
$ | 1,259,377 | $ | 1,259,876 | $ | 1,263,678 | $ | 1,381,616 | $ | 1,383,369 | $ | 1,259,377 | $ | 1,383,369 | ||||||||||||||
|
Deposits
|
$ | 1,031,893 | $ | 1,022,460 | $ | 1,023,657 | $ | 1,028,921 | $ | 1,031,791 | $ | 1,031,893 | $ | 1,031,791 | ||||||||||||||
|
Interest
Bearing Liabilities
|
$ | 1,027,320 | $ | 1,022,398 | $ | 1,022,293 | $ | 1,149,728 | $ | 1,155,253 | $ | 1,027,320 | $ | 1,155,253 | ||||||||||||||
|
Shareholders'
equity
|
$ | 73,998 | $ | 84,079 | $ | 86,201 | $ | 83,913 | $ | 81,764 | $ | 73,998 | $ | 81,764 | ||||||||||||||
|
Total
Shares Outstanding
|
17,252,329 | 17,030,844 | 16,228,029 | 16,222,177 | 16,210,110 | 17,252,329 | 16,210,110 | |||||||||||||||||||||
|
AVERAGE
BALANCES
|
||||||||||||||||||||||||||||
|
Loans
and leases
|
$ | 773,269 | $ | 801,240 | $ | 816,487 | $ | 836,122 | $ | 869,130 | $ | 806,594 | $ | 905,354 | ||||||||||||||
|
Total
earning assets
|
$ | 1,141,829 | $ | 1,148,796 | $ | 1,205,711 | $ | 1,253,567 | $ | 1,283,459 | $ | 1,187,067 | $ | 1,341,358 | ||||||||||||||
|
Total
assets
|
$ | 1,249,543 | $ | 1,256,422 | $ | 1,311,835 | $ | 1,361,507 | $ | 1,390,421 | $ | 1,294,414 | $ | 1,447,386 | ||||||||||||||
|
Deposits
|
$ | 1,015,740 | $ | 1,025,385 | $ | 1,017,761 | $ | 1,024,651 | $ | 1,024,353 | $ | 1,020,871 | $ | 1,057,709 | ||||||||||||||
|
Interest
Bearing Liabilities
|
$ | 1,009,619 | $ | 1,025,493 | $ | 1,093,471 | $ | 1,149,938 | $ | 1,158,525 | $ | 1,069,124 | $ | 1,207,593 | ||||||||||||||
|
Shareholders'
equity
|
$ | 84,123 | $ | 87,184 | $ | 84,486 | $ | 82,775 | $ | 110,488 | $ | 84,653 | $ | 115,723 | ||||||||||||||
MBT
FINANCIAL CORP.
CONSOLIDATED
STATEMENTS OF INCOME - UNAUDITED
|
Quarter
Ended December 31,
|
Year
Ended December 31,
|
|||||||||||||||
|
Dollars
in thousands (except per share data)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
|
Interest
Income
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 10,832 | $ | 12,915 | $ | 46,010 | $ | 52,909 | ||||||||
|
Interest
on investment securities-
|
||||||||||||||||
|
Tax-exempt
|
396 | 779 | 1,936 | 3,358 | ||||||||||||
|
Taxable
|
1,724 | 2,776 | 8,508 | 14,648 | ||||||||||||
|
Interest
on balances due from banks
|
32 | 32 | 132 | 89 | ||||||||||||
|
Total
interest income
|
12,984 | 16,502 | 56,586 | 71,004 | ||||||||||||
|
Interest
Expense
|
||||||||||||||||
|
Interest
on deposits
|
3,126 | 3,706 | 13,094 | 17,986 | ||||||||||||
|
Interest
on borrowed funds
|
1,044 | 2,695 | 6,664 | 12,003 | ||||||||||||
|
Total
interest expense
|
4,170 | 6,401 | 19,758 | 29,989 | ||||||||||||
|
Net
Interest Income
|
8,814 | 10,101 | 36,828 | 41,015 | ||||||||||||
|
Provision
For Loan Losses
|
7,086 | 17,000 | 20,500 | 36,000 | ||||||||||||
|
Net
Interest Income After
|
||||||||||||||||
|
Provision
For Loan Losses
|
1,728 | (6,899 | ) | 16,328 | 5,015 | |||||||||||
|
Other
Income
|
||||||||||||||||
|
Income
from wealth management services
|
1,010 | 1,006 | 4,049 | 3,762 | ||||||||||||
|
Service
charges and other fees
|
1,312 | 1,484 | 5,297 | 5,788 | ||||||||||||
|
Net
gain (loss) on sales of securities
|
(9 | ) | 2,400 | 3,260 | 7,421 | |||||||||||
|
Other
Than Temporary Impairment on securities
|
- | (5,859 | ) | - | (14,952 | ) | ||||||||||
|
Portion
of OTTI loss recognized in other comprehensive income (before
taxes)
|
- | (581 | ) | - | 3,191 | |||||||||||
|
Net
impairment losses
|
- | (6,440 | ) | - | (11,761 | ) | ||||||||||
|
Origination
fees on mortgage loans sold
|
259 | 123 | 717 | 473 | ||||||||||||
|
Bank
Owned Life Insurance income
|
412 | 459 | 1,944 | 1,493 | ||||||||||||
|
Other
|
1,211 | 928 | 4,169 | 3,304 | ||||||||||||
|
Total
other income
|
4,195 | (40 | ) | 19,436 | 10,480 | |||||||||||
|
Other
Expenses
|
||||||||||||||||
|
Salaries
and employee benefits
|
4,668 | 4,784 | 19,106 | 20,740 | ||||||||||||
|
Occupancy
expense
|
673 | 815 | 2,867 | 3,260 | ||||||||||||
|
Equipment
expense
|
753 | 721 | 3,170 | 3,069 | ||||||||||||
|
Marketing
expense
|
257 | 236 | 991 | 1,034 | ||||||||||||
|
Professional
fees
|
618 | 277 | 2,155 | 1,563 | ||||||||||||
|
Collection
expense
|
114 | 65 | 377 | 750 | ||||||||||||
|
Net
loss on other real estate owned
|
634 | 2,576 | 3,700 | 10,533 | ||||||||||||
|
Other
real estate owned expense
|
714 | 272 | 2,630 | 1,437 | ||||||||||||
|
FDIC
deposit insurance assessment
|
859 | 562 | 3,130 | 2,876 | ||||||||||||
|
Debt
prepayment penalties
|
- | - | 2,492 | - | ||||||||||||
|
Other
|
987 | 1,490 | 3,862 | 4,512 | ||||||||||||
|
Total
other expenses
|
10,277 | 11,798 | 44,480 | 49,774 | ||||||||||||
|
Loss
Before Income Taxes
|
(4,354 | ) | (18,737 | ) | (8,716 | ) | (34,279 | ) | ||||||||
|
Income
Tax Expense (Benefit)
|
3,183 | 6,375 | 3,183 | (102 | ) | |||||||||||
|
Net
Loss
|
$ | (7,537 | ) | $ | (25,112 | ) | $ | (11,899 | ) | $ | (34,177 | ) | ||||
|
Basic
Loss Per Common Share
|
$ | (0.44 | ) | $ | (1.55 | ) | $ | (0.72 | ) | $ | (2.11 | ) | ||||
|
Diluted
Loss Per Common Share
|
$ | (0.44 | ) | $ | (1.55 | ) | $ | (0.72 | ) | $ | (2.11 | ) | ||||
|
Dividends
Declared Per Common Share
|
$ | - | $ | - | $ | - | $ | 0.02 | ||||||||
MBT
FINANCIAL CORP.
CONSOLIDATED
BALANCE SHEETS
|
December 31, 2010
|
December 31,
|
|||||||
|
Dollars in thousands
|
(Unaudited)
|
2009
|
||||||
|
Assets
|
||||||||
|
Cash
and Cash Equivalents
|
||||||||
|
Cash
and due from banks
|
||||||||
|
Non-interest
bearing
|
$ | 13,789 | $ | 18,448 | ||||
|
Interest
bearing
|
72,511 | 51,298 | ||||||
|
Total
cash and cash equivalents
|
86,300 | 69,746 | ||||||
|
Securities
- Held to Maturity
|
23,804 | 36,433 | ||||||
|
Securities
- Available for Sale
|
289,365 | 307,346 | ||||||
|
Federal
Home Loan Bank stock - at cost
|
11,831 | 13,086 | ||||||
|
Loans
held for sale
|
973 | 931 | ||||||
|
Loans
- Net
|
731,664 | 824,916 | ||||||
|
Accrued
interest receivable and other assets
|
34,207 | 50,580 | ||||||
|
Bank
Owned Life Insurance
|
50,664 | 47,953 | ||||||
|
Premises
and Equipment - Net
|
30,569 | 32,378 | ||||||
|
Total
assets
|
$ | 1,259,377 | $ | 1,383,369 | ||||
|
Liabilities
|
||||||||
|
Deposits:
|
||||||||
|
Non-interest
bearing
|
$ | 148,208 | $ | 135,038 | ||||
|
Interest-bearing
|
883,685 | 896,753 | ||||||
|
Total
deposits
|
1,031,893 | 1,031,791 | ||||||
|
Federal
Home Loan Bank advances
|
113,500 | 228,500 | ||||||
|
Repurchase
agreements
|
30,000 | 30,000 | ||||||
|
Notes
Payable
|
135 | - | ||||||
|
Interest
payable and other liabilities
|
9,851 | 11,314 | ||||||
|
Total
liabilities
|
1,185,379 | 1,301,605 | ||||||
|
Shareholders'
Equity
|
||||||||
|
Common
stock (no par value)
|
2,146 | 593 | ||||||
|
Retained
Earnings
|
76,497 | 88,396 | ||||||
|
Unearned
Compensation
|
(187 | ) | - | |||||
|
Accumulated
other comprehensive loss
|
(4,458 | ) | (7,225 | ) | ||||
|
Total
shareholders' equity
|
73,998 | 81,764 | ||||||
|
Total
liabilities and shareholders' equity
|
$ | 1,259,377 | $ | 1,383,369 | ||||
|
FOR FURTHER INFORMATION:
|
||
|
H.
Douglas Chaffin
|
John
L. Skibski
|
Mary
Jane Town
|
|
Chief
Executive Officer
|
Chief
Financial Officer
|
Marketing
Officer
|
|
(734)
384-8123
|
(734)
242-1879
|
(734)
240-2510
|
|
doug.chaffin@mbandt.com
|
john.skibski@mbandt.com
|
maryjane.town@mbandt.com
|