EXHIBIT 99
MBT Financial Corp. Announces Second Quarter 2009 ResultsMONROE, Mich.,July 27, 2009 — MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a second quarter 2009 net loss of $5.4 million, or $0.33 per diluted share, compared to the profit of $1.7 million, or $0.11 per diluted share in the second quarter of 2008. The year to date loss for 2009 is $6.7 million, or $0.42 per share compare to a profit of $4.4 million, or $0.27 per share in the first half of 2008.
H. Douglas Chaffin, President and CEO, commented, “This quarter marked the beginning of the fourth year of recession for the state of Michigan, a recession that has included an unprecedented decline in real estate values. As these declines in real estate values are recognized, we continue to charge down the value of properties held as the result of foreclosure. This was accounted for in the second quarter as a result of an auction of these properties held in early June, as well as our analysis of values for the remaining properties yet to be sold. In addition, we increased our Allowance for Loan Losses to account for the lower collateral values for the various problem loans remaining in our loan portfolio. Credit related expenses remained elevated due to the costs associated with maintaining and liquidating these properties. In spite of these challenges, changes in our balance sheet structure allowed us to maintain our capital ratio at a level that significantly exceeds the regulatory “well capitalized” minimum. Our strong capital position will help us through this prolonged recession and position us for growth when economic activity improves in southeast Michigan.”
Mr. Chaffin further commented on the Company’s earnings for the quarter, “Net Interest Income decreased $942,000 compared to the second quarter of 2008 due to a decrease of $86.2 million in average earning assets. The Provision for Loan Losses increased from $2.7 million in 2008 to $8 million as we built our Allowance for Loan Losses to $23.9 million, which represents 2.62% of total loans. The Allowance for Loan Losses is now at its highest level in our history and should assist us in mitigating significant additions in the near future provided loan quality stabilizes. Non interest income decreased from $3.9 million to $3.6 million as Wealth management income was impacted by the decrease in the market value of assets under management. Total non interest expense increased significantly due to an increase of $3.8 million in losses on Other Real Estate Owned (OREO) and an increase of $1.1 million in the cost of FDIC insurance. Net of these extraordinary expenses, our overall operating expenses decreased by 5.9% as a result of cost savings initiatives implemented earlier in the year.”
Mr. Chaffin concluded, “We believe that economic recovery in the country will begin soon, however, we are prepared for a longer recession in Michigan. For that reason, we have taken a conservative approach in valuing our OREO assets, and we will continue to maintain our strong capital, liquidity, and allowance for loan losses. Our community banking model is needed more than ever in our markets, and we believe that we are well positioned for the eventual economic recovery.”
Conference Call
MBT Financial Corp. will hold a conference call to discuss fourth quarter results on Tuesday, July 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 (800) 860-2442. 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, with $1.4 billion in assets. 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.
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| 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 |
MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS — UNAUDITED
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarterly | | | Year to Date | |
| | | 2009 | | | 2009 | | | 2008 | | | 2008 | | | 2008 | | | | | | | |
| (dollars in thousands except per share data) | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | 3rd Qtr | | | 2nd Qtr | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 10,185 | | | $ | 10,213 | | | $ | 9,723 | | | $ | 11,086 | | | $ | 11,127 | | | $ | 20,398 | | | $ | 21,580 | |
| FTE Net interest income | | $ | 10,536 | | | $ | 10,565 | | | $ | 10,088 | | | $ | 11,417 | | | $ | 11,463 | | | $ | 21,101 | | | $ | 22,247 | |
| Provision for loan and lease losses | | $ | 8,000 | | | $ | 4,200 | | | $ | 10,000 | | | $ | 4,100 | | | $ | 2,700 | | | $ | 12,200 | | | $ | 3,900 | |
| Non-interest income | | $ | 3,630 | | | $ | 3,331 | | | $ | 3,900 | | | $ | 4,265 | | | $ | 3,858 | | | $ | 6,961 | | | $ | 7,820 | |
| Non-interest expense | | $ | 14,589 | | | $ | 11,997 | | | $ | 8,773 | | | $ | 11,365 | | | $ | 10,163 | | | $ | 26,586 | | | $ | 19,861 | |
| Net income (loss) | | $ | (5,373 | ) | | $ | (1,367 | ) | | $ | (2,997 | ) | | $ | 324 | | | $ | 1,718 | | | $ | (6,741 | ) | | $ | 4,365 | |
| Basic earnings (loss) per share | | $ | (0.33 | ) | | $ | (0.08 | ) | | $ | (0.19 | ) | | $ | 0.02 | | | $ | 0.11 | | | $ | (0.42 | ) | | $ | 0.27 | |
| Diluted earnings (loss) per share | | $ | (0.33 | ) | | $ | (0.08 | ) | | $ | (0.19 | ) | | $ | 0.02 | | | $ | 0.11 | | | $ | (0.42 | ) | | $ | 0.27 | |
| Average shares outstanding | | | 16,182,528 | | | | 16,165,841 | | | | 16,143,902 | | | | 16,136,402 | | | | 16,130,806 | | | | 16,174,231 | | | | 16,125,926 | |
| Average diluted shares outstanding | | | 16,193,278 | | | | 16,181,966 | | | | 16,154,652 | | | | 16,147,152 | | | | 16,148,006 | | | | 16,184,981 | | | | 16,140,101 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Return on average assets | | | -1.48 | % | | | -0.37 | % | | | -0.77 | % | | | 0.09 | % | | | 0.45 | % | | | -0.92 | % | | | 0.57 | % |
| Return on average common equity | | | -18.31 | % | | | -4.53 | % | | | -9.78 | % | | | 1.04 | % | | | 5.34 | % | | | -11.33 | % | | | 6.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Base Margin | | | 3.00 | % | | | 2.89 | % | | | 2.65 | % | | | 3.08 | % | | | 3.05 | % | | | 2.94 | % | | | 2.95 | % |
| FTE Adjustment | | | 0.10 | % | | | 0.10 | % | | | 0.10 | % | | | 0.09 | % | | | 0.09 | % | | | 0.10 | % | | | 0.09 | % |
| Loan Fees | | | 0.04 | % | | | 0.05 | % | | | 0.04 | % | | | 0.07 | % | | | 0.07 | % | | | 0.05 | % | | | 0.07 | % |
| | | | | | | | | | | | | | | | | | | | | | |
| FTE Net Interest Margin | | | 3.14 | % | | | 3.04 | % | | | 2.79 | % | | | 3.24 | % | | | 3.21 | % | | | 3.09 | % | | | 3.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Efficiency ratio | | | 70.22 | % | | | 69.70 | % | | | 59.11 | % | | | 56.66 | % | | | 61.24 | % | | | 69.96 | % | | | 62.83 | % |
| Full-time equivalent employees | | | 370 | | | | 383 | | | | 384 | | | | 366 | | | | 384 | | | | 378 | | | | 382 | |
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CAPITAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average equity to average assets | | | 8.10 | % | | | 8.09 | % | | | 7.83 | % | | | 8.19 | % | | | 8.42 | % | | | 8.09 | % | | | 8.39 | % |
| Book value per share | | $ | 6.80 | | | $ | 7.18 | | | $ | 7.49 | | | $ | 7.46 | | | $ | 7.52 | | | $ | 6.83 | | | $ | 7.52 | |
| Cash dividend per share | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.09 | | | $ | 0.09 | | | $ | 0.18 | | | $ | 0.02 | | | $ | 0.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loan Charge-Offs | | $ | 6,334 | | | $ | 1,575 | | | $ | 10,132 | | | $ | 3,954 | | | $ | 2,607 | | | $ | 7,909 | | | $ | 6,562 | |
| Loan Recoveries | | $ | 456 | | | $ | 600 | | | $ | 252 | | | $ | 169 | | | $ | 317 | | | $ | 1,056 | | | $ | 533 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net Charge-Offs | | $ | 5,878 | | | $ | 975 | | | $ | 9,880 | | | $ | 3,785 | | | $ | 2,290 | | | $ | 6,853 | | | $ | 6,029 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for loan and lease losses | | $ | 23,875 | | | $ | 21,753 | | | $ | 18,528 | | | $ | 18,408 | | | $ | 18,093 | | | $ | 23,875 | | | $ | 18,093 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual Loans | | $ | 61,917 | | | $ | 50,437 | | | $ | 47,872 | | | $ | 34,892 | | | $ | 38,115 | | | $ | 61,917 | | | $ | 38,115 | |
| Loans 90 days past due | | $ | 300 | | | $ | 864 | | | $ | 93 | | | $ | 119 | | | $ | 109 | | | $ | 300 | | | $ | 109 | |
| Restructured loans | | $ | 7,552 | | | $ | 4,901 | | | $ | 5,811 | | | $ | 6,685 | | | $ | 6,023 | | | $ | 7,552 | | | $ | 6,023 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total non performing loans | | $ | 69,769 | | | $ | 56,202 | | | $ | 53,776 | | | $ | 41,696 | | | $ | 44,247 | | | $ | 69,769 | | | $ | 44,247 | |
| Other real estate owned & other assets | | $ | 19,215 | | | $ | 22,792 | | | $ | 19,211 | | | $ | 17,893 | | | $ | 18,065 | | | $ | 19,215 | | | $ | 18,065 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total non performing assets | | $ | 88,984 | | | $ | 78,994 | | | $ | 72,987 | | | $ | 59,589 | | | $ | 62,312 | | | $ | 88,984 | | | $ | 62,312 | |
| Problem Loans Still Performing | | $ | 59,076 | | | $ | 75,127 | | | $ | 63,935 | | | $ | 56,156 | | | $ | 41,188 | | | $ | 59,076 | | | $ | 41,188 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total Problem Assets | | $ | 148,060 | | | $ | 154,121 | | | $ | 136,922 | | | $ | 115,745 | | | $ | 103,500 | | | $ | 148,060 | | | $ | 103,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net loan charge-offs to average loans | | | 2.57 | % | | | 0.42 | % | | | 4.08 | % | | | 1.54 | % | | | 0.93 | % | | | 1.49 | % | | | 1.22 | % |
| Allowance for losses to total loans | | | 2.62 | % | | | 2.35 | % | | | 1.97 | % | | | 1.88 | % | | | 1.83 | % | | | 2.62 | % | | | 1.83 | % |
| Non performing loans to gross loans | | | 7.66 | % | | | 6.08 | % | | | 5.71 | % | | | 4.25 | % | | | 4.47 | % | | | 7.66 | % | | | 4.47 | % |
| Non performing assets to total assets | | | 6.17 | % | | | 5.32 | % | | | 4.67 | % | | | 3.96 | % | | | 4.04 | % | | | 6.17 | % | | | 4.04 | % |
| Allowance to non performing loans | | | 34.22 | % | | | 38.71 | % | | | 34.45 | % | | | 44.15 | % | | | 40.89 | % | | | 34.22 | % | | | 40.89 | % |
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END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 910,356 | | | $ | 923,919 | | | $ | 941,732 | | | $ | 981,038 | | | $ | 989,839 | | | $ | 910,355 | | | $ | 989,839 | |
| Total earning assets | | $ | 1,321,006 | | | $ | 1,363,015 | | | $ | 1,434,098 | | | $ | 1,383,659 | | | $ | 1,421,653 | | | $ | 1,321,006 | | | $ | 1,421,653 | |
| Total assets | | $ | 1,441,582 | | | $ | 1,485,854 | | | $ | 1,562,401 | | | $ | 1,505,709 | | | $ | 1,542,747 | | | $ | 1,441,582 | | | $ | 1,542,747 | |
| Deposits | | $ | 1,039,479 | | | $ | 1,066,886 | | | $ | 1,136,078 | | | $ | 1,080,194 | | | $ | 1,065,770 | | | $ | 1,039,479 | | | $ | 1,065,770 | |
| Interest Bearing Liabilities | | $ | 1,189,725 | | | $ | 1,232,573 | | | $ | 1,282,993 | | | $ | 1,234,705 | | | $ | 1,267,718 | | | $ | 1,189,725 | | | $ | 1,267,718 | |
| Shareholders’ equity | | $ | 110,010 | | | $ | 116,096 | | | $ | 120,977 | | | $ | 120,413 | | | $ | 121,348 | | | $ | 110,511 | | | $ | 121,348 | |
| Total Shares Outstanding | | | 16,187,277 | | | | 16,178,121 | | | | 16,148,482 | | | | 16,139,538 | | | | 16,132,513 | | | | 16,187,277 | | | | 16,132,513 | |
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AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 918,513 | | | $ | 934,766 | | | $ | 963,445 | | | $ | 980,466 | | | $ | 992,618 | | | $ | 926,596 | | | $ | 995,339 | |
| Total earning assets | | $ | 1,346,749 | | | $ | 1,405,306 | | | $ | 1,436,265 | | | $ | 1,398,768 | | | $ | 1,432,923 | | | $ | 1,375,868 | | | $ | 1,438,445 | |
| Total assets | | $ | 1,452,339 | | | $ | 1,513,312 | | | $ | 1,557,430 | | | $ | 1,505,823 | | | $ | 1,536,884 | | | $ | 1,482,657 | | | $ | 1,540,966 | |
| Deposits | | $ | 1,054,447 | | | $ | 1,100,982 | | | $ | 1,144,238 | | | $ | 1,076,734 | | | $ | 1,076,046 | | | $ | 1,077,587 | | | $ | 1,092,855 | |
| Interest Bearing Liabilities | | $ | 1,212,880 | | | $ | 1,258,040 | | | $ | 1,297,202 | | | $ | 1,245,873 | | | $ | 1,273,052 | | | $ | 1,235,336 | | | $ | 1,278,521 | |
| Shareholders’ equity | | $ | 117,677 | | | $ | 122,371 | | | $ | 121,969 | | | $ | 123,355 | | | $ | 129,353 | | | $ | 120,010 | | | $ | 129,264 | |
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | |
| | | June 30, 2009 | | December 31, |
| Dollars in thousands | | (Unaudited) | | 2008 |
| |
| | | | | | | | | |
Assets | | | | | | | | |
| Cash and Cash Equivalents | | | | | | | | |
| Cash and due from banks | | | | | | | | |
| Non-interest bearing | | | 18,047 | | | | 24,463 | |
| Interest bearing | | | 5,513 | | | | 26,323 | |
| |
| Total cash and cash equivalents | | | 23,560 | | | | 50,786 | |
| | | | | | | | | |
| Securities — Held to Maturity | | | 40,578 | | | | 46,840 | |
| Securities — Available for Sale | | | 351,473 | | | | 406,117 | |
| Federal Home Loan Bank stock — at cost | | | 13,086 | | | | 13,086 | |
| Loans held for sale | | | 825 | | | | 784 | |
| Loans — Net | | | 885,656 | | | | 922,420 | |
| Accrued interest receivable and other assets | | | 46,517 | | | | 43,973 | |
| Bank Owned Life Insurance | | | 47,592 | | | | 45,488 | |
| Premises and Equipment — Net | | | 32,295 | | | | 32,907 | |
| |
| Total assets | | $ | 1,441,582 | | | $ | 1,562,401 | |
| |
| | | | | | | | | |
Liabilities | | | | | | | | |
| Deposits: | | | | | | | | |
| Non-interest bearing | | $ | 128,254 | | | $ | 144,585 | |
| Interest-bearing | | | 911,225 | | | | 991,493 | |
| |
| Total deposits | | | 1,039,479 | | | | 1,136,078 | |
| | | | | | | | | |
| Federal Home Loan Bank advances | | | 248,500 | | | | 261,500 | |
| Repurchase agreements | | | 30,000 | | | | 30,000 | |
| Interest payable and other liabilities | | | 13,593 | | | | 13,846 | |
| |
| Total liabilities | | | 1,331,572 | | | | 1,441,424 | |
| |
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Shareholders’ Equity | | | | | | | | |
| Common stock (no par value) | | | 496 | | | | 321 | |
| Retained Earnings | | | 115,832 | | | | 122,896 | |
| Accumulated other comprehensive income | | | (6,318 | ) | | | (2,240 | ) |
| |
| Total shareholders’ equity | | | 110,010 | | | | 120,977 | |
| |
| Total liabilities and shareholders’ equity | | $ | 1,441,582 | | | $ | 1,562,401 | |
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MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Quarter Ended June 30, |
| Dollars in thousands (except per share data) | | 2009 | | 2008 |
| |
| | | | | | | | | |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 13,165 | | | $ | 15,771 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 865 | | | | 818 | |
| Taxable | | | 3,828 | | | | 4,798 | |
| Interest on balances due from banks | | | 12 | | | | — | |
| Interest on federal funds sold | | | — | | | | — | |
| |
| Total interest income | | | 17,870 | | | | 21,387 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 4,582 | | | | 6,368 | |
| Interest on borrowed funds | | | 3,103 | | | | 3,892 | |
| |
| Total interest expense | | | 7,685 | | | | 10,260 | |
| |
| | | | | | | | | |
Net Interest Income | | | 10,185 | | | | 11,127 | |
Provision For Loan Losses | | | 8,000 | | | | 2,700 | |
| |
| | | | | | | | | |
Net Interest Income After | | | | | | | | |
Provision For Loan Losses | | | 2,185 | | | | 8,427 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from wealth management services | | | 906 | | | | 1,119 | |
| Service charges and other fees | | | 1,432 | | | | 1,586 | |
| Net gain (loss) on sales of securities | | | 50 | | | | 23 | |
| Origination fees on mortgage loans sold | | | 122 | | | | 91 | |
| Bank Owned Life Insurance income | | | 296 | | | | 275 | |
| Other | | | 824 | | | | 764 | |
| |
| Total other income | | | 3,630 | | | | 3,858 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 5,400 | | | | 5,441 | |
| Occupancy expense | | | 727 | | | | 916 | |
| Equipment expense | | | 771 | | | | 848 | |
| Marketing expense | | | 279 | | | | 356 | |
| Professional fees | | | 409 | | | | 455 | |
| Collection expense | | | 101 | | | | 95 | |
| Net loss on other real estate owned | | | 4,174 | | | | 354 | |
| Other real estate owned expense | | | 467 | | | | 432 | |
| FDIC deposit insurance assessment | | | 1,250 | | | | 136 | |
| Other | | | 1,011 | | | | 1,130 | |
| |
| Total other expenses | | | 14,589 | | | | 10,163 | |
| |
| | | | | | | | | |
Income (Loss) Before Income Taxes | | | (8,774 | ) | | | 2,122 | |
Income Tax Expense (Benefit) | | | (3,401 | ) | | | 404 | |
| |
Net Income (Loss) | | $ | (5,373 | ) | | $ | 1,718 | |
| |
| | | | | | | | | |
Basic Earnings (Loss) Per Common Share | | $ | (0.33 | ) | | $ | 0.11 | |
| |
| | | | | | | | | |
Diluted Earnings (Loss) Per Common Share | | $ | (0.33 | ) | | $ | 0.11 | |
| |
| | | | | | | | | |
Dividends Declared Per Common Share | | $ | 0.01 | | | $ | 0.18 | |
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MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Six Months Ended June 30, |
| Dollars in thousands (except per share data) | | 2009 | | 2008 |
| |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 26,765 | | | $ | 32,199 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 1,742 | | | | 1,633 | |
| Taxable | | | 8,328 | | | | 9,754 | |
| Interest on balances due from banks | | | 27 | | | | — | |
| Interest on federal funds sold | | | — | | | | 1 | |
| |
| Total interest income | | | 36,862 | | | | 43,587 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 10,106 | | | | 13,859 | |
| Interest on borrowed funds | | | 6,358 | | | | 8,148 | |
| |
| Total interest expense | | | 16,464 | | | | 22,007 | |
| |
| | | | | | | | | |
Net Interest Income | | | 20,398 | | | | 21,580 | |
Provision For Loan Losses | | | 12,200 | | | | 3,900 | |
| |
| | | | | | | | | |
Net Interest Income After | | | | | | | | |
Provision For Loan Losses | | | 8,198 | | | | 17,680 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from trust services | | | 1,820 | | | | 2,246 | |
| Service charges and other fees | | | 2,788 | | | | 3,112 | |
| Net gain (loss) on sales of securities | | | 656 | | | | 48 | |
| Other Than Temporary Impairment on securities | | | (6,400 | ) | | | — | |
| Portion of OTTI loss recognized in other comprehensive income (before taxes) | | | 5,631 | | | | — | |
| Origination fees on mortgage loans sold | | | 231 | | | | 284 | |
| Bank Owned Life Insurance income | | | 665 | | | | 630 | |
| Other | | | 1,570 | | | | 1,500 | |
| |
| Total other income | | | 6,961 | | | | 7,820 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 10,834 | | | | 11,023 | |
| Occupancy expense | | | 1,641 | | | | 1,911 | |
| Equipment expense | | | 1,619 | | | | 1,676 | |
| Marketing expense | | | 521 | | | | 597 | |
| Professional fees | | | 867 | | | | 924 | |
| Collection expense | | | 564 | | | | 427 | |
| Net loss on other real estate owned | | | 6,030 | | | | 389 | |
| Other real estate owned expense | | | 766 | | | | 588 | |
| FDIC deposit insurance assessment | | | 1,686 | | | | 168 | |
| Other | | | 2,058 | | | | 2,158 | |
| |
| Total other expenses | | | 26,586 | | | | 19,861 | |
| |
| | | | | | | | | |
Income (Loss) Before Income Taxes | | | (11,427 | ) | | | 5,639 | |
Income Tax Expense (Benefit) | | | (4,687 | ) | | | 1,274 | |
| |
Net Income | | $ | (6,740 | ) | | $ | 4,365 | |
| |
| | | | | | | | | |
Basic Earnings Per Common Share | | $ | (0.42 | ) | | $ | 0.27 | |
| |
| | | | | | | | | |
Diluted Earnings Per Common Share | | $ | (0.42 | ) | | $ | 0.27 | |
| |
| | | | | | | | | |
Dividends Declared Per Common Share | | $ | 0.02 | | | $ | 0.36 | |
| |
