EXHIBIT 99
MBT Financial Corp. Reports Third Quarter 2006 Loss
MONROE, Mich.,October 19, 2006 – MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a third quarter net loss of $1,118,000, or $0.07 per share, basic and diluted. This is consistent with our estimate of a six to nine cent loss that was announced on September 28, and is a decrease from the $0.15 per share profit earned in the third quarter of 2005. Year to date earnings were $32,000, down from $12.8 million in the first nine months of 2005 ($0.00 versus $0.74 per share, basic and diluted). The loss in the third quarter was due to the previously announced sale of $25 million of problem credit assets at a loss of $10.4 million. The sale included non performing loans, performing loans, and Other Real Estate Owned (OREO).
H. Douglas Chaffin, President and CEO, commented, “In the third quarter we decided to aggressively reduce our non performing assets by selling a large pool of credit related assets at auction. Although we improved our lending policies, procedures, and staff over the past few years, we continued to struggle with resolving some long time problem credit relationships. This sale eliminated credits within our portfolio that we considered to have the most significant downside risk. This will enable us to focus on our remaining problem and NPA portfolio through more traditional methods.” Non performing assets decreased from $32.5 million to $19.3 million during the third quarter and now represent 1.21% of total assets compared to 2.03% as of June 30, 2006. The Allowance for Loan Losses is $13.5 million, or 1.34% of total loans as of September 30, 2006.
Mr. Chaffin further commented on the Company’s core earnings for the quarter. “Net Interest Income decreased $1.7 million compared to the third quarter of 2005. The persistent flattening of the yield curve that began early in 2005 continues to put significant pressure on our net interest margin, with our funding costs rising considerably faster than our asset yields. We have attempted to manage the increase in our funding costs by pricing our deposit products to be more closely aligned with the national market, which is low in relation to our local competition. This has restricted our deposit growth. However, we continue to experience growth in non interest income even though local economic conditions are causing a decrease in mortgage origination activity and fees. Excluding mortgage origination fees and securities gains and losses, all other non interest income increased 2.9% compared to the third quarter of 2005.”
Mr. Chaffin added, “The interest rate environment and the economic conditions in southeast Michigan are not favorable for bank growth. We do see some areas of growth in our markets, and we opened a new branch on the west side of Dundee this week. Dundee is the fastest growing community in Monroe County, and we are proud to be the first bank to serve that community with two branches. In addition, we are pleased to announce that we will be making an investment in a new bank that is being formed in Oakland County. We will be a minority shareholder in First Michigan Bancorp, Inc., the parent of First Michigan Bank (FMB), which recently received regulatory approval. We look forward to a prosperous relationship with FMB. Although our investment is a relatively small one at less than 5% of the Initial Public Offering, we expect to be able to provide assistance to them by participating on their larger credit relationships. Our Downriver offices continue to provide a significant portion of new loan volume as we continue to grow market share among traditional commercial and industrial businesses. We also recently moved into our new headquarters building in downtown Monroe. The new building adds approximately 45,000 square feet of office space and it houses our commercial loan, wealth management, and various administrative departments.”
Total assets were $1.59 billion at September 30, 2006, a decrease of 1.4% from a year earlier. Loans grew $36.0 million, or 3.7% over the year, funded by a decrease of $61.1 million in investment securities. Deposits decreased $20.6 million, or
1.8% over the same period. Shareholders’ equity at September 30, 2006 was $140.0 million, a twelve-month decrease of $14.2 million due to the decrease in the market value of securities available for sale and the repurchase of over 426,000 shares of stock over the past twelve months. Average equity to assets for the third quarter was 8.93% and total shares outstanding at quarter end were 16,873,671. Mr. Chaffin concluded, “Our strong capital position makes it possible for us to take advantage of strategic opportunities, such as the NPA sale, First Michigan investment, Dundee branch, and new headquarters. It also helps us get through difficult economic periods while continuing to provide our shareholders with strong dividend performance. We recently increased our quarterly dividend for the 24th consecutive year, and we continued to be classified as ‘well capitalized’ by the banking regulators.”
Conference Call
MBT Financial Corp. will hold a conference call to discuss third quarter results on Friday, October 20, 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) 407-8031. The event will be archived on the Company’s web site and available for three months following the call.
About the Company
MBT Financial Corp., 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 $1.6 billion in assets. MBT is a full service bank offering personal and business accounts and complete credit options, and MBT’s Wealth Management Group is one of the largest in the area. With 26 offices, 39 ATMs, PhoneLink telephone banking and eLink online banking, MBT prides itself on an incomparable level of service and access for its customers. Visit MBT’s web site at http://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.
| | | | | |
| FOR FURTHER INFORMATION: | | | | |
| H. Douglas Chaffin | | John L. Skibski | | Herbert J. Lock |
| Chief Executive Officer | | Chief Financial Officer | | Investor Relations |
| (734) 384-8123 | | (734) 242-1879 | | (734) 242-2603 |
doug.chaffin@mbandt.com | | john.skibski@mbandt.com | | herb.lock@mbandt.com |
MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS — UNAUDITED
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarterly | |
| | | 2006 | | | 2006 | | | 2006 | | | 2005 | | | 2005 | |
| (dollars in thousands except per share data) | | 3rd Qtr | | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | 3rd Qtr | |
EARNINGS | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 11,380 | | | $ | 11,922 | | | $ | 12,168 | | | $ | 12,686 | | | $ | 13,113 | |
| FTE Net interest income | | $ | 11,803 | | | $ | 12,369 | | | $ | 12,650 | | | $ | 13,243 | | | $ | 13,659 | |
| Provision for loan and lease losses | | $ | 7,950 | | | $ | 6,675 | | | $ | 675 | | | $ | 1,606 | | | $ | 4,100 | |
| Non-interest income | | $ | 3,723 | | | $ | (1,240 | ) | | $ | 3,584 | | | $ | 3,656 | | | $ | 3,683 | |
| Non-interest expense | | $ | 9,418 | | | $ | 10,052 | | | $ | 8,489 | | | $ | 7,856 | | | $ | 9,023 | |
| Net income (loss) | | $ | (1,118 | ) | | $ | (3,576 | ) | | $ | 4,726 | | | $ | 5,160 | | | $ | 2,571 | |
| Basic earnings (loss) per share | | $ | (0.07 | ) | | $ | (0.21 | ) | | $ | 0.28 | | | $ | 0.30 | | | $ | 0.15 | |
| Diluted earnings (loss) per share | | $ | (0.07 | ) | | $ | (0.21 | ) | | $ | 0.28 | | | $ | 0.29 | | | $ | 0.15 | |
| Average shares outstanding | | | 16,872,826 | | | | 16,969,365 | | | | 17,111,913 | | | | 17,222,943 | | | | 17,282,699 | |
| Average diluted shares outstanding | | | 16,894,504 | | | | 17,000,563 | | | | 17,162,737 | | | | 17,274,577 | | | | 17,366,349 | |
| | | | | | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | |
| Return on average assets | | | -0.28 | % | | | -0.90 | % | | | 1.17 | % | | | 1.26 | % | | | 0.64 | % |
| Return on average common equity | | | -3.15 | % | | | -9.61 | % | | | 12.67 | % | | | 13.22 | % | | | 6.45 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Base Margin | | | 2.95 | % | | | 3.08 | % | | | 3.13 | % | | | 3.20 | % | | | 3.32 | % |
| FTE Adjustment | | | 0.11 | % | | | 0.12 | % | | | 0.13 | % | | | 0.14 | % | | | 0.14 | % |
| Loan Fees | | | 0.10 | % | | | 0.09 | % | | | 0.09 | % | | | 0.11 | % | | | 0.15 | % |
| | | | | | | | | | | | | | | | |
| FTE Net Interest Margin | | | 3.16 | % | | | 3.29 | % | | | 3.35 | % | | | 3.45 | % | | | 3.61 | % |
| |
| Efficiency ratio | | | 55.94 | % | | | 53.73 | % | | | 52.22 | % | | | 45.10 | % | | | 43.09 | % |
| Full-time equivalent employees | | | 416 | | | | 418 | | | | 416 | | | | 413 | | | | 421 | |
| | | | | | | | | | | | | | | | | | | | | |
CAPITAL | | | | | | | | | | | | | | | | | | | | |
| Average equity to average assets | | | 8.93 | % | | | 9.34 | % | | | 9.27 | % | | | 9.54 | % | | | 9.88 | % |
| Book value per share | | $ | 8.30 | | | $ | 8.23 | | | $ | 8.76 | | | $ | 8.82 | | | $ | 8.93 | |
| Cash dividend per share | | $ | 0.18 | | | $ | 0.17 | | | $ | 0.17 | | | $ | 0.17 | | | $ | 0.17 | |
| | | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | |
| Loan Charge-Offs | | $ | 12,407 | | | $ | 3,880 | | | $ | 744 | | | $ | 1,423 | | | $ | 4,575 | |
| Loan Recoveries | | $ | 497 | | | $ | 504 | | | $ | 648 | | | $ | 877 | | | $ | 465 | |
| | | | | | | | | | | | | | | | |
| Net Charge-Offs | | $ | 11,910 | | | $ | 3,376 | | | $ | 96 | | | $ | 546 | | | $ | 4,110 | |
| | | | | | | | | | | | | | | | | | | | | |
| Allowance for loan and lease losses | | $ | 13,542 | | | $ | 17,502 | | | $ | 14,204 | | | $ | 13,625 | | | $ | 12,565 | |
| | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual Loans | | $ | 13,334 | | | $ | 22,132 | | | $ | 16,553 | | | $ | 16,212 | | | $ | 14,872 | |
| Loans 90 days past due | | $ | 99 | | | $ | 85 | | | $ | 91 | | | $ | 101 | | | $ | 100 | |
| Restructured loans | | $ | 944 | | | $ | 2,485 | | | $ | 1,847 | | | $ | 1,813 | | | $ | 2,731 | |
| | | | | | | | | | | | | | | | |
| Total nonperforming loans | | $ | 14,377 | | | $ | 24,702 | | | $ | 18,491 | | | $ | 18,126 | | | $ | 17,703 | |
| Other real estate owned | | $ | 4,873 | | | $ | 7,748 | | | $ | 8,395 | | | $ | 8,336 | | | $ | 8,894 | |
| Nonperforming investment securities | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| Total nonperforming assets | | $ | 19,250 | | | $ | 32,450 | | | $ | 26,886 | | | $ | 26,462 | | | $ | 26,597 | |
| Problem Loans Still Performing | | $ | 39,782 | | | $ | 55,202 | | | $ | 63,937 | | | $ | 64,041 | | | $ | 57,504 | |
| | | | | | | | | | | | | | | | |
| Total problem assets | | $ | 59,032 | | | $ | 87,652 | | | $ | 90,823 | | | $ | 90,503 | | | $ | 84,101 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net loan charge-offs to average loans | | | 4.61 | % | | | 1.33 | % | | | 0.04 | % | | | 0.22 | % | | | 1.70 | % |
| Allowance for losses to total loans | | | 1.34 | % | | | 1.71 | % | | | 1.42 | % | | | 1.38 | % | | | 1.29 | % |
| Nonperforming assets to Gross Loans | | | 1.91 | % | | | 3.17 | % | | | 2.68 | % | | | 2.67 | % | | | 2.73 | % |
| Nonperforming assets to total assets | | | 1.21 | % | | | 2.03 | % | | | 1.66 | % | | | 1.62 | % | | | 1.65 | % |
| Allowance to nonperforming assets | | | 70.35 | % | | | 53.94 | % | | | 52.83 | % | | | 51.49 | % | | | 47.24 | % |
| | | | | | | | | | | | | | | | | | | | | |
END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 1,008,914 | | | $ | 1,024,813 | | | $ | 1,003,757 | | | $ | 989,311 | | | $ | 972,936 | |
| Total earning assets | | $ | 1,473,804 | | | $ | 1,479,252 | | | $ | 1,509,020 | | | $ | 1,528,020 | | | $ | 1,507,371 | |
| Total assets | | $ | 1,588,374 | | | $ | 1,598,665 | | | $ | 1,615,099 | | | $ | 1,638,356 | | | $ | 1,610,286 | |
| Deposits | | $ | 1,124,784 | | | $ | 1,116,030 | | | $ | 1,147,385 | | | $ | 1,184,710 | | | $ | 1,145,411 | |
| Interest Bearing Liabilities | | $ | 1,284,862 | | | $ | 1,305,280 | | | $ | 1,294,008 | | | $ | 1,298,094 | | | $ | 1,295,735 | |
| Shareholders’ equity | | $ | 140,017 | | | $ | 138,823 | | | $ | 149,392 | | | $ | 151,619 | | | $ | 154,219 | |
| Total Shares Outstanding | | | 16,873,671 | | | | 16,871,683 | | | | 17,059,170 | | | | 17,197,116 | | | | 17,272,923 | |
| | | | | | | | | | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 1,025,729 | | | $ | 1,017,097 | | | $ | 997,756 | | | $ | 977,770 | | | $ | 969,498 | |
| Total earning assets | | $ | 1,480,840 | | | $ | 1,506,062 | | | $ | 1,530,018 | | | $ | 1,523,391 | | | $ | 1,499,601 | |
| Total assets | | $ | 1,578,802 | | | $ | 1,597,107 | | | $ | 1,631,602 | | | $ | 1,623,108 | | | $ | 1,600,591 | |
| Deposits | | $ | 1,113,447 | | | $ | 1,115,672 | | | $ | 1,171,907 | | | $ | 1,163,964 | | | $ | 1,139,831 | |
| Interest Bearing Liabilities | | $ | 1,291,485 | | | $ | 1,298,117 | | | $ | 1,308,967 | | | $ | 1,299,820 | | | $ | 1,279,137 | |
| Shareholders’ equity | | $ | 140,954 | | | $ | 149,195 | | | $ | 151,268 | | | $ | 154,857 | | | $ | 158,097 | |
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Quarter Ended September 30, |
| Dollars in thousands (except per share data) | | 2006 | | 2005 |
| |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 18,080 | | | $ | 16,841 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 1,041 | | | | 1,242 | |
| Taxable | | | 5,039 | | | | 5,037 | |
| Interest on federal funds sold | | | 5 | | | | 57 | |
| |
| Total interest income | | | 24,165 | | | | 23,177 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 7,954 | | | | 6,218 | |
| Interest on borrowed funds | | | 4,831 | | | | 3,846 | |
| |
| Total interest expense | | | 12,785 | | | | 10,064 | |
| |
| | | | | | | | | |
Net Interest Income | | | 11,380 | | | | 13,113 | |
Provision For Loan Losses | | | 7,950 | | | | 4,100 | |
| |
| | | | | | | | | |
Net Interest Income After | | | | | | | | |
Provision For Loan Losses | | | 3,430 | | | | 9,013 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from trust services | | | 1,060 | | | | 1,045 | |
| Service charges and other fees | | | 1,591 | | | | 1,555 | |
| Net gain (loss) on sales of securities | | | 6 | | | | (13 | ) |
| Origination fees on mortgage loans sold | | | 152 | | | | 232 | |
| Bank Owned Life Insurance income | | | 310 | | | | 276 | |
| Other | | | 604 | | | | 588 | |
| |
| Total other income | | | 3,723 | | | | 3,683 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 4,728 | | | | 4,368 | |
| Occupancy expense | | | 805 | | | | 723 | |
| Other | | | 3,885 | | | | 3,932 | |
| |
| Total other expenses | | | 9,418 | | | | 9,023 | |
| |
| | | | | | | | | |
Income (Loss) Before Income Taxes | | | (2,265 | ) | | | 3,673 | |
Income Tax Expense (Benefit) | | | (1,147 | ) | | | 1,102 | |
| |
Net Income (Loss) | | $ | (1,118 | ) | | $ | 2,571 | |
| |
| | | | | | | | | |
Basic Earnings (Loss) Per Common Share | | $ | (0.07 | ) | | $ | 0.15 | |
| |
| |
Diluted Earnings (Loss) Per Common Share | | $ | (0.07 | ) | | $ | 0.15 | |
| |
| |
Dividends Declared Per Common Share | | $ | 0.18 | | | $ | 0.17 | |
| |
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME — UNAUDITED
| | | | | | | | | |
| | | Nine Months Ended September 30, |
| Dollars in thousands (except per share data) | | 2006 | | 2005 |
| |
Interest Income | | | | | | | | |
| Interest and fees on loans | | $ | 53,089 | | | $ | 47,595 | |
| Interest on investment securities- | | | | | | | | |
| Tax-exempt | | | 3,283 | | | | 3,764 | |
| Taxable | | | 15,401 | | | | 14,468 | |
| Interest on federal funds sold | | | 60 | | | | 188 | |
| |
| Total interest income | | | 71,833 | | | | 66,015 | |
| |
| | | | | | | | | |
Interest Expense | | | | | | | | |
| Interest on deposits | | | 22,717 | | | | 16,623 | |
| Interest on borrowed funds | | | 13,646 | | | | 10,966 | |
| |
| Total interest expense | | | 36,363 | | | | 27,589 | |
| |
| | | | | | | | | |
Net Interest Income | | | 35,470 | | | | 38,426 | |
Provision For Loan Losses | | | 15,300 | | | | 5,300 | |
| |
| | | | | | | | | |
Net Interest Income After | | | | | | | | |
Provision For Loan Losses | | | 20,170 | | | | 33,126 | |
| |
| | | | | | | | | |
Other Income | | | | | | | | |
| Income from trust services | | | 3,192 | | | | 3,132 | |
| Service charges and other fees | | | 4,621 | | | | 4,331 | |
| Net gain (loss) on sales of securities | | | (4,901 | ) | | | 273 | |
| Origination fees on mortgage loans sold | | | 428 | | | | 537 | |
| Bank Owned Life Insurance income | | | 885 | | | | 824 | |
| Other | | | 1,842 | | | | 1,696 | |
| |
| Total other income | | | 6,067 | | | | 10,793 | |
| |
| | | | | | | | | |
Other Expenses | | | | | | | | |
| Salaries and employee benefits | | | 15,246 | | | | 13,915 | |
| Occupancy expense | | | 2,284 | | | | 2,507 | |
| Other | | | 10,429 | | | | 9,540 | |
| |
| Total other expenses | | | 27,959 | | | | 25,962 | |
| |
| | | | | | | | | |
Income (Loss) Before Income Taxes | | | (1,722 | ) | | | 17,957 | |
Income Tax Expense (Benefit) | | | (1,754 | ) | | | 5,138 | |
| |
Net Income | | $ | 32 | | | $ | 12,819 | |
| |
| | | | | | | | | |
Basic Earnings Per Common Share | | $ | — | | | $ | 0.74 | |
| |
| | | | | | | | | |
Diluted Earnings Per Common Share | | $ | — | | | $ | 0.74 | |
| |
| | | | | | | | | |
Dividends Declared Per Common Share | | $ | 0.52 | | | $ | 0.49 | |
| |
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | |
| | | Sept. 30, 2006 | | December 31, | | Sept. 30, 2005 |
| Dollars in thousands | | (Unaudited) | | 2005 | | (Unaudited) |
| |
Assets | | | | | | | | | | | | |
| Cash and Cash Equivalents Cash and due from banks | | $ | 25,850 | | | $ | 32,330 | | | $ | 28,399 | |
| Federal funds sold | | | — | | | | 5,000 | | | | 1,000 | |
| |
| Total cash and cash equivalents | | | 25,850 | | | | 37,330 | | | | 29,399 | |
| | | | | | | | | | | | | |
| Securities — Held to Maturity | | | 61,562 | | | | 76,467 | | | | 75,528 | |
| Securities — Available for Sale | | | 390,196 | | | | 444,021 | | | | 444,686 | |
| Federal Home Loan Bank stock — at cost | | | 13,132 | | | | 13,221 | | | | 13,221 | |
| Loans held for sale | | | 913 | | | | 434 | | | | 640 | |
| Loans — Net | | | 994,459 | | | | 975,252 | | | | 959,731 | |
| Accrued interest receivable and other assets | | | 30,379 | | | | 28,748 | | | | 26,738 | |
| Bank Owned Life Insurance | | | 39,374 | | | | 36,252 | | | | 35,976 | |
| Premises and Equipment — Net | | | 32,509 | | | | 26,631 | | | | 24,367 | |
| |
| Total assets | | $ | 1,588,374 | | | $ | 1,638,356 | | | $ | 1,610,286 | |
| |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Non-interest bearing | | $ | 152,522 | | | $ | 178,116 | | | $ | 151,376 | |
| Interest-bearing | | | 972,262 | | | | 1,006,594 | | | | 994,035 | |
| |
| Total deposits | | | 1,124,784 | | | | 1,184,710 | | | | 1,145,411 | |
| | | | | | | | | | | | | |
| Federal Home Loan Bank advances | | | 256,500 | | | | 256,500 | | | | 256,500 | |
| Federal funds purchased | | | 16,100 | | | | — | | | | 10,200 | |
| Repurchase agreements | | | 40,000 | | | | 35,000 | | | | 35,000 | |
| Interest payable and other liabilities | | | 10,973 | | | | 10,527 | | | | 8,956 | |
| |
| Total liabilities | | | 1,448,357 | | | | 1,486,737 | | | | 1,456,067 | |
| |
| | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | |
| Common stock (no par value) | | | — | | | | — | | | | — | |
| Additional paid-in capital | | | 9,341 | | | | 14,417 | | | | 15,836 | |
| Retained Earnings | | | 133,430 | | | | 142,205 | | | | 139,968 | |
| Accumulated other comprehensive income | | | (2,754 | ) | | | (5,003 | ) | | | (1,585 | ) |
| |
| Total stockholders’ equity | | | 140,017 | | | | 151,619 | | | | 154,219 | |
| |
| Total liabilities and stockholders’ equity | | $ | 1,588,374 | | | $ | 1,638,356 | | | $ | 1,610,286 | |
| |
