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 |
