EXHIBIT 99
MBT Financial Corp. AnnouncesThirdQuarter2015 Profit
MONROE, Mich., October 26, 2015 – MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a net profit of $3,006,000 ($0.13 per share, basic and diluted), in the third quarter of 2015, compared to a profit of $1,712,000 ($0.08 per share, basic and $0.07 per share, diluted), in the third quarter of 2014. The net profit for the nine months ended September 30, 2015 was $8,068,000 ($0.35 per share, basic and diluted), compared to $5,166,000 ($0.24 per share, basic and $0.23 per share, diluted) in the nine months ended September 30, 2014.
Earnings for the Company improved this quarter due to improvements in net interest income, non-interest income, and non-interest expenses. The net interest margin decreased from 3.17% in the third quarter of 2014 to 3.11% in the third quarter of 2015, but the average amount of interest earning assets increased $65.6 million. As a result, net interest income improved by 4.2% in the third quarter of 2015 compared to the third quarter of 2014.
The provision for loan losses increased $500,000 compared to the third quarter of 2014 from a recovery of $700,000 in 2014 to a recovery of $200,000 this quarter. Improving asset quality and recoveries of loans previously charged off allowed the bank to maintain an adequate Allowance for Loan Losses while recording its second negative quarterly provision in 2015. Loans charged off during the quarter totaled $192,000, while $309,000 was recovered on loans charged off previously. Total Loans increased $14.5 million during the first three quarters of 2015, but the continued improvement in asset quality enabled the Company to reduce the Allowance for Loan and Lease Losses from 2.24% of loans at the end of 2014 to 2.08% as of the end of the third quarter.
Non-interest income increased $1.9 million, or 87.2% in the third quarter of 2015 compared to the third quarter of 2014. Excluding gains and losses from securities and other real estate transactions, non-interest income increased $147,000, or 3.9% as deposit account fees, debit card income, and mortgage loan origination fees all increased.
Total non-interest expenses decreased $196,000, or 2.1% in the third quarter of 2015 compared to the third quarter of 2014. Expenses related to Other Real Estate Owned decreased $128,000 or 68.4% due to the decrease in the number of properties owned. FDIC insurance decreased $63,000 or 22.9% as the assessment rate decreased when the FDIC and the State of Michigan terminated the Bank’s informal regulatory agreement in 2015.
Total assets of the company increased $38.1 million, or 3.0% compared to December 31, 2014. Total loans increased $14.5 million since the end of 2014. Capital increased $11.6 million since the end of last year primarily due to the year to date profit of $8.1 million. The Accumulated Other Comprehensive Income (AOCI) component of capital increased $3.3 million compared to the end of 2014. The AOCI increased mainly due to an increase in the market values of our investment securities that are classified as available for sale. The ratio of equity to assets increased from 10.52% at the end of 2014 to 11.10% at September 30, 2015. The Bank’s Tier 1 Leverage ratio increased from 9.55% as of December 31, 2014 to 10.63% as of September 30, 2015.
H. Douglas Chaffin, President and CEO, commented, “We are pleased with our results for the first three quarters of 2015, and we believe that our balance sheet is positioned to produce better earnings results when interest rates increase. While we remain concerned about the effect of global and national issues on our local economy, we plan to continue our efforts to improve profitability by growing our loan portfolio and improving our operational efficiency. After the end of the third quarter we began an efficiency initiative that will provide meaningful expense reductions beginning in the first quarter of 2016. Our current environment still presents challenges, but 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 third quarter results on Tuesday, October 27, 2015, 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 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 #10073255. The replay will be available until November 27, 2015 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 (“MBT”). Founded in 1858, MBT is one of the largest independently owned community banks in Southeast Michigan. With over $1.3 billion in assets, MBT is a full-service bank, offering a complete range of business and personal accounts, credit and mortgage options, investment and retirement services and award-winning financial literacy outreach. MBT employee volunteers contribute approximately 9,000 hours of community service annually. MBT’s Commercial Lending Group is a top SBA and MEDC lending partner. MBT’s Wealth Management Group (“WMG”) is one of the largest and most respected in Michigan. The Michigan Bankers Association ranks MBT fourth among all Michigan banks for total trust assets. With offices and ATMs in Monroe, Wayne, and Lenawee Counties, convenient mobile and online banking, a robust online and social media presence and a comprehensive array of products and services, MBT prides itself in offering World Class Banking with a Local Address. Visit MBT’s website atwww.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 | |
| | | 2015 | | | 2015 | | | 2015 | | | 2014 | | | 2014 | | | | | | | | | |
(dollars in thousands except per share data) | | 3rd Qtr | | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | 3rd Qtr | | | 2015 | | | 2014 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 9,224 | | | $ | 9,081 | | | $ | 9,342 | | | $ | 8,802 | | | $ | 8,852 | | | $ | 27,647 | | | $ | 25,899 | |
FTE Net interest income | | $ | 9,358 | | | $ | 9,213 | | | $ | 9,474 | | | $ | 8,934 | | | $ | 8,989 | | | $ | 28,045 | | | $ | 26,322 | |
Provision for loan and lease losses | | $ | (200 | ) | | $ | - | | | $ | (800 | ) | | $ | - | | | $ | (700 | ) | | $ | (1,000 | ) | | $ | (500 | ) |
Non interest income | | $ | 3,978 | | | $ | 3,805 | | | $ | 3,625 | | | $ | 3,980 | | | $ | 2,125 | | | $ | 11,408 | | | $ | 9,373 | |
Non interest expense | | $ | 9,166 | | | $ | 9,730 | | | $ | 9,819 | | | $ | 9,815 | | | $ | 9,362 | | | $ | 28,715 | | | $ | 28,852 | |
Net income | | $ | 3,006 | | | $ | 2,285 | | | $ | 2,777 | | | $ | 2,149 | | | $ | 1,712 | | | $ | 8,068 | | | $ | 5,166 | |
Basic earnings per share | | $ | 0.13 | | | $ | 0.10 | | | $ | 0.12 | | | $ | 0.09 | | | $ | 0.08 | | | $ | 0.35 | | | $ | 0.24 | |
Diluted earnings per share | | $ | 0.13 | | | $ | 0.10 | | | $ | 0.12 | | | $ | 0.09 | | | $ | 0.07 | | | $ | 0.35 | | | $ | 0.23 | |
Average shares outstanding | | | 22,748,974 | | | | 22,733,739 | | | | 22,721,845 | | | | 22,697,204 | | | | 22,691,593 | | | | 22,734,952 | | | | 21,911,996 | |
Average diluted shares outstanding | | | 22,949,063 | | | | 22,931,544 | | | | 22,906,334 | | | | 22,956,549 | | | | 22,986,918 | | | | 22,916,444 | | | | 22,203,459 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | 0.93 | % | | | 0.72 | % | | | 0.89 | % | | | 0.70 | % | | | 0.56 | % | | | 0.84 | % | | | 0.57 | % |
Return on average common equity | | | 8.48 | % | | | 6.48 | % | | | 8.28 | % | | | 6.45 | % | | | 5.21 | % | | | 7.74 | % | | | 5.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Margin | | | 3.05 | % | | | 3.04 | % | | | 3.10 | % | | | 3.07 | % | | | 3.09 | % | | | 3.07 | % | | | 3.09 | % |
FTE Adjustment | | | 0.04 | % | | | 0.04 | % | | | 0.05 | % | | | 0.05 | % | | | 0.05 | % | | | 0.04 | % | | | 0.05 | % |
Loan Fees | | | 0.02 | % | | | 0.04 | % | | | 0.12 | % | | | 0.02 | % | | | 0.03 | % | | | 0.06 | % | | | 0.03 | % |
FTE Net Interest Margin | | | 3.11 | % | | | 3.12 | % | | | 3.27 | % | | | 3.14 | % | | | 3.17 | % | | | 3.17 | % | | | 3.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Efficiency ratio | | | 67.83 | % | | | 73.18 | % | | | 73.66 | % | | | 75.19 | % | | | 71.66 | % | | | 71.54 | % | | | 74.51 | % |
Full-time equivalent employees | | | 346 | | | | 350 | | | | 355 | | | | 366 | | | | 370 | | | | 350 | | | | 369 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CAPITAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average equity to average assets | | | 10.96 | % | | | 11.09 | % | | | 10.70 | % | | | 10.78 | % | | | 10.71 | % | | | 10.92 | % | | | 10.16 | % |
Book value per share | | $ | 6.42 | | | $ | 6.11 | | | $ | 6.17 | | | $ | 5.92 | | | $ | 5.76 | | | $ | 6.42 | | | $ | 5.76 | |
Cash dividend per share | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loan Charge-Offs | | $ | 192 | | | $ | 407 | | | $ | 322 | | | $ | 455 | | | $ | 3,353 | | | $ | 921 | | | $ | 5,689 | |
Loan Recoveries | | $ | 309 | | | $ | 295 | | | $ | 1,105 | | | $ | 533 | | | $ | 2,182 | | | $ | 1,709 | | | $ | 3,110 | |
Net Charge-Offs | | $ | (117 | ) | | $ | 112 | | | $ | (783 | ) | | $ | (78 | ) | | $ | 1,171 | | | $ | (788 | ) | | $ | 2,579 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses | | $ | 12,996 | | | $ | 13,079 | | | $ | 13,191 | | | $ | 13,208 | | | $ | 13,130 | | | $ | 12,996 | | | $ | 13,130 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nonaccrual Loans | | $ | 10,623 | | | $ | 11,135 | | | $ | 12,329 | | | $ | 13,040 | | | $ | 13,351 | | | $ | 10,623 | | | $ | 13,351 | |
Loans 90 days past due | | $ | 6 | | | $ | - | | | $ | 3 | | | $ | 10 | | | $ | 7 | | | $ | 6 | | | $ | 7 | |
Restructured loans | | $ | 20,972 | | | $ | 22,812 | | | $ | 22,788 | | | $ | 22,896 | | | $ | 24,094 | | | $ | 20,972 | | | $ | 24,094 | |
Total non performing loans | | $ | 31,601 | | | $ | 33,947 | | | $ | 35,120 | | | $ | 35,946 | | | $ | 37,452 | | | $ | 31,601 | | | $ | 37,452 | |
Other real estate owned & other assets | | $ | 2,154 | | | $ | 4,237 | | | $ | 4,893 | | | $ | 5,633 | | | $ | 6,043 | | | $ | 2,154 | | | $ | 6,043 | |
Nonaccrual Investment Securities | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
Total non performing assets | | $ | 33,755 | | | $ | 38,184 | | | $ | 40,013 | | | $ | 41,579 | | | $ | 43,495 | | | $ | 33,755 | | | $ | 43,495 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Classified Loans | | $ | 34,948 | | | $ | 41,952 | | | $ | 46,668 | | | $ | 48,978 | | | $ | 48,662 | | | $ | 34,948 | | | $ | 48,662 | |
Other real estate owned & other assets | | $ | 2,154 | | | $ | 4,237 | | | $ | 4,893 | | | $ | 5,633 | | | $ | 6,043 | | | $ | 2,154 | | | $ | 6,043 | |
Classified Investment Securities | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
Total classified assets | | $ | 37,102 | | | $ | 46,189 | | | $ | 51,561 | | | $ | 54,611 | | | $ | 54,705 | | | $ | 37,102 | | | $ | 54,705 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loan charge-offs to average loans | | | -0.07 | % | | | 0.07 | % | | | -0.52 | % | | | -0.05 | % | | | 0.78 | % | | | -0.17 | % | | | 0.58 | % |
Allowance for loan losses to total loans | | | 2.08 | % | | | 2.09 | % | | | 2.13 | % | | | 2.16 | % | | | 2.24 | % | | | 2.08 | % | | | 2.24 | % |
Non performing loans to gross loans | | | 5.05 | % | | | 5.43 | % | | | 5.67 | % | | | 5.88 | % | | | 6.39 | % | | | 5.05 | % | | | 6.39 | % |
Non performing assets to total assets | | | 2.56 | % | | | 2.96 | % | | | 3.06 | % | | | 3.25 | % | | | 3.47 | % | | | 2.56 | % | | | 3.47 | % |
Classified assets to total capital | | | 24.54 | % | | | 31.36 | % | | | 35.70 | % | | | 41.64 | % | | | 42.73 | % | | | 24.54 | % | | | 42.73 | % |
Allowance to non performing loans | | | 41.13 | % | | | 38.53 | % | | | 37.56 | % | | | 36.74 | % | | | 35.06 | % | | | 41.13 | % | | | 35.06 | % |
END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and leases | | $ | 625,406 | | | $ | 625,172 | | | $ | 619,385 | | | $ | 610,880 | | | $ | 586,152 | | | $ | 625,406 | | | $ | 586,152 | |
Total earning assets | | $ | 1,212,892 | | | $ | 1,177,475 | | | $ | 1,196,949 | | | $ | 1,160,371 | | | $ | 1,135,016 | | | $ | 1,212,892 | | | $ | 1,135,016 | |
Total assets | | $ | 1,316,719 | | | $ | 1,292,104 | | | $ | 1,307,053 | | | $ | 1,278,657 | | | $ | 1,251,812 | | | $ | 1,316,719 | | | $ | 1,251,812 | |
Deposits | | $ | 1,136,809 | | | $ | 1,121,280 | | | $ | 1,135,312 | | | $ | 1,111,811 | | | $ | 1,089,484 | | | $ | 1,136,809 | | | $ | 1,089,484 | |
Interest Bearing Liabilities | | $ | 904,297 | | | $ | 898,116 | | | $ | 914,569 | | | $ | 908,590 | | | $ | 894,753 | | | $ | 904,297 | | | $ | 894,753 | |
Shareholders' equity | | $ | 146,154 | | | $ | 138,864 | | | $ | 140,208 | | | $ | 134,536 | | | $ | 130,652 | | | $ | 146,154 | | | $ | 130,652 | |
Tier 1 Capital (Bank) | | $ | 138,163 | | | $ | 134,215 | | | $ | 131,235 | | | $ | 117,944 | | | $ | 114,898 | | | $ | 138,163 | | | $ | 114,898 | |
Total Shares Outstanding | | | 22,761,327 | | | | 22,741,898 | | | | 22,730,647 | | | | 22,718,077 | | | | 22,694,906 | | | | 22,761,327 | | | | 22,694,906 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and leases | | $ | 624,921 | | | $ | 621,010 | | | $ | 615,994 | | | $ | 606,060 | | | $ | 597,771 | | | $ | 620,676 | | | $ | 597,699 | |
Total earning assets | | $ | 1,190,561 | | | $ | 1,183,291 | | | $ | 1,176,825 | | | $ | 1,131,448 | | | $ | 1,124,988 | | | $ | 1,183,612 | | | $ | 1,111,019 | |
Total assets | | $ | 1,283,384 | | | $ | 1,275,744 | | | $ | 1,270,661 | | | $ | 1,225,996 | | | $ | 1,217,640 | | | $ | 1,276,642 | | | $ | 1,202,540 | |
Deposits | | $ | 1,130,807 | | | $ | 1,121,658 | | | $ | 1,124,633 | | | $ | 1,085,325 | | | $ | 1,079,425 | | | $ | 1,125,723 | | | $ | 1,068,156 | |
Interest Bearing Liabilities | | $ | 903,648 | | | $ | 906,725 | | | $ | 917,079 | | | $ | 880,276 | | | $ | 884,832 | | | $ | 909,102 | | | $ | 883,221 | |
Shareholders' equity | | $ | 140,619 | | | $ | 141,507 | | | $ | 135,971 | | | $ | 132,121 | | | $ | 130,404 | | | $ | 139,382 | | | $ | 122,203 | |
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
| | | Quarter Ended September 30, | | | | | | | Nine Months Ended September 30, | | | | | |
Dollars in thousands (except per share data) | | 2015 | | | 2014 | | | 2015 | | | 2014 | |
Interest Income | | | | | | | | | | | | | | | | |
Interest and fees on loans | | $ | 7,225 | | | $ | 7,255 | | | $ | 21,811 | | | $ | 21,355 | |
Interest on investment securities- | | | | | | | | | | | | | | | | |
Tax-exempt | | | 278 | | | | 288 | | | | 826 | | | | 892 | |
Taxable | | | 2,437 | | | | 2,222 | | | | 7,301 | | | | 6,540 | |
Interest on balances due from banks | | | 24 | | | | 32 | | | | 64 | | | | 86 | |
Total interest income | | | 9,964 | | | | 9,797 | | | | 30,002 | | | | 28,873 | |
| | | | | | | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | | | | | |
Interest on deposits | | | 562 | | | | 767 | | | | 1,826 | | | | 2,423 | |
Interest on borrowed funds | | | 178 | | | | 178 | | | | 529 | | | | 551 | |
Total interest expense | | | 740 | | | | 945 | | | | 2,355 | | | | 2,974 | |
| | | | | | | | | | | | | | | | | |
Net Interest Income | | | 9,224 | | | | 8,852 | | | | 27,647 | | | | 25,899 | |
Provision For Loan Losses | | | (200 | ) | | | (700 | ) | | | (1,000 | ) | | | (500 | ) |
| | | | | | | | | | | | | | | | | |
Net Interest Income After | | | | | | | | | | | | | | | | |
Provision For Loan Losses | | | 9,424 | | | | 9,552 | | | | 28,647 | | | | 26,399 | |
| | | | | | | | | | | | | | | | | |
Other Income | | | | | | | | | | | | | | | | |
Income from wealth management services | | | 1,163 | | | | 1,194 | | | | 3,576 | | | | 3,496 | |
Service charges and other fees | | | 1,134 | | | | 1,054 | | | | 3,058 | | | | 2,954 | |
Debit Card income | | | 594 | | | | 557 | | | | 1,749 | | | | 1,588 | |
Net gain on sales of securities | | | 16 | | | | (1,020 | ) | | | 274 | | | | (744 | ) |
Net gain (loss) on other real estate owned | | | 36 | | | | (634 | ) | | | (248 | ) | | | (964 | ) |
Origination fees on mortgage loans sold | | | 184 | | | | 80 | | | | 450 | | | | 230 | |
Bank Owned Life Insurance income | | | 358 | | | | 357 | | | | 991 | | | | 1,062 | |
Other real estate owned rent | | | 68 | | | | 99 | | | | 205 | | | | 364 | |
Other | | | 425 | | | | 438 | | | | 1,353 | | | | 1,387 | |
Total other income | | | 3,978 | | | | 2,125 | | | | 11,408 | | | | 9,373 | |
| | | | | | | | | | | | | | | | | |
Other Expenses | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 5,694 | | | | 5,631 | | | | 17,318 | | | | 17,163 | |
Occupancy expense | | | 648 | | | | 626 | | | | 2,074 | | | | 2,040 | |
Equipment expense | | | 708 | | | | 723 | | | | 2,232 | | | | 2,002 | |
Marketing expense | | | 267 | | | | 225 | | | | 821 | | | | 640 | |
Professional fees | | | 481 | | | | 681 | | | | 1,607 | | | | 1,620 | |
Other real estate owned expense | | | 59 | | | | 187 | | | | 364 | | | | 887 | |
FDIC deposit insurance assessment | | | 212 | | | | 275 | | | | 1,055 | | | | 1,535 | |
Bonding and other insurance expense | | | 203 | | | | 258 | | | | 660 | | | | 777 | |
Telephone expense | | | 113 | | | | 108 | | | | 317 | | | | 355 | |
Other | | | 781 | | | | 648 | | | | 2,267 | | | | 1,833 | |
Total other expenses | | | 9,166 | | | | 9,362 | | | | 28,715 | | | | 28,852 | |
| | | | | | | | | | | | | | | | | |
Profit Before Income Taxes | | | 4,236 | | | | 2,315 | | | | 11,340 | | | | 6,920 | |
Income Tax Expense | | | 1,230 | | | | 603 | | | | 3,272 | | | | 1,754 | |
Net Profit | | $ | 3,006 | | | $ | 1,712 | | | $ | 8,068 | | | $ | 5,166 | |
| | | | | | | | | | | | | | | | | |
Basic Earnings Per Common Share | | $ | 0.13 | | | $ | 0.08 | | | $ | 0.35 | | | $ | 0.24 | |
| | | | | | | | | | | | | | | | | |
Diluted Earnings Per Common Share | | $ | 0.13 | | | $ | 0.07 | | | $ | 0.35 | | | $ | 0.23 | |
| | | | | | | | | | | | | | | | | |
Dividends Declared Per Common Share | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
| | | (Unaudited) | | | | | |
Dollars in thousands | | September 30, 2015 | | | December 31, 2014 | |
Assets | | | | | | | | |
Cash and Cash Equivalents | | | | | | | | |
Cash and due from banks | | | | | | | | |
Non-interest bearing | | $ | 8,205 | | | $ | 15,957 | |
Interest bearing | | | 58,220 | | | | 36,165 | |
Total cash and cash equivalents | | | 66,425 | | | | 52,122 | |
| | | | | | | | | |
Securities - Held to Maturity | | | 37,492 | | | | 32,613 | |
Securities - Available for Sale | | | 487,626 | | | | 473,176 | |
Federal Home Loan Bank stock - at cost | | | 4,148 | | | | 7,537 | |
Loans held for sale | | | 1,597 | | | | 548 | |
| | | | | | | | | |
Loans | | | 623,809 | | | | 610,332 | |
Allowance for Loan Losses | | | (12,996 | ) | | | (13,208 | ) |
Loans - Net | | | 610,813 | | | | 597,124 | |
| | | | | | | | | |
Accrued interest receivable and other assets | | | 25,275 | | | | 29,465 | |
Other Real Estate Owned | | | 2,154 | | | | 5,615 | |
Bank Owned Life Insurance | | | 52,730 | | | | 51,825 | |
Premises and Equipment - Net | | | 28,459 | | | | 28,632 | |
Total assets | | $ | 1,316,719 | | | $ | 1,278,657 | |
| | | | | | | | | |
Liabilities | | | | | | | | |
Deposits: | | | | | | | | |
Non-interest bearing | | $ | 247,512 | | | $ | 218,221 | |
Interest-bearing | | | 889,297 | | | | 893,590 | |
Total deposits | | | 1,136,809 | | | | 1,111,811 | |
| | | | | | | | | |
Repurchase agreements | | | 15,000 | | | | 15,000 | |
Accrued interest payable and other liabilities | | | 18,756 | | | | 17,310 | |
Total liabilities | | | 1,170,565 | | | | 1,144,121 | |
| | | | | | | | | |
Shareholders' Equity | | | | | | | | |
Common stock (no par value) | | | 23,345 | | | | 23,037 | |
Retained Earnings | | | 122,200 | | | | 114,132 | |
Unearned Compensation | | | (15 | ) | | | - | |
Accumulated other comprehensive income (loss) | | | 624 | | | | (2,633 | ) |
Total shareholders' equity | | | 146,154 | | | | 134,536 | |
Total liabilities and shareholders' equity | | $ | 1,316,719 | | | $ | 1,278,657 | |
FOR FURTHER INFORMATION: | | |
H. Douglas Chaffin | John L. Skibski | Julian J. Broggio |
Chief Executive Officer | Chief Financial Officer | Director of Marketing |
(734) 384-8123 | (734) 242-1879 | (734) 240-2341 |
doug.chaffin@mbandt.com | john.skibski@mbandt.com | julian.broggio@mbandt.com |
