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Mbt Financial Corp (MBTF) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Mbt Financial Corp

CIK: 1118237 Ticker: MBTF

 

EXHIBIT 99

 

 

MBT Financial Corp. Announces Fourth Quarter and Full Year 2013 Profit

 

MONROE, Mich., January 30, 2014 – MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a pre-tax profit of $2,322,000 for the fourth quarter of 2013, compared to pre-tax profit for the fourth quarter of 2012 of $618,000. Pre-tax profit for the full year 2013 was $7,424,000, compared to the pre-tax profit of $5,042,000 for the full year 2012. Net profit for the fourth quarter totaled $1,640,000 ($0.09 per share, basic and diluted), compared to a net profit of $5,687,000 ($0.33 per share, basic and diluted) for the fourth quarter of 2012. Net profit for the year ended December 31, 2013 was $25,537,000, ($1.43 per share basic and $1.41 per share diluted), compared to $8,545,000, or $0.49 per share (basic and diluted) for the year ended December 31, 2012. The Company reversed $5.0 million of the valuation allowance on its deferred tax asset in the fourth quarter of 2012 and the remaining $18.8 million of the valuation allowance was eliminated in the third quarter of 2013.

 

Earnings for the Company improved this quarter due to an increase in the net interest income and a decrease in the provision for loan losses. The net interest margin increased from 2.92% in the fourth quarter of 2012 to 3.23% in the fourth quarter of 2013 as the cost of funds decreased more than the yield on assets, and the provision for loan losses decreased from $2,500,000 in the fourth quarter of 2012 to $100,000 in the fourth quarter of 2013 due to the significant improvement in asset quality. The improvement in loan quality over the past year allowed the Company to reduce the Allowance for Loan and Lease Losses $1.1 million, lowering the ALLL from 2.75% of loans at the end of 2012 to what remains a robust 2.71% as of the end of 2013.

 

Non-interest income decreased $335,000, or 8.0% in the fourth quarter of 2013 compared to the fourth quarter of 2012. Wealth management fees decreased $74,000, or 6.3% due to an estate settlement fee collected in the fourth quarter of 2012. Mortgage loan origination income decreased $182,000, or 65.5% as higher mortgage rates in 2013 significantly reduced mortgage loan origination activity compared to a year ago.

 

Total non-interest expenses increased $574,000, or 6.1% in the fourth quarter of 2013 compared to the fourth quarter of 2012, primarily due to an increase of $488,000, or 9.4% in salaries and benefits for the incentive compensation accrual and an increase of $288,000, or 46.5% in occupancy expenses for higher maintenance and property tax expenses.

 

The Company remains in the process of an Internal Revenue Service audit for its 2007 through 2010 tax years. There has not been any recent progress on our audit as the IRS is in the process of resolving a variety of issues that affect their audits of financial institutions. While we cannot predict the outcome of the IRS audit, or any appeal we may pursue as a result of an IRS assessment from the audit, we are optimistic that a settlement agreement will be reached without the need to record significant additional tax expense.

 

Total assets of the company decreased $45.3 million compared to December 31, 2012. Cash and investment securities decreased $37.5 million as the Bank used cash and proceeds from investment maturities and sales to retire maturing Federal Home Loan Bank borrowings in 2013. Total loans held for investment decreased $29.7 million since the end of 2012 as loan payments received and a reduction in problem loans exceeded new loan origination. Capital increased $27.1 million since the end of last year as the year to date profit of $25.5 million and the issuance of $12.3 million of common stock were offset by the $10.8 million increase in the Accumulated Other Comprehensive Loss (AOCL). The AOCL increased due to an increase in market yields during 2013 which caused the unrealized loss on investment securities that are classified as available for sale to increase. The ratio of equity to assets increased from 6.59% at the end of 2012 to 9.04% at December 31, 2013, however, the current rules regarding regulatory capital ratios exclude the unrealized gains or losses on securities available for sale and the amount of deferred tax assets that will not be realized in the next four quarters. As a result, the entire increase in equity capital is not reflected in the regulatory capital ratios and the Bank’s Tier 1 Leverage ratio increased from 6.38% as of December 31, 2012 to 8.43% as of December 31, 2013. The Bank remains adequately capitalized as measured by applicable regulatory standards. The company’s liquidity position remains very strong, with cash and investments only decreasing from 43.0% of assets at the end of 2012 to 41.5% at the end of 2013.

 


The following information was filed by Mbt Financial Corp (MBTF) on Thursday, January 30, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets [parenthetical]
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity [parenthetical]
Consolidated Statements Of Operations And Comprehensive Income
Allowance For Loan Losses And Credit Quality Of Loans
Allowance For Loan Losses And Credit Quality Of Loans (details 1)
Allowance For Loan Losses And Credit Quality Of Loans (details 2)
Allowance For Loan Losses And Credit Quality Of Loans (details 3)
Allowance For Loan Losses And Credit Quality Of Loans (details 4)
Allowance For Loan Losses And Credit Quality Of Loans (details 5)
Allowance For Loan Losses And Credit Quality Of Loans (details 6)
Allowance For Loan Losses And Credit Quality Of Loans (details Textual)
Allowance For Loan Losses And Credit Quality Of Loans (details)
Allowance For Loan Losses And Credit Quality Of Loans (tables)
Bank Premises And Equipment
Bank Premises And Equipment (details 1)
Bank Premises And Equipment (details Textual)
Bank Premises And Equipment (details)
Bank Premises And Equipment (tables)
Cash And Due From Banks
Cash And Due From Banks (details Textual)
Deposits
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Disclosures About Fair Value Of Financial Instruments
Disclosures About Fair Value Of Financial Instruments (details)
Disclosures About Fair Value Of Financial Instruments (tables)
Earnings (loss) Per Share
Earnings (loss) Per Share (details Textual)
Earnings (loss) Per Share (details)
Earnings (loss) Per Share (tables)
Fair Value Disclosures
Fair Value Disclosures (details 1)
Fair Value Disclosures (details 2)
Fair Value Disclosures (details Textual)
Fair Value Disclosures (details)
Fair Value Disclosures (tables)
Federal Home Loan Bank Advances And Repurchase Agreements
Federal Home Loan Bank Advances And Repurchase Agreements (details 1)
Federal Home Loan Bank Advances And Repurchase Agreements (details Textual)
Federal Home Loan Bank Advances And Repurchase Agreements (details)
Federal Home Loan Bank Advances And Repurchase Agreements (tables)
Federal Income Taxes
Federal Income Taxes (details 1)
Federal Income Taxes (details 2)
Federal Income Taxes (details Textual)
Federal Income Taxes (details)
Federal Income Taxes (tables)
Financial Instruments With Off-balance Sheet Risk
Financial Instruments With Off-balance Sheet Risk (details Textual)
Financial Instruments With Off-balance Sheet Risk (details)
Financial Instruments With Off-balance Sheet Risk (tables)
Investment Securities
Investment Securities (details 1)
Investment Securities (details 2)
Investment Securities (details Textual)
Investment Securities (details)
Investment Securities (tables)
Loans
Loans (details Textual)
Loans (details)
Loans (tables)
Parent Company
Parent Company (details 1)
Parent Company (details 2)
Parent Company (details Textual)
Parent Company (details)
Parent Company (tables )
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (details)
Quarterly Financial Information (unaudited) (tables)
Regulatory Capital Requirements
Regulatory Capital Requirements (details Textual)
Regulatory Capital Requirements (details)
Regulatory Capital Requirements (tables)
Retirement Plans And Postretirement Benefit Plans
Retirement Plans And Postretirement Benefit Plans (details 1)
Retirement Plans And Postretirement Benefit Plans (details 2)
Retirement Plans And Postretirement Benefit Plans (details 3)
Retirement Plans And Postretirement Benefit Plans (details 4)
Retirement Plans And Postretirement Benefit Plans (details 5)
Retirement Plans And Postretirement Benefit Plans (details Textual)
Retirement Plans And Postretirement Benefit Plans (details)
Retirement Plans And Postretirement Benefit Plans (tables)
Stock Based Compensation Plan
Stock-based Compensation Plan (details 1)
Stock-based Compensation Plan (details 2)
Stock-based Compensation Plan (details 3)
Stock-based Compensation Plan (details 4)
Stock-based Compensation Plan (details Textual)
Stock-based Compensation Plan (details)
Stock-based Compensation Plan (tables)
Stockholders' Equity
Stockholders' Equity (details Textual)
Subsequent Events
Subsequent Events (details Textual)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Textual)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: MBTF
CIK: 1118237
Form Type: 10-K Annual Report
Accession Number: 0001144204-14-015718
Submitted to the SEC: Fri Mar 14 2014 3:24:53 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: National Commercial Banks

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