MBT Financial Corp. (NASDAQ: MBTF) changed 2.33% to recent value of $10.54. The stock transacted 66041 shares during most recent day however it has an average volume of 110.35K shares. It spotted trading -15.61% off 52-week high price. On the other end, the stock has been noted 20.46% away from the low price over the last 52-weeks.
On July 25, 2019, MBT Financial Corp. (NASDAQ: MBTF), the parent company of Monroe Bank & Trust, reported a preliminary second quarter 2019 profit of $6,337,000, or $0.27 per share (basic and diluted). This represents a 28.1% increase compared to the $4,945,000 ($0.22 per share, basic, and $0.21 per share, diluted) recorded in the second quarter of 2018.
The company also announced that it will pay a quarterly dividend of $0.11 per common share on August 15, 2019 to shareholders of record as of August 8, 2019. This is an increase of $0.01 per share compared to the regular dividend paid in the same quarter last year.
The Net Interest Income for the second quarter of 2019 increased $1,024,000, or 9.5% compared to the second quarter of 2018 as the Net Interest Margin improved from 3.65% to 3.87%. Non-interest income in the second quarter of 2019 included a gain of $517,000 from a Bank Owned Life Insurance claim. Excluding the BOLI claim in the second quarter of 2019 and gains on the sales of Other Real Estate Owned in the second quarter of 2018, non-interest income increased 1.4%, from $3,886,000 to $3,942,000. Non-interest expense decreased $645,000, or 7.0%, in part because we have begun to achieve some of the cost reductions expected due to our upcoming merger with First Merchants Bank. Excluding the BOLI claim, net income for the second quarter of 2019 was $5,820,000, or $0.25 per share, basic and diluted.
Total assets of the company decreased $10.3 million, or 0.8%, compared to December 31, 2018, to $1.327 billion. Capital increased $7.8 million during the first half of 2019, total loans increased $0.3 million, and total deposits decreased $11.9 million, or 1.0%. The loan pipeline remains strong at $77 million, and the amount of unfunded loan commitments increased from $131 million at the end of 2018 to $139 million at the end of the second quarter of 2019.
H. Douglas Chaffin, President and CEO, commented, We are making good progress toward closing our previously announced merger with First Merchants Corporation headquartered in Muncie, Indiana. The merger was announced in October, 2018 and is expected to close during the third quarter of 2019. This merger will provide tremendous benefits to our customers, shareholders and communities, and we look forward to continuing the legacy of exceptional customer service, local responsiveness, and strong community engagement that has defined Monroe Bank and Trust for 160 years.
About the Company:
MBT Financial Corp. (NASDAQ:MBTF) a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust. Founded in 1858, Monroe Bank & Trust helps customers’ remarkable stories unfold through an uncommon, optimistic culture. As one of the largest community banks in Southeast Michigan, with over $1.3 billion in assets, this full-service bank offers a complete range of business and personal accounts, mobile and online banking, offices and ATMs across Monroe and Wayne Counties, credit and mortgage options, investment and retirement services and award-winning community outreach. The bank believes in its customers, helping them with everything from day-to-day needs to long-term goals, and is ranked fourth among all Michigan banks for total trust assets. The bank believes in its communities, supporting over 300 organizations with sponsorships and also more than 8,000 employee volunteer hours through the Monroe Bank & Trust ENLIST Volunteerism program. The bank believes in the power of knowledge, helping thousands of students and adults thrive through the Monroe Bank & Trust Financial Education program. Monroe Bank & Trust is proud to be a trusted partner to communities and clients, and an employer of choice. We are Monroe Bank & Trust, and we believe in the story of you.
MBTF has a an operating margin of 92.80% while its profit margin remained 37.20% for the last 12 months. Its earnings per share (EPS) expected to touch remained 18.60% for this year.
The company has 22.51M of outstanding shares and 17.82M shares were floated in the market. The price moved ahead of 2.65% from the mean of 20 days, 6.33% from mean of 50 days SMA and performed 0.88% from mean of 200 days price. Company’s performance for the week was 2.63%, 6.46% for month and YTD performance remained 13.33%.
Michael Kelly
Category - Finance
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Address: 10441 East Us Highway 223, Blissfield, MI 49228, USA
Email: [email protected]
Zip code: 49228
Contact # 517-456-8130