Saturday, Jul 23, 2016
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Economy

MBT reports lower quarter

MONROE - MBT Financial Corp., parent of Monroe Bank & Trust, reported third-quarter profit yesterday of $2.6 million, or 15 cents a share, down 58 percent from $6.1 million, or 35 cents a share, reported for the same quarter last year.

The company attributed the decline to a previously announced special charge to earnings because of losses incurred from the sale of some real estate and to an increase in its provision for loan losses.

That increase, to $4.1 million from $600,000, meant the company had net interest income of $9 million, compared with $13 million for the quarter a year ago, and assets of $1.61 billion, compared with $1.6 billion a year earlier.

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