MBT Financial’s profit at $1.1M for 1st quarter
4/27/2013MONROE — MBT Financial Corp., parent of Monroe Bank & Trust, posted a first-quarter profit of $1.1 million, down about 8 percent from the same period last year. On a per-share basis, the company earned 6 cents.
The company said net interest income fell about 10 percent on a lower interest margin. However, noninterest income rose more than 11 percent. Part of that was because of a 137 percent increase on origination fees for mortgage loans.
MBT expects gains in earnings as economic conditions improve, said H. Douglas Chaffin, company president and chief executive. “Loan demand was not sufficient to replace payments, but our existing commercial loan pipeline remains strong compared to a year ago,” he said. “When loan growth resumes, it will help our net interest margin and net interest income improve also. We continue to have a solid deposit base, a very liquid balance sheet, and adequate capital, so we are well-positioned for increased lending activity."