Wednesday, Jun 29, 2016
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Economy

BUSINESS BRIEF

MBT Financial reports $1.8M profit in 1st quarter

MONROE — MBT Financial Corp. reported a profit of $1.8 million, or 8 cents per share, in the first quarter as interest revenue improved and the bank's provision for loan losses decreased. MBT is the parent company of Monroe Bank & Trust.

In the first quarter of 2013, the company has a profit of $1.1 million, or 6 cents per share.

“As the economic conditions continue to improve, we are seeing an improvement in loan demand. New loan activity was good in the first quarter and our existing commercial loan pipeline remains strong. We expect loan growth to resume soon, and that will help our net interest margin and net interest income improve also,” H. Douglas Chaffin, president and CEO, said in a statement.

MBT said its provisions for loan losses fell from $1,500,000 in the first quarter of 2013 to $100,000 in the first quarter of 2014.

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