MONROE — The owner of Monroe Bank & Trust, beset with bad loans and a tough economy, Friday reported a loss of $7.5 million in the fourth quarter last year and an annual loss of $11.9 million.
MBT Financial Corp. said that, as bad as the earnings report was, it was better than a year earlier. “The prolonged recession continues to impact our asset quality and earnings,” said Chief Executive H. Douglas Chaffin in a statement.
Its report shows its per-share loss at 72 cents a share last year and $2.11 a share the year before; net interest income of $36.8 million last year, down from $41 million the year before; and provision for loan losses at $20.5 million, down from $36 million the year before.
For the fourth quarter, it reported a loss of 44 cents a share, compared with a loss of $1.55 a share a year earlier.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.