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Published: Friday, 1/28/2011

MBT Corp. reports $7.5M 4th-quarter loss

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.

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