Monroe bank's quarterly loss dboules year ago

MONROE — The parent of Monroe Bank & Trust Co. said Monday that its second-quarter financial loss was less than in the first quarter but almost twice that in the same period a year ago.

MBT Financial Corp. said after the stock market closed that it lost $783,000, or 5 cents a share, in the April-June period, down from $4 million in the first quarter but double its $372,000, or 2 cents a share, loss from the second quarter of 2010. Net interest income, a key bank revenue source, dropped to $8.6 million from $9.2 million a year earlier. But the company also lowered its provisions for loan losses, to $2.85 million.

H. Douglas Chaffin, chief executive officer, said a slight improvement in the local economy helped improve the Michigan bank’s financial results from early this year. He said the company is developing plans for a stock offering to raise capital; shareholders this spring approved the sale of more stock.