MONROE — MBT Financial Corp. reported a profit of $25.5 million in 2013, though nearly three-quarters of that came from a one-time tax benefit in the year’s third quarter. MBT Financial Corp. is the parent company of Monroe Bank & Trust.
On a per-share basis, that works out to $1.41 per share. In 2012, MBT reported a profit of $8.5 million, or 49 cents per share.
Fourth-quarter earnings were $1.6 million, or 9 cents per share. In 2012, fourth-quarter earnings were $5.7 million, or 33 cents per share, though that included a $5 million one-time tax benefit.
MBT, which was hit hard by the real estate crash in Michigan, said improving loan quality allowed the company to reduce its allowance for loan and lease losses by $1.1 million in 2013, helping improve its fourth-quarter results.