MBT Financial Corp (MBTF) has reported 6.11 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.18 million, or $0.14 a share in the quarter, compared with $3 million, or $0.13 a share for the same period last year. Revenue during the quarter went down marginally by 0.65 percent to $13.62 million from $13.70 million in the previous year period. Net interest income for the quarter rose 3.28 percent over the prior year period to $9.60 million. Non-interest income for the quarter fell 7.15 percent over the last year period to $3.82 million.
MBT Financial Corp has made negative provision of $0.20 million for loan losses during the quarter, compared with a negative provision of $0.30 million in the same period last year.
Net interest margin improved 12 basis points to 3.21 percent in the quarter from 3.09 percent in the last year period. Efficiency ratio for the quarter improved to 66.43 percent from 69.75 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
H. Douglas Chaffin, president and chief executive officer, commented, “We are off to a good start in 2017, with the loan growth, the improvement in the net interest margin, the reduction in classified assets, and the reduction in non-interest expenses. We plan to continue our focus on each of these items in 2017, as well as improving our non-interest income. Today’s dividend declaration represents a conservative 36% payout of our profits for the quarter, reflecting our efforts to actively manage our capital while we look for the right opportunities to grow throughout our existing branch network and strategic acquisitions. We remain confident in our ability to maintain our position as the premier independent provider of financial services in the communities we serve, despite challenges in our current environment."
Liabilities outpace assets growthTotal assets stood at $1,346.55 million as on Mar. 31, 2017, up 0.93 percent compared with $1,334.13 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,217 million as on Mar. 31, 2017, up 2.12 percent from $1,191.71 million on Mar. 31, 2016. Loans outpace deposit growthNet loans stood at $654.59 million as on Mar. 31, 2017, up 7.76 percent compared with $607.43 million on Mar. 31, 2016. Deposits stood at $1,203.07 million as on Mar. 31, 2017, up 3.47 percent compared with $1,162.73 million on Mar. 31, 2016. Investments stood at $521.66 million as on Mar. 31, 2017, up 1.57 percent or $8.05 million from year-ago. Shareholders equity stood at $129.55 million as on Mar. 31, 2017, down 9.04 percent or $12.87 million from year-ago.
Return on average assets moved up 6 basis points to 0.97 percent in the quarter from 0.91 percent in the last year period. At the same time, return on average equity increased 126 basis points to 9.83 percent in the quarter from 8.57 percent in the last year period.
Nonperforming assets moved down 39.24 percent or $10.80 million to $16.73 million on Mar. 31, 2017 from $27.53 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 1.24 percent in the quarter, down from 2.06 percent in the last year period.
Average equity to average assets ratio was 9.87 percent for the quarter, down from 10.65 percent for the previous year quarter. Book value per share was $5.67 for the quarter, down 8.84 percent or $0.55 compared to $6.22 for the same period last year.
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