MBT Financial Corp (MBTF) has reported 22.65 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.69 million, or $0.16 a share in the quarter, compared with $3.01 million, or $0.13 a share for the same period last year. Revenue during the quarter grew 6.36 percent to $14.25 million from $13.40 million in the previous year period. Net interest income for the quarter rose 3.15 percent over the prior year period to $9.52 million. Non-interest income for the quarter rose 1.53 percent over the last year period to $4.04 million.
MBT Financial Corp has made negative provision of $0.70 million for loan losses during the quarter, compared with a negative provision of $0.20 million in the same period last year.
Net interest margin was stable at 3.11 percent in the quarter, when compared with the last year period. Efficiency ratio for the quarter improved to 65.59 percent from 67.83 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, "Our results this quarter are a product of our continued focus on growth and cost control, along with improvements in the local economy and our portfolio. We have been effective at growing the loan book and net interest income, while controlling non-interest expense. We plan to continue growing loans and fee income, as we also improve our operational efficiency. We will also continue to actively manage our capital, along with looking for the right opportunities to fund growth, 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 $1,343.03 million as on Sep. 30, 2016, up 2 percent compared with $1,316.72 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,195.36 million as on Sep. 30, 2016, up 2.12 percent from $1,170.56 million on Sep. 30, 2015. Loans outpace deposit growthNet loans stood at $646.40 million as on Sep. 30, 2016, up 5.83 percent compared with $610.81 million on Sep. 30, 2015. Deposits stood at $1,180.46 million as on Sep. 30, 2016, up 3.84 percent compared with $1,136.81 million on Sep. 30, 2015. Investments stood at $508.30 million as on Sep. 30, 2016, down 3.20 percent or $16.82 million from year-ago. Shareholders equity stood at $147.66 million as on Sep. 30, 2016, up 1.03 percent or $1.51 million from year-ago.
Return on average assets moved up 17 basis points to 1.10 percent in the quarter from 0.93 percent in the last year period. At the same time, return on average equity increased 150 basis points to 9.98 percent in the quarter from 8.48 percent in the last year period.
Nonperforming assets moved down 28.32 percent or $9.56 million to $24.20 million on Sep. 30, 2016 from $33.76 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.80 percent in the quarter, down from 2.56 percent in the last year period.
Average equity to average assets ratio was 11.05 percent for the quarter, up from 10.96 percent for the previous year quarter. Book value per share was $6.49 for the quarter, up 1.09 percent or $0.07 compared to $6.42 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
