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MBT Financial Q1 net income down

MBT Financial, the parent company of Monroe Bank & Trust, has reported net income of $2.6 million for the first quarter of 2008, compared to net income of $3.7 million for the first quarter of 2007.

The company reported earnings of $0.16 per diluted share for Q1 2008, compared to $0.22 per diluted share for Q1 2007.

Douglas Chaffin, president and CEO of MBT Financial, said: Non-performing assets increased from $46.5 million to $55.4 million during the first quarter and total problem assets increased from $87.5 million to $95.9 million.

Net charge offs during the quarter were 1.51% of loans, annualized, and we increased our allowance for loan losses from 1.42% of loans to 1.78% over the last 12 months. Our strong capital position allowed us to pay a quarterly dividend that exceeded our earnings and represents an annualized yield near 8% on our current stock price.