MONROE, Mich.–(GLOBE NEWSWIRE)–MBT Financial Corp., (Nasdaq:MBTF), the parent company of Monroe Bank & Trust, reported a preliminary net loss of $144,000 ($0.01 per share), in the fourth quarter of 2017, compared to a profit of $3,578,000 ($0.16 per share, basic and diluted), in the fourth quarter of 2016. The profit for the year ended December 31, 2017 is $10,609,000, compared to $14,501,000 for 2016. The Company recorded Federal income Tax Expense of $5,559,000 in the fourth quarter, which included $4,278,000 to adjust the value of its deferred tax assets following the enactment of the Tax Cuts and Jobs Act of 2017. When adjusting for non-recurring items such as negative loan loss provisions, gains and losses on securities, a life insurance benefit, and an adjustment to the wealth management fee income accrual, the adjusted operating income for 2017 was $19,509,000, an increase of 18.4% compared to $16,472,000 earned in 2016.
In addition, the Company announced that it will pay a quarterly dividend of $0.06 per common share and a special dividend of $0.60 per common share. The dividends will be paid as a single distribution on February 15, 2018 to shareholders of record as of February 8, 2018. This is compared to the quarterly dividend of $0.05 and special dividend of $0.70 paid in the same quarter last year.
The Company also announced that its Board of Directors authorized the repurchase of up to 2 million shares of its common stock. This represents 8.7% of the shares currently outstanding. Repurchases may be conducted from time to time in the open market or through privately negotiated transactions. The authorization commences February 1, 2018 and expires January 31, 2020. The authorization replaces a two year authorization to repurchase up to 2 million shares that is set to expire on January 31, 2018. During that authorization, 192,080 shares were repurchased.