MBT Financial Corp. of Monroe, Mich., revised its fourth-quarter and full-year earnings to reflect a $740,000 addition to its loan-loss allowance.
Processing Content
In an announcement made after the market closed Tuesday, the $1.6 billion-asset MBT said it reduced its net income for the quarter by $480,000, to $5.2 million. The earnings fell 5% from the same quarter a year earlier. Revised diluted earnings per share fell 6% from a year earlier, to 29 cents.
The revised full-year earnings fell 20% from 2004, to $18 million. Diluted earnings per share also fell 20%, to $1.03.
MBT said that it increased the allowance after it received financial information from a commercial borrower that was inconsistent with information that had previously been provided.
