8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2019

MBT FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Michigan	000-30973	38-3516922
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

102 East Front Street, Monroe, Michigan	48161
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (734) 241-3431

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MBTF	NASDAQ-Global Select

Item 2.02.     Results of Operations and Financial Condition.

On July 25, 2019, Registrant issued a press release announcing its quarterly dividend and preliminary results of operations and financial condition for and as of the quarter and six months ended June 30, 2019, unaudited. The press release is furnished herewith as Exhibit No. 99.

Item 9.01.     Financial Statements and Exhibits.

(d)      Exhibits

The following exhibits are furnished herewith:
               

Exhibit Number	Exhibit Description
99	Press Release dated July 25, 2019 announcing Registrant’s quarterly dividend and preliminary results of operations and financial condition for and as of the quarter and six months ended June 30, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized

		MBT FINANCIAL CORP.
Date: July 25, 2019	By:	/s/ John L. Skibski
		John L. Skibski
		Executive Vice President and
		Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Exhibit Description
99	Press Release dated July 25, 2019 announcing Registrant’s quarterly dividend and preliminary results of operations and financial condition for and as of the quarter and six months ended June 30, 2019.

EX-99

EXHIBIT 99

102 E. Front St., Monroe, MI 48161

PRESS RELEASE

July 25, 2019

MBT Financial Corp. Announces Preliminary Second Quarter 2019 Highlights and Dividend Increase

Monroe, Mich. – MBT Financial Corp. (NASDAQ: MBTF), the parent company of Monroe Bank & Trust, reported a preliminary second quarter 2019 profit of $6,337,000, or $0.27 per share (basic and diluted). This represents a 28.1% increase compared to the $4,945,000 ($0.22 per share, basic, and $0.21 per share, diluted) recorded in the second quarter of 2018.

The company also announced that it will pay a quarterly dividend of $0.11 per common share on August 15, 2019 to shareholders of record as of August 8, 2019. This is an increase of $0.01 per share compared to the regular dividend paid in the same quarter last year.

The Net Interest Income for the second quarter of 2019 increased $1,024,000, or 9.5% compared to the second quarter of 2018 as the Net Interest Margin improved from 3.65% to 3.87%. Non-interest income in the second quarter of 2019 included a gain of $517,000 from a Bank Owned Life Insurance claim. Excluding the BOLI claim in the second quarter of 2019 and gains on the sales of Other Real Estate Owned in the second quarter of 2018, non-interest income increased 1.4%, from $3,886,000 to $3,942,000. Non-interest expense decreased $645,000, or 7.0%, in part because we have begun to achieve some of the cost reductions expected due to our upcoming merger with First Merchants Bank. Excluding the BOLI claim, net income for the second quarter of 2019 was $5,820,000, or $0.25 per share, basic and diluted.

Total assets of the company decreased $10.3 million, or 0.8%, compared to December 31, 2018, to $1.327 billion. Capital increased $7.8 million during the first half of 2019, total loans increased $0.3 million, and total deposits decreased $11.9 million, or 1.0%. The loan pipeline remains strong at $77 million, and the amount of unfunded loan commitments increased from $131 million at the end of 2018 to $139 million at the end of the second quarter of 2019.

H. Douglas Chaffin, President and CEO, commented, “We are making good progress toward closing our previously announced merger with First Merchants Corporation headquartered in Muncie, Indiana. The merger was announced in October, 2018 and is expected to close during the third quarter of 2019. This merger will provide tremendous benefits to our customers, shareholders and communities, and we look forward to continuing the legacy of exceptional customer service, local responsiveness, and strong community engagement that has defined Monroe Bank and Trust for 160 years.”

About the Company:

MBT Financial Corp. (NASDAQ:MBTF), a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust. Founded in 1858, Monroe Bank & Trust helps customers’ remarkable stories unfold through an uncommon, optimistic culture. As one of the largest community banks in Southeast Michigan, with over $1.3 billion in assets, this full-service bank offers a complete range of business and personal accounts, mobile and online banking, offices and ATMs across Monroe and Wayne Counties, credit and mortgage options, investment and retirement services and award-winning community outreach. The bank believes in its customers, helping them with everything from day-to-day needs to long-term goals, and is ranked fourth among all Michigan banks for total trust assets. The bank believes in its communities, supporting over 300 organizations with sponsorships and also more than 8,000 employee volunteer hours through the Monroe Bank & Trust ENLIST Volunteerism program. The bank believes in the power of knowledge, helping thousands of students and adults thrive through the Monroe Bank & Trust Financial Education program. Monroe Bank & Trust is proud to be a trusted partner to communities and clients, and an employer of choice. We are Monroe Bank & Trust, and we believe in the story of you.

On October 10, 2018, the Company announced that it signed a definitive agreement to merge with First Merchants Corporation (NASDAQ: FRME), headquartered in Muncie, Indiana. The merger is expected to close in the third quarter of 2019, so the Company will not be providing its typical detailed earnings announcement and investor conference call. First Merchants announced their second quarter results and hosted a conference call earlier today. For information about First Merchants and the merger, and to access a replay of their call, please see the Investor Relations link on www.firstmerchants.com.

For more information about Monroe Bank & Trust, visit www.monroe.bank or contact:

Doug Chaffin	John Skibski
President & CEO	Executive Vice President & CFO
(734) 384-8123	(734) 242-1879
doug.chaffin@monroe.bank	john.skibski@monroe.bank

MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
	Quarter Ended June 30,					Six Months Ended June 30,
Dollars in thousands (except per share data)	2019		2018			2019			2018
Interest Income
Interest and fees on loans	$	9,714	$	8,736		$	19,285		$	16,953
Interest on investment securities-
Tax-exempt		171		443			467			847
Taxable		380		2,087			1,554			4,297
Interest on balances due from banks		2,213		58			3,422			183
Total interest income		12,478		11,324			24,728			22,280
Interest Expense
Interest on deposits		557		400			1,125			814
Interest on borrowed funds		64		91			128			97
Total interest expense		621		491			1,253			911
Net Interest Income		11,857		10,833			23,475			21,369
Provision For (Recovery Of) Loan Losses		-		-			-			(100	)
Net Interest Income After
Provision For (Recovery Of) Loan Losses		11,857		10,833			23,475			21,469
Other Income
Income from wealth management services		1,197		1,178			2,358			2,363
Service charges and other fees		855		955			1,677			1,901
Debit Card income		799		786			1,500			1,506
Net gain on sales of securities		-		(1	)		(11,646	)		(102	)
Net gain (loss) on other real estate owned		4		517			13			536
Origination fees on mortgage loans sold		119		92			188			154
Bank Owned Life Insurance income		851		349			1,189			702
Other		634		527			1,293			1,127
Total other income		4,459		4,403			(3,428	)		8,187
Other Expenses
Salaries and employee benefits		5,305		5,371			11,369			11,333
Occupancy expense		654		620			1,383			1,341
Equipment expense		896		874			1,809			1,667
Marketing expense		189		467			481			844
Professional fees		459		592			1,302			1,186
EFT/ATM expense		297		288			588			547
Other real estate owned expense		4		21			26			36
FDIC deposit insurance assessment		91		92			180			199
Bonding and other insurance expense		73		137			502			269
Telephone expense		78		74			158			149
Other		495		650			1,053			1,407
Total other expenses		8,541		9,186			18,851			18,978
Profit Before Income Taxes		7,775		6,050			1,196			10,678
Income Tax Expense		1,438		1,105			-			1,831
Net Profit	$	6,337	$	4,945		$	1,196		$	8,847
Basic Earnings Per Common Share	$	0.27	$	0.22		$	0.05		$	0.39
Diluted Earnings Per Common Share	$	0.27	$	0.21		$	0.05		$	0.38
Dividends Declared Per Common Share	$	0.10	$	0.07		$	0.20		$	0.73

MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
	(Unaudited)
Dollars in thousands	June 30, 2019			December 31, 2018
Assets
Cash and Cash Equivalents
Cash and due from banks
Non-interest bearing	$	16,934		$	17,058
Interest bearing		321,684			34,784
Total cash and cash equivalents		338,618			51,842
Interest Bearing Time Deposits in Other Banks		100			10,796
Securities - Available for Sale		116,440			401,613
Equity Securities		7,478			7,415
Loans held for sale		-			488
Loans		769,413			768,660
Allowance for Loan Losses		(7,623	)		(7,771	)
Loans - Net		761,790			760,889
Accrued interest receivable and other assets		15,445			16,743
Other Real Estate Owned		27			692
Bank Owned Life Insurance		59,313			59,563
Premises and Equipment - Net		27,336			26,850
Total assets	$	1,326,547		$	1,336,891
Liabilities
Deposits:
Non-interest bearing	$	309,309		$	297,704
Interest-bearing		861,691			885,206
Total deposits		1,171,000			1,182,910
Federal Home Loan Bank advances		10,000			10,000
Accrued interest payable and other liabilities		10,110			16,314
Total liabilities		1,191,110			1,209,224
Shareholders' Equity
Common stock (no par value)		23,658			23,453
Retained Earnings		110,510			113,921
Accumulated other comprehensive loss		1,269			(9,707	)
Total shareholders' equity		135,437			127,667
Total liabilities and shareholders' equity	$	1,326,547		$	1,336,891