Attached files
| file | filename |
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| 8-K - FORM 8-K - MBT FINANCIAL CORP | mbtf20161026_8k.htm |
EXHIBIT 99
 |
MBT Financial Corp. Announces
Third Quarter 2016 Profit and Dividend
MONROE, Mich., October 27, 2016 – MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank & Trust, reported a preliminary net profit of $3,687,000 ($0.16 per share, basic and diluted), in the third quarter of 2016, compared to a profit of $3,006,000 ($0.13 per share, basic and diluted), in the third quarter of 2015. Year to date profit is $10,923,000 ($0.48 per share, basic and diluted) compared to $8,068,000 ($0.35 per share, basic and diluted) in the first three quarters of 2015.
The Company also announced that it will pay a dividend of $0.04 per share on November 17, 2016 to shareholders of record as of November 10, 2016. The Company did not pay a dividend in the same period in 2015.
Earnings for the Company improved this quarter due to increases in net interest income and non-interest income and decreases in the provision for loan losses and non-interest expenses compared to the third quarter of 2015. The net interest margin was unchanged at 3.11% in the third quarter of 2016 compared to the third quarter of 2015, however the average amount of interest earning assets increased $43.7 million, and as a result, the net interest income increased $291,000, or 3.2% in the third quarter of 2016 compared to the third quarter of 2015.
The provision for loan losses decreased $500,000 compared to the third quarter of 2015 from a negative expense of $200,000 in the third quarter of 2015 to a negative expense of $700,000 recorded this quarter. Classified assets decreased 16.6% during the third quarter and the analysis of the risk in the loan portfolio indicated a need to reduce the Allowance for Loan Losses again this quarter. Total Loans increased $17.2 million during the third quarter, but the continued improvement in asset quality and historical loss ratios enabled the Company to reduce the Allowance for Loan and Lease Losses from 1.55% of loans at the end of the second quarter to 1.43% as of the end of the third quarter of 2016.
Non-interest income, excluding Other Real Estate and securities gains and losses was unchanged at $3.9 million in the third quarter of 2016 and 2015. Securities gains increased from $16,000 in the third quarter of 2015 to $87,000 in the third quarter of 2016 and total non-interest income increased $61,000 or 1.5% compared to last year.
Total non-interest expenses decreased $192,000, or 2.1% in the third quarter of 2016 compared to the third quarter of 2015. Salaries and benefits decreased $180,000 or 3.2% as a result of the efficiency initiative that reduced our staffing in the fourth quarter of 2015. The FDIC deposit insurance assessment decreased $33,000 and other insurance decreased $85,000 due to the improved financial condition of the bank.
Total assets of the company increased $713,000, or 0.1% compared to December 31, 2015. Capital increased $321,000 during the first nine months of 2016 even though the payment of the special and regular dividends exceeded the net income for the period because the AOCI increased $4.1 million due to the increase in the value of AFS securities. The ratio of equity to assets increased from 10.98% at the end of 2015 to 10.99% at September 30, 2016. The Bank’s Tier 1 Leverage ratio decreased from 10.91% as of December 31, 2015 to 10.52% as of September 30, 2016.
H. Douglas Chaffin, President and CEO, 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.”
Conference Call
MBT Financial Corp. will hold a conference call to discuss the Third Quarter 2016 results on Friday, October 28, 2016, at 10:00 a.m. Eastern Time. The call will be webcast and can be accessed at the Investor Relations/Corporate Profile page of MBT Financial Corp.’s web site www.mbandt.com. The call can also be accessed in the United States by calling toll free (877) 510-3783. The toll free number for callers in Canada is (855) 669-9657 and international callers can access the call at (412) 902-4136. A replay will be available one hour after the conclusion of the call at (877) 344-7529, Conference #10093588. The replay will be available until November 28, 2016 at 9:00 a.m. Eastern. The webcast will be archived on the Company’s web site and available for twelve months following the call.
About the Company:
MBT Financial Corp. (NASDAQ: MBTF), a bank holding company headquartered in Monroe, Michigan, is the parent company of Monroe Bank & Trust (“MBT”). Founded in 1858, MBT is one of the largest independently owned community banks in Southeast Michigan. With over $1.3 billion in assets, MBT is a full-service bank, offering a complete range of business and personal accounts, credit and mortgage options, investment and retirement services and award-winning financial literacy outreach. MBT employee volunteers contribute approximately 9,000 hours of community service annually. MBT’s Commercial Lending Group is a top SBA lending partner. MBT’s Wealth Management Group (“WMG”) is one of the largest and most respected in Michigan. The Michigan Bankers Association ranks MBT fourth among all Michigan banks for total trust assets. With offices and ATMs in Monroe, Lenawee, and Wayne Counties, convenient mobile and online banking, a robust online and social media presence and a comprehensive array of products and services, MBT prides itself in offering World Class Banking with a Local Address. Visit MBT’s website at www.mbandt.com.
Forward-Looking Statements
Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, change in the financial and securities markets, including changes with respect to the market value of our financial assets, the availability of and costs associated with sources of liquidity, and the ability of the Company to resolve or dispose of problem loans. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
MBT FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS - UNAUDITED
|
Quarterly |
Year to Date |
|||||||||||||||||||||||||||
|
2016 |
2016 |
2016 |
2015 |
2015 |
||||||||||||||||||||||||
|
(dollars in thousands except per share data) |
3rd Qtr |
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2016 |
2015 |
|||||||||||||||||||||
|
EARNINGS |
||||||||||||||||||||||||||||
|
Net interest income |
$ | 9,515 | $ | 9,244 | $ | 9,290 | $ | 9,328 | $ | 9,224 | $ | 28,049 | $ | 27,647 | ||||||||||||||
|
FTE Net interest income |
$ | 9,671 | $ | 9,393 | $ | 9,438 | $ | 9,469 | $ | 9,358 | $ | 28,502 | $ | 28,045 | ||||||||||||||
|
Provision for loan and lease losses |
$ | (700 | ) | $ | (200 | ) | $ | (300 | ) | $ | (2,000 | ) | $ | (200 | ) | $ | (1,200 | ) | $ | (1,000 | ) | |||||||
|
Non interest income |
$ | 4,039 | $ | 5,555 | $ | 4,114 | $ | 3,919 | $ | 3,978 | $ | 13,708 | $ | 11,408 | ||||||||||||||
|
Non interest expense |
$ | 8,974 | $ | 8,872 | $ | 9,483 | $ | 9,485 | $ | 9,166 | $ | 27,329 | $ | 28,715 | ||||||||||||||
|
Net income |
$ | 3,687 | $ | 4,239 | $ | 2,997 | $ | 4,014 | $ | 3,006 | $ | 10,923 | $ | 8,068 | ||||||||||||||
|
Basic earnings per share |
$ | 0.16 | $ | 0.19 | $ | 0.13 | $ | 0.18 | $ | 0.13 | $ | 0.48 | $ | 0.35 | ||||||||||||||
|
Diluted earnings per share |
$ | 0.16 | $ | 0.18 | $ | 0.13 | $ | 0.18 | $ | 0.13 | $ | 0.48 | $ | 0.35 | ||||||||||||||
|
Average shares outstanding |
22,733,134 | 22,884,350 | 22,854,556 | 22,764,801 | 22,748,974 | 22,823,682 | 22,734,952 | |||||||||||||||||||||
|
Average diluted shares outstanding |
22,915,278 | 23,049,718 | 23,014,957 | 22,967,108 | 22,949,063 | 22,988,364 | 22,916,444 | |||||||||||||||||||||
|
PERFORMANCE RATIOS |
||||||||||||||||||||||||||||
|
Return on average assets |
1.10 | % | 1.28 | % | 0.91 | % | 1.22 | % | 0.93 | % | 1.10 | % | 0.84 | % | ||||||||||||||
|
Return on average common equity |
9.98 | % | 11.87 | % | 8.57 | % | 10.79 | % | 8.48 | % | 10.15 | % | 7.74 | % | ||||||||||||||
|
Base Margin |
3.07 | % | 3.03 | % | 3.04 | % | 3.04 | % | 3.05 | % | 3.05 | % | 3.06 | % | ||||||||||||||
|
FTE Adjustment |
0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.04 | % | 0.05 | % | 0.04 | % | ||||||||||||||
|
Loan Fees |
-0.01 | % | 0.02 | % | 0.00 | % | 0.02 | % | 0.02 | % | 0.01 | % | 0.06 | % | ||||||||||||||
|
FTE Net Interest Margin |
3.11 | % | 3.10 | % | 3.09 | % | 3.11 | % | 3.11 | % | 3.11 | % | 3.16 | % | ||||||||||||||
|
Efficiency ratio |
65.59 | % | 67.83 | % | 69.75 | % | 72.10 | % | 67.83 | % | 67.71 | % | 71.54 | % | ||||||||||||||
|
Full-time equivalent employees |
281 | 288 | 288 | 297 | 337 | 286 | 347 | |||||||||||||||||||||
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CAPITAL |
||||||||||||||||||||||||||||
|
Average equity to average assets |
11.05 | % | 10.80 | % | 10.65 | % | 11.34 | % | 10.96 | % | 10.84 | % | 10.92 | % | ||||||||||||||
|
Book value per share |
$ | 6.49 | $ | 6.41 | $ | 6.22 | $ | 6.46 | $ | 6.42 | $ | 6.49 | $ | 6.42 | ||||||||||||||
|
Cash dividend per share |
$ | 0.04 | $ | 0.03 | $ | 0.53 | $ | - | $ | - | $ | 0.60 | $ | - | ||||||||||||||
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ASSET QUALITY |
||||||||||||||||||||||||||||
|
Loan Charge-Offs |
$ | 114 | $ | 618 | $ | 209 | $ | 1,191 | $ | 192 | $ | 941 | $ | 921 | ||||||||||||||
|
Loan Recoveries |
$ | 316 | $ | 184 | $ | 150 | $ | 1,091 | $ | 309 | $ | 650 | $ | 1,709 | ||||||||||||||
|
Net Charge-Offs |
$ | (202 | ) | $ | 434 | $ | 59 | $ | 100 | $ | (117 | ) | $ | 291 | $ | (788 | ) | |||||||||||
|
Allowance for loan and lease losses |
$ | 9,405 | $ | 9,903 | $ | 10,537 | $ | 10,896 | $ | 12,996 | $ | 9,405 | $ | 12,996 | ||||||||||||||
|
Nonaccrual Loans |
$ | 6,545 | $ | 7,522 | $ | 8,079 | $ | 8,633 | $ | 10,623 | $ | 6,545 | $ | 10,623 | ||||||||||||||
|
Loans 90 days past due |
$ | 32 | $ | 41 | $ | 17 | $ | 4 | $ | 6 | $ | 32 | $ | 6 | ||||||||||||||
|
Restructured loans |
$ | 15,923 | $ | 16,701 | $ | 17,828 | $ | 18,910 | $ | 20,972 | $ | 15,923 | $ | 20,972 | ||||||||||||||
|
Total non performing loans |
$ | 22,500 | $ | 24,264 | $ | 25,924 | $ | 27,547 | $ | 31,601 | $ | 22,500 | $ | 31,601 | ||||||||||||||
|
Other real estate owned & other assets |
$ | 1,696 | $ | 1,818 | $ | 1,608 | $ | 2,383 | $ | 2,154 | $ | 1,696 | $ | 2,154 | ||||||||||||||
|
Total non performing assets |
$ | 24,196 | $ | 26,082 | $ | 27,532 | $ | 29,930 | $ | 33,755 | $ | 24,196 | $ | 33,755 | ||||||||||||||
|
Classified Loans |
$ | 20,151 | $ | 24,365 | $ | 26,768 | $ | 28,490 | $ | 34,948 | $ | 20,151 | $ | 34,948 | ||||||||||||||
|
Other real estate owned & other assets |
$ | 1,696 | $ | 1,818 | $ | 1,608 | $ | 2,383 | $ | 2,154 | $ | 1,696 | $ | 2,154 | ||||||||||||||
|
Total classified assets |
$ | 21,847 | $ | 26,183 | $ | 28,376 | $ | 30,873 | $ | 37,102 | $ | 21,847 | $ | 37,102 | ||||||||||||||
|
Net loan charge-offs to average loans |
-0.12 | % | 0.28 | % | 0.04 | % | 0.06 | % | -0.07 | % | 0.06 | % | -0.17 | % | ||||||||||||||
|
Allowance for loan losses to total loans |
1.43 | % | 1.55 | % | 1.70 | % | 1.76 | % | 2.08 | % | 1.43 | % | 2.08 | % | ||||||||||||||
|
Non performing loans to gross loans |
3.43 | % | 3.80 | % | 4.19 | % | 4.45 | % | 5.05 | % | 3.43 | % | 5.05 | % | ||||||||||||||
|
Non performing assets to total assets |
1.80 | % | 1.97 | % | 2.06 | % | 2.23 | % | 2.56 | % | 1.80 | % | 2.56 | % | ||||||||||||||
|
Classified assets to total capital |
14.61 | % | 17.70 | % | 19.65 | % | 20.06 | % | 24.55 | % | 14.61 | % | 24.55 | % | ||||||||||||||
|
Allowance to non performing loans |
41.80 | % | 40.81 | % | 40.65 | % | 39.55 | % | 41.13 | % | 41.80 | % | 41.13 | % | ||||||||||||||
|
END OF PERIOD BALANCES |
||||||||||||||||||||||||||||
|
Loans and leases |
$ | 656,445 | $ | 639,199 | $ | 618,613 | $ | 618,785 | $ | 625,406 | $ | 656,445 | $ | 625,406 | ||||||||||||||
|
Total earning assets |
$ | 1,232,863 | $ | 1,214,557 | $ | 1,227,990 | $ | 1,231,128 | $ | 1,212,892 | $ | 1,232,863 | $ | 1,212,892 | ||||||||||||||
|
Total assets |
$ | 1,343,026 | $ | 1,323,415 | $ | 1,334,131 | $ | 1,342,313 | $ | 1,316,719 | $ | 1,343,026 | $ | 1,316,719 | ||||||||||||||
|
Deposits |
$ | 1,180,461 | $ | 1,163,418 | $ | 1,162,733 | $ | 1,165,393 | $ | 1,136,809 | $ | 1,180,461 | $ | 1,136,809 | ||||||||||||||
|
Interest Bearing Liabilities |
$ | 894,697 | $ | 893,027 | $ | 918,593 | $ | 926,598 | $ | 904,297 | $ | 894,697 | $ | 904,297 | ||||||||||||||
|
Shareholders' equity |
$ | 147,662 | $ | 145,623 | $ | 142,424 | $ | 147,341 | $ | 146,154 | $ | 147,662 | $ | 146,154 | ||||||||||||||
|
Tier 1 Capital (Bank) |
$ | 140,131 | $ | 138,059 | $ | 133,870 | $ | 142,997 | $ | 138,163 | $ | 140,131 | $ | 138,163 | ||||||||||||||
|
Total Shares Outstanding |
22,736,116 | 22,728,558 | 22,902,198 | 22,790,707 | 22,761,327 | 22,736,116 | 22,761,327 | |||||||||||||||||||||
|
AVERAGE BALANCES |
||||||||||||||||||||||||||||
|
Loans and leases |
$ | 652,163 | $ | 625,435 | $ | 620,010 | $ | 621,217 | $ | 624,921 | $ | 632,608 | $ | 620,676 | ||||||||||||||
|
Total earning assets |
$ | 1,234,255 | $ | 1,218,569 | $ | 1,227,703 | $ | 1,211,342 | $ | 1,190,561 | $ | 1,226,871 | $ | 1,183,612 | ||||||||||||||
|
Total assets |
$ | 1,329,284 | $ | 1,329,935 | $ | 1,320,975 | $ | 1,302,176 | $ | 1,283,384 | $ | 1,326,739 | $ | 1,276,642 | ||||||||||||||
|
Deposits |
$ | 1,178,941 | $ | 1,173,998 | $ | 1,164,320 | $ | 1,139,475 | $ | 1,130,807 | $ | 1,172,441 | $ | 1,125,723 | ||||||||||||||
|
Interest Bearing Liabilities |
$ | 905,082 | $ | 920,340 | $ | 926,618 | $ | 902,216 | $ | 903,648 | $ | 917,300 | $ | 909,102 | ||||||||||||||
|
Shareholders' equity |
$ | 146,926 | $ | 143,685 | $ | 140,684 | $ | 147,626 | $ | 140,619 | $ | 143,776 | $ | 139,382 | ||||||||||||||
MBT FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED
|
Quarter Ended September 30, |
Nine Months Ended September 30, |
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|
Dollars in thousands (except per share data) |
2016 |
2015 |
2016 |
2015 |
||||||||||||
|
Interest Income |
||||||||||||||||
|
Interest and fees on loans |
$ | 7,538 | $ | 7,225 | $ | 21,752 | $ | 21,811 | ||||||||
|
Interest on investment securities- |
||||||||||||||||
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Tax-exempt |
316 | 278 | 924 | 826 | ||||||||||||
|
Taxable |
1,970 | 2,437 | 6,714 | 7,301 | ||||||||||||
|
Interest on balances due from banks |
171 | 24 | 450 | 64 | ||||||||||||
|
Total interest income |
9,995 | 9,964 | 29,840 | 30,002 | ||||||||||||
|
Interest Expense |
||||||||||||||||
|
Interest on deposits |
480 | 562 | 1,483 | 1,826 | ||||||||||||
|
Interest on borrowed funds |
- | 178 | 308 | 529 | ||||||||||||
|
Total interest expense |
480 | 740 | 1,791 | 2,355 | ||||||||||||
|
Net Interest Income |
9,515 | 9,224 | 28,049 | 27,647 | ||||||||||||
|
Provision For Loan Losses |
(700 | ) | (200 | ) | (1,200 | ) | (1,000 | ) | ||||||||
|
Net Interest Income After Provision For Loan Losses |
10,215 | 9,424 | 29,249 | 28,647 | ||||||||||||
|
Other Income |
||||||||||||||||
|
Income from wealth management services |
1,145 | 1,163 | 3,347 | 3,576 | ||||||||||||
|
Service charges and other fees |
1,118 | 1,134 | 3,142 | 3,058 | ||||||||||||
|
Debit Card income |
721 | 594 | 2,130 | 1,749 | ||||||||||||
|
Net gain on sales of securities |
87 | 16 | 2,159 | 274 | ||||||||||||
|
Net gain (loss) on other real estate owned |
(4 | ) | 36 | (61 | ) | (248 | ) | |||||||||
|
Origination fees on mortgage loans sold |
149 | 184 | 415 | 450 | ||||||||||||
|
Bank Owned Life Insurance income |
352 | 358 | 1,069 | 991 | ||||||||||||
|
Other |
471 | 493 | 1,507 | 1,558 | ||||||||||||
|
Total other income |
4,039 | 3,978 | 13,708 | 11,408 | ||||||||||||
|
Other Expenses |
||||||||||||||||
|
Salaries and employee benefits |
5,514 | 5,694 | 16,531 | 17,318 | ||||||||||||
|
Occupancy expense |
668 | 648 | 2,002 | 2,074 | ||||||||||||
|
Equipment expense |
731 | 708 | 2,141 | 2,232 | ||||||||||||
|
Marketing expense |
280 | 267 | 825 | 821 | ||||||||||||
|
Professional fees |
459 | 481 | 1,667 | 1,607 | ||||||||||||
|
EFT/ATM expense |
235 | 109 | 781 | 317 | ||||||||||||
|
Other real estate owned expense |
35 | 59 | 129 | 364 | ||||||||||||
|
FDIC deposit insurance assessment |
179 | 212 | 539 | 1,055 | ||||||||||||
|
Bonding and other insurance expense |
118 | 203 | 454 | 660 | ||||||||||||
|
Telephone expense |
95 | 113 | 312 | 317 | ||||||||||||
|
Other |
660 | 672 | 1,948 | 1,950 | ||||||||||||
|
Total other expenses |
8,974 | 9,166 | 27,329 | 28,715 | ||||||||||||
|
Profit Before Income Taxes |
5,280 | 4,236 | 15,628 | 11,340 | ||||||||||||
|
Income Tax Expense |
1,593 | 1,230 | 4,705 | 3,272 | ||||||||||||
|
Net Profit |
$ | 3,687 | $ | 3,006 | $ | 10,923 | $ | 8,068 | ||||||||
|
Basic Earnings Per Common Share |
$ | 0.16 | $ | 0.13 | $ | 0.48 | $ | 0.35 | ||||||||
|
Diluted Earnings Per Common Share |
$ | 0.16 | $ | 0.13 | $ | 0.48 | $ | 0.35 | ||||||||
|
Dividends Declared Per Common Share |
$ | 0.04 | $ | - | $ | 0.60 | $ | - | ||||||||
MBT FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
|
(Unaudited) |
||||||||
|
Dollars in thousands |
September 30, 2016 |
December 31, 2015 |
||||||
|
Assets |
||||||||
|
Cash and Cash Equivalents |
||||||||
|
Cash and due from banks |
||||||||
|
Non-interest bearing |
$ | 16,122 | $ | 14,996 | ||||
|
Interest bearing |
63,975 | 70,054 | ||||||
|
Total cash and cash equivalents |
80,097 | 85,050 | ||||||
|
Securities - Held to Maturity |
42,685 | 41,282 | ||||||
|
Securities - Available for Sale |
465,610 | 496,859 | ||||||
|
Federal Home Loan Bank stock - at cost |
4,148 | 4,148 | ||||||
|
Loans held for sale |
636 | 1,477 | ||||||
|
Loans |
655,809 | 617,308 | ||||||
|
Allowance for Loan Losses |
(9,405 | ) | (10,896 | ) | ||||
|
Loans - Net |
646,404 | 606,412 | ||||||
|
Accrued interest receivable and other assets |
20,438 | 23,365 | ||||||
|
Other Real Estate Owned |
1,686 | 2,383 | ||||||
|
Bank Owned Life Insurance |
54,059 | 53,093 | ||||||
|
Premises and Equipment - Net |
27,263 | 28,244 | ||||||
|
Total assets |
$ | 1,343,026 | $ | 1,342,313 | ||||
|
Liabilities |
||||||||
|
Deposits: |
||||||||
|
Non-interest bearing |
$ | 285,764 | $ | 253,795 | ||||
|
Interest-bearing |
894,697 | 911,598 | ||||||
|
Total deposits |
1,180,461 | 1,165,393 | ||||||
|
Repurchase agreements |
- | 15,000 | ||||||
|
Accrued interest payable and other liabilities |
14,903 | 14,579 | ||||||
|
Total liabilities |
1,195,364 | 1,194,972 | ||||||
|
Shareholders' Equity |
||||||||
|
Common stock (no par value) |
22,474 | 23,492 | ||||||
|
Retained Earnings |
123,411 | 126,214 | ||||||
|
Unearned Compensation |
(19 | ) | (13 | ) | ||||
|
Accumulated other comprehensive income (loss) |
1,796 | (2,352 | ) | |||||
|
Total shareholders' equity |
147,662 | 147,341 | ||||||
|
Total liabilities and shareholders' equity |
$ | 1,343,026 | $ | 1,342,313 | ||||
|
FOR FURTHER INFORMATION: |
| |
|
H. Douglas Chaffin Chief Executive Officer (734) 384-8123 doug.chaffin@mbandt.com |
John L. Skibski Chief Financial Officer (734) 242-1879 john.skibski@mbandt.com |
Julian J. Broggio Director of Marketing (734) 240-2341 julian.broggio@mbandt.com |