MB Financial Inc. (MBFI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Mb Financial Inc. has a market cap of $943.1 million; its shares were traded at around $17.81 with and P/S ratio of 1.8. The dividend yield of Mb Financial Inc. stocks is 0.2%.MBFI is in the portfolios of John Keeley of Keeley Fund Management, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
The Company had net income of $12.1 million and net income available to common shareholders of $9.5 million for the second quarter of 2010, compared to net income of $4.3 million and net income available to common shareholders of $1.7 million for the second quarter of 2009. The results for the second quarter of 2010 generated an annualized return on average assets of 0.46% and an annualized return on average common equity of 3.31%, compared to 0.20% and 0.81%, respectively, for the same period in 2009. The results for the second quarter of 2010 include a gain of $51.0 million, based on preliminary estimates, from the Broadway Bank FDIC-assisted transaction completed during the quarter, as described below.
Provision for loan losses was $85.0 million in the second quarter of 2010 as compared to $27.1 million in second quarter of 2009. Net charge-offs were $67.2 million in the quarter ended June 30, 2010, compared to $25.0 million in the quarter ended June 30, 2009.
Other expense increased from the second quarter of 2009 to the second quarter of 2010, primarily due to the FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009. See Note 2 of the Consolidated Financial Statements for additional information. The FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009 increased salaries and employee benefits expense, occupancy and equipment expense, computer services expense, other intangibles amortization expense and FDIC insurance premiums by approximately $5.0 million, $1.5 million, $1.1 million, $517 thousand and $863 thousand, respectively. The FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009 increased total other expense from the second quarter of 2009 to the second quarter of 2010 by approximately $9.8 million. Salaries and employee benefits also increased due to an increase in healthcare expense and additional loan workout staff added from the second quarter of 2009 to the second quarter of 2010. During the second quarter of 2009, the FDIC imposed a special premium on all insured depository institutions based on assets as of June 30, 2009. The special premium increased FDIC insurance premiums for the second quarter of 2009 by $3.9 million. Additionally, other operating expenses increased due to OREO and non-performing loan related expense. As noted above, the Dodd-Frank Act mandates changes to the deposit insurance assessment system that generally will result in an increase in assessments for institutions with assets in excess of $10.0 billion, including MB Financial Bank.
The Company had net income of $13.0 million and net income available to common shareholders of $7.9 million for the first six months of 2010, compared to a net loss of $23.8 million and a net loss available to common shareholders of $28.9 million for the first six months of 2009. The results for the first six months of 2010 generated an annualized return on average assets of 0.25% and an annualized return on average common equity of 1.41%, compared to (0.55%) and (6.70%), respectively, for the same period in 2009.
Provision for loan losses was $132.2 million in the first six months of 2010 compared to $116.8 million in first six months of 2009. Net charge-offs were $113.7 million in the six months ended June 30, 2010, compared to $79.4 million in the six months ended June 30, 2009.
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Mb Financial Inc. has a market cap of $943.1 million; its shares were traded at around $17.81 with and P/S ratio of 1.8. The dividend yield of Mb Financial Inc. stocks is 0.2%.MBFI is in the portfolios of John Keeley of Keeley Fund Management, Columbia Wanger of Columbia Wanger Asset Management, Jim Simons of Renaissance Technologies LLC, John Rogers of ARIEL CAPITAL MANAGEMENT LLC.
Highlight of Business Operations:
The Company had net income of $12.1 million and net income available to common shareholders of $9.5 million for the second quarter of 2010, compared to a net income of $4.3 million and a net income available to common shareholders of $1.7 million for the second quarter of 2009. Our 2010 second quarter results generated an annualized return on average assets of 0.46% and an annualized return on average common equity of 3.31%, compared to 0.20% and 0.81%, respectively, for the same period in 2009. Fully diluted income per common share for the second quarter of 2010 was $0.18 compared to $0.05 per common share for the second quarter of 2009. The results for the second quarter of 2010 include a gain of $51.0 million, based on preliminary estimates, from the Broadway Bank FDIC-assisted transaction completed during the quarter, as described below.The Company had net income of $12.1 million and net income available to common shareholders of $9.5 million for the second quarter of 2010, compared to net income of $4.3 million and net income available to common shareholders of $1.7 million for the second quarter of 2009. The results for the second quarter of 2010 generated an annualized return on average assets of 0.46% and an annualized return on average common equity of 3.31%, compared to 0.20% and 0.81%, respectively, for the same period in 2009. The results for the second quarter of 2010 include a gain of $51.0 million, based on preliminary estimates, from the Broadway Bank FDIC-assisted transaction completed during the quarter, as described below.
Provision for loan losses was $85.0 million in the second quarter of 2010 as compared to $27.1 million in second quarter of 2009. Net charge-offs were $67.2 million in the quarter ended June 30, 2010, compared to $25.0 million in the quarter ended June 30, 2009.
Other expense increased from the second quarter of 2009 to the second quarter of 2010, primarily due to the FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009. See Note 2 of the Consolidated Financial Statements for additional information. The FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009 increased salaries and employee benefits expense, occupancy and equipment expense, computer services expense, other intangibles amortization expense and FDIC insurance premiums by approximately $5.0 million, $1.5 million, $1.1 million, $517 thousand and $863 thousand, respectively. The FDIC-assisted transactions completed during the second quarter of 2010 and the second half of 2009 increased total other expense from the second quarter of 2009 to the second quarter of 2010 by approximately $9.8 million. Salaries and employee benefits also increased due to an increase in healthcare expense and additional loan workout staff added from the second quarter of 2009 to the second quarter of 2010. During the second quarter of 2009, the FDIC imposed a special premium on all insured depository institutions based on assets as of June 30, 2009. The special premium increased FDIC insurance premiums for the second quarter of 2009 by $3.9 million. Additionally, other operating expenses increased due to OREO and non-performing loan related expense. As noted above, the Dodd-Frank Act mandates changes to the deposit insurance assessment system that generally will result in an increase in assessments for institutions with assets in excess of $10.0 billion, including MB Financial Bank.
The Company had net income of $13.0 million and net income available to common shareholders of $7.9 million for the first six months of 2010, compared to a net loss of $23.8 million and a net loss available to common shareholders of $28.9 million for the first six months of 2009. The results for the first six months of 2010 generated an annualized return on average assets of 0.25% and an annualized return on average common equity of 1.41%, compared to (0.55%) and (6.70%), respectively, for the same period in 2009.
Provision for loan losses was $132.2 million in the first six months of 2010 compared to $116.8 million in first six months of 2009. Net charge-offs were $113.7 million in the six months ended June 30, 2010, compared to $79.4 million in the six months ended June 30, 2009.
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