Friday's Financial Winners & Losers

Fannie Mae(FNM Quote) on Friday said it bought more mortgages in March than the month before, helping lead financial stocks higher.

The government-sponsored mortgage lender said its mortgage commitments rose to $31 billion in March from $25 billion in February, after regulators eased capital requirements. Shares of Fannie Mae were up $2.90, or 10.4%, to $30.93.

The market was also rewarding any bank that reported positive results for the first quarter. SVB Financial Group(SIVB Quote) jumped 12.1% after reporting that its net income was $27.9 million vs. $34.3 million in the year-ago period. Even though it was lower than last year, it was respectable compared to other banks. Investors pushed the stock up $5.20 to $48.37.

Interactive Brokers Group(IBKR Quote) reported after the close on Thursday that its first-quarter net income of $27.2 million was more than double the $12.8 million reported in the year-ago period. The brokerage firm climbed $3.05, or 10.9%, to $30.92.

Profits grew 8% at Glacier Bancorp(GBCI Quote) in the first quarter when the bank's commercial lending increased. The bank's loan portfolio grew 15% as the bank issued more commercial loans. Shares in the Montana-based bank were up 4.8% to $20.70.

The NYSE Financial Sector Index closed up 1.4% to 7,749.77.

But investors were showing no patience with banks that did not weather the first quarter well. MB Financial(MBFI Quote) was shedding 8.6% after its parent said that its first-quarter earnings plunged 68% due to a sharp increase in bad debt tied to fraud. Of the $22.5 million reserved, $17 million was tied to loan fraud cases and a review that determined one of its loan divisions was not following established monitoring procedures. Shares of the Midwestern bank were losing $2.65 to $28.30.