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MB Financial, Inc. Reports Fourth Quarter 2011 Net Income Of $19.5 Million, Fourth Quarter Loan Growth, Strong Pre-Tax, Pre-Provision Income And Improving Credit Quality

ASSET QUALITY

The following table presents a summary of non-performing assets, excluding loans held for sale, credit-impaired loans that were acquired as part of our FDIC-assisted transactions and OREO related to FDIC-assisted transactions, as of the dates indicated (dollar amounts in thousands):

           
December 31, September 30, June 30, March 31, December 31,
2011   2011   2011   2011   2010
Non-performing loans:
Non-accrual loans (1) $ 129,309 $ 140,979 $ 149,905 $ 318,923 $ 362,441
Loans 90 days or more past due, still accruing interest 82 - 1,121 - 1
Total non-performing loans 129,391 140,979 151,026 318,923 362,442
 
OREO 78,452 87,469 88,185 80,107 71,476
Repossessed vehicles 156 249 55 139 82
Total non-performing assets $ 207,999 $ 228,697 $ 239,266 $ 399,169 $ 434,000
 
Total allowance for loan losses (2) $ 126,798 $ 128,610 $ 130,057 $ 178,410 $ 192,217
 
Accruing restructured loans (3) $ 37,996 $ 34,321 $ 35,037 $ 31,819 $ 22,543
 
Total non-performing loans to total loans 2.17% 2.42% 2.54% 5.01% 5.48%
Total non-performing assets to total assets 2.12% 2.30% 2.40% 3.96% 4.21%
Allowance for loan losses to non-performing loans 98.00% 91.23% 86.12% 55.94% 53.03%
 
(1)   Includes $42.5 million, $36.0 million, $22.5 million, $60.9 million, and $47.6 million of restructured loans on non-accrual status at December 31, 2011, September 30, 2011, June 30, 2011, March 31, 2011 and December 31, 2010, respectively.
(2) Includes $12.7 million and $13.6 million for unfunded credit commitments at March 31, 2011 and December 31, 2010, respectively.
(3) Accruing restructured loans consists primarily of commercial, commercial real estate, and residential real estate loans that have been modified and are performing in accordance with those modified terms.
 

The decreases in total non-performing loans and total non-performing assets from March 31, 2011 to June 30, 2011 were primarily due to the sale during the second quarter of 2011 of loans with an aggregate carrying amount of $281.6 million prior to the transfer to loans held for sale, $156.3 million of which were non-performing.

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