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MB Financial, Inc. Reports First Quarter 2012 Net Income Of $21.1 Million, Strong Pre-Tax, Pre-Provision Operating Earnings And Improving Credit Costs

Our net interest margin, on a fully tax equivalent basis, was 3.87% for the first quarter of 2012 compared to 3.91% for the fourth quarter of 2011 and 3.88% for the first quarter of 2011. The net interest margin decreased from the fourth quarter of 2011 due to a decrease in loan yields, partially offset by an improved deposit mix and downward repricing of interest bearing deposits.

See the supplemental net interest margin tables for further detail.

Other Income (in thousands):
         
Three Months Ended
March 31,   December 31, September 30, June 30, March 31,
  2012     2011     2011     2011     2011
Core other income:
Loan service fees $ 1,339 $ 1,601 $ 2,159 $ 2,812 $ 1,126
Deposit service fees 9,408 10,085 9,932 9,023 10,030
Lease financing, net 6,958 7,801 6,494 6,861 5,783
Brokerage fees 1,255 1,577 1,273 1,615 1,419
Trust and asset management fees 4,404 4,166 4,272 4,455 4,431
Increase in cash surrender value of life insurance 917 944 1,014 1,451 968
Accretion of FDIC indemnification asset 475 683 985 1,339 1,831
Card fees 2,044 1,096 2,071 2,062 1,788
Other operating income   2,162       1,632       1,690       1,979       1,598  
Total core other income   28,962       29,585       29,890       31,597       28,974  
 
Non-core other income: (1)
Net gain (loss) on sale of investment securities (3 ) 411 - 232 (3 )
Net (loss) gain on sale of other assets (17 ) (87 ) - 13 357
Net gain on sale of loans held for sale (A) - - - 1,790 -
Net loss recognized on other real estate owned (B) (4,348 ) (3,620 ) (2,354 ) (3,629 ) (369 )

Net loss recognized on other real estate owned related to FDIC transactions (B)
(2,241 ) (1,858 ) (764 ) (1,016 ) (3 )

Increase (decrease) in market value of assets held in trust for deferred compensation (A)
  501       20       (405 )     158       187  
Total non-core other income   (6,108 )     (5,134 )     (3,523 )     (2,452 )     169  
 
Total other income $ 22,854     $ 24,451     $ 26,367     $ 29,145     $ 29,143  

(1) Letter denotes the corresponding line items where these non-core other income items reside in the consolidated statements of income as follows: A – Other operating income, B – Net loss recognized on other real estate owned.

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