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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

Core other income decreased by $623 thousand from the fourth quarter of 2011 to the first quarter of 2012. Deposit service fees decreased primarily due to decreases in NSF and overdraft fees. Net lease financing decreased due to a decrease in remarketing revenues, which were unusually robust during the fourth quarter of 2011. Accretion of indemnification asset decreased as a result of the corresponding decrease in the indemnification asset balance during the first quarter of 2012. Card fees increased due to restrictions of the Durbin Amendment to the Dodd-Frank Act on debit card interchange fees currently not applying to us as a result of total assets decreasing under $10 billion as of December 31, 2011. Non-core other income was primarily impacted by higher losses recognized on other real estate owned.

Core other income was consistent from the first quarter of 2011 to the first quarter of 2012. Deposit service fees decreased due to decreases in NSF and overdraft fees. Net lease financing increased primarily due to an increase in the sales of third party equipment maintenance contracts and related income. Accretion of indemnification asset decreased as a result of corresponding decrease in the indemnification asset balance during the first quarter of 2012. Non-core other income was primarily impacted by higher losses recognized on other real estate owned.

Other Expense (in thousands):
         
Three Months Ended

March 31,
  December 31, September 30, June 30, March 31,
  2012     2011     2011     2011     2011
Core other expense:
Salaries and employee benefits $ 39,928 $ 39,826 $ 38,827 $ 37,657 $ 37,588
Occupancy and equipment expense 9,570 8,498 9,092 8,483 9,394
Computer services and telecommunication expense 3,653 4,382 3,488 3,570 3,445
Advertising and marketing expense 2,066 1,831 1,740 1,748 1,719
Professional and legal expense 1,413 1,422 1,647 1,853 1,225
Other intangible amortization expense 1,257 1,410 1,414 1,416 1,425
FDIC insurance premiums 2,643 2,662 2,272 3,502 3,428
Other real estate expense, net 1,243 1,464 1,181 1,251 398
Other operating expenses   5,057     7,324     7,352       7,090     7,055
Total core other expense   66,830     68,819     67,013       66,570     65,677
 
Non-core other expense: (1)
Branch impairment charges - 594 - - 1,000

Increase (decrease) in market value of assets held in trust for deferred compensation (A)
  501     20     (405 )     158     187
Total non-core other expense   501     614     (405 )     158     1,187
 
Total other expense $ 67,331   $ 69,433   $ 66,608     $ 66,728   $ 66,864

(1) Letters denote the corresponding line items where these non-core other expense items reside in the consolidated statements of income as follows: A – Salaries and employee benefits.

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