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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

Stocks in this article: MBFI

During the second quarter of 2011, we sold certain performing, sub-performing and non-performing loans. The loans sold had an aggregate carrying amount of $281.6 million prior to the transfer to loans held for sale, which was comprised of $160.8 million in commercial real estate loans, $73.7 million in construction real estate loans, $14.5 million in commercial loans and $32.6 million in residential real estate and home equity loans.

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 assets acquired in FDIC-assisted transactions, as of the dates indicated (dollar amounts in thousands):

         
March 31, December 31, September 30, June 30, March 31,
  2012     2011     2011     2011     2011
Non-performing loans:
Non-accrual loans (1) $ 124,011 $ 129,309 $ 140,979 $ 149,905 $ 318,923
Loans 90 days or more past due, still accruing interest 679   82   -   1,121   -  
Total non-performing loans 124,690   129,391   140,979   151,026   318,923  
 
OREO 63,077 78,452 87,469 88,185 80,107
Repossessed vehicles 81   156   249   55   139  
Total non-performing assets $ 187,848   $ 207,999   $ 228,697   $ 239,266   $ 399,169  
 
Total allowance for loan losses (2) $ 125,431 $ 126,798 $ 128,610 $ 130,057 $ 178,410
 
Accruing restructured loans (3) $ 24,145 $ 37,996 $ 34,321 $ 35,037 $ 31,819
 
Total non-performing loans to total loans 2.15 % 2.17 % 2.42 % 2.54 % 5.01 %
Total non-performing assets to total assets 1.94 % 2.12 % 2.30 % 2.40 % 3.96 %
Allowance for loan losses to non-performing loans 100.59 % 98.00 % 91.23 % 86.12 % 55.94 %

(1) Includes $34.7 million, $42.5 million, $36.0 million, $22.5 million and $60.9 million of restructured loans on non-accrual status at March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively.

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