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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

(2) Includes $12.7 million for unfunded credit commitments at March 31, 2011.

(3) Accruing restructured loans consists primarily of residential real estate and home equity 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.

The following table represents a summary of OREO, excluding OREO related to assets acquired in FDIC-assisted transactions (in thousands):

  March 31,   December 31,   September 30,   June 30,   March 31,
2012 2011 2011 2011 2011
 
Balance at the beginning of quarter $ 78,452 $ 87,469 $ 88,185 $ 80,107 $ 71,476
Transfers in at fair value less estimated costs to sell 2,110 4,209 15,658 15,761 25,167
Fair value adjustments (4,764 ) (3,733 ) (2,524 ) (3,417 ) (1,314 )
Net gains (losses) on sales of OREO 416 113 170 (212 ) 945
Cash received upon disposition (13,137 ) (9,606 ) (14,020 ) (4,054 ) (16,167 )
Balance at the end of quarter $ 63,077   $ 78,452   $ 87,469   $ 88,185   $ 80,107  
 

The following table presents data related to non-performing loans, by dollar amount and category at March 31, 2012, excluding loans held for sale and credit-impaired loans that were acquired as part of our FDIC-assisted transactions (dollar amounts in thousands):

                                           
   

Construction Real Estate

  Commercial Real Estate   Consumer  
    Commercial and Lease Loans   Loans   Loans     Loans     Total Loans
Number of   Number of   Number of  
    Relationships     Amount   Relationships     Amount   Relationships     Amount     Amount     Amount
$10.0 million or more - $ - - $ - - $ - $ - $ -
$5.0 million to $9.9 million 3 21,476 - - 1 5,431 - 26,907
$1.5 million to $4.9 million 2 3,577 - - 15 40,603 1,603 45,783
Under $1.5 million 43     9,418     4     1,553     68     24,905       16,124       52,000  
48   $ 34,471     4   $ 1,553     84   $ 70,939     $ 17,727     $ 124,690  
 
Percentage of individual loan category 1.53 % 1.21 % 3.78 % 1.94 % 2.15 %

The following table presents data related to non-performing loans, by dollar amount and category at December 31, 2011, excluding loans held for sale and credit-impaired loans that were acquired as part of our FDIC-assisted transactions (dollar amounts in thousands):

                                           
    Construction Real Estate   Commercial Real Estate   Consumer  
    Commercial and Lease Loans   Loans   Loans     Loans     Total Loans
Number of   Number of   Number of  
    Relationships     Amount   Relationships     Amount   Relationships     Amount     Amount     Amount
$10.0 million or more - $ - - $ - - $ - $ - $ -
$5.0 million to $9.9 million 2 14,322 - - 2 15,435 - 29,757
$1.5 million to $4.9 million 5 12,031 - - 13 37,509 - 49,540
Under $1.5 million 42     10,642   3     1,145   61     23,607     14,700     50,094
49   $ 36,995   3   $ 1,145   76   $ 76,551   $ 14,700   $ 129,391
 
Percentage of individual loan category 1.59% 0.62% 4.13% 1.58% 2.17%

We define potential problem loans as performing loans rated substandard that do not meet the definition of a non-performing loan (See “Asset Quality” section above for non-performing loans). Potential problem loans carry a higher probability of default and require additional attention by management. The aggregate principal amount of potential problem loans was $159.4 million, or 2.75% of total loans, as of March 31, 2012, compared to $149.8 million, or 2.51% of total loans, as of December 31, 2011.

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