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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

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

The activity in the second quarter of 2011 reflects the previously disclosed sale of certain performing, sub-performing and non-performing loans, which resulted in approximately $87.6 million in charge-offs and an increase in the provision for credit losses of approximately $50 million.

Our allowance for loan losses is comprised of three elements: a general loss reserve, a specific reserve for impaired loans and a reserve for smaller-balance homogenous loans. The following table presents these three elements of our allowance for loan losses (in thousands):

March 31, December 31, September 30, June 30, March 31,
  2012     2011     2011     2011     2011
General loss reserve $ 98,985 $ 102,196 $ 102,752 $ 104,002 $ 126,423
Specific reserve (1) 13,422 10,804 11,416 12,111 38,054
Smaller-balance homogenous loans reserve 13,024 13,798 14,442 13,944 13,933
Total allowance for loan losses $ 125,431 $ 126,798 $ 128,610 $ 130,057 $ 178,410

(1) The specific reserve as of March 31, 2011 includes reserves on unfunded credit commitments of approximately $12.7 million. Beginning as of June 30, 2011, reserves on unfunded credit commitments are recorded as liabilities.

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