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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

Although management believes that adequate specific and general loan loss allowances have been established, actual losses are dependent upon future events and, as such, further additions to the level of specific and general loan loss allowances may become necessary.

INVESTMENT SECURITIES

The following table sets forth the fair value, amortized cost, and total unrealized gain of our investment securities, by type (in thousands):

         
March 31, December 31, September 30, June 30, March 31,
  2012     2011     2011     2011     2011
 
Securities available for sale:
Fair value
Government sponsored agencies and enterprises $ 42,070 $ 42,401 $ 56,007 $ 55,656 $ 56,971
States and political subdivisions 581,720 535,660 394,279 392,670 365,481
Mortgage-backed securities 1,193,248 1,334,491 1,421,789 1,424,302 1,279,968
Corporate bonds 5,686 5,899 5,899 6,019 6,019
Equity securities 10,887 10,846 10,764 10,435 10,215
Total fair value $ 1,833,611 $ 1,929,297 $ 1,888,738 $ 1,889,082 $ 1,718,654
 
Amortized cost
Government sponsored agencies and enterprises $ 39,503 $ 39,640 $ 53,016 $ 54,423 $ 56,452
States and political subdivisions 547,262 500,979 366,651 371,598 350,851
Mortgage-backed securities 1,168,340 1,308,020 1,399,801 1,401,975 1,258,171
Corporate bonds 5,686 5,899 5,899 6,019 6,019
Equity securities 10,520 10,457 10,324 10,246 10,169
Total amortized cost $ 1,771,311 $ 1,864,995 $ 1,835,691 $ 1,844,261 $ 1,681,662
 
Unrealized gain
Government sponsored agencies and enterprises $ 2,567 $ 2,761 $ 2,991 $ 1,233 $ 519
States and political subdivisions 34,458 34,681 27,628 21,072 14,630
Mortgage-backed securities 24,908 26,471 21,988 22,327 21,797
Corporate bonds - - - - -
Equity securities 367 389 440 189 46
Total unrealized gain $ 62,300 $ 64,302 $ 53,047 $ 44,821 $ 36,992
 
Securities held to maturity, at cost:
States and political subdivisions $ 239,526 $ 240,183 $ 240,839 $ - $ -
Mortgage-backed securities 259,241 259,100 258,199 230,154 102,206
Total amortized cost $ 498,767 $ 499,283 $ 499,038 $ 230,154 $ 102,206

We do not have any meaningful direct or indirect holdings of subprime residential mortgage loans, home equity lines of credit, or any Fannie Mae or Freddie Mac preferred or common equity securities in our investment securities portfolio. Additionally, more than 99% of our mortgage-backed securities are agency guaranteed.

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