UNITED STATES
|
Maryland
|
0-24566-01
|
36-4460265
|
||
(State or other jurisdiction of incorporation)
|
(Commission File No.)
|
(IRS Employer Identification No.)
|
EXHIBIT INDEX
|
||
Exhibit Number
|
Description of Exhibits
|
|
Registrant’s April 27, 2011 press release announcing its 2011 first quarter results of operations.
|
||
·
|
Our provision for loan losses was $40.0 million for the first quarter of 2011, while our net charge-offs were $53.8 million. For the fourth quarter of 2010, our provision for loan losses and net charge-offs were $49.0 million and $50.7 million, respectively.
|
·
|
Our non-performing loans were $318.9 million or 5.01% of total loans as of March 31, 2011, a decrease of $43.5 million from $362.4 million at December 31, 2010. Our allowance for loan losses to non-performing loans was 55.94% as of March 31, 2011 and 53.03% as of December 31, 2010. Including partial charge-offs, our allowance for loan losses to non-performing loans was 70.46% as of March 31, 2011 and 67.66% as of December 31, 2010.
|
·
|
Our non-performing assets were $399.2 million or 3.96% of total assets as of March 31, 2011, a decrease from $434.0 million or 4.21% of total assets as of December 31, 2010.
|
·
|
Our allowance for loan losses to total loans was 2.80% as of March 31, 2011, compared to 2.90% as of December 31, 2010.
|
·
|
Core pre-tax, pre-provision earnings to risk-weighted assets ratio was 2.81%, or $45.5 million, for the first quarter of 2011, up from 2.41%, or $42.0 million, for the same period in 2010. Core pre-tax, pre-provision earnings decreased from 3.08%, or $52.5 million, from the fourth quarter of 2010. The decrease from the fourth quarter of 2010 was primarily a result of lower net interest income due to lower loan balances, lower lease income compared to a strong fourth quarter, and lower accretion of FDIC indemnification asset.
|
·
|
Net interest income on a fully tax equivalent basis increased to $84.8 million, or by 1.7%, compared to $83.4 million for the first quarter of 2010. Net interest income on a fully tax equivalent basis decreased $2.4 million, or 2.8%, compared to the fourth quarter of 2010. Net interest income was negatively impacted by high levels of near cash liquidity. The high liquidity level reflects our cautiousness in reinvesting cash in the current low interest rate environment.
|
·
|
Net interest margin on a fully tax equivalent basis increased to 3.88% from 3.67% in the first quarter of 2010 and from 3.83% in the fourth quarter of 2010 primarily due to a decrease in cost of funds.
|
·
|
Core other income increased 26.7% to $29.0 million compared to $22.9 million for the first quarter of 2010. Core other income decreased $2.9 million, or 9.2%, compared to the fourth quarter of 2010.
|
·
|
MB Financial Bank significantly exceeds the “Well-Capitalized” threshold established under the regulations of the Office of the Comptroller of the Currency. At March 31, 2011, MB Financial, Inc.’s total risk-based capital ratio was 18.33%, Tier 1 capital to risk-weighted assets ratio was 16.31%, Tier 1 capital to average asset ratio was 11.00% and Tier 1 common capital to risk-weighted assets was 11.01%, compared with 17.75%, 15.75%, 10.66% and 10.61%, respectively, as of December 31, 2010. As of March 31, 2011, total capital was approximately $548.1 million in excess of the “Well-Capitalized” threshold, compared with $524.9 million as of December 31, 2010. Our tangible common equity to tangible assets ratio was 7.73% at March 31, 2011, compared to 7.47% at December 31, 2010. Our tangible common equity to risk-weighted assets ratio was 11.36% at March 31, 2011, compared to 10.94% at December 31, 2010.
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Core other income:
|
|||||||||||
Loan service fees
|
$
|
1,126
|
$
|
1,532
|
$
|
1,659
|
$
|
2,042
|
$
|
1,284
|
|
Deposit service fees
|
10,069
|
9,920
|
10,705
|
9,461
|
8,848
|
||||||
Lease financing, net
|
5,783
|
7,185
|
5,022
|
5,026
|
4,620
|
||||||
Brokerage fees
|
1,419
|
1,231
|
1,407
|
1,129
|
1,245
|
||||||
Trust and asset management fees
|
4,431
|
4,243
|
3,923
|
3,536
|
3,335
|
||||||
Increase in cash surrender value of life insurance
|
968
|
930
|
1,209
|
706
|
671
|
||||||
Accretion of FDIC indemnification asset
|
1,831
|
3,009
|
3,602
|
3,067
|
-
|
||||||
Other operating income
|
3,347
|
3,857
|
2,406
|
2,872
|
2,869
|
||||||
Total core other income
|
28,974
|
31,907
|
29,933
|
27,839
|
22,872
|
||||||
Non-core other income: (1)
|
|||||||||||
Net gain (loss) on sale of investment securities
|
(3)
|
(4)
|
9,482
|
2,304
|
6,866
|
||||||
Net gain(loss) on sale of other assets
|
357
|
419
|
299
|
(99)
|
11
|
||||||
Net gain (loss) recognized on other real estate owned (A)
|
(369)
|
(1,656)
|
(3,608)
|
52
|
(3,299)
|
||||||
Net loss recognized on other real estate owned related to FDIC transactions (A)
|
(3)
|
(468)
|
(305)
|
-
|
-
|
||||||
Acquisition related gains
|
-
|
-
|
-
|
62,649
|
-
|
||||||
Increase (decrease) in market value of assets held in trust deferred compensation (A)
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Total non-core other income
|
169
|
(1,112)
|
5,865
|
64,867
|
3,585
|
||||||
Total other income
|
$
|
29,143
|
$
|
30,795
|
$
|
35,798
|
$
|
92,706
|
$
|
26,457
|
(1)
|
Letter denotes the corresponding line items where these non-core other income items reside in the consolidated statements of income as follows: A – Other operating income.
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Core other expense:
|
|||||||||||
Salaries and employee benefits
|
$
|
37,260
|
$
|
35,802
|
$
|
37,427
|
$
|
37,143
|
$
|
33,415
|
|
Occupancy and equipment expense
|
9,394
|
7,938
|
8,800
|
8,928
|
9,179
|
||||||
Computer services expense
|
2,618
|
2,445
|
2,654
|
3,322
|
2,528
|
||||||
Advertising and marketing expense
|
1,719
|
1,573
|
1,620
|
1,639
|
1,633
|
||||||
Professional and legal expense
|
1,225
|
1,718
|
1,637
|
1,370
|
1,078
|
||||||
Brokerage fee expense
|
328
|
448
|
596
|
420
|
462
|
||||||
Telecommunication expense
|
935
|
819
|
975
|
964
|
908
|
||||||
Other intangibles amortization expense
|
1,425
|
1,632
|
1,567
|
1,505
|
1,510
|
||||||
FDIC insurance premiums
|
3,428
|
3,930
|
3,873
|
3,833
|
3,964
|
||||||
Other real estate expense, net
|
398
|
858
|
734
|
417
|
685
|
||||||
Other operating expenses
|
6,947
|
6,855
|
6,598
|
6,530
|
6,282
|
||||||
Total core other expense
|
65,677
|
64,018
|
66,481
|
66,071
|
61,644
|
||||||
Non-core other expense: (1)
|
|||||||||||
Branch impairment charges
|
1,000
|
-
|
-
|
-
|
-
|
||||||
Increase (decrease) in market value of assets held in trust for deferred compensation (A)
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Total non-core other expense
|
1,187
|
597
|
(3)
|
(39)
|
7
|
||||||
Total other expense
|
$
|
66,864
|
$
|
64,615
|
$
|
66,478
|
$
|
66,032
|
$
|
61,651
|
(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.
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||||||
2011
|
2010
|
2010
|
2010
|
2010
|
||||||||||||
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
Amount
|
% of Total
|
|||||||
Commercial related credits:
|
||||||||||||||||
Commercial loans
|
$
|
1,154,451
|
18%
|
$
|
1,206,984
|
18%
|
$
|
1,291,115
|
19%
|
$
|
1,315,899
|
19%
|
$
|
1,378,873
|
21%
|
|
Commercial loans collateralized by assignment of lease payments (lease loans)
|
1,038,507
|
16%
|
1,053,446
|
16%
|
1,019,083
|
15%
|
992,301
|
14%
|
960,470
|
15%
|
||||||
Commercial real estate
|
2,084,651
|
33%
|
2,176,584
|
33%
|
2,259,708
|
33%
|
2,378,272
|
34%
|
2,409,078
|
38%
|
||||||
Construction real estate
|
356,579
|
6%
|
423,339
|
6%
|
445,881
|
6%
|
496,732
|
7%
|
558,615
|
9%
|
||||||
Total commercial related credits
|
4,634,188
|
73%
|
4,860,353
|
73%
|
5,015,787
|
73%
|
5,183,204
|
74%
|
5,307,036
|
83%
|
||||||
Other loans:
|
||||||||||||||||
Residential real estate
|
335,423
|
5%
|
328,482
|
5%
|
328,985
|
5%
|
321,665
|
5%
|
302,308
|
5%
|
||||||
Indirect motorcycle
|
163,301
|
3%
|
161,761
|
2%
|
166,163
|
2%
|
164,269
|
2%
|
158,207
|
2%
|
||||||
Indirect automobile
|
11,757
|
0%
|
13,903
|
1%
|
15,928
|
0%
|
17,914
|
0%
|
20,437
|
1%
|
||||||
Home equity
|
371,108
|
6%
|
381,662
|
6%
|
386,866
|
6%
|
389,298
|
6%
|
401,570
|
6%
|
||||||
Consumer loans
|
74,585
|
1%
|
59,320
|
1%
|
76,219
|
1%
|
73,436
|
1%
|
70,247
|
1%
|
||||||
Total other loans
|
956,174
|
15%
|
945,128
|
15%
|
974,161
|
14%
|
966,582
|
14%
|
952,769
|
15%
|
||||||
Gross loans excluding covered loans
|
5,590,362
|
88%
|
5,805,481
|
88%
|
5,989,948
|
87%
|
6,149,786
|
88%
|
6,259,805
|
98%
|
||||||
Covered loans (1)
|
777,634
|
12%
|
812,330
|
12%
|
859,038
|
13%
|
879,909
|
12%
|
155,051
|
2%
|
||||||
Gross loans
|
6,367,996
|
100%
|
6,617,811
|
100%
|
6,848,986
|
100%
|
7,029,695
|
100%
|
6,414,856
|
100%
|
||||||
Allowance for loan losses
|
(178,410)
|
(192,217)
|
(193,926)
|
(195,612)
|
(177,787)
|
|||||||||||
Net loans
|
$
|
6,189,586
|
$
|
6,425,594
|
$
|
6,655,060
|
$
|
6,834,083
|
$
|
6,237,069
|
(1)
|
Covered loans refer to loans we acquired in FDIC-assisted transactions that are subject to loss-sharing agreements with the FDIC.
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Non-performing loans:
|
|||||||||||
Non-accrual loans(1)
|
$
|
318,923
|
$
|
362,441
|
$
|
392,477
|
$
|
343,838
|
$
|
323,017
|
|
Loans 90 days or more past due, still accruing interest
|
-
|
1
|
115
|
-
|
150
|
||||||
Total non-performing loans
|
318,923
|
362,442
|
392,592
|
343,838
|
323,167
|
||||||
OREO
|
80,107
|
71,476
|
59,114
|
43,988
|
41,589
|
||||||
Repossessed vehicles
|
139
|
82
|
321
|
191
|
250
|
||||||
Total non-performing assets
|
$
|
399,169
|
$
|
434,000
|
$
|
452,027
|
$
|
388,017
|
$
|
365,006
|
|
Total allowance for loan losses (2)
|
178,410
|
192,217
|
193,926
|
195,612
|
177,787
|
||||||
Partial charge-offs taken on non-performing loans
|
156,692
|
163,972
|
171,549
|
142,872
|
95,960
|
||||||
Allowance for loan losses, including partial charge-offs
|
$
|
335,102
|
$
|
356,189
|
$
|
365,475
|
$
|
338,484
|
$
|
273,747
|
|
Accruing restructured loans(3)
|
$
|
22,177
|
$
|
22,543
|
$
|
12,226
|
$
|
10,940
|
$
|
-
|
|
Total non-performing loans to total loans
|
5.01%
|
5.48%
|
5.73%
|
4.89%
|
5.04%
|
||||||
Total non-performing assets to total assets
|
3.96%
|
4.21%
|
4.26%
|
3.64%
|
3.58%
|
||||||
Allowance for loan losses to non-performing loans
|
55.94%
|
53.03%
|
49.40%
|
56.89%
|
55.01%
|
||||||
Allowance for loan losses to non-performing loans,
|
|||||||||||
including partial charge-offs taken
|
70.46%
|
67.66%
|
64.78%
|
69.55%
|
65.31%
|
(1)
|
Includes $55.3 million of restructured loans on non-accrual status at March 31, 2011.
|
(2)
|
Includes $12.7 million for credit losses on unfunded commitments at March 31, 2011.
|
(3)
|
Accruing restructured loans at March 31, 2011 consists primarily of commercial and commercial real estate loans that have been modified and are performing in accordance with those modified terms.
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||
2011
|
2010
|
2010
|
2010
|
2010
|
||||||
30 - 59 Days Past Due
|
$
|
23,912
|
$
|
9,386
|
$
|
19,302
|
$
|
26,491
|
$
|
17,239
|
60 - 89 Days Past Due
|
4,049
|
5,073
|
6,011
|
3,746
|
1,653
|
|||||
$
|
27,961
|
$
|
14,459
|
$
|
25,313
|
$
|
30,237
|
$
|
18,892
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||
2011
|
2010
|
2010
|
2010
|
2010
|
||||||
Balance at the beginning of quarter
|
$
|
71,476
|
$
|
59,114
|
$
|
43,988
|
$
|
41,589
|
$
|
36,711
|
Transfers in at fair value less estimated costs to sell
|
25,167
|
27,170
|
21,383
|
4,967
|
10,438
|
|||||
Fair value adjustments
|
(1,314)
|
(1,562)
|
(3,429)
|
-
|
(2,795)
|
|||||
Net (losses) gains on sales of OREO
|
945
|
(94)
|
(179)
|
52
|
(504)
|
|||||
Cash received upon disposition
|
(16,167)
|
(13,152)
|
(2,649)
|
(2,620)
|
(2,261)
|
|||||
Balance at the end of quarter
|
$
|
80,107
|
$
|
71,476
|
$
|
59,114
|
$
|
43,988
|
$
|
41,589
|
Commercial and Lease Loans
|
Construction Real Estate Loans
|
Commercial Real Estate Loans
|
Consumer Loans
|
Total Loans
|
|||||||||
Number of Borrowers
|
Amount
|
Number of Borrowers
|
Amount
|
Number of Borrowers
|
Amount
|
Amount
|
Amount
|
||||||
$10.0 million or more
|
-
|
$
|
-
|
2
|
$
|
25,195
|
1
|
$
|
17,328
|
$
|
-
|
$
|
42,523
|
$5.0 million to $9.9 million
|
2
|
16,245
|
3
|
16,597
|
2
|
18,312
|
-
|
51,154
|
|||||
$1.5 million to $4.9 million
|
3
|
5,827
|
13
|
42,055
|
19
|
50,748
|
1,575
|
100,205
|
|||||
Under $1.5 million
|
47
|
18,210
|
29
|
13,998
|
158
|
66,366
|
26,467
|
125,041
|
|||||
52
|
$
|
40,282
|
47
|
$
|
97,845
|
180
|
$
|
152,754
|
$
|
28,042
|
$
|
318,923
|
|
Percentage of individual loan category
|
1.84%
|
27.44%
|
7.33%
|
2.93%
|
5.01%
|
||||||||
Specific reserves and partial charge-offs as a
|
|||||||||||||
percentage of non-performing loans
|
46%
|
47%
|
32%
|
Commercial and Lease Loans
|
Construction Real Estate Loans
|
Commercial Real Estate Loans
|
Consumer Loans
|
Total Loans
|
|||||||||
Number of Borrowers
|
Amount
|
Number of Borrowers
|
Amount
|
Number of Borrowers
|
Amount
|
Amount
|
Amount
|
||||||
$10.0 million or more
|
-
|
$
|
-
|
2
|
$
|
29,695
|
2
|
$
|
34,423
|
$
|
-
|
$
|
64,118
|
$5.0 million to $9.9 million
|
3
|
23,683
|
5
|
29,791
|
3
|
20,102
|
-
|
73,576
|
|||||
$1.5 million to $4.9 million
|
6
|
14,005
|
13
|
41,313
|
15
|
41,720
|
3,272
|
100,310
|
|||||
Under $1.5 million
|
45
|
14,880
|
30
|
21,278
|
144
|
62,619
|
25,661
|
124,438
|
|||||
54
|
$
|
52,568
|
50
|
$
|
122,077
|
164
|
$
|
158,864
|
$
|
28,933
|
$
|
362,442
|
|
Percentage of individual loan category
|
2.33%
|
28.84%
|
7.30%
|
3.06%
|
5.48%
|
||||||||
Specific reserves and partial charge-offs as a
|
|||||||||||||
percentage of non-performing loans
|
44%
|
47%
|
32%
|
Risk Category
|
|||||||||||||
Potential Problem
|
|||||||||||||
Non-Performing
|
and Other Watch
|
||||||||||||
Loans (NPLs)
|
List Loans
|
Pass Loans
|
Total
|
||||||||||
Amount
|
% of Loan Balance Reserved(1)
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved(1)
|
||||||
Church and school
|
$
|
3,626
|
36%
|
$
|
3,920
|
22%
|
$
|
59,174
|
2%
|
$
|
66,720
|
5%
|
|
Healthcare
|
4,181
|
15%
|
-
|
0%
|
183,519
|
2%
|
187,700
|
3%
|
|||||
Industrial
|
49,435
|
29%
|
77,728
|
21%
|
373,631
|
2%
|
500,794
|
8%
|
|||||
Multifamily
|
26,421
|
40%
|
48,026
|
22%
|
377,688
|
2%
|
452,135
|
7%
|
|||||
Office
|
12,514
|
55%
|
39,003
|
22%
|
149,499
|
2%
|
201,016
|
12%
|
|||||
Other
|
34,530
|
18%
|
24,531
|
19%
|
160,217
|
2%
|
219,278
|
6%
|
|||||
Retail
|
22,047
|
34%
|
63,160
|
18%
|
371,801
|
2%
|
457,008
|
6%
|
|||||
$
|
152,754
|
32%
|
$
|
256,368
|
20%
|
$
|
1,675,529
|
2%
|
$
|
2,084,651
|
7%
|
(1)
|
To calculate the percentage of loan balances reserved, partial charge-offs taken on loans with balances outstanding have been added back to both reserves and outstanding balance.
|
Risk Category
|
|||||||||||||
Potential Problem
|
|||||||||||||
Non-Performing
|
and Other Watch
|
||||||||||||
Loans (NPLs)
|
List Loans
|
Pass Loans
|
Total
|
||||||||||
Amount
|
% of Loan Balance Reserved(1)
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved(1)
|
||||||
Church and school
|
$
|
177
|
36%
|
$
|
7,147
|
20%
|
$
|
58,218
|
1%
|
$
|
65,542
|
4%
|
|
Healthcare
|
-
|
-
|
4,899
|
15%
|
199,349
|
2%
|
204,248
|
2%
|
|||||
Industrial
|
36,426
|
25%
|
88,252
|
17%
|
398,703
|
2%
|
523,381
|
7%
|
|||||
Multifamily
|
30,344
|
40%
|
47,318
|
19%
|
383,116
|
2%
|
460,778
|
7%
|
|||||
Office
|
9,959
|
44%
|
49,035
|
18%
|
158,585
|
4%
|
217,579
|
10%
|
|||||
Other
|
35,101
|
16%
|
23,914
|
18%
|
171,697
|
2%
|
230,712
|
6%
|
|||||
Retail
|
46,857
|
39%
|
43,264
|
18%
|
384,223
|
2%
|
474,344
|
9%
|
|||||
$
|
158,864
|
32%
|
$
|
263,829
|
18%
|
$
|
1,753,891
|
2%
|
$
|
2,176,584
|
7%
|
(1)
|
To calculate the percentage of loan balances reserved, partial charge-offs taken on loans with balances outstanding have been added back to both reserves and outstanding balance.
|
Risk Category
|
|||||||||
Potential Problem
|
|||||||||
Non-Performing
|
and Other Watch
|
||||||||
Loans (NPLs)
|
List Loans
|
Pass Loans
|
Total
|
||||||
Amount
|
% of Loan Balance Reserved(1)
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved(1)
|
||
Church and school
|
$785
|
7%
|
$7,204
|
18%
|
$54,264
|
1%
|
$62,253
|
3%
|
|
Healthcare
|
-
|
-
|
4,915
|
13%
|
194,521
|
2%
|
199,436
|
2%
|
|
Industrial
|
29,242
|
19%
|
86,034
|
16%
|
440,625
|
2%
|
555,901
|
5%
|
|
Multifamily
|
38,669
|
28%
|
66,221
|
13%
|
373,394
|
1%
|
478,284
|
6%
|
|
Office
|
15,933
|
38%
|
41,374
|
16%
|
165,720
|
1%
|
223,027
|
8%
|
|
Other
|
34,504
|
13%
|
33,982
|
12%
|
177,652
|
1%
|
246,138
|
5%
|
|
Retail
|
60,992
|
32%
|
51,004
|
14%
|
382,673
|
2%
|
494,669
|
8%
|
|
$180,125
|
27%
|
$290,734
|
14%
|
$1,788,849
|
2%
|
$2,259,708
|
6%
|
(1)
|
To calculate the percentage of loan balances reserved, partial charge-offs taken on loans with balances outstanding have been added back to both reserves and outstanding balance.
|
Risk Category
|
|||||||||||||
Potential Problem
|
|||||||||||||
Non-Performing
|
and Other Watch
|
||||||||||||
Loans (NPLs)
|
List Loans
|
Pass Loans
|
Total
|
||||||||||
Amount
|
% of Loan Balance Reserved(1)
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved
|
Amount
|
% of Loan Balance Reserved(1)
|
||||||
Total construction loans as of March 31, 2011
|
$
|
97,845
|
47%
|
$
|
45,026
|
19%
|
$
|
213,708
|
3%
|
$
|
356,579
|
23%
|
|
Total construction loans as of December 31, 2010
|
$
|
122,077
|
47%
|
$
|
64,303
|
14%
|
$
|
236,959
|
3%
|
$
|
423,339
|
22%
|
|
Total construction loans as of September 30, 2010
|
$
|
130,422
|
48%
|
$
|
95,256
|
16%
|
$
|
220,203
|
3%
|
$
|
445,881
|
23%
|
|
Total construction loans as of June 30, 2010
|
$
|
176,531
|
44%
|
$
|
97,162
|
17%
|
$
|
223,039
|
3%
|
$
|
496,732
|
24%
|
|
Total construction loans as of March 31, 2010
|
$
|
177,292
|
39%
|
$
|
121,743
|
17%
|
$
|
259,580
|
4%
|
$
|
558,615
|
20%
|
(1)
|
To calculate the percentage of loan balances reserved, partial charge-offs taken on loans with balances outstanding have been added back to both reserves and outstanding balance.
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Balance at the beginning of period
|
$
|
192,217
|
$
|
193,926
|
$
|
195,612
|
$
|
177,787
|
$
|
177,072
|
|
Provision for loan losses
|
40,000
|
49,000
|
65,000
|
85,000
|
47,200
|
||||||
Charge-offs:
|
|||||||||||
Commercial loans
|
(3,151)
|
(9,141)
|
(11,362)
|
(30,211)
|
(7,363)
|
||||||
Commercial loans collateralized by assignment of lease payments (lease loans)
|
-
|
(43)
|
(418)
|
(917)
|
(333)
|
||||||
Commercial real estate loans
|
(29,775)
|
(27,360)
|
(25,265)
|
(15,002)
|
(12,201)
|
||||||
Construction real estate
|
(21,094)
|
(17,136)
|
(29,120)
|
(22,992)
|
(25,285)
|
||||||
Residential real estate
|
(3,562)
|
(1,363)
|
(1,500)
|
(4)
|
(459)
|
||||||
Indirect vehicle
|
(718)
|
(968)
|
(503)
|
(611)
|
(1,117)
|
||||||
Home equity
|
(1,907)
|
(1,364)
|
(1,369)
|
(1,271)
|
(628)
|
||||||
Consumer loans
|
(544)
|
(428)
|
(600)
|
(202)
|
(525)
|
||||||
Total charge-offs
|
(60,751)
|
(57,803)
|
(70,137)
|
(71,210)
|
(47,911)
|
||||||
Recoveries:
|
|||||||||||
Commercial loans
|
2,565
|
3,842
|
1,900
|
2,322
|
724
|
||||||
Commercial loans collateralized by assignment of lease payments (lease loans)
|
66
|
26
|
62
|
96
|
-
|
||||||
Commercial real estate loans
|
1,534
|
800
|
907
|
177
|
186
|
||||||
Construction real estate
|
2,026
|
1,672
|
330
|
1,055
|
113
|
||||||
Residential real estate
|
7
|
127
|
7
|
9
|
41
|
||||||
Indirect vehicle
|
325
|
286
|
232
|
344
|
301
|
||||||
Home equity
|
48
|
250
|
11
|
31
|
59
|
||||||
Consumer loans
|
373
|
91
|
2
|
1
|
2
|
||||||
Total recoveries
|
6,944
|
7,094
|
3,451
|
4,035
|
1,426
|
||||||
Total net charge-offs
|
(53,807)
|
(50,709)
|
(66,686)
|
(67,175)
|
(46,485)
|
||||||
Balance (1)
|
$
|
178,410
|
$
|
192,217
|
$
|
193,926
|
$
|
195,612
|
$
|
177,787
|
|
Total loans, excluding loans held for sale
|
$
|
6,367,996
|
$
|
6,617,811
|
$
|
6,848,986
|
$
|
7,029,695
|
$
|
6,414,856
|
|
Average loans, excluding loans held for sale
|
$
|
6,460,509
|
$
|
6,723,840
|
$
|
6,939,415
|
$
|
6,925,140
|
$
|
6,441,625
|
|
Ratio of allowance for loan losses to total loans,
|
|||||||||||
excluding loans held for sale
|
2.80%
|
2.90%
|
2.83%
|
2.78%
|
2.77%
|
||||||
Net loan charge-offs to average loans, excluding loans
|
|||||||||||
held for sale (annualized)
|
3.38%
|
2.99%
|
3.81%
|
3.89%
|
2.93%
|
(1)
|
Includes $12.7 million for credit losses on unfunded commitments at March 31, 2011.
|
March 31,
|
December 31,
|
|||
2011
|
2010
|
|||
General loss reserve
|
$
|
126,423
|
$
|
126,435
|
Specific reserve
|
38,054
|
51,826
|
||
Smaller-balance homogenous loans reserve
|
13,933
|
13,956
|
||
Total allowance for loan losses
|
$
|
178,410
|
$
|
192,217
|
At March 31,
|
At December 31,
|
At September 30,
|
At June 30,
|
At March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Securities available for sale:
|
|||||||||||
Fair value
|
|||||||||||
Government sponsored agencies and enterprises
|
$
|
56,971
|
$
|
19,434
|
$
|
24,698
|
$
|
49,142
|
$
|
55,716
|
|
States and political subdivisions
|
365,481
|
364,932
|
379,675
|
377,105
|
375,523
|
||||||
Mortgage-backed securities
|
1,279,968
|
1,197,066
|
898,837
|
1,326,432
|
1,708,512
|
||||||
Corporate bonds
|
6,019
|
6,140
|
6,140
|
6,356
|
6,356
|
||||||
Equity securities
|
10,215
|
10,171
|
10,315
|
10,172
|
4,384
|
||||||
Total fair value
|
$
|
1,718,654
|
$
|
1,597,743
|
$
|
1,319,665
|
$
|
1,769,207
|
$
|
2,150,491
|
|
Amortized cost
|
|||||||||||
Government sponsored agencies and enterprises
|
$
|
56,452
|
$
|
18,766
|
$
|
23,826
|
$
|
48,138
|
$
|
54,672
|
|
States and political subdivisions
|
350,851
|
351,274
|
355,121
|
359,556
|
362,453
|
||||||
Mortgage-backed securities
|
1,258,171
|
1,175,021
|
887,422
|
1,301,301
|
1,696,669
|
||||||
Corporate bonds
|
6,019
|
6,140
|
6,140
|
6,356
|
6,356
|
||||||
Equity securities
|
10,169
|
10,093
|
10,016
|
9,949
|
4,318
|
||||||
Total amortized cost
|
$
|
1,681,662
|
$
|
1,561,294
|
$
|
1,282,525
|
$
|
1,725,300
|
$
|
2,124,468
|
|
Unrealized gain
|
|||||||||||
Government sponsored agencies and enterprises
|
$
|
519
|
$
|
668
|
$
|
872
|
$
|
1,004
|
$
|
1,044
|
|
States and political subdivisions
|
14,630
|
13,658
|
24,554
|
17,549
|
13,070
|
||||||
Mortgage-backed securities
|
21,797
|
22,045
|
11,415
|
25,131
|
11,843
|
||||||
Corporate bonds
|
-
|
-
|
-
|
-
|
-
|
||||||
Equity securities
|
46
|
78
|
299
|
223
|
66
|
||||||
Total unrealized gain
|
$
|
36,992
|
$
|
36,449
|
$
|
37,140
|
$
|
43,907
|
$
|
26,023
|
|
Securities held to maturity, at cost:
|
|||||||||||
Mortgage-backed securities
|
$
|
102,206
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||||||||
% of
|
% of
|
% of
|
% of
|
% of
|
|||||||||||||
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
Amount
|
Total
|
||||||||
Low cost deposits:
|
|||||||||||||||||
Noninterest bearing deposits
|
$
|
1,666,868
|
21%
|
$
|
1,691,599
|
21%
|
$
|
1,704,142
|
20%
|
$
|
1,604,482
|
19%
|
$
|
1,424,746
|
18%
|
||
Money market and NOW accounts
|
2,712,314
|
34%
|
2,776,181
|
34%
|
2,819,731
|
34%
|
2,773,306
|
33%
|
2,716,339
|
34%
|
|||||||
Savings accounts
|
718,896
|
10%
|
697,851
|
8%
|
633,975
|
7%
|
618,199
|
7%
|
589,485
|
7%
|
|||||||
Total low cost deposits
|
5,098,078
|
65%
|
5,165,631
|
63%
|
5,157,848
|
61%
|
4,995,987
|
59%
|
4,730,570
|
59%
|
|||||||
Certificates of deposit:
|
|||||||||||||||||
Certificates of deposit
|
2,273,447
|
28%
|
2,447,005
|
30%
|
2,649,759
|
31%
|
2,824,075
|
34%
|
2,737,779
|
34%
|
|||||||
Public funds - certificates of deposit
|
53,144
|
1%
|
72,112
|
1%
|
90,754
|
1%
|
76,863
|
1%
|
94,084
|
1%
|
|||||||
Brokered deposit accounts
|
467,337
|
6%
|
468,210
|
6%
|
498,264
|
6%
|
500,342
|
6%
|
492,746
|
6%
|
|||||||
Total certificates of deposit
|
2,793,928
|
35%
|
2,987,327
|
37%
|
3,238,777
|
39%
|
3,401,280
|
41%
|
3,324,609
|
41%
|
|||||||
Total deposits
|
$
|
7,892,006
|
100%
|
$
|
8,152,958
|
100%
|
$
|
8,396,625
|
100%
|
$
|
8,397,267
|
100%
|
$
|
8,055,179
|
100%
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
As of the dates indicated
|
(Amounts in thousands)
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||||
2011
|
2010
|
2010
|
2010
|
2010
|
||||||||
ASSETS
|
||||||||||||
Cash and due from banks
|
$
|
123,794
|
$
|
106,726
|
$
|
131,381
|
$
|
115,450
|
$
|
113,664
|
||
Interest earning deposits with banks
|
504,765
|
737,433
|
857,997
|
262,828
|
430,366
|
|||||||
Total cash and cash equivalents
|
628,559
|
844,159
|
989,378
|
378,278
|
544,030
|
|||||||
Investment securities:
|
||||||||||||
Securities available for sale, at fair value
|
1,718,654
|
1,597,743
|
1,319,665
|
1,769,207
|
2,150,491
|
|||||||
Securities held to maturity, at cost
|
102,206
|
-
|
-
|
-
|
-
|
|||||||
Non-marketable securities - FHLB and FRB Stock
|
80,186
|
80,186
|
78,807
|
78,807
|
70,361
|
|||||||
Total investment securities
|
1,901,046
|
1,677,929
|
1,398,472
|
1,848,014
|
2,220,852
|
|||||||
Loans held for sale
|
11,533
|
-
|
-
|
-
|
-
|
|||||||
Loans:
|
||||||||||||
Total loans excluding covered loans
|
5,590,362
|
5,805,481
|
5,989,948
|
6,149,786
|
6,259,805
|
|||||||
Covered loans
|
777,634
|
812,330
|
859,038
|
879,909
|
155,051
|
|||||||
Total loans
|
6,367,996
|
6,617,811
|
6,848,986
|
7,029,695
|
6,414,856
|
|||||||
Less allowance for loan loss
|
178,410
|
192,217
|
193,926
|
195,612
|
177,787
|
|||||||
Net loans
|
6,189,586
|
6,425,594
|
6,655,060
|
6,834,083
|
6,237,069
|
|||||||
Lease investments, net
|
129,182
|
126,906
|
131,324
|
143,143
|
138,929
|
|||||||
Premises and equipment, net
|
209,257
|
210,886
|
185,064
|
180,714
|
181,394
|
|||||||
Cash surrender value of life insurance
|
126,014
|
125,046
|
124,116
|
123,324
|
122,618
|
|||||||
Goodwill, net
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
|||||||
Other intangibles, net
|
33,734
|
35,159
|
36,791
|
35,199
|
36,198
|
|||||||
Other real estate owned
|
80,107
|
71,476
|
59,114
|
43,988
|
41,589
|
|||||||
Other real estate owned related to FDIC transactions
|
61,461
|
44,745
|
63,495
|
75,205
|
24,927
|
|||||||
FDIC indemnification asset
|
148,314
|
215,460
|
380,342
|
377,060
|
40,818
|
|||||||
Other assets
|
165,481
|
155,935
|
212,755
|
231,888
|
209,747
|
|||||||
Total assets
|
$
|
10,071,343
|
$
|
10,320,364
|
$
|
10,622,980
|
$
|
10,657,965
|
$
|
10,185,240
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
Liabilities
|
||||||||||||
Deposits:
|
||||||||||||
Noninterest bearing
|
$
|
1,666,868
|
$
|
1,691,599
|
$
|
1,704,142
|
$
|
1,604,482
|
$
|
1,424,746
|
||
Interest bearing
|
6,225,138
|
6,461,359
|
6,692,483
|
6,792,785
|
6,630,433
|
|||||||
Total deposits
|
7,892,006
|
8,152,958
|
8,396,625
|
8,397,267
|
8,055,179
|
|||||||
Short-term borrowings
|
295,180
|
268,844
|
282,364
|
302,087
|
263,663
|
|||||||
Long-term borrowings
|
275,327
|
285,073
|
294,529
|
306,569
|
320,090
|
|||||||
Junior subordinated notes issued to capital trusts
|
158,563
|
158,571
|
158,579
|
158,605
|
158,641
|
|||||||
Accrued expenses and other liabilities
|
100,031
|
110,132
|
154,969
|
148,524
|
95,189
|
|||||||
Total liabilities
|
8,721,107
|
8,975,578
|
9,287,066
|
9,313,052
|
8,892,762
|
|||||||
Stockholders' Equity
|
||||||||||||
Preferred stock
|
194,255
|
194,104
|
193,956
|
193,809
|
193,665
|
|||||||
Common stock
|
546
|
546
|
540
|
538
|
527
|
|||||||
Additional paid-in capital
|
726,604
|
725,400
|
716,294
|
714,882
|
689,353
|
|||||||
Retained earnings
|
406,594
|
402,810
|
402,754
|
408,991
|
392,931
|
|||||||
Accumulated other comprehensive income
|
22,566
|
22,233
|
22,655
|
26,783
|
15,874
|
|||||||
Treasury stock
|
(2,845)
|
(2,828)
|
(2,806)
|
(2,632)
|
(2,423)
|
|||||||
Controlling interest stockholders' equity
|
1,347,720
|
1,342,265
|
1,333,393
|
1,342,371
|
1,289,927
|
|||||||
Noncontrolling interest
|
2,516
|
2,521
|
2,521
|
2,542
|
2,551
|
|||||||
Total stockholders' equity
|
1,350,236
|
1,344,786
|
1,335,914
|
1,344,913
|
1,292,478
|
|||||||
Total liabilities and stockholders' equity
|
$
|
10,071,343
|
$
|
10,320,364
|
$
|
10,622,980
|
$
|
10,657,965
|
$
|
10,185,240
|
MB FINANCIAL, INC. & SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(Amounts in thousands, except per share data)(Unaudited)
|
Three Months Ended
|
|||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||
2011
|
2010
|
2010
|
2010
|
2010
|
|||
Interest income:
|
|||||||
Loans
|
$ 87,167
|
$ 92,701
|
$ 94,697
|
$ 94,699
|
$ 82,387
|
||
Investment securities available for sale:
|
|||||||
Taxable
|
7,752
|
7,001
|
11,420
|
12,154
|
19,966
|
||
Nontaxable
|
3,345
|
3,367
|
3,387
|
3,403
|
3,428
|
||
Federal funds sold
|
-
|
-
|
-
|
-
|
2
|
||
Other interest bearing accounts
|
470
|
504
|
248
|
185
|
91
|
||
Total interest income
|
98,734
|
103,573
|
109,752
|
110,441
|
105,874
|
||
Interest expense:
|
|||||||
Deposits
|
13,359
|
15,598
|
18,597
|
20,283
|
21,372
|
||
Short-term borrowings
|
217
|
255
|
281
|
264
|
345
|
||
Long-term borrowings & junior subordinated notes
|
2,953
|
3,065
|
3,256
|
3,213
|
3,339
|
||
Total interest expense
|
16,529
|
18,918
|
22,134
|
23,760
|
25,056
|
||
Net interest income
|
82,205
|
84,655
|
87,618
|
86,681
|
80,818
|
||
Provision for loan losses
|
40,000
|
49,000
|
65,000
|
85,000
|
47,200
|
||
Net interest income after provision for loan losses
|
42,205
|
35,655
|
22,618
|
1,681
|
33,618
|
||
Other income:
|
|||||||
Loan service fees
|
1,126
|
1,532
|
1,659
|
2,042
|
1,284
|
||
Deposit service fees
|
10,069
|
9,920
|
10,705
|
9,461
|
8,848
|
||
Lease financing, net
|
5,783
|
7,185
|
5,022
|
5,026
|
4,620
|
||
Brokerage fees
|
1,419
|
1,231
|
1,407
|
1,129
|
1,245
|
||
Trust & asset management fees
|
4,431
|
4,243
|
3,923
|
3,536
|
3,335
|
||
Net gain on sale of investment securities
|
(3)
|
(4)
|
9,482
|
2,304
|
6,866
|
||
Increase in cash surrender value of life insurance
|
968
|
930
|
1,209
|
706
|
671
|
||
Net gain (loss) on sale of other assets
|
357
|
419
|
299
|
(99)
|
11
|
||
Acquisition related gains
|
-
|
-
|
-
|
62,649
|
-
|
||
Accretion of FDIC indemnification asset
|
1,831
|
3,009
|
3,602
|
3,067
|
-
|
||
Other operating income
|
3,162
|
2,330
|
(1,510)
|
2,885
|
(423)
|
||
Total other income
|
29,143
|
30,795
|
35,798
|
92,706
|
26,457
|
||
Other expense:
|
|||||||
Salaries & employee benefits
|
37,447
|
36,399
|
37,424
|
37,104
|
33,422
|
||
Occupancy & equipment expense
|
9,394
|
7,938
|
8,800
|
8,928
|
9,179
|
||
Computer services expense
|
2,618
|
2,445
|
2,654
|
3,322
|
2,528
|
||
Advertising & marketing expense
|
1,719
|
1,573
|
1,620
|
1,639
|
1,633
|
||
Professional & legal expense
|
1,225
|
1,718
|
1,637
|
1,370
|
1,078
|
||
Brokerage fee expense
|
328
|
448
|
596
|
420
|
462
|
||
Telecommunication expense
|
935
|
819
|
975
|
964
|
908
|
||
Other intangible amortization expense
|
1,425
|
1,632
|
1,567
|
1,505
|
1,510
|
||
FDIC insurance premiums
|
3,428
|
3,930
|
3,873
|
3,833
|
3,964
|
||
Branch impairment charges
|
1,000
|
-
|
-
|
-
|
-
|
||
Other real estate expense, net
|
398
|
858
|
734
|
417
|
685
|
||
Other operating expenses
|
6,947
|
6,855
|
6,598
|
6,530
|
6,282
|
||
Total other expense
|
66,864
|
64,615
|
66,478
|
66,032
|
61,651
|
||
Income (loss) before income taxes
|
4,484
|
1,835
|
(8,062)
|
28,355
|
(1,576)
|
||
Income (benefit) tax expense
|
(2,460)
|
(1,358)
|
(5,253)
|
9,158
|
(2,523)
|
||
Net income (loss)
|
6,944
|
3,193
|
(2,809)
|
19,197
|
947
|
||
Preferred stock dividends and discount accretion
|
2,601
|
2,598
|
2,597
|
2,594
|
2,593
|
||
Net income (loss) available to common stockholders
|
$ 4,343
|
$ 595
|
$ (5,406)
|
$ 16,603
|
$ (1,646)
|
Three Months Ended
|
||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
||||||
2011
|
2010
|
2010
|
2010
|
2010
|
||||||
Common share data:
|
||||||||||
Net income (loss) per basic common share
|
$
|
0.13
|
$
|
0.06
|
$
|
(0.05)
|
$
|
0.36
|
$
|
0.02
|
Impact of preferred stock dividends on basic earnings (loss) per common share
|
(0.05)
|
(0.05)
|
(0.05)
|
(0.05)
|
(0.05)
|
|||||
Basic earnings (loss) per common share
|
0.08
|
0.01
|
(0.10)
|
0.31
|
(0.03)
|
|||||
Net income (loss) per common share
|
0.13
|
0.06
|
(0.05)
|
0.36
|
0.02
|
|||||
Impact of preferred stock dividends on diluted earnings (loss) per common share
|
(0.05)
|
(0.05)
|
(0.05)
|
(0.05)
|
(0.05)
|
|||||
Diluted earnings (loss) per common share
|
0.08
|
0.01
|
(0.10)
|
0.31
|
(0.03)
|
|||||
Weighted average common shares outstanding
|
53,961,176
|
53,572,157
|
53,327,219
|
52,702,779
|
51,264,727
|
|||||
Diluted weighted average common shares outstanding
|
54,254,876
|
53,790,047
|
53,327,219
|
53,034,426
|
51,264,727
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Performance Ratios:
|
|||||||||||
Annualized return on average assets
|
0.28
|
%
|
0.12
|
%
|
(0.10)
|
%
|
0.73
|
%
|
0.04
|
%
|
|
Annualized return on average common equity
|
1.53
|
0.21
|
(1.86)
|
5.79
|
(0.61)
|
||||||
Annualized cash return on average tangible common equity(1)
|
2.88
|
0.89
|
(2.34)
|
9.52
|
(0.40)
|
||||||
Net interest rate spread
|
3.68
|
3.63
|
3.71
|
3.69
|
3.42
|
||||||
Cost of funds(2)
|
0.77
|
0.83
|
0.96
|
1.04
|
1.13
|
||||||
Efficiency ratio(3)
|
57.71
|
53.72
|
55.32
|
56.39
|
58.00
|
||||||
Annualized net non-interest expense to average assets(4)
|
1.46
|
1.22
|
1.36
|
1.45
|
1.52
|
||||||
Core pre-tax pre-provision earnings to risk-weighted assets(5)
|
2.81
|
3.08
|
2.91
|
2.71
|
2.41
|
||||||
Net interest margin
|
3.76
|
3.72
|
3.81
|
3.79
|
3.55
|
||||||
Tax equivalent effect
|
0.12
|
0.11
|
0.11
|
0.12
|
0.12
|
||||||
Net interest margin - fully tax equivalent basis(6)
|
3.88
|
3.83
|
3.92
|
3.91
|
3.67
|
||||||
Asset Quality Ratios:
|
|||||||||||
Non-performing loans(7) to total loans
|
5.01
|
%
|
5.48
|
%
|
5.73
|
%
|
4.89
|
%
|
5.04
|
%
|
|
Non-performing assets(7) to total assets
|
3.96
|
4.21
|
4.26
|
3.64
|
3.58
|
||||||
Allowance for loan losses to non-performing loans(7)
|
55.94
|
53.03
|
49.40
|
56.89
|
55.01
|
||||||
Allowance for loan losses to non-performing loans,(7)
|
|||||||||||
including partial charge-offs taken
|
70.46
|
67.66
|
64.78
|
69.55
|
65.31
|
||||||
Allowance for loan losses to total loans
|
2.80
|
2.90
|
2.83
|
2.78
|
2.77
|
||||||
Net loan charge-offs to average loans (annualized)
|
3.38
|
2.99
|
3.81
|
3.89
|
2.93
|
||||||
Capital Ratios:
|
|||||||||||
Tangible equity to tangible assets(8)
|
9.74
|
%
|
9.43
|
%
|
9.06
|
%
|
9.12
|
%
|
9.02
|
%
|
|
Tangible common equity to risk weighted assets(9)
|
11.36
|
10.94
|
10.46
|
10.31
|
9.73
|
||||||
Tangible common equity to tangible assets(10)
|
7.73
|
7.47
|
7.16
|
7.23
|
7.04
|
||||||
Book value per common share(11)
|
$
|
21.24
|
$
|
21.14
|
$
|
21.14
|
$
|
21.46
|
$
|
20.85
|
|
Less: goodwill and other intangible assets, net of tax
|
|||||||||||
benefit, per common share
|
7.52
|
7.53
|
7.64
|
0.76
|
7.79
|
||||||
Tangible book value per common share(12)
|
13.73
|
13.60
|
13.58
|
13.81
|
13.06
|
||||||
Total capital (to risk-weighted assets)
|
18.33
|
%
|
17.75
|
%
|
17.10
|
%
|
16.77
|
%
|
16.39
|
%
|
|
Tier 1 capital (to risk-weighted assets)
|
16.31
|
15.75
|
15.12
|
14.81
|
14.42
|
||||||
Tier 1 capital (to average assets)
|
11.00
|
10.66
|
10.38
|
10.48
|
10.30
|
||||||
Tier 1 common capital (to risk-weighted assets)
|
11.01
|
10.61
|
10.14
|
9.96
|
9.51
|
(1)
|
Net cash flow available to common stockholders (net income available to common stockholders, plus other intangibles amortization expense, net of tax benefit) divided by average tangible common equity (average common equity less average goodwill and average other intangibles, net of tax benefit).
|
(2)
|
Equals total interest expense divided by the sum of average interest bearing liabilities and noninterest bearing deposits.
|
(3)
|
Equals total other expense excluding non-core items divided by the sum of net interest income on a fully tax equivalent basis and total other income less non-core items.
|
(4)
|
Equals total other expense excluding non-core items less total other income excluding non-core items divided by average assets.
|
(5)
|
Equal net income before taxes excluding loan loss provision expense, non-core other income items, and non-core other expense items divided by risk-weighted assets.
|
(6)
|
Represents net interest income, on a fully tax equivalent basis assuming a 35% tax rate, as a percentage of average interest earning assets.
|
(7)
|
Non-performing loans excludes purchased credit-impaired loans and loans held for sale. Non-performing assets excludes purchased credit-impaired loans, loans held for sale, and other real estate owned related to FDIC transactions.
|
(8)
|
Equals total ending stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total assets less goodwill and other intangibles, net of tax benefit.
|
(9)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total risk weighted assets.
|
(10)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by total assets less goodwill and other intangibles, net of tax benefit.
|
(11)
|
Equals total ending common stockholders’ equity divided by common shares outstanding.
|
(12)
|
Equals total ending common stockholders’ equity less goodwill and other intangibles, net of tax benefit, divided by common shares outstanding.
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Stockholders' equity - as reported
|
$
|
1,350,236
|
$
|
1,344,786
|
$
|
1,335,914
|
$
|
1,344,913
|
$
|
1,292,478
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
21,927
|
22,853
|
23,914
|
22,879
|
23,529
|
||||||
Tangible equity
|
$
|
941,240
|
$
|
934,864
|
$
|
924,931
|
$
|
934,965
|
$
|
881,880
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Total assets - as reported
|
$
|
10,071,343
|
$
|
10,320,364
|
$
|
10,622,980
|
$
|
10,657,965
|
$
|
10,185,240
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
21,927
|
22,853
|
23,914
|
22,879
|
23,529
|
||||||
Tangible assets
|
$
|
9,662,347
|
$
|
9,910,442
|
$
|
10,211,997
|
$
|
10,248,017
|
$
|
9,774,642
|
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Common stockholders' equity - as reported
|
$
|
1,155,981
|
$
|
1,150,682
|
$
|
1,141,958
|
$
|
1,151,104
|
$
|
1,098,813
|
|
Less: goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: other intangible, net of tax benefit
|
21,927
|
22,853
|
23,914
|
22,879
|
23,529
|
||||||
Tangible common equity
|
$
|
746,985
|
$
|
740,760
|
$
|
730,975
|
$
|
741,156
|
$
|
688,215
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Average common stockholders' equity - as reported
|
$
|
1,152,119
|
$
|
1,147,581
|
$
|
1,152,058
|
$
|
1,150,440
|
$
|
1,089,859
|
|
Less: average goodwill
|
387,069
|
387,069
|
387,069
|
387,069
|
387,069
|
||||||
Less: average other intangible assets,
|
|||||||||||
net of tax benefit
|
22,254
|
23,236
|
22,596
|
22,905
|
23,892
|
||||||
Average tangible common equity
|
$
|
742,796
|
$
|
737,276
|
$
|
742,393
|
$
|
740,466
|
$
|
678,898
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Net income (loss) available to common
|
|||||||||||
stockholders - as reported
|
$
|
4,343
|
$
|
595
|
$
|
(5,406)
|
$
|
16,603
|
$
|
(1,646)
|
|
Add: other intangible amortization expense,
|
|||||||||||
net of tax benefit
|
926
|
1,062
|
1,018
|
978
|
981
|
||||||
Net cash flow available to common stockholders
|
$
|
5,269
|
$
|
1,657
|
$
|
(4,388)
|
$
|
17,581
|
$
|
(665)
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Non-interest expense
|
$
|
66,864
|
$
|
64,615
|
$
|
66,478
|
$
|
66,032
|
$
|
61,651
|
|
Adjustment for impairment charges
|
1,000
|
-
|
-
|
-
|
-
|
||||||
Adjustment for increase (decrease) in market value of
|
|||||||||||
assets held in trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Non-interest expense - as adjusted
|
$
|
65,677
|
$
|
64,018
|
$
|
66,481
|
$
|
66,071
|
$
|
61,644
|
|
Net interest income
|
$
|
82,205
|
$
|
84,655
|
$
|
87,618
|
$
|
86,681
|
$
|
80,818
|
|
Tax equivalent adjustment
|
2,625
|
2,609
|
2,614
|
2,642
|
2,593
|
||||||
Net interest income on a fully tax equivalent basis
|
84,830
|
87,264
|
90,232
|
89,323
|
83,411
|
||||||
Plus other income
|
29,143
|
30,795
|
35,798
|
92,706
|
26,457
|
||||||
Less net (losses) gains on other real estate owned
|
(372)
|
(2,124)
|
(3,913)
|
52
|
(3,299)
|
||||||
Less net (losses) gains on securities available for sale
|
(3)
|
(4)
|
9,482
|
2,304
|
6,866
|
||||||
Less net gains (losses) on sale of other assets
|
357
|
419
|
299
|
(99)
|
11
|
||||||
Less acquisition related gains
|
-
|
-
|
-
|
62,649
|
-
|
||||||
Less increase (decrease) in market value of assets held in
|
|||||||||||
trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Net interest income plus non-interest income -
|
|||||||||||
as adjusted
|
$
|
113,804
|
$
|
119,171
|
$
|
120,165
|
$
|
117,162
|
$
|
106,283
|
|
Efficiency ratio
|
57.71%
|
53.72%
|
55.32%
|
56.39%
|
58.00%
|
||||||
Efficiency ratio (without adjustments)
|
60.05%
|
55.97%
|
53.86%
|
36.81%
|
57.47%
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Non-interest expense
|
$
|
66,864
|
$
|
64,615
|
$
|
66,478
|
$
|
66,032
|
$
|
61,651
|
|
Adjustment for impairment charges
|
1,000
|
-
|
-
|
-
|
-
|
||||||
Adjustment for increase (decrease) in market value of
|
|||||||||||
assets held in trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Non-interest expense - as adjusted
|
65,677
|
64,018
|
66,481
|
66,071
|
61,644
|
||||||
Other income
|
29,143
|
30,795
|
35,798
|
92,706
|
26,457
|
||||||
Less net (losses) gains on other real estate owned
|
(372)
|
(2,124)
|
(3,913)
|
52
|
(3,299)
|
||||||
Less net (losses) gains on securities available for sale
|
(3)
|
(4)
|
9,482
|
2,304
|
6,866
|
||||||
Less net gains (loss) on sale of other assets
|
357
|
419
|
299
|
(99)
|
11
|
||||||
Less acquisition related gains
|
-
|
-
|
-
|
62,649
|
-
|
||||||
Less increase (decrease) in market value of assets
|
|||||||||||
held in trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Other income - as adjusted
|
28,974
|
31,907
|
29,933
|
27,839
|
22,872
|
||||||
Net non-interest expense
|
$
|
36,703
|
$
|
32,111
|
$
|
36,548
|
$
|
38,232
|
$
|
38,772
|
|
Average assets
|
$
|
10,198,626
|
$
|
10,452,626
|
$
|
10,634,556
|
$
|
10,584,722
|
$
|
10,349,664
|
|
Annualized net non-interest expense to average assets
|
1.46%
|
1.22%
|
1.36%
|
1.45%
|
1.52%
|
||||||
Annualized net non-interest expense to average assets
|
|||||||||||
(without adjustments)
|
1.50%
|
1.28%
|
1.14%
|
-1.01%
|
1.38%
|
Three Months Ended
|
|||||||||||
March 31,
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
|||||||
2011
|
2010
|
2010
|
2010
|
2010
|
|||||||
Income (loss) before income taxes
|
$
|
4,484
|
$
|
1,835
|
$
|
(8,062)
|
$
|
28,355
|
$
|
(1,576)
|
|
Provision for loan losses
|
40,000
|
49,000
|
65,000
|
85,000
|
47,200
|
||||||
Pre-tax, pre-provision earnings
|
44,484
|
50,835
|
56,938
|
113,355
|
45,624
|
||||||
Non-core other income
|
|||||||||||
Net (losses) gains on other real estate owned
|
(372)
|
(2,124)
|
(3,913)
|
52
|
(3,299)
|
||||||
Net (losses) gains on securities available for sale
|
(3)
|
(4)
|
9,482
|
2,304
|
6,866
|
||||||
Net gain (loss) on sale of other assets
|
357
|
419
|
299
|
(99)
|
11
|
||||||
Acquisition related gains
|
-
|
-
|
-
|
62,649
|
-
|
||||||
Increase (decrease) in market value of assets held in
|
|||||||||||
trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Total non-core other income
|
169
|
(1,112)
|
5,865
|
64,867
|
3,585
|
||||||
Non-core other expense
|
|||||||||||
Impairment charges
|
1,000
|
-
|
-
|
-
|
-
|
||||||
Increase (decrease) in market value of assets held in
|
|||||||||||
trust for deferred compensation
|
187
|
597
|
(3)
|
(39)
|
7
|
||||||
Total non-core other expense
|
1,187
|
597
|
(3)
|
(39)
|
7
|
||||||
Core pre-tax, pre-provision earnings
|
$
|
45,502
|
$
|
52,544
|
$
|
51,070
|
$
|
48,449
|
$
|
42,046
|
|
Risk-weighted assets
|
$
|
6,577,477
|
$
|
6,772,761
|
$
|
6,971,810
|
$
|
7,172,094
|
$
|
7,074,274
|
|
Annualized pre-tax, pre-provision earnings to risk-
|
|||||||||||
weighted assets
|
2.81%
|
3.08%
|
2.91%
|
2.71%
|
2.41%
|
||||||
Annualized pre-tax, pre-provision earnings to risk-
|
|||||||||||
weighted assets (without adjustments)
|
2.74%
|
2.98%
|
3.24%
|
6.34%
|
2.62%
|
Three Months Ended March 31,
|
Three Months Ended December 31,
|
||||||||||||||||
2011
|
2010
|
2010
|
|||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||
Interest Earning Assets:
|
|||||||||||||||||
Loans (1) (2) (3):
|
|||||||||||||||||
Commercial related credits
|
|||||||||||||||||
Commercial
|
$
|
1,164,698
|
$
|
14,331
|
4.99%
|
$
|
1,365,969
|
$
|
16,950
|
5.03%
|
$
|
1,243,057
|
$
|
15,053
|
4.80%
|
||
Commercial loans collateralized by assignment
|
|||||||||||||||||
of lease payments
|
1,003,872
|
14,090
|
5.61
|
936,150
|
14,232
|
6.08
|
1,018,026
|
14,662
|
5.76
|
||||||||
Real estate commercial
|
2,139,597
|
28,235
|
5.28
|
2,439,104
|
32,563
|
5.34
|
2,235,328
|
29,853
|
5.23
|
||||||||
Real estate construction
|
407,148
|
3,519
|
3.46
|
596,076
|
4,798
|
3.22
|
438,622
|
3,741
|
3.34
|
||||||||
Total commercial related credits
|
4,715,315
|
60,175
|
5.10
|
5,337,299
|
68,543
|
5.14
|
4,935,033
|
63,309
|
5.02
|
||||||||
Other loans
|
|||||||||||||||||
Real estate residential
|
332,856
|
4,467
|
5.37
|
296,037
|
3,886
|
5.25
|
326,785
|
4,523
|
5.54
|
||||||||
Home equity
|
376,361
|
4,003
|
4.31
|
403,673
|
4,332
|
4.35
|
385,119
|
4,234
|
4.36
|
||||||||
Indirect
|
174,362
|
2,940
|
6.84
|
178,981
|
3,052
|
6.92
|
178,940
|
3,583
|
7.94
|
||||||||
Consumer loans
|
57,468
|
600
|
4.23
|
59,046
|
550
|
3.78
|
57,709
|
633
|
4.35
|
||||||||
Total other loans
|
941,047
|
12,010
|
5.18
|
937,737
|
11,820
|
5.11
|
948,553
|
12,973
|
5.43
|
||||||||
Total loans, excluding covered loans
|
5,656,362
|
72,185
|
5.18
|
6,275,036
|
80,363
|
5.19
|
5,883,586
|
76,282
|
5.14
|
||||||||
Covered loans
|
804,275
|
15,805
|
7.97
|
166,589
|
2,771
|
6.75
|
840,254
|
17,213
|
8.13
|
||||||||
Total loans
|
6,460,637
|
87,990
|
5.52
|
6,441,625
|
83,134
|
5.23
|
6,723,840
|
93,495
|
5.52
|
||||||||
Taxable investment securities
|
1,313,061
|
7,752
|
2.36
|
2,300,072
|
19,966
|
3.47
|
1,172,751
|
7,002
|
2.39
|
||||||||
Investment securities exempt from federal income taxes (3)
|
348,831
|
5,146
|
5.90
|
360,658
|
5,274
|
5.85
|
351,955
|
5,181
|
5.76
|
||||||||
Federal funds sold
|
-
|
-
|
0.00
|
1,428
|
2
|
0.56
|
-
|
-
|
0.00
|
||||||||
Other interest bearing deposits
|
747,013
|
471
|
0.26
|
124,301
|
91
|
0.30
|
784,803
|
504
|
0.25
|
||||||||
Total interest earning assets
|
$
|
8,869,542
|
$
|
101,359
|
4.63
|
$
|
9,228,084
|
$
|
108,467
|
4.77
|
$
|
9,033,349
|
$
|
106,182
|
4.66
|
||
Non-interest earning assets
|
1,329,084
|
1,121,580
|
1,419,277
|
||||||||||||||
Total assets
|
$
|
10,198,626
|
$
|
10,349,664
|
$
|
10,452,626
|
|||||||||||
Interest Bearing Liabilities:
|
|||||||||||||||||
Core funding:
|
|||||||||||||||||
Money market and NOW accounts
|
$
|
2,726,599
|
$
|
2,486
|
0.37%
|
$
|
2,708,718
|
$
|
3,629
|
0.54%
|
$
|
2,823,619
|
$
|
3,410
|
0.48%
|
||
Savings accounts
|
710,455
|
420
|
0.24
|
585,628
|
450
|
0.31
|
657,816
|
505
|
0.30
|
||||||||
Certificate of deposit
|
2,362,918
|
6,418
|
1.10
|
2,881,819
|
12,441
|
1.75
|
2,529,865
|
7,481
|
1.17
|
||||||||
Customer repurchase agreements
|
262,578
|
187
|
0.29
|
231,900
|
245
|
0.43
|
277,782
|
218
|
0.31
|
||||||||
Total core funding
|
6,062,550
|
9,511
|
0.64
|
6,408,065
|
16,765
|
1.06
|
6,289,082
|
11,614
|
0.73
|
||||||||
Whole sale funding:
|
|||||||||||||||||
Public funds
|
66,362
|
102
|
0.62
|
102,249
|
187
|
0.74
|
81,500
|
128
|
0.62
|
||||||||
Brokered accounts (includes fee expense)
|
467,417
|
3,933
|
3.41
|
495,726
|
4,665
|
3.82
|
473,090
|
4,074
|
3.42
|
||||||||
Other short-term borrowings
|
3,266
|
30
|
2.70
|
21,538
|
100
|
1.88
|
4,106
|
38
|
3.67
|
||||||||
Long-term borrowings
|
436,975
|
2,953
|
2.70
|
483,937
|
3,339
|
2.76
|
448,106
|
3,064
|
2.68
|
||||||||
Total wholesale funding
|
974,020
|
7,018
|
2.92
|
1,103,450
|
8,291
|
3.05
|
1,006,802
|
7,304
|
2.88
|
||||||||
Total interest bearing liabilities
|
$
|
7,036,570
|
$
|
16,529
|
0.95
|
$
|
7,511,515
|
$
|
25,056
|
1.35
|
$
|
7,295,884
|
$
|
18,918
|
1.03
|
||
Non-interest bearing deposits
|
1,672,003
|
1,454,263
|
1,694,179
|
||||||||||||||
Other non-interest bearing liabilities
|
143,775
|
100,454
|
120,974
|
||||||||||||||
Stockholders' equity
|
1,346,278
|
1,283,432
|
1,341,589
|
||||||||||||||
Total liabilities and stockholders' equity
|
$
|
10,198,626
|
$
|
10,349,664
|
$
|
10,452,626
|
|||||||||||
Net interest income/interest rate spread (4)
|
$
|
84,830
|
3.68%
|
$
|
83,411
|
3.42%
|
$
|
87,264
|
3.63%
|
||||||||
Taxable equivalent adjustment
|
2,625
|
2,593
|
2,609
|
||||||||||||||
Net interest income, as reported
|
$
|
82,205
|
$
|
80,818
|
$
|
84,655
|
|||||||||||
Net interest margin (5)
|
3.76%
|
3.55%
|
3.72%
|
||||||||||||||
Tax equivalent effect
|
0.12%
|
0.12%
|
0.11%
|
||||||||||||||
Net interest margin on a fully equivalent basis (5)
|
3.88%
|
3.67%
|
3.83%
|
(1)
|
Non-accrual loans are included in average loans.
|
(2)
|
Interest income includes amortization of deferred loan origination fees of $1.3 million, $1.0 million, and $1.0 million for the three months ended March 31, 2011, December 31, 2010, and March 31, 2010, respectively.
|
(3)
|
Non-taxable loan and investment income is presented on a fully tax equivalent basis assuming a 35% tax rate.
|
(4)
|
Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
|
(5)
|
Net interest margin represents net interest income as a percentage of average interest earning assets.
|