Chicago, IL (PRWEB) October 25, 2012
MB Financial, Inc. (NASDAQ: MBFI), the holding company for MB Financial Bank, N.A., announced today third quarter results for 2012, according to Mitchell Feiger, president and CEO, MB Financial, Inc.
For the third quarter ended September 30, 2012, MB Financial reported a net income and net income available to common stockholders of $23.1 million. This compared to net income of $19.7 million and net income available to common stockholders of $17.1 million for the third quarter of 2011, and net income and net income available to common stockholders of $22.1 million for the second quarter of 2012.
“Third quarter earnings were driven by strong fee income growth which exceeded the impact of net interest margin compression. While we had some large unusual items in the quarter, including a negative provision and prepayment fees, they were largely offsetting and had minimal impact on our results. I’m very pleased with the progress we have made over the past year in several areas including credit quality, improving our balance sheet mix and executing on our fee income initiatives. Return on assets is approaching normal levels, and from a shareholder perspective, we are ready to return more capital to shareholders in the form of higher quarterly dividends,” stated Mitchell Feiger, President and Chief Executive Officer of the Company.
Key items for the quarter were as follows:
- Improved Return on Assets and Return on Equity
- Increase in Quarterly Dividend to $0.10 Per Share, an Increase from $0.01 Per Share in Prior Quarters
- Authorization for Stock Buyback of up to One Million Shares of Common Stock over the Next Two Years
- Improved Fee Income, Partially Offset by Margin Compression
- Improved Credit Metrics
- Prepayments to Lower Future Funding Costs
- Balance Sheet Improvements Continue
MB Financial, Inc., a Chicago-based financial holding company, is the parent company of MB Financial Bank, N.A. MB Financial Bank is a locally-operated financial institution that has been delivering competitive personalized service for over 100 years to businesses and individuals who live and work in the Chicago metropolitan area. MB Financial Bank has approximately 90 locations throughout the Chicagoland area. More information about the company and third quarter earnings can be found at http://www.mbfinancial.com.