UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
For the quarterly period ended June 30, 2002
Commission file number 0-24566-01
MB FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
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Maryland |
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(State or other jurisdiction of incorporation or organization) |
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36-4460265 |
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(I.R.S. Employer Identification No.) |
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801 West Madison Street, Chicago, Illinois 60607 |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: (773) 645-7866 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
YES: ý NO: o
There were outstanding 17,574,561 shares of the registrant’s common stock as of August 14, 2002.
MB FINANCIAL, INC. AND SUBSIDIARIES
FORM 10-Q
June 30, 2002
INDEX
2
PART I. – FINANCIAL INFORMATION
Item 1. – Financial Statements
MB FINANCIAL, INC. & SUBSIDIARIES
June 30, 2002 and December 31, 2001
(Amounts in thousands, except share data)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
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$ |
81,187 |
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$ |
106,572 |
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Interest bearing deposits with banks |
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1,423 |
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4,408 |
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Federal funds sold |
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6,600 |
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19,500 |
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Investment securities available for sale |
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891,807 |
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843,286 |
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Loans (net of allowance for loan losses of $31,290 at June 30, 2002 and $27,500 at December 31, 2001) |
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2,421,405 |
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2,284,454 |
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Lease investments, net |
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45,738 |
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48,252 |
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Interest only securities |
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4,954 |
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8,580 |
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Premises and equipment, net |
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50,497 |
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49,308 |
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Cash surrender value of life insurance |
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70,958 |
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33,890 |
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Goodwill, net |
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43,955 |
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32,031 |
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Intangibles, net |
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3,317 |
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2,795 |
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Other assets |
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34,011 |
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32,777 |
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Total assets |
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$ |
3,655,852 |
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$ |
3,465,853 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Liabilities |
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Deposits: |
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Noninterest bearing |
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$ |
480,905 |
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$ |
473,624 |
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Interest bearing |
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2,604,691 |
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2,348,102 |
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Total deposits |
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3,085,596 |
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2,821,726 |
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Short-term borrowings |
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157,572 |
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243,282 |
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Long-term borrowings |
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62,922 |
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58,980 |
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Accrued expenses and other liabilities |
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36,282 |
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48,277 |
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Total liabilities |
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3,342,372 |
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3,172,265 |
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Stockholders’ Equity |
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Common stock, ($0.01 par value; authorized 40,000,000 shares; issued 17,568,067 shares at June 30, 2002 and 17,486,924 shares at December 31, 2001) |
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176 |
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175 |
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Additional paid-in capital |
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64,205 |
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63,104 |
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Retained earnings |
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236,058 |
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219,424 |
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Accumulated other comprehensive income |
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13,204 |
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10,885 |
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Less: 5,000 shares of treasury stock, at cost, at June 30, 2002 |
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(163 |
) |
— |
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Total stockholders’ equity |
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313,480 |
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293,588 |
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Total liabilities and stockholders’ equity |
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$ |
3,655,852 |
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$ |
3,465,853 |
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See Accompanying Notes to Unaudited Consolidated Financial Statements.
3
MB FINANCIAL, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, except Common Share Data)
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2002 |
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2001 |
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2002 |
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2001 |
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Interest income: |
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Loans |
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$ |
40,896 |
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$ |
43,255 |
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$ |
79,481 |
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$ |
85,905 |
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Investment securities: |
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Taxable |
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11,178 |
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13,168 |
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21,784 |
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26,880 |
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Nontaxable |
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902 |
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1,052 |
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1,745 |
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2,102 |
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Federal funds sold |
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83 |
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454 |
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171 |
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1,154 |
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Other interest bearing deposits |
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6 |
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98 |
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24 |
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274 |
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Total interest income |
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53,065 |
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58,027 |
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103,205 |
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116,315 |
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Interest expense: |
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Deposits |
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17,459 |
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26,335 |
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34,530 |
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52,972 |
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Short-term borrowings |
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920 |
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3,558 |
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2,048 |
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8,198 |
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Long-term borrowings |
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780 |
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733 |
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1,520 |
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1,544 |
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Total interest expense |
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19,159 |
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30,626 |
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38,098 |
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62,714 |
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