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 September 30, 2003
Commission file number 0-24566-01
MB FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Maryland
(State or
other jurisdiction of
incorporation or organization)
36-4460265
(I.R.S.
Employer Identification No.)
801 West Madison Street, Chicago, Illinois 60607
(Address of principal executive offices)
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.
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YES: ý |
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NO: o |
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
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YES: ý |
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NO: o |
There were outstanding 17,835,459 shares of the registrant’s common stock as of November 14, 2003.
MB FINANCIAL, INC. AND SUBSIDIARIES
FORM 10-Q
September 30, 2003
INDEX
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Consolidated Balance Sheets at September 30, 2003 and December 31, 2002 (Unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PART I.- FINANCIAL INFORMATION
Item 1. – Financial Statements
MB FINANCIAL, INC. & SUBSIDIARIES
September 30, 2003 and December 31, 2002
(Amounts in thousands, except common share data)
(Unaudited)
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September 30, |
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December 31, |
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ASSETS |
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Cash and due from banks |
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$ |
107,470 |
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$ |
90,522 |
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Interest bearing deposits with banks |
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5,636 |
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1,954 |
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Federal funds sold |
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— |
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16,100 |
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Investment securities available for sale |
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1,068,475 |
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893,553 |
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Loans held for sale |
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31,605 |
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8,380 |
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Loans (net of allowance for loan losses of $38,513 at September 30, 2003 and $33,890 at December 31, 2002) |
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2,733,875 |
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2,470,824 |
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Lease investments, net |
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63,525 |
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68,487 |
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Premises and equipment, net |
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75,017 |
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50,348 |
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Cash surrender value of life insurance |
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75,712 |
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73,022 |
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Goodwill, net |
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70,293 |
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45,851 |
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Other intangibles, net |
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7,853 |
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2,797 |
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Other assets |
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46,242 |
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37,743 |
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Total assets |
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$ |
4,285,703 |
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$ |
3,759,581 |
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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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$ |
554,371 |
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$ |
497,264 |
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Interest bearing |
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2,781,798 |
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2,522,301 |
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Total deposits |
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3,336,169 |
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3,019,565 |
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Short-term borrowings |
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407,702 |
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222,697 |
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Long-term borrowings |
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38,985 |
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45,998 |
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Company-obligated mandatorily redeemable preferred securities |
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84,800 |
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84,800 |
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Accrued expenses and other liabilities |
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51,105 |
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43,334 |
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Total liabilities |
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3,918,761 |
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3,416,394 |
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Stockholders’ Equity |
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Common stock, ($0.01 par value; authorized 40,000,000 shares; issued 17,816,458 shares at September 30, 2003 and 17,741,535 at December 31, 2002) |
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178 |
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177 |
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Additional paid-in capital |
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70,179 |
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69,531 |
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Retained earnings |
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285,836 |
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255,241 |
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Accumulated other comprehensive income |
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10,749 |
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18,783 |
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Less: 15,865 shares of treasury stock, at cost, at December 31, 2002 |
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— |
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(545 |
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Total stockholders’ equity |
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366,942 |
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343,187 |
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Total liabilities and stockholders’ equity |
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$ |
4,285,703 |
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$ |
3,759,581 |
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See Accompanying Notes to 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 |
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Nine Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Interest income: |
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Loans |
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$ |
40,767 |
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$ |
41,501 |
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$ |
124,219 |
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$ |
120,982 |
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Investment securities: |
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Taxable |
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9,418 |
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11,401 |
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27,458 |
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33,185 |
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Nontaxable |
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1,526 |
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847 |
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3,579 |
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2,592 |
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Federal funds sold |
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1 |
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98 |
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187 |
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269 |
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Other interest bearing accounts |
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8 |
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10 |
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44 |
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34 |
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Total interest income |
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51,720 |
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53,857 |
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155,487 |
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157,062 |
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