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 |
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For the quarterly period ended June 30, 2004
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.
YES: ý NO: o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES: ý NO: o
There were outstanding 28,680,168 shares of the registrant’s common stock as of August 6, 2004.
MB FINANCIAL, INC. AND SUBSIDIARIES
FORM 10-Q
June 30, 2004
INDEX
2
PART I. – FINANCIAL INFORMATION
Item 1. – Financial Statements
MB FINANCIAL, INC. & SUBSIDIARIES
June 30, 2004 and December 31, 2003
(Amounts in thousands, except common share data)
(Unaudited)
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June 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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$ |
108,136 |
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$ |
91,283 |
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Interest bearing deposits with banks |
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11,965 |
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6,647 |
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Federal funds sold |
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800 |
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— |
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Investment securities available for sale |
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1,286,304 |
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1,112,110 |
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Loans held for sale |
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816 |
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3,830 |
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Loans (net of allowance for loan losses of $44,236 at June 30, 2004 and $39,572 at December 31, 2003) |
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3,149,003 |
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2,786,222 |
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Lease investments, net |
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65,131 |
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73,440 |
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Premises and equipment, net |
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96,529 |
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80,410 |
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Cash surrender value of life insurance |
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84,388 |
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82,547 |
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Goodwill, net |
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123,644 |
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70,293 |
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Other intangibles, net |
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14,046 |
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7,560 |
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Other assets |
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54,941 |
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40,751 |
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Total assets |
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$ |
4,995,703 |
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$ |
4,355,093 |
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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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$ |
646,352 |
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$ |
598,961 |
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Interest bearing |
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3,112,485 |
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2,833,074 |
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Total deposits |
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3,758,837 |
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3,432,035 |
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Short-term borrowings |
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530,968 |
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391,600 |
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Long-term borrowings |
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125,603 |
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21,464 |
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Junior subordinated notes issued to capital trusts |
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87,443 |
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87,443 |
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Accrued expenses and other liabilities |
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42,983 |
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47,058 |
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Total liabilities |
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4,545,834 |
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3,979,600 |
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Stockholders’ Equity |
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Common stock, ($0.01 par value; authorized 40,000,000 shares; issued 28,841,321 shares at June 30, 2004 and 26,807,430 at December 31, 2003) |
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288 |
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268 |
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Additional paid-in capital |
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137,999 |
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71,837 |
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Retained earnings |
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320,531 |
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296,906 |
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Unearned compensation |
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(342 |
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(198 |
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Accumulated other comprehensive income (loss) |
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(3,414 |
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8,531 |
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Less: 150,000 and 57,300 shares of treasury stock, at cost, at June 30, 2004 and December 31, 2003, respectively |
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(5,193 |
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(1,851 |
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Total stockholders’ equity |
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449,869 |
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375,493 |
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Total liabilities and stockholders’ equity |
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$ |
4,995,703 |
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$ |
4,355,093 |
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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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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest income: |
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Loans |
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$ |
41,712 |
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$ |
41,916 |
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$ |
80,906 |
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$ |
83,452 |
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Investment securities: |
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Taxable |
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10,058 |
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8,895 |
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20,262 |
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18,040 |
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Nontaxable |
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1,946 |
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1,110 |
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3,631 |
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2,053 |
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Federal funds sold |
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28 |
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98 |
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44 |
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186 |
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Other interest bearing accounts |
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17 |
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20 |
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35 |
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36 |
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Total interest income |
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53,761 |
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52,039 |
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104,878 |
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103,767 |
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