MB Financial, Inc. Reports Net Income of $17.0 Million for the Third Quarter of 2005.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- MB Financial, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :MBFI MBFI Multiplex Bus Fault Isolator ) (the Company), the holding company for MB Financial Bank, N.A. and Union Bank, N.A., announced today third quarter results for 2005. The Company had net income of $17.0 million for the third quarter of 2005 compared to $16.7 million for the third quarter of 2004, an increase of 1.9%. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the third quarter of 2005 increased 3.5% to $0.59 compared to $0.57 per share in the third quarter of 2004. Mitchell Mitchell, city (1990 pop. 13,798), seat of Davison co., SE S.Dak.; inc. 1881. Mitchell is a trade, distribution, and shipping center for a dairy and livestock area. Feiger, President and Chief Executive Officer of MB Financial, Inc. said, "The third quarter marked a very exciting milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. for our company, implementation of our enhanced low cost deposit gathering strategy. Almost all of our offices are now 'Open seven days a week. Open early. Open late.' for our customers' convenience. We are investing in our future. We increased the number of bankers serving our customers, expanded our ATM network and extended our business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a throughout the Chicagoland area, and improved our products." See "Selected Financial Ratios" section below for additional statistical data regarding the Company's 2005 third quarter performance. RESULTS OF OPERATIONS Third Quarter Results Net income was $17.0 million for the third quarter of 2005, compared to $16.7 million for the third quarter of 2004. The results for the third quarter of 2005 generated an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets of 1.20% and an annualized return on average equity of 13.68%, compared to 1.33% and 14.38%, respectively, for the same period in 2004. Net interest income was $46.2 million for the three months ended September September: see month. 30, 2005, an increase of $3.8 million, or 8.9% from $42.4 million for the comparable period in 2004. Net interest income grew primarily due to a $552.0 million, or 12.2%, increase in average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin resulting from organic growth. The net interest margin, expressed on a fully tax equivalent basis, was 3.71% for the third quarter of 2005 and 3.83% for the third quarter of 2004. The provision for loan losses was $1.8 million in the third quarter of 2005 and 2004. Net charge-offs were $1.8 million in the quarter ended September 30, 2005 compared to $1.6 million in the quarter ended September 30, 2004. See "Asset Quality" section below for further analysis of the allowance for loan losses. Other income was $16.2 million for the quarter ended September 30, 2005, an increase of $703 thousand, or 4.5% compared to $15.5 million for the quarter ended September 30, 2004. Loan service fees increased $349 thousand as a result of an increase in lending activity and an increase in fees recorded on customer swap arrangements Swap arrangements Short-term reciprocal lines of credit between the Federal Reserve and 14 foreign centeral banks as well as the Bank for International Settlements. Through a swap transactions, the Federal Reserve can, in effect, borrow foreign currency in order to purchase dollars entered into by the Company in the third quarter of 2005. Deposit service fees also increased $192 thousand due to an increase in overall deposit levels. Other expense increased $3.7 million or 11.5% to $35.9 million for the quarter ended September 30, 2005 from $32.2 million for the quarter ended September 30, 2004. Salaries and employee benefits, advertising and marketing expense, and other operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increased by $1.5 million, $810 thousand and $208 thousand, respectively, due to organic growth and our new deposit strategy. Occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy and equipment expense increased by $555 thousand primarily due to a $503 thousand increase in depreciation expense as well as a $143 thousand decline in building rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time . Depreciation expense increased primarily due to equipment purchased in the second half of 2004 and placed in service at the MB Financial Center operations facility located in Rosemont, Illinois Rosemont is a village in Cook County, Illinois, founded in 1956. The population was 4,224 at the 2000 census. Geography Rosemont is located at (41.990730, -87.873816)GR1. (MB Financial Center). Rental income declined due to the departure of tenants at the MB Financial Center as a result of our occupancy of the space in the fourth quarter of 2004. Telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. expense increased $406 thousand, as the Company entered the closing phase of upgrading its phone systems. On a linked quarter basis, salaries and benefits in the third quarter of 2005 increased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.1 million from the second quarter of 2005. Approximately $550 thousand of the increase related to salaries for employees hired to implement the new deposit strategy. In addition, we incurred approximately $300 thousand of additional salary expense in the commercial and lease banking areas for revenue producing personnel. Approximately $200 thousand of the increase in salaries and benefits related to annual salary increases for non-officer employees. The Company expects salaries and employee benefits in the fourth quarter of 2005 to be relatively consistent with the third quarter of 2005. Total advertising and marketing expense is expected to be approximately $2.0 million during the fourth quarter of 2005. Income tax expense for the three months ended September 30, 2005 increased $458 thousand to $7.7 million compared to $7.2 million for the same period in 2004. The effective tax rate was 31.0% and 30.1% for the quarter ended September 30, 2005 and 2004, respectively. The increase in the effective tax rate was primarily due to additional Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). state income tax, net of federal benefit, related to our Union Bank subsidiary for the third quarter of 2005 compared to the same period in 2004. Year-To-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Results Net income was $52.2 million for the first nine months of 2005, compared to $46.8 million for the first nine months of 2004. The results for the first nine months of 2005 generated an annualized return on average assets of 1.28% and an annualized return on average equity of 14.37%, compared to 1.33% and 14.95%, respectively, for the first nine months of 2004. Net interest income was $135.6 million for the nine months ended September 30, 2005, an increase of $19.3 million, or 16.6% from $116.3 million for the comparable period in 2004. Net interest income grew primarily due to a $715.6 million, or 16.9% increase in average interest earning assets. Approximately $222 million of the increase in average interest earning assets was due to our acquisition of First Security Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks (First SecurityFed) in the second quarter of 2004, with the remainder resulting from organic growth. The net interest margin, expressed on a fully tax equivalent basis, was 3.76% for the first nine months of 2005 and 2004. The provision for loan losses was $7.2 million in the first nine months of 2005 compared to $5.6 million in the first nine months of 2004. Net charge-offs were $6.6 million in the nine months ended September 30, 2005 compared to $4.8 million in the nine months ended September 30, 2004. See "Asset Quality" section below for further analysis of the allowance for loan losses. Other income decreased $313 thousand, or 0.6% to $48.6 million for the nine months ended September 30, 2005 from $48.9 million for the nine months ended September 30, 2004. Net lease financing declined by $1.5 million due to lower levels of income realized in the first nine months of 2005 on leased equipment in which we own a residual interest Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. . Trust, asset management, and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. fees declined by $1.3 million as a result of a $1.5 million decline in brokerage fees, offset by a $163 thousand increase in income from trust and asset management activities. Brokerage fees declined because of lower fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. sales during 2005. Net gains on sale of investment securities available for sale increased by $1.1 million as net gains of $2.2 million were realized in the first nine months of 2005 compared to $1.1 million in the first nine months of 2004. Investment security sales are periodically made as part of our ongoing strategy to maintain good long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investment portfolio returns. Deposit service fees increased $802 thousand, primarily due to increases in NSF NSF - National Science Foundation and overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers fees of $707, while loan service fees increased $717 thousand due to an increase in lending activity and an increase in fees recorded on customer swap arrangements entered into by the Company. Other expense increased by $8.8 million, or 9.5% to $101.3 million for the nine months ended September 30, 2005 from $92.5 million for the nine months ended September 30, 2004. Salaries and employee benefits, other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and advertising and marketing expense increased by $4.5 million, $691 thousand, and $543 thousand, respectively, due to the acquisition of First SecurityFed, organic growth and the new deposit strategy. Occupancy and equipment expense increased by $2.2 million, primarily due to a $1.3 million increase in depreciation expense, as well as a $938 thousand decline in building rental income. Depreciation expense increased due to computer and telecommunication equipment purchased in the second half of 2004 and placed in service at MB Financial Center and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling at several branches. Rental income declined due to the departure of tenants at the MB Financial Center as a result of our occupancy of the space in the fourth quarter of 2004. Telecommunication expense increased $632 thousand, as the Company entered the closing phase of upgrading its phone systems. Income tax expense for the nine months ended September 30, 2005 increased $3.2 million to $23.6 million compared to $20.3 million for the same period in 2004. The effective tax rate was 31.1% and 30.3% for the nine months ended September 30, 2005 and 2004, respectively. The increase in the effective tax rate was primarily due to additional Oklahoma state income tax, net of federal benefit, related to our Union Bank subsidiary for the first nine months of 2005 compared to the same period in 2004. NET INTEREST MARGIN The following table presents, for the periods indicated, the total dollar amount of interest income from average interest earning assets and the resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials yields, as well as the interest expense on average interest bearing liabilities, and the resultant costs, expressed both in dollars and rates (dollars in thousands):
Three Months Ended September 30,
--------------------------------------------------------
2005 2004
--------------------------------------------------------
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
--------------------------------------------------------
Interest
Earning
Assets:
Loans (1) (2) $3,670,401 $62,125 6.72% $3,218,578 $47,515 5.87%
Loans exempt
from federal
income taxes (3) 2,923 48 6.43 3,139 48 5.98
Taxable
investment
securities 1,119,324 11,563 4.13 1,061,057 10,783 4.07
Investment
securities
exempt from
federal income
taxes (3) 278,281 3,901 5.49 239,366 3,449 5.64
Federal funds
sold 2,686 24 3.50 720 4 2.17
Other interest
bearing
deposits 12,105 98 3.21 10,830 26 0.96
--------------------- ---------------------
Total
interest
earning
assets 5,085,720 77,759 6.07 4,533,690 61,825 5.43
--------- ---------
Non-interest
earning
assets 527,251 484,812
------------ ------------
Total assets $5,612,971 $5,018,502
============ ============
Interest Bearing
Liabilities:
Deposits:
NOW and
money market
deposit
accounts $745,373 $2,585 1.38% $754,183 $1,453 0.77%
Savings
deposits 503,375 787 0.62 542,167 812 0.60
Time
deposits 2,264,255 18,840 3.30 1,860,102 11,626 2.49
Short-term
borrowings 679,256 5,346 3.12 494,851 1,752 1.41
Long-term
borrowings
and junior
subordinated
notes 182,393 2,632 5.65 211,162 2,547 4.72
--------------------- ---------------------
Total
interest
bearing
liabilities 4,374,652 30,190 2.74 3,862,465 18,190 1.87
--------- ---------
Non-interest
bearing
deposits 682,955 642,906
Other non-
interest
bearing
liabilities 61,332 50,273
Stockholders'
equity 494,032 462,858
------------ ------------
Total
liabilities
and
stockholders'
equity $5,612,971 $5,018,502
============ ============
Net interest
income/
interest rate
spread (4) $47,569 3.33% $43,635 3.56%
================ ================
Taxable
equivalent
adjustment 1,382 1,224
--------- ---------
Net interest
income, as
reported $46,187 $42,411
========= =========
Net interest
margin (5) 3.60% 3.72%
======= =======
Tax
equivalent
effect 0.11% 0.11%
======= =======
Net interest
margin on a
fully tax
equivalent
basis (5) 3.71% 3.83%
======= =======
Three Months Ended June 30,
-----------------------------
2005
-----------------------------
Average Yield/
Balance Interest Rate
-----------------------------
Interest Earning Assets:
Loans (1) (2) $3,535,103 $57,162 6.49%
Loans exempt from federal income
taxes (3) 2,975 48 6.38
Taxable investment securities 1,163,316 12,301 4.23
Investment securities exempt from
federal income taxes (3) 273,336 3,845 5.56
Federal funds sold - - 0.00
Other interest bearing deposits 12,816 75 2.35
---------------------
Total interest earning assets 4,987,546 73,431 5.91
---------
Non-interest earning assets 510,322
------------
Total assets $5,497,868
============
Interest Bearing Liabilities:
Deposits:
NOW and money market deposit accounts $772,767 $2,432 1.26%
Savings deposits 516,318 799 0.62
Time deposits 2,133,830 15,896 2.99
Short-term borrowings 701,732 4,884 2.79
Long-term borrowings and junior
subordinated notes 168,262 2,370 5.57
---------------------
Total interest bearing liabilities 4,292,909 26,381 2.46
---------
Non-interest bearing deposits 665,188
Other non-interest bearing liabilities 57,480
Stockholders' equity 482,291
------------
Total liabilities and stockholders'
equity $5,497,868
============
Net interest income/interest rate
spread (4) $47,050 3.45%
=================
Taxable equivalent adjustment 1,363
Net interest income, as reported $45,687
=========
Net interest margin (5) 3.67%
========
Tax equivalent effect 0.11%
========
Net interest margin on a fully tax
equivalent basis (5) 3.78%
========
(1) Non-accrual loans are included in average loans.
(2) Interest income includes amortization of deferred loan origination
fees of $1.7 million, $2.6 million and $2.1 million for the three
months ended September 30, 2005 and 2004, and June 30, 2005,
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.
Net interest income on a tax equivalent basis increased $4.0 million, or 9.0% to $47.6 million for the three months ended September 30, 2005 from $43.6 million for the three months ended September 30, 2004. Tax-equivalent interest income increased by $15.9 million due to a $552.0 million, or 12.2% increase in average interest earning assets. The increase was primarily due to a $451.6 million, or 14.0% increase in average loans and a $97.2 million, or 7.5% increase in average investment securities. The yield on average interest earning assets increased 64 basis points to 6.07% due to the increase in market interest rates. Interest expense increased by $12.0 million as average interest bearing liabilities increased by $512.2 million, while their cost increased 87 basis points to 2.74%, also due to the increase in market interest rates. The increase in average interest earning assets and average interest bearing liabilities was due to continued organic growth. The net interest margin expressed on a fully tax equivalent basis declined 12 basis points from the third quarter of 2004 to the third quarter of 2005. Seven basis points of the decline is due to lower amortization of loan fees in 2005 due to fewer paydowns. The remainder of the decline is due to the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve and tightening credit spreads on loans. The net interest margin expressed on a fully tax equivalent basis for the third quarter of 2005 decreased by 7 basis points compared to the second quarter of 2005. Three basis points of the decrease was a result of lower amortization of deferred loan fees; the remainder of the decrease was primarily due to the flattening yield curve. The following table presents, for the periods indicated, the total dollar amount of interest income from average interest earning assets and the resultant yields, as well as the interest expense on average interest bearing liabilities, and the resultant costs, expressed both in dollars and rates (dollars in thousands):
Nine Months Ended September 30,
----------------------------------------------------------
2005 2004
----------------------------------------------------------
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
----------------------------------------------------------
Interest
Earning
Assets:
Loans (1)
(2) $3,530,563 $170,671 6.46% $3,013,241 $128,351 5.69%
Loans exempt
from
federal
income
taxes (3) 2,969 144 6.40 3,185 155 6.39
Taxable
investment
securities 1,139,989 35,903 4.20 1,001,709 31,045 4.13
Investment
securities
exempt from
federal
income
taxes (3) 271,774 11,472 5.57 210,504 9,035 5.64
Federal
funds sold 953 25 3.46 6,670 48 0.95
Other
interest
bearing
deposits 13,680 255 2.49 9,065 61 0.90
---------------------- ----------------------
Total
interest
earning
assets 4,959,928 218,470 5.89 4,244,374 168,695 5.31
---------- ----------
Non-interest
earning
assets 513,314 436,663
------------ ------------
Total
assets $5,473,242 $4,681,037
============ ============
Interest
Bearing
Liabilities:
Deposits:
NOW and
money
market
deposit
accounts $772,133 $7,186 1.24% $723,456 $3,964 0.73%
Savings
deposits 515,685 2,390 0.62 495,669 2,113 0.57
Time
deposits 2,121,306 48,008 3.03 1,767,707 32,221 2.43
Short-term
borrowings 678,704 13,901 2.74 454,470 4,359 1.28
Long-term
borrowings
and junior
subordinated
notes 174,748 7,360 5.55 162,908 6,564 5.29
---------------------- ----------------------
Total
interest
bearing
liabili-
ties 4,262,576 78,845 2.47 3,604,210 49,221 1.82
---------- ----------
Non-interest
bearing
deposits 666,284 607,473
Other non-
interest
bearing
liabilities 58,580 51,388
Stockholders'
equity 485,802 417,966
------------ ------------
Total
liabilities
and
stockholders'
equity $5,473,242 $4,681,037
============ ============
Net
interest
income/interest
rate spread
(4) $139,625 3.42% $119,474 3.49%
================= =================
Taxable
equivalent
adjustment 4,066 3,216
---------- ----------
Net
interest
income,
as
reported $135,559 $116,258
========== ==========
Net
interest
margin
(5) 3.65% 3.66%
======= =======
Tax equivalent
effect 0.11% 0.10%
======= =======
Net
interest
margin on
a fully
tax
equivalent
basis (5) 3.76% 3.76%
======= =======
(1) Non-accrual loans are included in average loans.
(2) Interest income includes amortization of deferred loan origination
fees of $5.5 million and $5.1 million for the nine months ended
September 30, 2005 and 2004, 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.
Net interest income on a tax equivalent basis increased $20.1 million, or 16.9% to $139.6 million for the nine months ended September 30, 2005 from $119.5 million for the nine months ended September 30, 2004. Tax-equivalent interest income increased by $49.8 million due to a $715.6 million, or 16.9% increase in average interest earning assets. The increase was comprised of a $517.1 million, or 17.1% increase in average loans, a $199.6 million, or 16.5% increase in average investment securities, and a $4.6 million increase in average other interest bearing deposits, offset by a $5.7 million decline in average federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold. The yield on average interest earning assets increased 58 basis points to 5.89% due to the increase in market interest rates. Interest expense increased by $29.6 million as average interest bearing liabilities increased by $658.4 million, while their cost increased by 65 basis points to 2.47%, also due to the increase in market interest rates. Approximately $203 million of the increase in average interest earning assets and $222 million of the increase in average interest bearing liabilities was due to our acquisition of First SecurityFed in the second quarter of 2004, with the remainder resulting from organic growth. BALANCE SHEET Total assets increased $422.8 million or 10.8% on an annualized basis to $5.7 billion at September 30, 2005 from $5.3 billion at December December: see month. 31, 2004. Net loans increased by $352.9 million, or 14.3% on an annualized basis to $3.7 billion at September 30, 2005. In aggregate, commercial real estate, commercial, construction real estate, and commercial loans collateralized by assignment of lease payments grew by $396.0 million, or 20% on a combined annualized basis, while residential real estate and consumer loans declined, in aggregate, by $42.7 million, or 8.1% on an annualized basis. See "Loan Portfolio" section below for further analysis. Investment securities available for sale decreased by $4.8 million, or 0.3% to $1.4 billion at September 30, 2005. FHLB FHLB Federal Home Loan Bank stock decreased $17.9 million during the period to $43.1 million as of September 30, 2005. Net premises premises n. 1) in real estate, land and the improvements on it, a building, store, shop, apartment, or other designated structure. The exact premises may be important in determining if an outbuilding (shed, cabana, detached garage) is insured or whether a person and equipment increased $32.5 million to $146.1 million due to the purchase of the land at the Company's operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. in Rosemont Rosemont can have many meanings, including: Places
conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the corresponding 2003 purchase of the Rosemont building. Additionally, the Company continued to invest in new branches and purchase technology related equipment. Total liabilities increased by $406.9 million, or 11.4% on an annualized basis to $5.2 billion at September 30, 2005 from $4.8 billion at December 31, 2004. Total deposits grew by $292.2 million or 9.9% on an annualized basis to $4.3 billion during that same period. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings increased by $95.9 million, or 22.4%, on an annualized basis primarily due to increases in securities sold under agreement to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. and customer repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. of $113.2 million and $23.3 million, respectively. The above increases were offset by a $40.5 million decline in short-term Federal Home Loan Bank advances. Junior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes issued to capital trusts increased during the third quarter of 2005, as the Company issued an additional $35.0 million in Trust Preferred Securities in August 2005. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased $15.8 million to $497.5 million at September 30, 2005 compared to $481.7 million at December 31, 2004. Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. increased by $40.5 million due to net income of $52.2 million, partially offset by $11.7 million or $0.41 per share, in cash dividends. Treasury stock increased $4.0 million as a result of the repurchase of 498,956 outstanding shares, offset by the exercise of stock options during the nine months ended September 30, 2005. Accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as declined by $13.2 million due to gains realized and an unrealized change in market value on investment securities available for sale. At September 30, 2005, the Company's total risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. was 12.92%; Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. to risk-weighted assets Risk-Weighted Assets In terms of the minimum amount of capital that is required within banks and other institutions, based on a percentage of the assets, weighted by risk. Notes: The idea of risk-weighted assets is a move away from having a static requirement for capital. ratio was 11.70% and Tier 1 capital to average asset ratio was 8.99%. MB Financial Bank, N.A. and Union Bank, N.A. were each categorized cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat as "Well-Capitalized" under Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. regulations at September 30, 2005. LOAN PORTFOLIO The following table sets forth the composition of the loan portfolio as of the dates indicated (dollars in thousands):
September 30, December 31, September 30,
2005 2004 2004
------------------------------------------------------
% of % of % of
Amount Total Amount Total Amount Total
------------------------------------------------------
Commercial loans $832,304 23% $725,823 22% $686,274 22%
Commercial loans
collateralized
by assignment
of lease
payments 283,171 7% 251,025 7% 254,650 8%
Commercial real
estate 1,438,333 39% 1,263,910 38% 1,211,625 38%
Residential real
estate 408,273 11% 436,122 13% 441,295 14%
Construction
real estate 485,762 13% 402,765 12% 331,496 10%
Consumer loans 251,104 7% 265,912 8% 262,979 8%
------------------------------------------------------
Gross loans
(1) 3,698,947 100% 3,345,557 100% 3,188,319 100%
======= ======= =======
Allowance for
loan losses (44,779) (44,266) (44,392)
----------- ----------- -----------
Net loans $3,654,168 $3,301,291 $3,143,927
=========== =========== ===========
(1) Gross loan balances, net of unearned income, included net deferred
loan fees of $3.5 million, $4.2 million, and $4.9 million at
September 30, 2005, December 31, 2004, and September 30, 2004,
respectively.
Net loans increased by $352.9 million, or 14.3% on an annualized basis, to $3.7 billion in the first nine months of 2005 from $3.3 billion at December 31, 2004. Commercial real estate, commercial, construction real estate, and commercial loans collateralized by assignment of lease payments grew by $174.4 million, $106.5 million, $83.0 million, and $32.1 million, respectively. In aggregate, these loan categories grew by approximately 20% on an annualized basis. The increases were primarily due to growth in both existing customer and new customer loan demand resulting from the Company's focus on marketing and new business development. The above increases were partially offset by decreases in residential real estate and consumer loans of $27.8 million and $14.8 million, respectively. In aggregate, these loan categories declined by approximately 8.1% on an annualized basis. These decreases resulted from pay downs on the existing portfolio. Most residential real estate loans originated continue to be sold to third party investors. Net loans increased by $510.2 million, or 16.2%, to $3.7 billion at September 30, 2005 from $3.1 billion at September 30, 2004. Commercial real estate, construction real estate, commercial, and commercial loans collateralized by assignment of lease payments grew by $226.7 million, $154.3 million, $146.0 million, and $28.5 million, respectively. The increases were primarily due to growth in both existing customer and new customer loan demand resulting from the Company's focus on marketing and new business development. Residential real estate declined by $33.0 million, primarily due to run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → of existing portfolio loans and continued sale of most originated residential mortgage loans to third parties. Consumer loans decreased $11.9 million from September 30, 2004. ASSET QUALITY The following table presents a summary of non-performing assets as of the dates indicated (dollar amounts in thousands):
September 30, December 31, September 30,
2005 2004 2004
---------------------------------------------
Non-performing loans:
Non-accrual loans (1) $18,753 $23,495 $25,403
Loans 90 days or more
past due, still
accruing interest 514 189 921
---------------------------------------------
Total non-performing
loans 19,267 23,684 26,324
---------------------------------------------
Other real estate owned 266 384 -
---------------------------------------------
Total non-performing
assets $19,533 $24,068 $26,324
=============================================
Total non-performing
loans to total loans 0.52% 0.71% 0.83%
Allowance for loan losses
to non-performing loans 232.41% 186.90% 168.64%
Total non-performing
assets to total assets 0.34% 0.46% 0.52%
(1) Includes restructured loans totaling $568 thousand and $580
thousand at December 31, 2004, and September 30, 2004,
respectively. There were no restructured loans at September 30,
2005.
Total non-performing assets decreased to $19.5 million at September 30, 2005 from $24.1 million at December 31, 2004, and from $25.4 million as of September 2004. The decrease over the past 12 months has been primarily due to collections on several loans in the workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. process and better credit quality in the loan portfolio. A reconciliation of the activity in the Company's allowance for loan losses follows (dollar amounts in thousands):
Three Months Ended Nine Months Ended
--------------------------------------------------------
September 30, September 30, September 30, September 30,
2005 2004 2005 2004
--------------------------------------------------------
Balance at
beginning of
period $44,790 $44,236 $44,266 $39,572
Additions from
acquisition - - - 4,052
Provision for
loan losses 1,750 1,750 7,150 5,550
Charge-offs (2,687) (2,306) (8,662) (6,382)
Recoveries 926 712 2,025 1,600
--------------------------------------------------------
Balance at
September 30, $44,779 $44,392 $44,779 $44,392
========================================================
Total loans at
September 30, $3,698,947 $3,188,319 $3,698,947 $3,188,319
Ratio of
allowance for
loan losses
to total
loans 1.21% 1.39% 1.21% 1.39%
Net charge-offs increased by $167 thousand to $1.8 million in the quarter ended September 30, 2005 from $1.6 million in the quarter ended September 30, 2004. The provision for loan losses was $1.8 million for the three months ended September 30, 2005 and 2004, based on the results of our quarterly analyses of the loan portfolio. Net charge-offs increased by $1.8 million to $6.6 million in the nine months ended September 30, 2005 from $4.8 million in the nine months ended September 30, 2004. The provision for loan losses increased by $1.6 million to $7.2 million in the nine months ended September 30, 2005 from $5.6 million in the same period of 2004 based on the results of our quarterly analyses of the loan portfolio and as a result of organic growth in the portfolio. Additions to the allowance for loan losses, which are charged to earnings through the provision for loan losses, are determined based on a variety of factors, including specific reserves, current loan risk ratings, delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. loans, historical loss experience and economic conditions in our market area. In addition, federal regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , as part of the examination process, periodically review our allowance for loan losses. The regulators may require us to record adjustments to the allowance level based upon their assessment of the information available to them at the time of examination. Although management believes the allowance for loan losses is sufficient to cover probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. losses inherent in the loan portfolio, there can be no assurance that the allowance will prove sufficient to cover actual loan losses. FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. When used in this press release and in filings with the Securities and Exchange Commission, in other press releases or other public shareholder communications, or in oral statements made with the approval of an authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: executive officer, the words or phrases "believe," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "plans," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. These statements may relate to our future financial performance, strategic plans or objectives, revenues or earnings projections, or other financial items. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) expected cost savings and synergies from our merger and acquisition activities might not be realized within the expected time frames, and costs or difficulties related to integration matters might be greater than expected; (2) expenses associated with the expansion of our retail branch services and business hours as part of our new deposit strategy might be greater than expected, whether due to a possible need to hire more employees than anticipated or other costs incurred in excess of budgeted amounts; (3) the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (4) competitive pressures among depository institutions Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. ; (5) interest rate movements and their impact on customer behavior and net interest margin; (6) the impact of repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing and competitors' pricing initiatives on loan and deposit products; (7) the ability to adapt successfully to technological changes to meet customers' needs and developments in the market place; (8) our ability to realize the residual values Residual value Usually refers to the value of a lessor's property at the time the lease expires. residual value The price at which a fixed asset is expected to be sold at the end of its useful life. of our direct finance, leveraged, and operating leases Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. ; (9) our ability to access cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. funding; (10) changes in financial markets; (11) changes in economic conditions in general and in the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. in particular; (12) the costs, effects and outcomes of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; (13) new legislation or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, including but not limited to changes in federal and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. state tax laws or interpretations thereof by taxing authorities; (14) changes in accounting principles, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; and (15) our future acquisitions of other depository institutions or lines of business. We do not undertake any obligation to update any forward-looking statement to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date on which the forward-looking statement is made. TABLES TO FOLLOW
MB FINANCIAL, INC. & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, 2005 and December 31, 2004
(Amounts in thousands, except common share data)
(Unaudited)
September 30, December 31,
2005 2004
------------------------------
ASSETS
Cash and due from banks $102,892 $88,231
Interest bearing deposits with banks 11,614 17,206
Federal funds sold 28,700 -
Investment securities available for sale 1,386,605 1,391,444
Loans held for sale 217 372
Loans (net of allowance for loan losses
of $44,779 at September 30, 2005
and $44,266 at December 31, 2004) 3,654,168 3,301,291
Lease investments, net 62,848 69,351
Premises and equipment, net 146,119 113,590
Cash surrender value of life insurance 89,253 86,304
Goodwill, net 124,010 123,628
Other intangibles, net 12,830 13,587
Other assets 57,491 48,971
------------------------------
Total assets $5,676,747 $5,253,975
==============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits:
Noninterest bearing $717,373 $673,752
Interest bearing 3,536,815 3,288,260
------------------------------
Total deposits 4,254,188 3,962,012
Short-term borrowings 667,055 571,155
Long-term borrowings 77,320 91,093
Junior subordinated notes issued to
capital trusts 123,526 87,443
Accrued expenses and other liabilities 57,119 60,606
------------------------------
Total liabilities 5,179,208 4,772,309
------------------------------
Stockholders' Equity
Common stock, ($0.01 par value; authorized
40,000,000 shares; issued 28,913,798
shares at September 30, 2005 and
28,867,963 at December 31, 2004) 289 289
Additional paid-in capital 131,737 137,879
Retained earnings 387,939 347,450
Unearned compensation (2,357) (1,068)
Accumulated other comprehensive income (8,760) 4,421
Less: 285,708 and 201,429 shares of
treasury stock, at cost, at September
30, 2005 and December 31, 2004,
respectively (11,309) (7,305)
------------------------------
Total stockholders' equity 497,539 481,666
------------------------------
Total liabilities and stockholders'
equity $5,676,747 $5,253,975
==============================
MB FINANCIAL, INC. & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except common share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------------------
2005 2004 2005 2004
--------------------------------------------
Interest income:
Loans $62,156 $47,546 $170,764 $128,452
Investment securities:
Taxable 11,563 10,783 35,903 31,045
Nontaxable 2,536 2,242 7,457 5,873
Federal funds sold 24 4 25 48
Other interest bearing
accounts 98 26 255 61
--------------------------------------------
Total interest income 76,377 60,601 214,404 165,479
--------------------------------------------
Interest expense:
Deposits 22,212 13,891 57,584 38,298
Short-term borrowings 5,346 1,752 13,901 4,359
Long-term borrowings and
junior subordinated
notes 2,632 2,547 7,360 6,564
--------------------------------------------
Total interest expense 30,190 18,190 78,845 49,221
--------------------------------------------
Net interest income 46,187 42,411 135,559 116,258
Provision for loan losses 1,750 1,750 7,150 5,550
--------------------------------------------
Net interest income
after provision for
loan losses 44,437 40,661 128,409 110,708
--------------------------------------------
Other income:
Loan service fees 1,413 1,064 3,965 3,248
Deposit service fees 5,065 4,873 14,603 13,801
Lease financing, net 3,557 3,624 10,387 11,902
Trust, asset management
and brokerage fees 3,677 3,837 10,483 11,830
Net gain on sale of
securities available
for sale 85 - 2,213 1,082
Increase in cash
surrender value of life
insurance 1,016 910 2,949 2,751
Other operating income 1,361 1,163 4,018 4,317
--------------------------------------------
16,174 15,471 48,618 48,931
--------------------------------------------
Other expense:
Salaries and employee
benefits 19,432 17,941 55,551 51,011
Occupancy and equipment
expense 5,947 5,392 17,077 14,839
Computer services
expense 1,404 1,268 4,064 3,590
Advertising and
marketing expense 2,030 1,220 4,176 3,633
Professional and legal
expense 760 474 2,174 1,905
Brokerage fee expense 957 1,151 2,970 3,578
Telecommunication
expense 1,080 674 2,640 2,008
Other intangibles
amortization expense 240 231 757 787
Other operating expenses 4,066 3,858 11,855 11,164
--------------------------------------------
35,916 32,209 101,264 92,515
--------------------------------------------
Income before income
taxes 24,695 23,923 75,763 67,124
Income taxes 7,656 7,198 23,560 20,341
--------------------------------------------
Net Income $17,039 $16,725 $ 52,203 $ 46,783
============================================
Common share data (1):
Basic earnings per
common share $ 0.60 $ 0.58 $ 1.83 $ 1.69
Diluted earnings per
common share $ 0.59 $ 0.57 $ 1.80 $ 1.65
Weighted average common
shares outstanding 28,506,656 28,640,405 28,467,292 27,636,550
Diluted weighted average
common shares
outstanding 28,997,390 29,375,486 28,963,669 28,358,205
MB FINANCIAL, INC. & SUBSIDIARIES
SELECTED FINANCIAL RATIOS
(Unaudited)
At or For the At or For the
Three Months Nine Months
Ended Ended
September 30, September 30,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Performance Ratios:
Annualized return on average
assets 1.20% 1.33% 1.28% 1.33%
Annualized return on average
equity 13.68 14.38 14.37 14.95
Annualized cash return on
average tangible equity (1) 18.87 20.33 19.93 19.91
Net interest rate spread 3.33 3.56 3.42 3.49
Efficiency ratio (2) 56.42 54.49 54.43 55.29
Net interest margin - fully tax
equivalent basis (3) 3.71 3.83 3.76 3.76
Net interest margin 3.60 3.72 3.65 3.66
Asset Quality Ratios:
Non-performing loans to total
loans 0.52% 0.83% 0.52% 0.83%
Non-performing assets to total
assets 0.34 0.52 0.34 0.52
Allowance for loan losses to
total loans 1.21 1.39 1.21 1.39
Allowance for loan losses to
non-performing loans 232.41 168.64 232.41 168.64
Net loan charge-offs to
average loans (annualized) 0.19 0.20 0.25 0.21
Capital Ratios:
Tangible equity to assets (4) 6.59% 6.86% 6.59% 6.86%
Equity to total assets 8.76 9.30 8.76 9.30
Book value per share (5) $17.38 $16.47 $17.38 $16.47
Less: goodwill and other
intangible assets, net
of tax benefit, per common
share 4.62 4.66 4.62 4.66
-------- -------- -------- --------
Tangible book value per share
(6) $12.76 $11.81 $12.76 $11.81
-------- -------- -------- --------
Total capital (to risk-weighted
assets) 12.92% 12.67% 12.92% 12.67%
Tier 1 capital (to risk-
weighted assets) 11.70 11.44 11.70 11.44
Tier 1 capital (to average
assets) 8.99 8.49 8.99 8.49
(1) Net cash flow available to stockholders (net income plus other
intangibles amortization expense, net of tax benefit) / Average
tangible equity (average equity less average goodwill and average
other intangibles, net of tax benefit)
(2) Equals total other expense divided by the sum of net interest
income on a fully tax equivalent basis and total other income less
net gains (losses) on securities available for sale.
(3) Represents net interest income, on a fully tax equivalent basis
assuming a 35% tax rate, as a percentage of average interest
earning assets.
(4) 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.
(5) Equals total ending stockholders' equity divided by common shares
outstanding.
(6) Equals total ending stockholders' equity less goodwill and other
intangibles, net of tax benefit, divided by common shares
outstanding.
NON-GAAP FINANCIAL INFORMATION This press release contains certain financial information determined by methods other than in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). These measures include net interest income on a fully tax equivalent basis, net interest margin on a fully tax equivalent basis, tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. equity to assets ratio, tangible book value per share and annualized cash return on average tangible equity. Our management uses these non-GAAP measures in its analysis of our performance. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt tax-ex·empt adj. 1. Not subject to taxation, as the capital or income of a philanthropic organization. 2. Producing interest that is exempt from income tax: tax-exempt bonds. n. assets and assumes a 35% tax rate. Management believes that it is a standard practice in the banking industry to present net interest income and net interest margin on a fully tax equivalent basis, and accordingly believes that providing these measures may be useful for peer comparison purposes. The other measures exclude the ending balances of acquisition-related goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , net of tax benefit, in determining tangible stockholders' equity. Management believes the presentation of these other financial measures excluding the impact of such items provides useful supplemental information that is helpful in understanding our financial results, as they provide a method to assess management's success in utilizing our tangible capital. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The following table presents a reconciliation of tangible equity to stockholders' equity (in thousands):
September 30, December 31, September 30,
2005 2004 2004
---------------------------------------------
Stockholders' equity -
as reported $497,539 $481,666 $471,323
Less: goodwill 124,010 123,628 123,644
Less: other intangible
assets, net of tax
benefit 8,340 8,832 8,980
---------------------------------------------
Tangible equity $365,189 $349,206 $338,699
=============================================
The following table presents a reconciliation of average tangible equity to average stockholders' equity (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------------
2005 2004 2005 2004
--------------------------------------
Average stockholders' equity -
as reported $494,032 $462,858 $485,802 $417,966
Less: average goodwill 124,010 123,644 123,778 93,761
Less: average other intangible
assets, net of tax benefit 8,416 9,051 8,575 6,966
--------------------------------------
Average tangible equity $361,606 $330,163 $353,449 $317,239
======================================
The following table presents a reconciliation of net cash flow available to stockholders to net income (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------------------------
2005 2004 2005 2004
-------------------------------------
Net income - as reported $17,039 $16,725 $52,203 $46,783
Add: other intangible
amortization expense, net of
tax benefit 156 150 492 512
-------------------------------------
Net cash flow available to
stockholders $17,195 $16,875 $52,695 $47,295
=====================================
Reconciliations of net interest income on a fully tax equivalent basis to net interest income and net interest margin on a fully tax equivalent basis to net interest margin are contained in the tables under "Net Interest Margin." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion