Mb Financial Inc Md (MBFI) 10-Q Quarterly Report Thu Aug 09 2018

CHICAGO, July 19, 2018 – MB Financial, Inc. (NASDAQ: MBFI), the holding company for MB Financial Bank, N.A., today announced second quarter 2018 net income of $38.5 million compared to $56.8 million last quarter and $44.5 million in the second quarter a year ago. Diluted earnings per common share were $0.42 in the second quarter of 2018 compared to $0.81 last quarter and $0.50 in the second quarter a year ago.

Operating Earnings (in thousands, except per share data)

The table below reconciles net income, as reported, to operating earnings excluding our Mortgage Banking Segment. As previously announced, we have discontinued our national mortgage origination business (substantially all originations outside of the Company's consumer banking footprint in the Chicagoland area). Therefore, we believe operating earnings excluding our Mortgage Banking Segment better reflect our primary operations until the wind down of the segment is complete, as we are retaining the mortgage servicing asset and residential mortgage loans on our balance sheet.



														Six Months Ended
														June 30,
	2Q18			1Q18			4Q17			3Q17		2Q17		2018			2017
Net income - as reported	$	38,533		$	56,757		$	144,194		$	60,843	$	44,466	$	95,290		$	99,003
Non-core items, net of tax ⁽¹⁾	18,679			614			(96,814		)	1,942		3,292		19,293			1,934
Operating earnings	57,212			57,371			47,380			62,785		47,758		114,583			100,937
Operating (loss) earnings - Mortgage Banking Segment	(3,359		)	(295		)	(815		)	2,217		2,413		(3,654		)	4,092
Operating earnings, excluding Mortgage Banking Segment	60,571			57,666			48,195			60,568		45,345		118,237			96,845
Dividends on preferred shares	3,000			3,100			2,000			2,002		2,002		6,100			4,005
Operating earnings available to common stockholders, excluding Mortgage Banking Segment	$	57,571		$	54,566		$	46,195		$	58,566	$	43,343	$	112,137		$	92,840
Diluted earnings per common share - as reported ^{(2) (3)}	$	0.42		$	0.81		$	1.67		$	0.69	$	0.50	$	1.23		$	1.12
Diluted operating earnings per common share, excluding Mortgage Banking Segment	$	0.68		$	0.64		$	0.54		$	0.69	$	0.51	$	1.32		$	1.10

⁽¹⁾

Non-core items represent the difference between non-core non-interest income and non-core non-interest expense net of tax. See "Non-GAAP Financial Information" section for details on non-core items starting on page 25. Non-core items for the second quarter of 2018 include approximately $14 million, net of tax, related to the discontinuation of our national mortgage origination business and approximately $5 million, net of tax, related to the pending merger with Fifth Third Bancorp ("Fifth Third").


⁽²⁾	The $0.81 diluted earnings per common share in the first quarter of 2018 were positively impacted by a $15.3 million, or $0.18 per common share, return from preferred stockholders due to the redemption of our 8% Series A non-cumulative perpetual preferred stock. The $15.3 million represents the excess carrying amount over the redemption price of the Series A preferred stock.


⁽³⁾	The $1.67 diluted earnings per common share in the fourth quarter of 2017 were positively impacted by a $104.2 million, or $1.23 per common share, tax benefit due to the enactment of the Tax Cuts and Jobs Act of 2017 (the "TCJ Act").

The following information was filed by Mb Financial Inc Md (MBFI) on Thursday, July 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Exhibit 32: Section 1350 Certification

Ticker: MBFI
CIK: 1139812
Form Type: 10-Q Quarterly Report
Accession Number: 0001139812-18-000048
Submitted to the SEC: Thu Aug 09 2018 1:44:20 PM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: National Commercial Banks

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Mb Financial Inc Md (MBFI) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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