MB Financial Inc. in Chicago reported it earned $12.1 million for its first quarter, up 180% from a year earlier.
The $10.6 billion-asset company's earnings were driven primarily by a $51 million gain stemming from a failed bank acquisition completed in the quarter, MB Financial said Thursday.
The results were offset by increased credit costs. The company's provision for loan losses totaled $85 million, up 214% from a year earlier. Nonperforming assets, excluding those covered under loss-sharing agreements, totaled $388 million, or 3.65% of total assets — up 25% from the end of 2009.
MB has been one of the more active participants in failed-bank deals with the Federal Deposit Insurance Corp. Since 2009, the company has acquired six failed banks in the Chicago area, including two in the second quarter. Its acquisition of Chicago's Broadway Bank led to the $51 million gain it reported.