MB Financial Inc. in Chicago earned $595,000 in the fourth quarter, compared with a loss $12.4 million a year earlier, as net interest income grew and credit costs subsided.
The $10.3 billion-asset company reported late Thursday that it had full-year earnings of $10.1 million last year, compared with a 2009 loss of $36.4 million. At 1 cent a share, the quarterly results beat the average of analysts' estimates by 14 cents, according to Thomson Reuters.
The company's net interest income of $84.6 million fell 3% from the third quarter but was up 14% from a year earlier.
The results were largely affected by a loan-loss provision that fell 30% from a year earlier, to $49 million. Net chargeoffs fell 38% from a year earlier, to $50.7 million. The company sold $22 million of nonperforming loans during the quarter.
MB Financial also said that its nonperforming assets shrank 4% from the third quarter but rose 40% from a year earlier, to $434 million, or 4.21% of total assets.