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MB Financial in Chicago reported a sharp rise in quarterly earnings in its first full quarter following the acquisition of Taylor Capital.
January 30 -
MB Financial in Chicago saw its earnings dip thanks mainly to costs associated with its acquisition of Taylor Capital Group.
October 31 -
MB Financial (MBFI) plans to retain nearly all of the top executives at Taylor Capital Group (TAYC) following the companies' planned merger, according to a report Wednesday in Crain's Chicago Business.
November 27
MB Financial's first-quarter profit rose nearly 71% from the same period last year, but lower-than-expected loan growth and expenses related to its acquisition of Taylor Capital late last year caused it to miss earnings-per-share projections.
The $14.3 billion-asset Chicago banking company said late Monday that it earned $32.1 million in the quarter, up from $20 million in last year's first quarter. But when compared with the prior quarter, its profit fell 5.5%, as loan balances declined by nearly 2%. Its earnings per share of 43 cents fell 3 cents shy of estimates of analysts surveyed by Bloomberg.
Net interest income fell 5.2%, to $119.5 million, from the quarter before, a decline the company attributed to weak demand for loans in the winter months. The company also incurred $8.1 million of merger costs, primarily related to the closure of overlapping branches.
Noninterest fell nearly 3% from the prior quarter, to $81.4, due to lower gains on sales of securities and declines in mortgage banking revenue and fees and service charges on deposits.
