MB Financial: Celtic Leasing Buy Boosts FY Earnings



MB Financial, the holding company for MB Financial Bank, announced 2013 fourth quarter net income and full year net income of $23.9 million and $98.5 million, respectively compared to $24.0 million and $87.1 million for the same periods a year earlier.

The bank noted that its 2013 net lease financing income of $61.2 million was up from $36.4 million or 68% compared to 2012. The bank said the increase resulted from leasing revenue attributable to the addition of Celtic Leasing, a leasing subsidiary acquired in December 2012, which contributed $25.9 million in 2013.

“We ended the year on a positive note, with robust commercial loan growth and strong core earnings,” stated Mitchell Feiger, president and chief executive officer of the company. “Our return on assets increased to 1.05% in 2013 compared to 0.95% for the prior year, driven by significant increases in revenues from our fee businesses and low credit costs. We remain focused on executing our business strategy while planning our pending merger with Taylor Capital. We look forward to an exciting 2014.”

To read the full MB Financial news release click here.


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