Earnings Call Excerpt
MB Financial, Inc. (MBFI)
Q3 2008 Earnings Call
October 31, 2008 11:00 am ET
Executives
Mitchell Feiger - President and Chief Executive Officer
Jill York - Chief Financial Officer
Thomas Panos - President, Chief Financial Banking Officer
Thomas Prothero - Chief Operating Officer, Commercial Banking
Thomas Watts - Chief Credit Officer
Analysts
John Pancari - JP Morgan
Ben Crabtree - Stifel Nicolaus
Mac Hudson - SunTrust Robinson Humphry
Brad Milsaps - Sandler O’Neill
Jeff Davis - Wolf River Capital
Peyton Green - FTN Midwest Securities
David Konrad - KBW
Daniel Cardenas - Howe Barnes
Presentation
Operator
Good day, ladies and gentlemen, and welcome to the Third Quarter 2008 MB Financial Earnings Conference Call. My name is Melelia (Ph) and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of today’s conference. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.
In today’s call, we have Mitchell Feiger, President and Chief Executive Officer; Jill York, Chief Financial Officer of MB Financial Inc.; and Thomas Panos, President, Chief Financial Banking Officer; Thomas Prothero, Chief Operating Officer - Commercial Banking; and Thomas Watts, Chief Credit Officer.
Before we begin, I need to remind you that during the course of this call the Company may make forward-looking statements about future events and future financial performance. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. These statements are subject to numerous factors that could cause actual results to differ materially from those anticipated or projected. For a list of some of these factors, please see MB Financial’s forward-looking statement disclosure in their 2008 third quarter earnings release.
I would now like to turn the presentation over to your host for today’s conference, Mitchell Feiger, President and Chief Executive Officer. Please proceed, sir.
Mitchell Feiger - President and Chief Executive Officer
Good morning. This is Mitch Feiger. Thank you for joining us this morning. Earlier today, we issued our regular quarterly earnings press release. As usual, we have tried to tweak the release to make it as useful as possible for you. This quarter’s release has additional detail on credit quality, which should be of interest to all of our shareholders.
This quarter’s report is again a relatively clean one. We earned $13.2 million in the quarter which equates to $0.38 per share. The only significant non-core item is a relatively small state tax reserve adjustment. Now we had something similar to this in the second quarter, which I admit may seem odd. We and at least one other public bank in Illinois have had state tax reserve adjustments, because Illinois tax law recently changed and we’re getting better clarity about what those changes mean. So, as we have gained confidence in our tax position, we’ve had to reduce our tax valuation reserves. I think it’s a bit messy, but this seems to be what GAAP requires.
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