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MB Financial expects $85M tax benefit from revaluation

MB Financial Inc. expects to record a one-time tax benefit of at least $85 million, or approximately $1.00 per share, courtesy of tax reform and the corresponding revaluation of its net deferred tax liabilities.

Chicago-based MB had net deferred tax liabilities of $193 million as of Sept. 30, and expects to still be in a net deferred tax liability position at the end of the year.

The estimated benefit could still be increased by fourth-quarter leasing activity that retroactively applies a 100% bonus depreciation deduction.

Tax reform is also projected to lower the company's effective tax rate by about 10% to 11% beginning 2018. MB intends to contribute $7.5 million to the MB Financial Charitable Foundation, and subsidiary MB Financial Bank NA will raise its minimum wage to $15 per hour and pay certain employees one-time bonuses totaling approximately $2.7 million.