MBB posted consolidated earnings results for 2012 on Feb 16th. Income from the bank’s core businesses remain healthy and in line with our forecast. However, provision charges were more aggressive and 74% higher than our forecast, leading to lower than expected pretax earnings. Nevertheless, MBB is trading at P/B of 1.1x which is much cheaper than average peers' 1.5x and remains our only recommended stock in the banking sector.