PrivateBancorp Reports Fourth Quarter and Full Year 2012 Results - Fourth quarter earnings per share of $0.26

- Loan growth of 5 percent during the quarter

- Full year 2012 diluted earnings per share of $0.88, compared to $0.43 per share in 2011

CHICAGO, Jan. 22, 2013 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $20.0 million, or $0.26 per diluted share, for the fourth quarter 2012, compared to $7.6 million, or $0.11 per diluted share, for the fourth quarter 2011.  For the 12 months ended December 31, 2012, the Company had net income available to common shareholders of $64.5 million, or $0.88 per diluted share, compared to $30.7 million, or $0.43 per diluted share, for the prior year.

"Our 2012 performance demonstrates our commitment to improved earnings and a stronger balance sheet as we more than doubled net income, grew our business and strengthened asset quality," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc.

"We continued our earnings momentum in the fourth quarter and leveraged our client relationship development capabilities to generate solid loan and deposit growth, including significant year-end activity, and increased fee income," Richman continued.  "Non-performing assets declined again this quarter as disposition activity continued.  Despite continued pressure on net interest margin from the competitive environment, we succeeded in growing both net revenue and net income.

"As we move into 2013, our clients are telling us they are generally feeling better about their business performance even though their economic outlook is impacted by the continued uncertainty over fiscal policy," Richman concluded.  "We will remain focused on developing profitable new relationships, to do more for our existing clients and to manage expenses in order to continue to drive improved profitability and shareholder return."

Fourth Quarter Results

  • Net income was $20.0 million, or $0.26 per share, for the fourth quarter and included a charge of $2.2 million, or $0.03 per share, associated with the redemption of the TARP preferred shares.   
  • Net interest income of $104.8 million for the fourth quarter was relatively unchanged from the third quarter 2012 as higher loan balances offset the impact of lower loan and investment yields.
  • Total loans grew 5 percent in the fourth quarter to $10.1 billion, primarily from commercial and industrial loans. 
  • Total deposits increased 7 percent during the fourth quarter to $12.2 billion at December 31, 2012, including a 12 percent increase in noninterest bearing deposits. 
  • Asset quality continued to improve in the fourth quarter with a 21 percent reduction in non-performing assets from September 30, 2012. Non-performing assets to total assets were 1.57 percent at December 31, 2012, compared to 2.09 percent at September 30, 2012.

Operating Performance

Net revenue was $135.0 million in the fourth quarter 2012, compared to $129.0 million in the fourth quarter 2011 and $134.0 million in the third quarter 2012.  Operating profit was $53.7 million in the fourth quarter 2012, compared to $52.8 million in the fourth quarter 2011 and $52.2 million in the third quarter 2012.  Increased revenue from fee income and loan growth contributed to a 3 percent increase in operating profit compared to the previous quarter.  For the full year 2012, net revenue increased 5 percent to $533.8 million compared to 2011.  For the full year, operating profit was $206.7 million, compared to $206.0 million in 2011.  The full year results include net securities losses of $205,000 for 2012 and net securities gains of $5.8 million for 2011.

Net interest income was $104.8 million in the fourth quarter 2012, compared to $103.0 million for the fourth quarter 2011 and $105.4 million in the third quarter 2012.  For the full year 2012, net interest income increased 3 percent to $419.9 million, from $407.1 million for full year 2011.  Growth in average loans offset the impact of lower loan and investment yields during the fourth quarter; however, net interest income was impacted by $1.8 million of interest expense associated with $125 million of subordinated debt issued in mid-October to refinance a portion of the TARP preferred stock redemption.

Net interest margin was 3.16 percent for the fourth quarter 2012, compared to 3.48 percent in the fourth quarter 2011 and 3.35 percent for the third quarter 2012.  Net interest margin this quarter was impacted by a number of items including a reduction of 9 basis points attributable to the Company's decision to have higher cash balances on deposit at the Federal Reserve, 7 basis points attributable to the subordinated debt issued as part of the redemption of TARP, and the remaining 3 basis points attributable to declining asset yields offset by improved deposit costs and mix.     

Non-interest income was $29.5 million in the fourth quarter 2012, compared to $25.4 million in the fourth quarter 2011 and $27.8 million in the third quarter 2012.  Growth in mortgage banking, and treasury management fees contributed to the increase in non-interest income in the fourth quarter.  Mortgage banking benefited from growth in the mortgage banking team during the year and continued demand for refinancing during the quarter.  The fourth quarter 2012 capital markets revenue included a positive credit valuation adjustment of $854,000 compared to $244,000 in the fourth quarter 2011, and $5,000 in the third quarter 2012.  For the full year 2012, non-interest income, excluding net securities gains, increased 20 percent to $111.2 million compared to $92.5 million in the prior year. 

Expenses

Non-interest expense was $81.3 million in the fourth quarter 2012, compared to $76.2 million in the fourth quarter 2011 and $81.7 million in the third quarter 2012.  Non-interest expense for the full year 2012 was $327.1 million, compared to $302.3 million for the full year 2011.  Net foreclosed property expense was higher in the fourth quarter 2012 and reflects greater losses on a higher volume of OREO sales and increased property ownership costs, while valuation impairments remained elevated.  The efficiency ratio for the fourth quarter 2012 was 60.2 percent, compared to 59.1 percent for the fourth quarter 2011, and 61.0 percent for the third quarter 2012.   

The effective tax rate for the fourth quarter was 42 percent and was largely impacted by reduced tax benefits relating to previously awarded stock-based compensation.  Based on current statutory tax rates, the Company estimates an effective tax rate for 2013 in the range of 38 to 39 percent.

Credit Quality

The 2012 results reflect continued progress in improving overall asset quality.  Non-performing assets declined 43 percent from December 31, 2011 and 21 percent from the third quarter 2012.  Non-performing assets to total assets were 1.57 percent at December 31, 2012, compared to 3.11 percent at December 31, 2011, and 2.09 percent at September 30, 2012.  Non-performing assets declined meaningfully again this quarter driven by a 26 percent reduction to inflows and ongoing disposition activity.  Disposition of problem loans and OREO together remain in line with prior quarter activity levels.  Special mention and potential problem loans were $204.7 million at the end of the fourth quarter, down 46 percent from a year ago and 6 percent from the third quarter 2012.  The Company continues to focus on improving asset quality, and expects lower nonperforming assets as it moves through the next several quarters.

The allowance for loan losses at December 31, 2012 was 1.59 percent of total loans, down from 2.13 percent at December 31, 2011 and 1.73 percent at September 30, 2012.  The allowance for loan losses as a percentage of non-performing loans was 116 percent at December 31, 2012, compared to 74 percent at December 31, 2011, and 93 percent at September 30, 2012.  While the general allocated reserve remained relatively flat from last quarter as a function of higher loan growth and improved portfolio mix and overall asset quality, the amount of specific reserves declined as a result of the decreasing impaired loan population.  Charge-offs were down 49 percent compared to the fourth quarter 2011, and down 8 percent compared to the previous quarter. 

Credit quality results exclude covered assets acquired through an FDIC-assisted transaction that are subject to a loss-sharing agreement.  

Balance Sheet

Total assets were $14.1 billion at December 31, 2012, compared to $12.4 billion at December 31, 2011, and $13.3 billion at September 30, 2012.  Total loans were $10.1 billion at December 31, 2012, an increase of 13 percent from December 31, 2011, and an increase of 5 percent from September 30, 2012.  The loan growth was primarily in commercial and industrial loans, which is 64 percent of our total loan portfolio.  A portion of the loan growth, which was elevated relative to prior quarters in 2012, included client borrowings in response to potential changes in the future tax rates, of which a portion may be repaid or syndicated in the first half of 2013. 

Total deposits were $12.2 billion at December 31, 2012, compared to $10.4 billion at December 31, 2011, and $11.4 billion at September 30, 2012.  This quarter the Company saw increased deposit inflows that resulted in a higher level of cash on deposit at the Federal Reserve.  The Company built higher levels of liquid assets in the second half of the year in part due to uncertainty relating to the potential impact on deposit activity from the expiration at year-end of the unlimited FDIC deposit insurance on non-interest bearing transaction accounts.  Consistent with the activity seen last year, the Company expects some deposit outflows to occur in the first quarter 2013.  The Company will pursue appropriate opportunities to manage balance sheet movements and reduce excess funds.

The Company's investment securities portfolio was $2.3 billion at December 31, 2012, flat compared to December 31, 2011, and September 30, 2012.  The securities portfolio is primarily composed of U.S. government agency backed mortgage securities, agency backed collateralized mortgage obligations, and investment grade municipal bonds.

Capital

On October 24, 2012, the Company used the net proceeds from subordinated debt and common stock offerings in October 2012, plus additional cash on its balance sheet to redeem the $243.8 million of preferred stock issued under TARP.  In connection with the transaction in the fourth quarter, the Company accelerated accretion of the remaining $2.2 million discount on the preferred stock and paid $813,000 of preferred dividends upon redemption.  Going forward, the TARP repayment eliminates approximately $3.4 million of quarterly preferred dividends and discount accretion.  Subordinated debt issued in October 2012 will add approximately $2.2 million, or $1.4 million after tax, of incremental, quarterly interest expense.

As of December 31, 2012, the total risk-based capital ratio was 13.13 percent, the Tier 1 risk-based capital ratio was 10.48 percent, and the leverage ratio was 9.50 percent. Tier 1 common capital ratio was 8.50 percent and tangible common equity ratio was 7.88 percent at the end of the fourth quarter 2012.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call on Tuesday, January 22, 2013, at 10 a.m. CT. The call may be accessed by telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International) and entering passcode # 85400469.  A live webcast of the call can be accessed on the Company website at www.theprivatebank.com by visiting the Investor Relations tab under the About Us section.  A rebroadcast will be available beginning approximately two hours after the call until midnight on February 5, 2013, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode # 85400469.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiaries, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve.  As of December 31, 2012, the Company had 35 offices in 10 states and $14.1 billion in assets.  The Company website is www.theprivatebank.com.

Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of federal securities laws.  Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain.  Factors which could cause actual results to differ from those reflected in forward-looking statements include, but are not limited to: unforeseen credit quality problems or further deterioration in problem loans that could result in charge-offs greater than we have anticipated in our allowance for loan losses; slower than anticipated dispositions of other real estate owned which may result in increased losses and ongoing elevated foreclosed property expense; continued uncertainty regarding U.S. and global economic recovery and economic outlook, and ongoing volatility in market conditions, that may impact credit quality or prolong weakness in demand for loans or other banking products and services; unanticipated changes in interest rates; competitive pricing trends; lack of sufficient or cost-effective sources of liquidity or funding as and when needed; loss of key personnel or an inability to recruit and retain appropriate talent; uncertainty relating to recently proposed regulatory capital rules that could, depending on the nature of our assets, require us to maintain higher levels of regulatory capital; uncertainty regarding implications of other changes in regulatory requirements relating to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act that may negatively affect our revenues or profitability; other legislative, regulatory or accounting changes affecting financial services companies and/or the products and services offered by financial services companies; changes in monetary or fiscal policies of the U.S. Government; or failures or disruptions to our data processing or other information or operational systems, including the potential impact of disruptions or breaches at our third party service providers.  Forward-looking statements are subject to risks, assumptions and uncertainties and could be significantly affected by many factors, including those set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2011 as well as those set forth in our subsequent periodic and current reports filed with the SEC.  These factors should be considered in evaluating forward- looking statements and undue reliance should not be placed on our forward-looking statements. Forward-looking statements speak only as of the date they are made and we assume no obligation to update any of these statements in light of new information, future events or otherwise, unless required under the federal securities laws.

Non-GAAP Measures

This press release contains both financial measures based on accounting principles generally accepted in the United States (GAAP) and non-GAAP based financial measures.  The Company believes that these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the Company, its business, and performance trends and facilitates comparisons with the performance of others in the banking industry.  If non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release.  These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Editor's Note: Financial highlights attached.        

 

Consolidated Income Statements

(Amounts in thousands except per share data)










Three Months Ended


Years Ended


December 31,


December 31,


2012


2011


2012


2011


unaudited


unaudited


unaudited


audited

Interest Income








Loans, including fees

$  108,172


$  102,897


$  423,211


$  413,109

Federal funds sold and other short-term investments

452


215


965


1,181

Securities:








Taxable

12,938


15,173


56,826


61,026

Exempt from Federal income taxes

1,462


1,273


5,487


5,439

Other interest income

168


90


547


391

Total interest income

123,192


119,648


487,036


481,146









Interest Expense








Interest-bearing demand deposits

985


585


3,378


2,439

Savings deposits and money market accounts

4,531


4,857


17,604


22,957

Brokered and time deposits

5,561


5,561


21,832


24,676

Short-term borrowings

77


152


443


2,011

Long-term debt

7,235


5,511


23,846


21,936

Total interest expense

18,389


16,666


67,103


74,019

Net interest income

104,803


102,982


419,933


407,127

Provision for loan and covered loan losses

13,177


31,611


71,425


132,897

Net interest income after provision for 

loan and covered loan losses

91,626


71,371


348,508


274,230









Non-interest Income








Trust and Investments

4,232


3,992


17,017


17,826

Mortgage banking 

4,197


3,032


13,460


6,703

Capital markets products

6,744


5,471


25,958


19,341

Treasury management

5,606


4,813


21,510


18,181

Loan and credit-related fees

6,902


5,606


27,280


22,207

Deposit service charges and fees and other income

1,582


2,115


6,021


8,218

Net securities (losses) gains

191


364


(205)


5,771

Total non-interest income

29,454


25,393


111,041


98,247









Non-interest Expense








Salaries and employee benefits

45,253


40,729


174,948


156,763

Net occupancy expense

7,762


7,394


30,571


29,986

Technology and related costs

3,249


3,142


13,250


11,388

Marketing

2,448


2,250


10,311


8,911

Professional services

1,998


2,126


8,353


9,206

Outsourced servicing costs

1,814


2,077


7,419


8,001

Net foreclosed property expenses

9,571


6,862


38,296


27,782

Postage, telephone, and delivery

909


953


3,497


3,716

Insurance

3,290


3,462


15,186


21,287

Loan and collection expense

2,227


3,840


11,631


13,571

Other expenses

2,794


3,395


13,670


11,666

Total non-interest expense

81,315


76,230


327,132


302,277

Income before income taxes

39,765


20,534


132,417


70,200

Income tax provision 

16,682


9,468


54,521


25,660

Net income

23,083


11,066


77,896


44,540

Net income attributable to noncontrolling interests

-


7


-


170

Net income attributable to controlling interests

23,083


11,059


77,896


44,370

Preferred stock dividends and discount accretion

3,043


3,430


13,368


13,690

Net income available to common stockholders

$    20,040


$      7,629


$    64,528


$    30,680









Per Common Share Data








Basic earnings per share

$        0.26


$        0.11


$        0.88


$        0.43

Diluted earnings per share

$        0.26


$        0.11


$        0.88


$        0.43

Cash dividends declared

$        0.01


$        0.01


$        0.04


$        0.04

Weighted-average common shares outstanding

75,035


70,540


71,951


70,449

Weighted-average diluted common shares outstanding

75,374


70,713


72,174


70,642

 

Note:  Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

 

Quarterly Consolidated Income Statements

Unaudited

(Amounts in thousands except per share data)












4Q12


3Q12


2Q12


1Q12


4Q11

Interest Income










Loans, including fees

$   108,172


$   106,358


$   105,142


$   103,539


$   102,897

Federal funds sold and other short-term investments

452


248


133


132


215

Securities:










Taxable

12,938


13,907


14,723


15,258


15,173

Exempt from Federal income taxes

1,462


1,389


1,336


1,300


1,273

Other interest income

168


126


131


122


90

Total interest income

123,192


122,028


121,465


120,351


119,648











Interest Expense










Interest-bearing demand deposits

985


958


799


636


585

Savings deposits and money market accounts

4,531


4,206


4,265


4,602


4,857

Brokered and time deposits

5,561


5,860


5,394


5,017


5,561

Short-term borrowings

77


101


123


142


152

Long-term debt

7,235


5,495


5,538


5,578


5,511

Total interest expense

18,389


16,620


16,119


15,975


16,666

Net interest income

104,803


105,408


105,346


104,376


102,982

Provision for loan and covered loan losses

13,177


13,509


17,038


27,701


31,611

Net interest income after provision for 

loan and covered loan losses

91,626


91,899


88,308


76,675


71,371











Non-interest Income










Trust and Investments

4,232


4,254


4,312


4,219


3,992

Mortgage banking 

4,197


3,685


2,915


2,663


3,032

Capital markets products

6,744


5,832


6,033


7,349


5,471

Treasury management

5,606


5,490


5,260


5,154


4,813

Loan and credit-related fees

6,902


7,479


6,372


6,527


5,606

Deposit service charges and fees and other income

1,582


1,308


1,644


1,487


2,115

Net securities (losses) gains

191


(211)


(290)


105


364

Total non-interest income

29,454


27,837


26,246


27,504


25,393











Non-interest Expense










Salaries and employee benefits

45,253


44,820


42,177


42,698


40,729

Net occupancy expense

7,762


7,477


7,653


7,679


7,394

Technology and related costs

3,249


3,432


3,273


3,296


3,142

Marketing

2,448


2,645


3,058


2,160


2,250

Professional services

1,998


2,151


2,247


1,957


2,126

Outsourced servicing costs

1,814


1,802


2,093


1,710


2,077

Net foreclosed property expenses

9,571


8,596


11,894


8,235


6,862

Postage, telephone, and delivery

909


837


882


869


953

Insurance

3,290


3,352


4,239


4,305


3,462

Loan and collection expense

2,227


3,329


2,918


3,157


3,840

Other expenses

2,794


3,289


3,424


4,163


3,395

Total non-interest expense

81,315


81,730


83,858


80,229


76,230

Income before income taxes

39,765


38,006


30,696


23,950


20,534

Income tax provision

16,682


14,952


13,192


9,695


9,468

Net income

23,083


23,054


17,504


14,255


11,066

Net income attributable to noncontrolling interests

-


-


-


-


7

Net income attributable to controlling interests

23,083


23,054


17,504


14,255


11,059

Preferred stock dividends and discount accretion

3,043


3,447


3,442


3,436


3,430

Net income available to common stockholders

$     20,040


$     19,607


$     14,062


$     10,819


$       7,629











Per Common Share Data










Basic earnings per share

$         0.26


$         0.27


$         0.19


$         0.15


$         0.11

Diluted earnings per share

$         0.26


$         0.27


$         0.19


$         0.15


$         0.11

Cash dividends declared

$         0.01


$         0.01


$         0.01


$         0.01


$         0.01

Weighted-average common shares outstanding

75,035


71,010


70,956


70,780


70,540

Weighted-average diluted common shares outstanding

75,374


71,274


71,147


70,932


70,713

 

Note:  Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

 

Consolidated Balance Sheets

(Dollars in thousands)












12/31/12


09/30/12


06/30/12


03/31/12


12/31/11


unaudited


unaudited


unaudited


unaudited


audited

Assets










Cash and due from banks

$        234,308


$        143,573


$        141,563


$        166,062


$        156,131

Fed funds sold and other short-term investments

707,143


470,984


315,378


193,571


205,610

Loans held for sale

49,696


49,209


35,342


29,185


32,049

Securities available-for-sale, at fair value

1,451,160


1,550,516


1,625,649


1,705,649


1,783,465

Securities held-to-maturity, at amortized cost

863,727


784,930


693,277


598,066


490,143

FHLB stock

43,387


43,387


43,467


40,695


40,695

Loans - excluding covered assets, net of unearned fees

10,139,982


9,625,421


9,436,235


9,222,253


9,008,561

Allowance for loan losses

(161,417)


(166,859)


(174,302)


(183,844)


(191,594)

Loans, net of allowance for loan losses and unearned fees

9,978,565


9,458,562


9,261,933


9,038,409


8,816,967

Covered assets

194,216


208,979


244,782


276,534


306,807

Allowance for covered loan losses

(24,011)


(21,500)


(21,733)


(26,323)


(25,939)

Covered assets, net of allowance for covered loan losses

170,205


187,479


223,049


250,211


280,868

Other real estate owned, excluding covered assets

81,880


97,833


109,836


123,498


125,729

Premises, furniture, and equipment, net

39,508


40,526


38,177


37,462


38,633

Accrued interest receivable

34,832


36,892


37,089


36,033


35,732

Investment in bank owned life insurance

52,513


52,134


51,751


51,356


50,966

Goodwill

94,521


94,534


94,546


94,559


94,571

Other intangible assets

12,828


13,500


14,152


14,683


15,353

Capital markets derivative assets

90,405


104,697


102,613


97,805


101,676

Other assets

152,837


149,798


154,354


145,920


148,282

Total assets

$   14,057,515


$   13,278,554


$   12,942,176


$   12,623,164


$   12,416,870











Liabilities










Demand deposits:










Noninterest-bearing 

$     3,690,340


$     3,295,568


$     2,920,182


$     3,054,536


$     3,244,307

Interest-bearing 

1,057,390


893,194


785,879


714,522


595,238

Savings deposits and money market accounts

4,912,820


4,381,595


4,146,022


4,347,832


4,378,220

Brokered time deposits 

993,455


1,290,796


1,484,435


961,481


815,951

Time deposits

1,519,629


1,498,287


1,398,012


1,344,341


1,359,138

Total deposits

12,173,634


11,359,440


10,734,530


10,422,712


10,392,854

Short-term borrowings

5,000


5,000


335,000


355,000


156,000

Long-term debt

499,793


374,793


374,793


379,793


379,793

Accrued interest payable

7,141


5,287


5,855


5,425


5,567

Capital markets derivative liabilities

93,029


108,094


105,773


100,109


104,140

Other liabilities

71,752


62,500


52,071


47,971


81,764

Total liabilities

12,850,349


11,915,114


11,608,022


11,311,010


11,120,118











Equity 










Preferred stock

-


241,585


241,185


240,791


240,403

Common stock

77,015


71,884


71,843


71,611


71,483

Treasury stock

(24,150)


(22,736)


(22,639)


(21,749)


(21,454)

Additional paid-in capital

1,053,821


983,739


978,510


973,417


968,787

Retained earnings/(accumulated deficit)

52,416


33,150


14,268


932


(9,164)

Accumulated other comprehensive income, net of tax

48,064


55,818


50,987


47,152


46,697

Total equity

1,207,166


1,363,440


1,334,154


1,312,154


1,296,752

Total liabilities and equity

$   14,057,515


$   13,278,554


$   12,942,176


$   12,623,164


$   12,416,870

 

Note:  Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

 

Selected Financial Data

Unaudited

(Amounts in thousands except per share data)















4Q12


3Q12


2Q12


1Q12


4Q11


Selected Statement of Income Data:












Net interest income

$     104,803


$     105,408


$     105,346


$     104,376


$     102,982



Net revenue (1) (2)

$     135,022


$     133,974


$     132,291


$     132,560


$     129,046



Operating profit (1) (2)

$       53,707


$       52,244


$       48,433


$       52,331


$       52,816



Provision for loan and covered loan losses

$       13,177


$       13,509


$       17,038


$       27,701


$       31,611



Income before taxes

$       39,765


$       38,006


$       30,696


$       23,950


$       20,534



Net income available to common stockholders

$       20,040


$       19,607


$       14,062


$       10,819


$         7,629














Per Common Share Data:












Basic earnings per share

$           0.26


$           0.27


$           0.19


$           0.15


$           0.11



Diluted earnings per share

$           0.26


$           0.27


$           0.19


$           0.15


$           0.11



Dividends declared

$           0.01


$           0.01


$           0.01


$           0.01


$           0.01



Book value (period end) (1)

$         15.65


$         15.49


$         15.09


$         14.79


$         14.72



Tangible book value (period end) (1) (2)

$         14.26


$         14.00


$         13.59


$         13.29


$         13.19



Market value (close)

$         15.32


$         15.99


$         14.76


$         15.17


$         10.98



Book value multiple 

0.98

 x 

1.03

 x 

0.98

 x 

1.03

 x 

0.75

 x 













Share Data:












Weighted-average common shares outstanding

75,035


71,010


70,956


70,780


70,540



Weighted-average diluted common shares outstanding 

75,374


71,274


71,147


70,932


70,713



Common shares issued (at period end)

78,062


73,291


73,273


73,205


72,514



Common shares outstanding (at period end) 

77,115


72,436


72,424


72,415


71,745














Performance Ratios:












Return on average assets

0.67%


0.70%


0.55%


0.46%


0.36%



Return on average common equity

6.64%


7.00%


5.18%


4.05%


2.86%



Net interest margin (1) (2)

3.16%


3.35%


3.46%


3.53%


3.48%



Fee revenue as a percent of total revenue (1)

21.83%


21.02%


20.12%


20.79%


19.55%



Non-interest income to average assets

0.85%


0.85%


0.83%


0.89%


0.82%



Non-interest expense to average assets

2.35%


2.49%


2.64%


2.59%


2.45%



Net overhead ratio (1)

1.50%


1.64%


1.81%


1.70%


1.64%



Efficiency ratio(1) (2) 

60.22%


61.00%


63.39%


60.52%


59.07%














Selected Information:












Assets under management and administration (AUMA) (1)

$  5,196,094


$  5,007,235


$  4,738,973


$  4,879,947


$  4,303,547



  Custody assets included in AUMA

$  2,345,410


$  2,192,530


$  2,073,777


$  2,060,455


$  1,599,528



Credit valuation adjustment on capital markets derivatives (1)

$            854


$                5


$           (830)


$              19


$            244














Balance Sheet Ratios:












Loans to deposits (period end)(3)

83.29%


84.73%


87.91%


88.48%


86.68%



Average interest-earning assets to average interest-bearing liabilities

150.03%


147.76%


146.44%


149.68%


150.70%














Capital Ratios (period end):












Total risk-based capital (1)

13.13%


13.90%


14.12%


14.20%


14.28%



Tier 1 risk-based capital (1)

10.48%


12.24%


12.25%


12.31%


12.38%



Tier 1 leverage ratio (1)

9.50%


11.15%


11.20%


11.35%


11.33%



Tier 1 common equity to risk-weighted assets (1) (2)

8.50%


8.12%


8.05%


8.04%


8.04%



Tangible common equity to tangible assets (1) (2)

7.88%


7.70%


7.67%


7.69%


7.69%



Total equity to total assets

8.59%


10.27%


10.31%


10.39%


10.44%


 

(1) Refer to Glossary of Terms for definition.

(2) This is a non-U.S. GAAP financial measure. Refer to Non-U.S. GAAP Financial Measures for a reconciliation from non-U.S. GAAP to U.S. GAAP.

(3) Excludes covered assets. Refer to Glossary of Terms for definition. 

 

SOURCE PrivateBancorp, Inc.



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