PrivateBancorp Reports Record Earnings

Earnings per share of $0.42, up 56 percent from the third quarter 2012 and up 14 percent from the second quarter 2013

Oct 17, 2013, 07:30 ET from PrivateBancorp, Inc.

CHICAGO, Oct. 17, 2013 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $33.1 million, or $0.42 per diluted share, for the third quarter 2013, as compared to $19.6 million, or $0.27 per diluted share, for the third quarter 2012 and $28.9 million, or $0.37 per diluted share, for the second quarter 2013. For the nine months ended September 30, 2013, the Company had net income available to common shareholders of $89.2 million, or $1.14 per diluted share, as compared to $44.5 million, or $0.61 per diluted share, for the nine months ended September 30, 2012.

"Our ability to generate new client relationships and win market share helped drive meaningful growth in new loans this quarter," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "We grew loans by $315 million, with the growth coming from our commercial and industrial business, and we grew client deposits by over $470 million, including over $300 million in noninterest bearing demand deposits. Continued expense management, especially related to credit costs, helped drive our seventh consecutive quarter in net income growth. As we move beyond the burden of elevated credit costs, we see the strength of our core business driving future performance."

Third Quarter 2013 Highlights

  • Operating profit increased to $63.2 million, as compared to $52.2 million for the third quarter 2012 and $56.3 million for the second quarter 2013, as noninterest expense trended lower.
  • Return on average common equity was 10.4 percent, as compared to 7.0 percent for the third quarter 2012 and 9.3 percent for the prior quarter.
  • Total loans grew to $10.4 billion as of September 30, 2013, up 8 percent from a year ago, and 3 percent from June 30, 2013. The majority of the growth was in commercial and industrial loans.
  • Total deposits as of September 30, 2013, were $11.8 billion and increased 4 percent from a year ago and 5 percent from June 30, 2013. Noninterest bearing demand deposits increased 14 percent from the previous quarter end and comprised 26 percent of total deposits at September 30, 2013.
  • Net interest margin declined 4 basis points during the quarter to 3.18 percent, reflecting ongoing pricing pressure.
  • Credit quality metrics improved and nonperforming assets to total assets declined to 1.07 percent at September 30, 2013, as compared to 2.09 percent one year ago and 1.33 percent at June 30, 2013.

Operating Performance

Net revenue was $134.4 million in the third quarter 2013, relatively unchanged as compared to the third quarter 2012. Net revenue in the quarter included a $521,000 negative credit valuation adjustment, compared to a $1.9 million positive credit valuation adjustment in the previous quarter. Both operating profit and the efficiency ratio improved as a result of lower noninterest expense. Operating profit was up 21 percent as compared to the third quarter 2012 and up 12 percent as compared to the previous quarter. The efficiency ratio improved to 53.0 percent for the third quarter 2013.

Net interest income was $105.8 million in the third quarter 2013, comparable to the third quarter 2012 and up 2 percent as compared to the second quarter 2013. The growth in net interest income over the prior quarter reflected an additional day of interest and an increase in average loans. Average loans grew by $182.7 million during the quarter. Net interest margin was 3.18 percent in the third quarter 2013, as compared to 3.35 percent in the third quarter 2012 and 3.22 percent in the previous quarter. The decline in net interest margin as compared to previous periods primarily reflects competitive pressure on loan pricing.

Noninterest income of $27.8 million in the third quarter 2013 was comparable to the third quarter 2012 and down from $29.0 million in the second quarter 2013. Syndication fees of $4.3 million increased 60 percent from the third quarter 2012 and 38 percent from the previous quarter. Trust and investments income was $4.6 million, a 7 percent increase from the third quarter 2012 and a modest decline from the previous quarter. Assets under management and administration reached $5.6 billion, growing 11 percent from a year ago. Mortgage banking revenue was $2.9 million, a 20 percent decline from the third quarter 2012 and an 8 percent decrease from the previous quarter, reflecting lower mortgage refinancing volume.

Capital markets revenue of $3.9 million in the third quarter 2013 was down from $5.8 million in the third quarter 2012 and $6.0 million in the second quarter 2013. Capital markets revenue excluding the impact of credit valuation adjustments was $4.4 million in the quarter, down from the third quarter 2012 and relatively consistent with the previous quarter. Excluding the impact of credit valuation adjustments, noninterest income was $28.3 million, an increase of 4 percent as compared to the previous quarter.

Treasury management fees grew 13 percent from the third quarter 2012, primarily reflecting new and existing client business, and were unchanged from the previous quarter.

Expenses

Noninterest expense was $71.3 million in the third quarter 2013, down 13 percent from the third quarter 2012, reflecting ongoing expense management as well as a significant decline in net foreclosed property expenses. Compensation expense declined $3.5 million, or 8 percent, from the third quarter 2012, benefiting from lower share-based costs after certain awards were fully amortized in December 2012. Net foreclosed property expenses decreased 49 percent from the third quarter 2012 and benefited from lower levels of OREO.

As compared to the second quarter 2013, noninterest expense was down 8 percent, resulting from a $4.7 million decline in other expenses and a $1.2 million reduction of net foreclosed property expenses. Second quarter 2013 other expenses included one-time charges of $3.0 million, including $2.0 million of restructuring costs and a charge on repurchased loans. Third quarter 2013 other expenses benefited from a $1.3 million reduction of the unfunded commitments reserve. The $1.5 million, or 4 percent, increase in salaries and employee benefits was largely attributable to increased incentive compensation accruals to reflect year to date performance.

Credit Quality

The Company's credit quality metrics continued to improve this quarter as nonperforming assets were $148.6 million at September 30, 2013, declining 46 percent from September 30, 2012 and 17 percent from June 30, 2013. The decline in nonperforming assets was largely attributable to sales of OREO in the third quarter 2013. At quarter end, OREO was $35.3 million, a reduction of $62.5 million from September 30, 2012, and $21.8 million from June 30, 2013. Nonperforming assets to total assets were 1.07 percent at September 30, 2013, compared to 2.09 percent at September 30, 2012 and 1.33 percent at June 30, 2013.

As of September 30, 2013, the allowance for loan losses as a percent of total loans was 1.40 percent, down from 1.73 percent at September 30, 2012, and 1.47 percent at June 30, 2013. Net charge-offs of $10.5 million for the third quarter 2013 were down 49 percent as compared to the third quarter 2012 and 26 percent as compared to the previous quarter. The provision for loan losses was $7.8 million for the third quarter 2013, a decline of $5.4 million from the third quarter 2012 and $512,000 from 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 $13.9 billion at September 30, 2013, compared to $13.3 billion at September 30, 2012, and $13.5 billion at June 30, 2013. Total loans of $10.4 billion, grew 8 percent from September 30, 2012, and 3 percent from the previous quarter end, with the growth primarily attributable to increased commercial and industrial loans. Strong new client activity, as well as increased borrowings from existing clients, contributed to loan growth during the current quarter.

Total deposits were $11.8 billion at September 30, 2013, a 4 percent increase as compared to September 30, 2012, and a 5 percent increase as compared to June 30, 2013. At September 30, 2013, the loan to deposit ratio was 88 percent. Noninterest bearing demand deposits, which typically have been higher in the second half of the year, increased $370 million or 14 percent from the previous quarter and comprised 26 percent of total deposits at September 30, 2013. Approximately one-half of the increase in noninterest bearing demand deposits is attributable to an increase in two large client accounts, a portion of which is anticipated to be redeployed in the fourth quarter 2013.

The Company's investment securities portfolio was $2.5 billion at September 30, 2013, up 9 percent from September 30, 2012, and flat as compared to June 30, 2013. The securities portfolio is primarily composed of U.S. government agency backed mortgage securities, U.S. Treasuries, agency backed collateralized mortgage obligations, and investment grade municipal bonds.

Capital

As of September 30, 2013, the total risk-based capital ratio was 13.48 percent, the Tier 1 risk-based capital ratio was 11.05 percent, and the leverage ratio was 10.30 percent. The Tier 1 common capital ratio was 9.11 percent (without giving effect to the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013) and tangible common equity ratio was 8.49 percent at the end of the third quarter 2013.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call on Thursday, October 17, 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 #72261519. 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 October 31, 2013, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode #72261519.

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 September 30, 2013, the Company had 36 offices in 10 states and $13.9 billion in assets. The Company website is www.theprivatebank.com.

Forward-Looking Statements

Statements made 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:

  • continued uncertainty regarding U.S. and global economic outlook that may impact market conditions and credit quality or prolong weakness in demand for loans or other banking products and services;
  • unanticipated developments in pending or prospective loan transactions or greater than expected paydowns or payoffs of existing loans;
  • unanticipated changes in interest rates;
  • competitive trends in our markets;
  • unforeseen credit quality problems 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 or declines in real estate values which may negatively impact foreclosed property expense;
  • 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;
  • potential impact of recently adopted capital rules;
  • greater than anticipated impact on costs, revenues and offered products and services associated with the implementation of other regulatory changes;
  • uncertainty regarding the impact of the recent U.S. Government shutdown;
  • changes in monetary or fiscal policies of the U.S. Government and the potential impact from current debates related to the federal debt ceiling; 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.

These factors should be considered in evaluating forward-looking statements and undue reliance should not be placed on our forward-looking statements. Readers should also consider the risks, assumptions and uncertainties set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2012 as well as those set forth in our subsequent periodic reports filed with the SEC. 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-U.S. GAAP Financial Measures

This press release contains both financial measures based on accounting principles generally accepted in the United States (U.S. GAAP) and non-U.S. GAAP based financial measures. We believe that presenting these non-U.S. GAAP financial measures will provide information useful to investors in understanding our underlying operational performance, our business, and performance trends and facilitates comparisons with the performance of others in the banking industry. If non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measure, as well as the reconciliation to the comparable U.S. 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 U.S. GAAP, nor are they necessarily comparable to non-U.S. GAAP performance measures that may be presented by other companies.

Editor's Note: Financial highlights attached. Full financial supplement available on Company's website at www.theprivatebank.com.

Consolidated Income Statements

(Amounts in thousands, except per share data)

(Unaudited)

Quarters Ended

September 30,

Nine Months Ended September 30,

2013

2012

2013

2012

Interest Income

Loans, including fees

$

108,912

$

106,358

$

323,106

$

315,039

Federal funds sold and interest-bearing deposits in banks

111

248

431

513

Securities:

Taxable

12,931

13,907

38,272

43,888

Exempt from Federal income taxes

1,562

1,389

4,596

4,025

Other interest income

61

126

213

379

Total interest income

123,577

122,028

366,618

363,844

Interest Expense

Interest-bearing demand deposits

1,032

958

3,181

2,393

Savings deposits and money market accounts

3,895

4,206

12,181

13,073

Brokered and time deposits

5,014

5,860

15,099

16,271

Short-term and secured borrowings

161

101

689

366

Long-term debt

7,640

5,495

22,861

16,611

Total interest expense

17,742

16,620

54,011

48,714

Net interest income

105,835

105,408

312,607

315,130

Provision for loan and covered loan losses

8,120

13,509

27,320

58,248

Net interest income after provision for loan and covered loan losses

97,715

91,899

285,287

256,882

Non-interest Income

Trust and Investments

4,570

4,254

13,764

12,785

Mortgage banking

2,946

3,685

10,314

9,263

Capital markets products

3,921

5,832

15,008

19,214

Treasury management

6,214

5,490

18,347

15,904

Loan, letter of credit and commitment fees

4,384

4,779

12,743

13,502

Syndication fees

4,322

2,700

11,294

6,876

Deposit service charges and fees and other income

1,298

1,308

4,885

4,439

Net securities gains (losses)

118

(211)

895

(396)

Total non-interest income

27,773

27,837

87,250

81,587

Non-interest Expense

Salaries and employee benefits

41,360

44,820

124,354

129,695

Net occupancy expense

7,558

7,477

22,479

22,809

Technology and related costs

3,343

3,432

10,283

10,001

Marketing

2,986

2,645

8,998

7,863

Professional services

2,465

2,151

6,146

6,355

Outsourced servicing costs

1,607

1,802

5,205

5,605

Net foreclosed property expenses

4,396

8,596

16,594

28,725

Postage, telephone, and delivery

852

837

2,676

2,588

Insurance

2,590

3,352

7,933

11,896

Loan and collection expense

1,345

3,329

6,402

9,404

Other expenses

2,767

3,289

16,417

10,876

Total non-interest expense

71,269

81,730

227,487

245,817

Income before income taxes

54,219

38,006

145,050

92,652

Income tax provision

21,161

14,952

55,807

37,839

Net income

33,058

23,054

89,243

54,813

Preferred stock dividends and discount accretion

3,447

10,325

Net income available to common stockholders

$

33,058

$

19,607

$

89,243

$

44,488

Per Common Share Data

Basic earnings per share

$

0.42

$

0.27

$

1.15

$

0.62

Diluted earnings per share

$

0.42

$

0.27

$

1.14

$

0.61

Cash dividends declared

$

0.01

$

0.01

$

0.03

$

0.03

Weighted-average common shares outstanding

76,494

71,010

76,352

70,915

Weighted-average diluted common shares outstanding

76,819

71,274

76,537

71,110

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 Income Statements

(Amounts in thousands, except per share data)

(Unaudited)

3Q13

2Q13

1Q13

4Q12

3Q12

Interest Income

Loans, including fees

$

108,912

$

107,407

$

106,787

$

108,172

$

106,358

Federal funds sold and interest-bearing deposits in banks

111

112

208

452

248

Securities:

Taxable

12,931

12,519

12,822

12,938

13,907

Exempt from Federal income taxes

1,562

1,532

1,502

1,462

1,389

Other interest income

61

62

90

168

126

Total interest income

123,577

121,632

121,409

123,192

122,028

Interest Expense

Interest-bearing demand deposits

1,032

1,034

1,115

985

958

Savings deposits and money market accounts

3,895

3,887

4,399

4,531

4,206

Brokered and time deposits

5,014

4,956

5,129

5,561

5,860

Short-term and secured borrowings

161

410

118

77

101

Long-term debt

7,640

7,613

7,608

7,235

5,495

Total interest expense

17,742

17,900

18,369

18,389

16,620

Net interest income

105,835

103,732

103,040

104,803

105,408

Provision for loan and covered loan losses

8,120

8,843

10,357

13,177

13,509

Net interest income after provision for loan and covered loan     losses

97,715

94,889

92,683

91,626

91,899

Non-interest Income

Trust and Investments

4,570

4,800

4,394

4,232

4,254

Mortgage banking

2,946

3,198

4,170

4,197

3,685

Capital markets products

3,921

6,048

5,039

6,744

5,832

Treasury management

6,214

6,209

5,924

5,606

5,490

Loan, letter of credit and commitment fees

4,384

4,282

4,077

4,671

4,779

Syndication fees

4,322

3,140

3,832

2,231

2,700

Deposit service charges and fees and other income

1,298

1,196

2,391

1,582

1,308

Net securities gains (losses)

118

136

641

191

(211)

Total non-interest income

27,773

29,009

30,468

29,454

27,837

Non-interest Expense

Salaries and employee benefits

41,360

39,854

43,140

45,253

44,820

Net occupancy expense

7,558

7,387

7,534

7,762

7,477

Technology and related costs

3,343

3,476

3,464

3,249

3,432

Marketing

2,986

3,695

2,317

2,448

2,645

Professional services

2,465

1,782

1,899

1,998

2,151

Outsourced servicing costs

1,607

1,964

1,634

1,814

1,802

Net foreclosed property expenses

4,396

5,555

6,643

9,571

8,596

Postage, telephone, and delivery

852

981

843

909

837

Insurance

2,590

2,804

2,539

3,290

3,352

Loan and collection expense

1,345

2,280

2,777

2,227

3,329

Other expenses

2,767

7,477

6,173

2,794

3,289

Total non-interest expense

71,269

77,255

78,963

81,315

81,730

Income before income taxes

54,219

46,643

44,188

39,765

38,006

Income tax provision

21,161

17,728

16,918

16,682

14,952

Net income

33,058

28,915

27,270

23,083

23,054

Preferred stock dividends and discount accretion

3,043

3,447

Net income available to common stockholders

$

33,058

$

28,915

$

27,270

$

20,040

$

19,607

Per Common Share Data

Basic earnings per share

$

0.42

$

0.37

$

0.35

$

0.26

$

0.27

Diluted earnings per share

$

0.42

$

0.37

$

0.35

$

0.26

$

0.27

Cash dividends declared

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Weighted-average common shares outstanding

76,494

76,415

76,143

75,035

71,010

Weighted-average diluted common shares outstanding

76,819

76,581

76,203

75,374

71,274

Consolidated Balance Sheets

(Dollars in thousands)

9/30/13

6/30/13

3/31/13

12/31/12

9/30/12

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

(Unaudited)

Assets

Cash and due from banks

$

247,460

$

150,683

$

118,583

$

234,308

$

143,573

Federal funds sold and interest-bearing deposits in banks

180,608

147,699

203,647

707,143

470,984

Loans held-for-sale

27,644

34,803

38,091

49,696

49,209

Securities available-for-sale, at fair value

1,611,022

1,580,179

1,457,433

1,451,160

1,550,516

Securities held-to-maturity, at amortized cost

931,342

955,688

959,994

863,727

784,930

Federal Home Loan Bank ("FHLB") stock

34,063

34,063

34,288

43,387

43,387

Loans – excluding covered assets, net of unearned fees

10,409,443

10,094,636

10,033,803

10,139,982

9,625,421

Allowance for loan losses

(145,513)

(148,183)

(153,992)

(161,417)

(166,859)

Loans, net of allowance for loan losses and unearned fees

10,263,930

9,946,453

9,879,811

9,978,565

9,458,562

Covered assets

140,083

158,326

176,855

194,216

208,979

Allowance for covered loan losses

(21,653)

(24,995)

(24,089)

(24,011)

(21,500)

Covered assets, net of allowance for covered loan losses

118,430

133,331

152,766

170,205

187,479

Other real estate owned, excluding covered assets

35,310

57,134

73,857

81,880

97,833

Premises, furniture, and equipment, net

36,445

37,025

38,373

39,508

40,526

Accrued interest receivable

35,758

38,325

39,205

34,832

36,892

Investment in bank owned life insurance

53,539

53,216

52,873

52,513

52,134

Goodwill

94,484

94,496

94,509

94,521

94,534

Other intangible assets

10,486

11,266

12,047

12,828

13,500

Derivative assets

57,771

57,361

90,303

99,261

114,777

Other assets

130,848

144,771

126,450

143,981

139,718

Total assets

$

13,869,140

$

13,476,493

$

13,372,230

$

14,057,515

$

13,278,554

Liabilities

Demand deposits:

Noninterest-bearing

$

3,106,986

$

2,736,868

$

2,756,879

$

3,690,340

$

3,295,568

Interest-bearing

1,183,471

1,234,134

1,390,955

1,057,390

893,194

Savings deposits and money market accounts

4,778,057

4,654,930

4,741,864

4,912,820

4,381,595

Brokered time deposits

1,303,596

1,190,796

983,625

993,455

1,290,796

Time deposits

1,460,446

1,491,604

1,518,980

1,519,629

1,498,287

Total deposits

11,832,556

11,308,332

11,392,303

12,173,634

11,359,440

Short-term and secured borrowings

131,400

308,700

107,775

5,000

5,000

Long-term debt

499,793

499,793

499,793

499,793

374,793

Accrued interest payable

6,042

5,963

6,787

7,141

5,287

Derivative liabilities

55,933

62,014

84,370

93,276

108,678

Other liabilities

69,728

58,651

49,137

71,505

61,916

Total liabilities

12,595,452

12,243,453

12,140,165

12,850,349

11,915,114

Equity

Preferred stock

241,585

Common stock:

Voting

75,240

75,238

73,144

73,479

68,348

Nonvoting

1,585

1,585

3,536

3,536

3,536

Treasury stock

(7,303)

(9,001)

(9,631)

(24,150)

(22,736)

Additional paid-in capital

1,019,143

1,016,615

1,014,443

1,026,438

956,356

Retained earnings

166,700

134,423

106,288

79,799

60,533

Accumulated other comprehensive income, net of tax

18,323

14,180

44,285

48,064

55,818

Total equity

1,273,688

1,233,040

1,232,065

1,207,166

1,363,440

Total liabilities and equity

$

13,869,140

$

13,476,493

$

13,372,230

$

14,057,515

$

13,278,554

Selected Financial Data

(Amounts in thousands, except per share data)

(Unaudited)

3Q13

2Q13

1Q13

4Q12

3Q12

Selected Statement of Income Data:

Net interest income

$

105,835

$

103,732

$

103,040

$

104,803

$

105,408

Net revenue (1)(2)

$

134,426

$

133,546

$

134,292

$

135,022

$

133,974

Operating profit (1)(2)

$

63,157

$

56,291

$

55,329

$

53,707

$

52,244

Provision for loan and covered loan losses

$

8,120

$

8,843

$

10,357

$

13,177

$

13,509

Income before income taxes

$

54,219

$

46,643

$

44,188

$

39,765

$

38,006

Net income available to common stockholders

$

33,058

$

28,915

$

27,270

$

20,040

$

19,607

Per Common Share Data:

Basic earnings per share

$

0.42

$

0.37

$

0.35

$

0.26

$

0.27

Diluted earnings per share

$

0.42

$

0.37

$

0.35

$

0.26

$

0.27

Dividends declared

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Book value (period end) (1)

$

16.40

$

15.88

$

15.87

$

15.65

$

15.49

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

$

15.05

$

14.52

$

14.49

$

14.26

$

14.00

Market value (close)

$

21.40

$

21.22

$

18.89

$

15.32

$

15.99

Book value multiple

1.31

x

1.34

x

1.19

x

0.98

x

1.03

x

Share Data:

Weighted-average common shares outstanding

76,494

76,415

76,143

75,035

71,010

Weighted-average diluted common shares outstanding

76,819

76,581

76,203

75,374

71,274

Common shares issued (period end)

77,993

78,015

78,050

78,062

73,291

Common shares outstanding (period end)

77,680

77,630

77,649

77,115

72,436

Performance Ratio:

Return on average assets

0.96

%

0.86

%

0.81

%

0.67

%

0.70

%

Return on average common equity

10.43

%

9.28

%

9.01

%

6.64

%

7.00

%

Return on average tangible common equity (1)(2)

11.55

%

10.30

%

10.04

%

7.45

%

7.91

%

Net interest margin (1)(2)

3.18

%

3.22

%

3.19

%

3.16

%

3.35

%

Fee revenue as a percent of total revenue (1)

20.72

%

21.77

%

22.45

%

21.83

%

21.02

%

Non-interest income to average assets

0.81

%

0.87

%

0.91

%

0.85

%

0.85

%

Non-interest expense to average assets

2.07

%

2.31

%

2.35

%

2.35

%

2.49

%

Net overhead ratio (1)

1.26

%

1.44

%

1.44

%

1.50

%

1.64

%

Efficiency ratio (1)(2)

53.02

%

57.85

%

58.80

%

60.22

%

61.00

%

Balance Sheet Ratios:

Loans to deposits (period end) (3)

87.97

%

89.27

%

88.08

%

83.29

%

84.73

%

Average interest-earning assets to average interest-bearing liabilities

140.72

%

139.76

%

141.21

%

150.03

%

147.76

%

Capital Ratios (period end):

Total risk-based capital (1)

13.48

%

13.70

%

13.58

%

13.17

%

13.90

%

Tier 1 risk-based capital (1)

11.05

%

11.04

%

10.90

%

10.51

%

12.24

%

Tier 1 leverage ratio (1)

10.30

%

10.21

%

9.81

%

9.50

%

11.15

%

Tier 1 common equity to risk-weighted assets (1)(2)(4)

9.11

%

9.05

%

8.89

%

8.52

%

8.12

%

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

8.49

%

8.43

%

8.48

%

7.88

%

7.70

%

Total equity to total assets

9.18

%

9.15

%

9.21

%

8.59

%

10.27

%

(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.

(4)     Does not give effect to the final Basel III capital rules adopted and issued by the Federal Reserve Board in July 2013.

SOURCE PrivateBancorp, Inc.



RELATED LINKS

http://www.theprivatebank.com