2014

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

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.



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