PrivateBancorp Reports Record First Quarter Earnings - Earnings per share up 35 percent from fourth quarter 2012 and more than double first quarter 2012 results

- Operating profit increased 3 percent from fourth quarter 2012 and 6 percent from first quarter 2012

- Continued improvement in credit quality led to lower provision expense

CHICAGO, April 18, 2013 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $27.3 million, or $0.35 per diluted share, for the first quarter 2013, compared to $10.8 million or $0.15 per diluted share for the first quarter 2012, and $20.0 million or $0.26 per diluted share for the fourth quarter 2012.

"Our first quarter results reflect the momentum we have gained as we execute our commercial middle market strategy," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc.  "Net income was up 36 percent from fourth quarter and more than doubled from first quarter 2012, largely on reduced credit costs.  Despite continued modest loan demand in a competitive market, we have maintained net interest income due to our ability to build client relationships.  Non-interest income increased 11 percent year over year, contributing to strong first quarter results.

"Following robust loan growth in the previous quarter, we saw loan balances decrease in the first quarter due, in part, to planned and opportunistic syndications and repayments," Richman continued.  "Business clients are generally remaining cautious in this slowly recovering Midwest economy.  We have teams poised to capitalize on opportunities to develop new business.  Based upon our current pipeline of pending transactions and new prospects, I am expecting stronger loan activity in the second quarter as we maintain our selectivity and discipline."

First Quarter 2013 Highlights

Comparison to fourth quarter 2012

  • Net income was $27.3 million, up 36 percent from the previous quarter, benefiting from reductions in loan loss provision, net foreclosed property expense and employee expense.
  • Net interest income of $103.0 million was down slightly from $104.8 million in the previous quarter.  A 2 percent increase in average loan balances partially offset lower loan and investment yields.
  • Total loans were $10.0 billion at March 31, 2013, a 1 percent decline from year-end, reflecting lower originations in the early part of the first quarter, along with increased syndication activity and paydowns of loans, many associated with loans funded late in the fourth quarter 2012.
  • Total deposits were $11.4 billion, a 6 percent decline from year-end 2012, which reduced excess liquidity.  Deposits had increased 7 percent as of December 31, 2012 from $11.4 billion at September 30, 2012. 
  • Asset quality continued to improve with non-performing assets declining 8 percent from last quarter.  Non-performing assets to total assets was 1.51 percent at March 31, 2013, compared to 1.57 percent at December 31, 2012.

Comparison to first quarter 2012

  • Net income was $27.3 million, an increase of more than 150 percent from the first quarter 2012 net income available to common stockholders, as a result of lower loan loss provision and net foreclosed property expense, and growth in non-interest income.
  • Non-interest income of $30.5 million increased 11 percent year over year, largely from increased mortgage banking and syndication fee revenue.
  • Total loans grew 9 percent over the year to $10.0 billion at March 31, 2013.

Operating Performance

Net revenue was $134.3 million in the first quarter 2013, compared to $132.6 million in the first quarter 2012 and $135.0 million in the fourth quarter 2012.  Operating profit was $55.3 million in the first quarter 2013, compared to $52.3 million in the first quarter 2012 and $53.7 million in the fourth quarter 2012.  A 3 percent increase in non-interest income and a 3 percent decline in non-interest expense resulted in higher first quarter operating profit than recorded in the previous quarter.

Net interest income was $103.0 million in the first quarter 2013, compared to $104.4 million for the first quarter 2012 and $104.8 million in the fourth quarter 2012.  Net interest income was impacted by the reduction in yields from both investments and loans and an increase in average loan balances.  Average total loans were $10.2 billion for the first quarter 2013, an increase of $236 million, or 2 percent, from the fourth quarter 2012, and an increase of $1.1 billion over the prior year.  The Company issued $125 million of subordinated debt in October 2012, adding long-term debt interest expense that was not incurred in the first quarter 2012. 

Net interest margin was 3.19 percent in the first quarter 2013, compared to 3.53 percent in the first quarter 2012 and 3.16 percent in the fourth quarter 2012.  Net interest margin benefited from lower liquidity balances and lower cost of interest bearing funds, but was also impacted by a decline in loan and investment yields and lower non-interest bearing deposits during the quarter.

Non-interest income was $30.5 million in the first quarter 2013, compared to $27.5 million in the first quarter 2012 and $29.5 million in the fourth quarter 2012.  First quarter 2013 capital markets revenue of $5.0 million declined from $6.7 million, and included a positive credit valuation adjustment of $246,000 as compared to a positive credit valuation adjustment of $854,000 in the fourth quarter 2012.  During the quarter, capital markets revenue declined largely due to lower loan origination activity and clients' outlooks on interest rate volatility.  Syndication revenue grew 72 percent to $3.8 million from the previous quarter as the Company completed a number of transactions, many associated with a number of loans that funded late in the fourth quarter 2012.  First quarter 2013 other income included a $1.1 million gain on loan sale.  Loan, letter of credit and commitment fees were $4.1 million, a decline of $594,000 from the previous quarter due to lower origination activity.  As compared to the previous quarter, treasury management grew 6 percent to $5.9 million and trust and investments income grew 4 percent to $4.4 million, both benefitting from cross-sell to an expanded base of new and existing clients.  Mortgage revenue of $4.2 million was consistent with the prior quarter, reflecting steady demand for refinancings. 

Expenses

Non-interest expense was $79.0 million in the first quarter 2013, compared to $80.2 million in the first quarter 2012 and $81.3 million in the fourth quarter 2012.  Non-interest expense in the first quarter 2013 reflected a decline in net foreclosed property expenses, salaries and employee benefits expenses and insurance expenses as compared to the fourth quarter 2012, partially offset by a $1.7 million provision for unfunded commitments.  Net foreclosed property expense decreased by $2.9 million, or 31 percent, to $6.6 million from the previous quarter, primarily due to reduced charges from loss on sales, valuation adjustments and a decline of ownership costs related to other owned real estate ("OREO").  Net foreclosed property expense remains elevated and may fluctuate from quarter to quarter.  Despite seasonally higher payroll taxes, which were $3.1 million greater than the fourth quarter 2012, salaries and benefits expense declined in the first quarter.  Salaries and benefits expense benefited from a $2.8 million reduction in share-based compensation that was primarily due to the final vesting of equity awards granted in 2007 and 2008, and a decline in incentive based compensation costs from amounts recorded in the fourth quarter 2012.  Insurance expense in the quarter reflected a $700,000 refund of previously paid FDIC assessments.  The efficiency ratio for the first quarter 2013 was 58.8 percent, compared to 60.5 percent for first quarter 2012, and 60.2 percent for the fourth quarter 2012.

The effective tax rate declined to 38 percent for the first quarter 2013, compared to 42 percent for the previous quarter, due to increased tax benefits resulting from the repayment of TARP and the final vesting in the fourth quarter 2012 of equity awards granted in 2007 and 2008.

Credit Quality

The allowance for loan losses at March 31, 2013, was 1.53 percent of total loans, down from 1.99 percent at March 31, 2012, and 1.59 percent at December 31, 2012.  The allowance for loan losses as a percentage of non-performing loans was 120 percent at March 31, 2013, compared to 79 percent at March 31, 2012, and 116 percent at December 31, 2012.  The allowance for loan losses was $154.0 million at March 31, 2013, a decline from $161.4 million at December 31, 2012, primarily due to a 14 percent reduction in the amount of specific reserves from a decrease of the impaired loan population and a modest decline in the general allocated reserve.  Net charge-offs of $17.6 million were relatively flat compared to the fourth quarter 2012.  For the first quarter 2013, provision for loan loss was $10.1 million, a decline of 19 percent from the previous quarter.  

Non-performing loans were $129 million, a 45 percent decline from the first quarter 2012 and a 7 percent decline from the fourth quarter 2012.  Special mention and potential problem loans declined 44 percent from the first quarter 2012 and 10 percent from the fourth quarter 2012.  Non-performing assets to total assets were 1.51 percent at March 31, 2013, compared to 2.83 percent at March 31, 2012 and 1.57 percent at December 31, 2012.  The Company disposed of $28.0 million in problem loans and OREO in the first quarter 2013.  In the near term, the Company expects continued progress in reducing non-performing assets through the execution of workout programs and the disposition of problem assets.

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 $13.4 billion at March 31, 2013, compared to $14.1 billion at December 31, 2012.  Total loans were $10.0 billion at March 31, 2013, down slightly from $10.1 billion at December 31, 2012.  During the first quarter 2013, commercial and industrial loans grew 1 percent while commercial real estate loans declined 6 percent from the previous quarter. 

Total deposits were $11.4 billion at March 31, 2013, compared to $12.2 billion at December 31, 2012.  The decrease in total deposits was primarily driven by a 25 percent decline in non-interest bearing demand deposits.  A number of factors contributed to the decrease in demand deposits including movement to interest bearing products, expiration of the unlimited guarantee, and client usage.  At March 31, 2013, non-interest bearing deposits comprised 24 percent of total deposits, and the loan to deposit ratio was 88.08 percent. 

The balance sheet at March 31, 2013 included long-term debt of $499.8 million, compared to $379.8 million at March 31, 2012, reflecting $125 million of subordinated debt issued by the Company to refinance a portion of the TARP preferred stock redemption in fourth quarter 2012.  The Company's investment securities portfolio was $2.4 billion at March 31, 2013, up slightly compared to $2.3 billion at December 31, 2012.  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 March 31, 2013, the total risk-based capital ratio was 13.58 percent, the tier 1 risk-based capital ratio was 10.90 percent, and the leverage ratio was 9.81 percent.  The tier 1 common capital ratio was 8.89 percent and tangible common equity ratio was 8.48 percent at the end of the first quarter 2013.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call on Thursday, April 18, 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 # 29873820.  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 May 2, 2013, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode # 29873820.

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 March 31, 2013, the Company had 36 offices in 10 states and $13.4 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: 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 that may impact market conditions and credit quality or prolong weakness in demand for loans or other banking products and services; unanticipated developments in the timing or closing of pending or prospective loan transactions or greater than expected paydowns or payoffs of existing loans; 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; unexpected increases in non-interest expense; 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, 2012 as well as those set forth in our subsequent periodic 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 reconciliation 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.            

Quarterly Consolidated Income Statements




Unaudited




(Amounts in thousands, except per share data)















1Q13


4Q12


3Q12


2Q12


1Q12

Interest Income










Loans, including fees

$ 106,787


$ 108,172


$ 106,358


$ 105,142


$ 103,539

Federal funds sold and interest-bearing deposits in banks

208


452


248


133


132

Securities:










Taxable

12,822


12,938


13,907


14,723


15,258

Exempt from Federal income taxes

1,502


1,462


1,389


1,336


1,300

Other interest income

90


168


126


131


122

Total interest income

121,409


123,192


122,028


121,465


120,351











Interest Expense










Interest-bearing demand deposits

1,115


985


958


799


636

Savings deposits and money market accounts

4,399


4,531


4,206


4,265


4,602

Brokered and time deposits

5,129


5,561


5,860


5,394


5,017

Short-term and secured borrowings

118


77


101


123


142

Long-term debt

7,608


7,235


5,495


5,538


5,578

Total interest expense

18,369


18,389


16,620


16,119


15,975

Net interest income

103,040


104,803


105,408


105,346


104,376

Provision for loan and covered loan losses

10,357


13,177


13,509


17,038


27,701

Net interest income after provision for loan and covered loan losses

92,683


91,626


91,899


88,308


76,675











Non-interest Income










Trust and Investments

4,394


4,232


4,254


4,312


4,219

Mortgage banking 

4,170


4,197


3,685


2,915


2,663

Capital markets products

5,039


6,744


5,832


6,033


7,349

Treasury management

5,924


5,606


5,490


5,260


5,154

Loan, letter of credit and commitment fees

4,077


4,671


4,779


4,359


4,364

Syndication fees

3,832


2,231


2,700


2,013


2,163

Deposit service charges and fees and other income

2,391


1,582


1,308


1,644


1,487

Net securities gains (losses)

641


191


(211)


(290)


105

Total non-interest income

30,468


29,454


27,837


26,246


27,504











Non-interest Expense










Salaries and employee benefits

43,140


45,253


44,820


42,177


42,698

Net occupancy expense

7,534


7,762


7,477


7,653


7,679

Technology and related costs

3,464


3,249


3,432


3,273


3,296

Marketing

2,317


2,448


2,645


3,058


2,160

Professional services

1,899


1,998


2,151


2,247


1,957

Outsourced servicing costs

1,634


1,814


1,802


2,093


1,710

Net foreclosed property expenses

6,643


9,571


8,596


11,894


8,235

Postage, telephone, and delivery

843


909


837


882


869

Insurance

2,539


3,290


3,352


4,239


4,305

Loan and collection expense

2,777


2,227


3,329


2,918


3,157

Other expenses

6,173


2,794


3,289


3,424


4,163

Total non-interest expense

78,963


81,315


81,730


83,858


80,229

Income before income taxes

44,188


39,765


38,006


30,696


23,950

Income tax provision

16,918


16,682


14,952


13,192


9,695

Net income

27,270


23,083


23,054


17,504


14,255

Preferred stock dividends and discount accretion

-


3,043


3,447


3,442


3,436

Net income available to common stockholders

$  27,270


$  20,040


$  19,607


$  14,062


$  10,819











Per Common Share Data










Basic earnings per share

$    0.35


$    0.26


$    0.27


$    0.19


$    0.15

Diluted earnings per share

$    0.35


$    0.26


$    0.27


$    0.19


$    0.15

Cash dividends declared

$    0.01


$    0.01


$    0.01


$    0.01


$    0.01

Weighted-average common shares outstanding

76,143


75,035


71,010


70,956


70,780

Weighted-average diluted common shares outstanding

76,203


75,374


71,274


71,147


70,932











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)











































03/31/13


12/31/12


09/30/12


06/30/12


03/31/12


unaudited


audited


unaudited


unaudited


unaudited

Assets










Cash and due from banks

$   118,583


$   234,308


$   143,573


$   141,563


$   166,062

Fed funds sold and interest-bearing deposits in banks

203,647


707,143


470,984


315,378


193,571

Loans held for sale

38,091


49,696


49,209


35,342


29,185

Securities available-for-sale, at fair value

1,457,433


1,451,160


1,550,516


1,625,649


1,705,649

Securities held-to-maturity, at amortized cost

959,994


863,727


784,930


693,277


598,066

Federal Home Loan Bank ("FHLB") stock

34,288


43,387


43,387


43,467


40,695

Loans - excluding covered assets, net of unearned fees

10,033,803


10,139,982


9,625,421


9,436,235


9,222,253

Allowance for loan losses

(153,992)


(161,417)


(166,859)


(174,302)


(183,844)

Loans, net of allowance for loan losses and unearned fees

9,879,811


9,978,565


9,458,562


9,261,933


9,038,409

Covered assets

176,855


194,216


208,979


244,782


276,534

Allowance for covered loan losses

(24,089)


(24,011)


(21,500)


(21,733)


(26,323)

Covered assets, net of allowance for covered loan losses

152,766


170,205


187,479


223,049


250,211

Other real estate owned, excluding covered assets

73,857


81,880


97,833


109,836


123,498

Premises, furniture, and equipment, net

38,373


39,508


40,526


38,177


37,462

Accrued interest receivable

39,205


34,832


36,892


37,089


36,033

Investment in bank owned life insurance

52,873


52,513


52,134


51,751


51,356

Goodwill

94,509


94,521


94,534


94,546


94,559

Other intangible assets

12,047


12,828


13,500


14,152


14,683

Capital markets derivative assets

81,805


90,405


104,697


102,613


97,805

Other assets

134,948


152,837


149,798


154,354


145,920

Total assets

$ 13,372,230


$ 14,057,515


$ 13,278,554


$ 12,942,176


$ 12,623,164











Liabilities










Demand deposits:










Noninterest-bearing 

$  2,756,879


$  3,690,340


$  3,295,568


$  2,920,182


$  3,054,536

Interest-bearing 

1,390,955


1,057,390


893,194


785,879


714,522

Savings deposits and money market accounts

4,741,864


4,912,820


4,381,595


4,146,022


4,347,832

Brokered time deposits 

983,625


993,455


1,290,796


1,484,435


961,481

Time deposits

1,518,980


1,519,629


1,498,287


1,398,012


1,344,341

Total deposits

11,392,303


12,173,634


11,359,440


10,734,530


10,422,712

Short-term and secured borrowings

107,775


5,000


5,000


335,000


355,000

Long-term debt

499,793


499,793


374,793


374,793


379,793

Accrued interest payable

6,787


7,141


5,287


5,855


5,425

Capital markets derivative liabilities

84,210


93,029


108,094


105,773


100,109

Other liabilities

49,297


71,752


62,500


52,071


47,971

Total liabilities

12,140,165


12,850,349


11,915,114


11,608,022


11,311,010











Equity 










Preferred stock

-


-


241,585


241,185


240,791

Common stock

76,680


77,015


71,884


71,843


71,611

Treasury stock

(9,631)


(24,150)


(22,736)


(22,639)


(21,749)

Additional paid-in capital

1,014,443


1,026,438


956,356


951,127


946,034

Retained earnings

106,288


79,799


60,533


41,651


28,315

Accumulated other comprehensive income, net of tax

44,285


48,064


55,818


50,987


47,152

Total equity

1,232,065


1,207,166


1,363,440


1,334,154


1,312,154

Total liabilities and equity

$ 13,372,230


$ 14,057,515


$ 13,278,554


$ 12,942,176


$ 12,623,164











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)

















1Q13


4Q12


3Q12


2Q12


1Q12

Selected Statement of Income Data:











Net interest income

$ 103,040


$ 104,803


$ 105,408


$ 105,346


$ 104,376


Net revenue (1) (2)

$ 134,292


$ 135,022


$ 133,974


$ 132,291


$ 132,560


Operating profit (1) (2)

$  55,329


$  53,707


$  52,244


$  48,433


$  52,331


Provision for loan and covered loan losses

$  10,357


$  13,177


$  13,509


$  17,038


$  27,701


Income before taxes

$  44,188


$  39,765


$  38,006


$  30,696


$  23,950


Net income available to common stockholders

$  27,270


$  20,040


$  19,607


$  14,062


$  10,819











Per Common Share Data:











Basic earnings per share

$    0.35


$    0.26


$    0.27


$    0.19


$    0.15


Diluted earnings per share

$    0.35


$    0.26


$    0.27


$    0.19


$    0.15


Dividends declared

$    0.01


$    0.01


$    0.01


$    0.01


$    0.01


Book value (period end) (1)

$   15.87


$   15.65


$   15.49


$   15.09


$   14.79


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

$   14.49


$   14.26


$   14.00


$   13.59


$   13.29


Market value (close)

$   18.89


$   15.32


$   15.99


$   14.76


$   15.17


Book value multiple 

1.19 x


0.98 x


1.03 x


0.98 x


1.03 x











Share Data:











Weighted-average common shares outstanding

76,143


75,035


71,010


70,956


70,780


Weighted-average diluted common shares outstanding 

76,203


75,374


71,274


71,147


70,932


Common shares issued (at period end)

78,050


78,062


73,291


73,273


73,205


Common shares outstanding (at period end) 

77,649


77,115


72,436


72,424


72,415











Performance Ratios:











Return on average assets

0.81%


0.67%


0.70%


0.55%


0.46%


Return on average common equity

9.01%


6.64%


7.00%


5.18%


4.05%


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

10.04%


7.45%


7.91%


5.92%


4.68%


Net interest margin (1) (2)

3.19%


3.16%


3.35%


3.46%


3.53%


Fee revenue as a percent of total revenue (1)

22.45%


21.83%


21.02%


20.12%


20.79%


Non-interest income to average assets

0.91%


0.85%


0.85%


0.83%


0.89%


Non-interest expense to average assets

2.35%


2.35%


2.49%


2.64%


2.59%


Net overhead ratio (1)

1.44%


1.50%


1.64%


1.81%


1.70%


Efficiency ratio(1) (2) 

58.80%


60.22%


61.00%


63.39%


60.52%












Balance Sheet Ratios:











Loans to deposits (period end)(3)

88.08%


83.29%


84.73%


87.91%


88.48%


Average interest-earning assets to average interest-bearing liabilities

141.21%


150.03%


147.76%


146.44%


149.68%











Capital Ratios (period end):











Total risk-based capital (1)

13.58%


13.17%


13.90%


14.12%


14.20%


Tier 1 risk-based capital (1)

10.90%


10.51%


12.24%


12.25%


12.31%


Tier 1 leverage ratio (1)

9.81%


9.50%


11.15%


11.20%


11.35%


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

8.89%


8.52%


8.12%


8.05%


8.04%


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

8.48%


7.88%


7.70%


7.67%


7.69%


Total equity to total assets

9.21%


8.59%


10.27%


10.31%


10.39%











(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.



RELATED LINKS
http://www.theprivatebank.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.