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

Apr 18, 2013, 07:30 ET from PrivateBancorp, Inc.

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.



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