PrivateBancorp Reports Second Quarter Earnings Earnings per share of $0.37, up 6 percent from first quarter 2013 and 95 percent from second quarter 2012

CHICAGO, July 18, 2013 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $28.9 million, or $0.37 per diluted share, for the second quarter 2013, compared to $27.3 million, or $0.35 per diluted share, for the first quarter 2013 and $14.1 million, or $0.19 per diluted share, for the second quarter 2012.  For the six months ended June 30, 2013, the Company had net income available to common shareholders of $56.2 million, or $0.72 per diluted share, as compared to $24.9 million, or $0.34 per diluted share, for the six months ended June 30, 2012.

"This was another quarter of strong performance for us.  Our consistent focus on client development, the continued benefit of improving credit quality and our commitment to managing costs drove second quarter net income to $28.9 million, a 6 percent increase from the first quarter and doubled from a year ago," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "We continued to add new clients who are consistent with our strategy and most of our growth was in commercial and industrial loans, although loan demand remained low and the environment is competitive.  We remain selective and disciplined in business development, with a focus on clients who want a full banking relationship with us.  We believe this approach will benefit us as we position our business for greater returns as the economy continues to improve."

Second Quarter 2013 Highlights

  • Net income of $28.9 million, or $0.37 per share, increased 6 percent as compared to the first quarter 2013 as a result of lower provision for loan losses and non-interest expenses.
  • Operating profit increased to $56.3 million, as compared to $55.3 million for the previous quarter, and included $3.0 million of non-recurring expenses and a $1.9 million positive credit valuation adjustment.  
  • Total loans as of June 30, 2013, were $10.1 billion, an increase of $60.8 million from the previous quarter end, with the majority of growth in commercial and industrial loan balances. 
  • Net interest margin was 3.22 percent, an increase of 3 basis points as compared to the previous quarter from lower deposit costs and higher loan yields.
  • Nonperforming assets declined 12 percent to $178.9 million from the prior quarter, benefiting from sales of non-performing loans and other real estate owned.  Nonperforming assets to total assets were 1.33 percent at June 30, 2013, compared to 1.51 percent at March 31, 2013, and 2.47 percent at June 30, 2012. 

Operating Performance

Net revenue was $133.5 million in the second quarter 2013, compared to $134.3 million in the first quarter 2013 and $132.3 million in the second quarter 2012.  Operating profit was $56.3 million in the second quarter 2013, compared to $55.3 million in the first quarter 2013 and $48.4 million in the second quarter 2012.  The results for the second quarter 2013 reflected a $692,000 increase of net interest income, a $954,000 decline of fee revenue and the benefit of a $1.9 million positive credit valuation adjustment ("CVA"), as compared to a positive $246,000 CVA in the previous quarter.  Operating profit for the second quarter 2013 included $2.0 million of restructuring charges and a $1.0 million write-down on repurchased loans.  

Net interest income was $103.7 million in the second quarter 2013, compared to $103.0 million in the first quarter 2013 and $105.3 million for the second quarter 2012.  Net interest margin was 3.22 percent in the second quarter 2013, compared to 3.19 percent in the first quarter 2013 and 3.46 percent in the second quarter 2012.  The increase of net interest margin as compared to the previous quarter was the result of lower rates paid on deposits and the positive impact of higher loan yields.   

Non-interest income was $29.0 million in the second quarter 2013, compared to $30.5 million in the first quarter 2013 and $26.2 million in the second quarter 2012.  Trust and investments fees increased $406,000, or 9 percent, to $4.8 million, supported by the growth of assets under management and administration in the first half 2013.  Treasury management benefited from continued cross-sell success and increased $285,000, or 5 percent, to $6.2 million as compared to the previous quarter.  Mortgage banking revenue was $3.2 million, a 23 percent reduction from the previous quarter, reflecting an industry-wide slowdown in refinancing activity.  Syndication revenue declined from the record level achieved in the first quarter 2013 to $3.1 million on lower transaction volume in the quarter.  Deposit service charges and fees and other income, which in the previous quarter benefited from a $1.1 million gain on loan sale, declined by $1.2 million

Capital markets revenue of $6.0 million in the second quarter was up from $5.0 million in the previous quarter.  Excluding CVA, capital markets revenue declined $627,000 from the previous quarter, reflecting clients' outlook on interest rates.

Net securities gains were $136,000 for the second quarter as compared to $641,000 for the previous quarter.

Expenses

Non-interest expense was $77.3 million in the second quarter 2013, compared to $79.0 million in the first quarter 2013 and $83.9 million in the second quarter 2012, and benefited from active expense management.  Compensation expense declined $3.3 million, or 8 percent, from the previous quarter, as the first quarter 2013 experienced seasonally higher payroll taxes and 401k contributions.  Net foreclosed property expense benefited from less OREO and decreased 16 percent from the first quarter 2013. 

Other expenses in the second quarter 2013 were $7.5 million, as compared to $6.2 million in the previous quarter, and included $2.0 million of restructuring costs associated with the vacating of underutilized space in Michigan and changes to the Atlanta operations.  Second quarter 2013 other expenses also included a $1 million write-down on repurchased loans.

The effective tax rate was 38 percent for the second quarter 2013, unchanged from the first quarter 2013 and down from 43 percent for the second quarter 2012, due to the restoration of tax benefits for executive compensation subsequent to the repayment of TARP and the absence of tax charges associated with stock-based compensation.

Credit Quality

Overall asset quality continued to improve during the second quarter 2013.  Nonperforming loans were $121.8 million at June 30, 2013, declining 5 percent from March 31, 2013, and 42 percent from June 30, 2012.  OREO declined 23 percent from March 31, 2013, and 48 percent from June 30, 2012, as a result of increased property sales and reduced foreclosure activity.  Nonperforming assets to total assets were 1.33 percent at June 30, 2013, compared to 1.51 percent at March 31, 2013, and 2.47 percent at June 30, 2012.

The improvement in asset quality resulted in a lower allowance for loan losses.  As of June 30, 2013, the allowance for loan losses was $148.2 million as compared to $154.0 million at March 31, 2013, and $174.3 million at June 30, 2012.  As a percent of total loans, the allowance for loan losses at June 30, 2013, was 1.47 percent down from 1.53 percent at March 31, 2013, and 1.85 percent at June 30, 2012.  Net charge-offs of $14.1 million for the second quarter 2013 were down 20 percent as compared to the previous quarter and 48 percent as compared to second quarter 2012.  The provision for loan losses was $8.3 million for the second quarter 2013, a decline of 18 percent from the previous quarter and 52 percent from the second quarter 2012. 

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 $13.5 billion at June 30, 2013, compared to $13.4 billion at March 31, 2013.  Total loans increased 1 percent or $60.8 million to $10.1 billion from the previous quarter end.  Financings to new and existing commercial and industrial clients grew 1 percent and comprised 66 percent of the loan portfolio at quarter end.  

Total deposits were $11.3 billion at June 30, 2013, a 1 percent decline in comparison to total deposits at March 31, 2013.  At June 30, 2013, client deposits comprised 95 percent of total deposits, and the loan to deposit ratio was 89 percent.

The Company's investment securities portfolio was $2.5 billion at June 30, 2013, compared to $2.4 billion at March 31, 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 June 30, 2013, the total risk-based capital ratio was 13.70 percent, the Tier 1 risk-based capital ratio was 11.04 percent, and the leverage ratio was 10.21 percent.  The Tier 1 common capital ratio was 9.05 percent (without giving effect to the final Basel III capital rules adopted and issued by the Federal Reserve Board on July 2, 2013) and tangible common equity ratio was 8.43 percent at the end of the second quarter 2013.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call on Thursday, July 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 #13164843.  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 August 1, 2013, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode #13164843.

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 June 30, 2013, the Company had 36 offices in 10 states and $13.5 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;
  • 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.

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.  The Company believes that these non-U.S. 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-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 June 30,


Six Months Ended June 30,


2013


2012


2013


2012

Interest Income








Loans, including fees

$

107,407



$

105,142



$

214,194



$

208,681


Federal funds sold and interest-bearing deposits in banks

112



133



320



265


Securities:








Taxable

12,519



14,723



25,341



29,981


Exempt from Federal income taxes

1,532



1,336



3,034



2,636


Other interest income

62



131



152



253


Total interest income

121,632



121,465



243,041



241,816


Interest Expense








Interest-bearing demand deposits

1,034



799



2,149



1,435


Savings deposits and money market accounts

3,887



4,265



8,286



8,867


Brokered and time deposits

4,956



5,394



10,085



10,411


Short-term and secured borrowings

410



123



528



265


Long-term debt

7,613



5,538



15,221



11,116


Total interest expense

17,900



16,119



36,269



32,094


Net interest income

103,732



105,346



206,772



209,722


Provision for loan and covered loan losses

8,843



17,038



19,200



44,739


Net interest income after provision for loan and covered loan losses

94,889



88,308



187,572



164,983


Non-interest Income








Trust and Investments

4,800



4,312



9,194



8,531


Mortgage banking

3,198



2,915



7,368



5,578


Capital markets products

6,048



6,033



11,087



13,382


Treasury management

6,209



5,260



12,133



10,414


Loan, letter of credit and commitment fees

4,282



4,359



8,359



8,723


Syndication fees

3,140



2,013



6,972



4,176


Deposit service charges and fees and other income

1,196



1,644



3,587



3,131


Net securities gains (losses)

136



(290)



777



(185)


Total non-interest income

29,009



26,246



59,477



53,750


Non-interest Expense








Salaries and employee benefits

39,854



42,177



82,994



84,875


Net occupancy expense

7,387



7,653



14,921



15,332


Technology and related costs

3,476



3,273



6,940



6,569


Marketing

3,695



3,058



6,012



5,218


Professional services

1,782



2,247



3,681



4,204


Outsourced servicing costs

1,964



2,093



3,598



3,803


Net foreclosed property expenses

5,555



11,894



12,198



20,129


Postage, telephone, and delivery

981



882



1,824



1,751


Insurance

2,804



4,239



5,343



8,544


Loan and collection expense

2,280



2,918



5,057



6,075


Other expenses

7,477



3,424



13,650



7,587


Total non-interest expense

77,255



83,858



156,218



164,087


Income before income taxes

46,643



30,696



90,831



54,646


Income tax provision

17,728



13,192



34,646



22,887


Net income

28,915



17,504



56,185



31,759


Preferred stock dividends and discount accretion



3,442





6,878


Net income available to common stockholders

$

28,915



$

14,062



$

56,185



$

24,881


Per Common Share Data








Basic earnings per share

$

0.37



$

0.19



$

0.72



$

0.35


Diluted earnings per share

$

0.37



$

0.19



$

0.72



$

0.34


Cash dividends declared

$

0.01



$

0.01



$

0.02



$

0.02


Weighted-average common shares outstanding

76,415



70,956



76,280



70,868


Weighted-average diluted common shares outstanding

76,581



71,147



76,393



71,041



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)





















2Q13


1Q13


4Q12


3Q12


2Q12

Interest Income










Loans, including fees

$

107,407



$

106,787



$

108,172



$

106,358



$

105,142


Federal funds sold and interest-bearing deposits in banks

112



208



452



248



133


Securities:










Taxable

12,519



12,822



12,938



13,907



14,723


Exempt from Federal income taxes

1,532



1,502



1,462



1,389



1,336


Other interest income

62



90



168



126



131


Total interest income

121,632



121,409



123,192



122,028



121,465


Interest Expense










Interest-bearing demand deposits

1,034



1,115



985



958



799


Savings deposits and money market accounts

3,887



4,399



4,531



4,206



4,265


Brokered and time deposits

4,956



5,129



5,561



5,860



5,394


Short-term and secured borrowings

410



118



77



101



123


Long-term debt

7,613



7,608



7,235



5,495



5,538


Total interest expense

17,900



18,369



18,389



16,620



16,119


Net interest income

103,732



103,040



104,803



105,408



105,346


Provision for loan and covered loan losses

8,843



10,357



13,177



13,509



17,038


Net interest income after provision for loan and covered loan losses

94,889



92,683



91,626



91,899



88,308


Non-interest Income










Trust and Investments

4,800



4,394



4,232



4,254



4,312


Mortgage banking

3,198



4,170



4,197



3,685



2,915


Capital markets products

6,048



5,039



6,744



5,832



6,033


Treasury management

6,209



5,924



5,606



5,490



5,260


Loan, letter of credit and commitment fees

4,282



4,077



4,671



4,779



4,359


Syndication fees

3,140



3,832



2,231



2,700



2,013


Deposit service charges and fees and other income

1,196



2,391



1,582



1,308



1,644


Net securities gains (losses)

136



641



191



(211)



(290)


Total non-interest income

29,009



30,468



29,454



27,837



26,246


Non-interest Expense










Salaries and employee benefits

39,854



43,140



45,253



44,820



42,177


Net occupancy expense

7,387



7,534



7,762



7,477



7,653


Technology and related costs

3,476



3,464



3,249



3,432



3,273


Marketing

3,695



2,317



2,448



2,645



3,058


Professional services

1,782



1,899



1,998



2,151



2,247


Outsourced servicing costs

1,964



1,634



1,814



1,802



2,093


Net foreclosed property expenses

5,555



6,643



9,571



8,596



11,894


Postage, telephone, and delivery

981



843



909



837



882


Insurance

2,804



2,539



3,290



3,352



4,239


Loan and collection expense

2,280



2,777



2,227



3,329



2,918


Other expenses

7,477



6,173



2,794



3,289



3,424


Total non-interest expense

77,255



78,963



81,315



81,730



83,858


Income before income taxes

46,643



44,188



39,765



38,006



30,696


Income tax provision

17,728



16,918



16,682



14,952



13,192


Net income

28,915



27,270



23,083



23,054



17,504


Preferred stock dividends and discount accretion





3,043



3,447



3,442


Net income available to common stockholders

$

28,915



$

27,270



$

20,040



$

19,607



$

14,062


Per Common Share Data










Basic earnings per share

$

0.37



$

0.35



$

0.26



$

0.27



$

0.19


Diluted earnings per share

$

0.37



$

0.35



$

0.26



$

0.27



$

0.19


Cash dividends declared

$

0.01



$

0.01



$

0.01



$

0.01



$

0.01


Weighted-average common shares outstanding

76,415



76,143



75,035



71,010



70,956


Weighted-average diluted common shares outstanding

76,581



76,203



75,374



71,274



71,147


 

 


Consolidated Balance Sheets



(Dollars in thousands)











6/30/13


3/31/13


12/31/12


9/30/12


6/30/12


(Unaudited)


(Unaudited)


(Audited)


(Unaudited)


(Unaudited)

Assets










Cash and due from banks

$

150,683



$

118,583



$

234,308



$

143,573



$

141,563


Federal funds sold and interest-bearing deposits in banks

147,699



203,647



707,143



470,984



315,378


Loans held-for-sale

34,803



38,091



49,696



49,209



35,342


Securities available-for-sale, at fair value

1,580,179



1,457,433



1,451,160



1,550,516



1,625,649


Securities held-to-maturity, at amortized cost

955,688



959,994



863,727



784,930



693,277


Federal Home Loan Bank ("FHLB") stock

34,063



34,288



43,387



43,387



43,467


Loans – excluding covered assets, net of unearned fees

10,094,636



10,033,803



10,139,982



9,625,421



9,436,235


Allowance for loan losses

(148,183)



(153,992)



(161,417)



(166,859)



(174,302)


Loans, net of allowance for loan losses and unearned fees

9,946,453



9,879,811



9,978,565



9,458,562



9,261,933


Covered assets

158,326



176,855



194,216



208,979



244,782


Allowance for covered loan losses

(24,995)



(24,089)



(24,011)



(21,500)



(21,733)


Covered assets, net of allowance for covered loan losses

133,331



152,766



170,205



187,479



223,049


Other real estate owned, excluding covered assets

57,134



73,857



81,880



97,833



109,836


Premises, furniture, and equipment, net

37,025



38,373



39,508



40,526



38,177


Accrued interest receivable

38,325



39,205



34,832



36,892



37,089


Investment in bank owned life insurance

53,216



52,873



52,513



52,134



51,751


Goodwill

94,496



94,509



94,521



94,534



94,546


Other intangible assets

11,266



12,047



12,828



13,500



14,152


Derivative assets

57,361



90,303



99,261



114,777



109,539


Other assets

144,771



126,450



143,981



139,718



147,428


Total assets

$

13,476,493



$

13,372,230



$

14,057,515



$

13,278,554



$

12,942,176


Liabilities










Demand deposits:










Noninterest-bearing

$

2,736,868



$

2,756,879



$

3,690,340



$

3,295,568



$

2,920,182


Interest-bearing

1,234,134



1,390,955



1,057,390



893,194



785,879


Savings deposits and money market accounts

4,654,930



4,741,864



4,912,820



4,381,595



4,146,022


Brokered time deposits

1,190,796



983,625



993,455



1,290,796



1,484,435


Time deposits

1,491,604



1,518,980



1,519,629



1,498,287



1,398,012


Total deposits

11,308,332



11,392,303



12,173,634



11,359,440



10,734,530


Short-term and secured borrowings

308,700



107,775



5,000



5,000



335,000


Long-term debt

499,793



499,793



499,793



374,793



374,793


Accrued interest payable

5,963



6,787



7,141



5,287



5,855


Derivative liabilities

62,014



84,370



93,276



108,678



106,064


Other liabilities

58,651



49,137



71,505



61,916



51,780


Total liabilities

12,243,453



12,140,165



12,850,349



11,915,114



11,608,022


Equity










Preferred stock







241,585



241,185


Common stock:










Voting

75,238



73,144



73,479



68,348



68,307


Nonvoting

1,585



3,536



3,536



3,536



3,536


Treasury stock

(9,001)



(9,631)



(24,150)



(22,736)



(22,639)


Additional paid-in capital

1,016,615



1,014,443



1,026,438



956,356



951,127


Retained earnings

134,423



106,288



79,799



60,533



41,651


Accumulated other comprehensive income, net of tax

14,180



44,285



48,064



55,818



50,987


Total equity

1,233,040



1,232,065



1,207,166



1,363,440



1,334,154


Total liabilities and equity

$

13,476,493



$

13,372,230



$

14,057,515



$

13,278,554



$

12,942,176



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





(Amounts in thousands, except per share data)




(Unaudited)























2Q13


1Q13


4Q12


3Q12


2Q12


Selected Statement of Income Data:











Net interest income

$

103,732



$

103,040



$

104,803



$

105,408



$

105,346



Net revenue (1)(2)

$

133,546



$

134,292



$

135,022



$

133,974



$

132,291



Operating profit (1)(2)

$

56,291



$

55,329



$

53,707



$

52,244



$

48,433



Provision for loan and covered loan losses

$

8,843



$

10,357



$

13,177



$

13,509



$

17,038



Income before income taxes

$

46,643



$

44,188



$

39,765



$

38,006



$

30,696



Net income available to common stockholders

$

28,915



$

27,270



$

20,040



$

19,607



$

14,062














Per Common Share Data:











Basic earnings per share

$

0.37



$

0.35



$

0.26



$

0.27



$

0.19



Diluted earnings per share

$

0.37



$

0.35



$

0.26



$

0.27



$

0.19



Dividends declared

$

0.01



$

0.01



$

0.01



$

0.01



$

0.01



Book value (period end) (1)

$

15.88



$

15.87



$

15.65



$

15.49



$

15.09



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

$

14.52



$

14.49



$

14.26



$

14.00



$

13.59



Market value (close)

$

21.22



$

18.89



$

15.32



$

15.99



$

14.76



Book value multiple

1.34


x

1.19


x

0.98


x

1.03


x

0.98


x












Share Data:











Weighted-average common shares outstanding

76,415



76,143



75,035



71,010



70,956



Weighted-average diluted common shares outstanding

76,581



76,203



75,374



71,274



71,147



Common shares issued (at period end)

78,015



78,050



78,062



73,291



73,273



Common shares outstanding (at period end)

77,630



77,649



77,115



72,436



72,424














Performance Ratio:











Return on average assets

0.86

%


0.81

%


0.67

%


0.70

%


0.55

%


Return on average common equity

9.28

%


9.01

%


6.64

%


7.00

%


5.18

%


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

10.30

%


10.04

%


7.45

%


7.91

%


5.92

%


Net interest margin (1)(2)

3.22

%


3.19

%


3.16

%


3.35

%


3.46

%


Fee revenue as a percent of total revenue (1)

21.77

%


22.45

%


21.83

%


21.02

%


20.12

%


Non-interest income to average assets

0.87

%


0.91

%


0.85

%


0.85

%


0.83

%


Non-interest expense to average assets

2.31

%


2.35

%


2.35

%


2.49

%


2.64

%


Net overhead ratio (1)

1.44

%


1.44

%


1.50

%


1.64

%


1.81

%


Efficiency ratio (1) (2)

57.85

%


58.80

%


60.22

%


61.00

%


63.39

%













Balance Sheet Ratios:











Loans to deposits (period end) (3)

89.27

%


88.08

%


83.29

%


84.73

%


87.91

%


Average interest-earning assets to average interest-bearing liabilities

139.76

%


141.21

%


150.03

%


147.76

%


146.44

%













Capital Ratios (period end):











Total risk-based capital (1)

13.70

%


13.58

%


13.17

%


13.90

%


14.12

%


Tier 1 risk-based capital (1)

11.04

%


10.90

%


10.51

%


12.24

%


12.25

%


Tier 1 leverage ratio (1)

10.21

%


9.81

%


9.50

%


11.15

%


11.20

%


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

9.05

%


8.89

%


8.52

%


8.12

%


8.05

%


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

8.43

%


8.48

%


7.88

%


7.70

%


7.67

%


Total equity to total assets

9.15

%


9.21

%


8.59

%


10.27

%


10.31

%




(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 on July 2, 2013.

SOURCE PrivateBancorp, Inc.



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