PrivateBancorp Reports Second Quarter Earnings Per Share of $0.19 Earnings per share up 27 percent from first quarter driven by improved credit quality; Total loans grew $214 million from prior quarter

CHICAGO, July 24, 2012 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $14.1 million, or $0.19 per diluted share, for the second quarter 2012, compared to $5.5 million, or $0.08 per diluted share, for the second quarter 2011, and $10.8 million, or $0.15 per diluted share, for the first quarter 2012. For the six months ended June 30, 2012, the Company had net income available to common shareholders of $24.9 million, or $0.34 per diluted share, compared to $13.0 million, or $0.18 per diluted share, for the six months ended June 30, 2011.

"Continuing to build client relationships and driving overall asset quality improvement led to our highest quarterly profit since the launch of our commercial banking strategy in late 2007," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "Persistently low interest rates, along with the competitive commercial banking landscape, have pressured our margins. Overall I am pleased with the steady execution of our strategy and the calling effort of our bankers, which is keeping our pipeline solid.

"I believe our performance over the past year demonstrates the strength of our core commercial business model. Compared to a year ago, total loans have increased more than $760 million, while problem loans have declined almost $470 million. Our consistent and focused business development efforts have helped us add clients and increase product sales, which have led to strong growth in treasury management, capital markets and mortgage. All of this helped drive higher net revenue and improved profits for the quarter as compared to second quarter 2011."

Highlights

  • Net income was $14.1 million, up 30 percent from the first quarter 2012, largely as a result of lower provision for loan losses.
  • Net interest income of $105.3 million increased from $104.4 million in the first quarter 2012, as growth in loans offset the impact of net interest margin compression.
  • Operating profit of $48.4 million declined $3.9 million from first quarter 2012, primarily as a result of higher net foreclosed property expense.
  • Asset quality continued to improve during the quarter with non-performing, special mention and potential problem loans declining 14 percent from March 31, 2012. The provision for loan losses declined to $17.4 million, from $27.6 million in the first quarter of 2012.
  • Total loans grew $214.0 million to $9.4 billion at June 30, 2012, driven by growth in commercial and industrial loans from new relationships and existing clients, which now comprise 63 percent of the loan portfolio at quarter end.

Operating Performance
Net revenue was $132.3 million in the second quarter 2012, an increase of 8 percent compared to $122.8 million in the second quarter 2011, and relatively flat as compared to $132.6 million in the first quarter 2012. Operating profit was $48.4 million in the second quarter 2012, compared to $47.1 million in the same period prior year and $52.3 million in the prior quarter. For the second quarter 2012, operating profit declined primarily due to higher net foreclosed property expense, which included $9.2 million of valuation adjustments, with the majority of the adjustments relating to land parcels.

Net interest income was $105.3 million for the second quarter 2012, up 5 percent from $100.5 million for the second quarter 2011 and up 1 percent from $104.4 million for the first quarter 2012. Growth in average loan balances of 5 percent over the past year and the 12 basis point decline in funding costs contributed to a $4.8 million increase in net interest income as compared to the second quarter 2011. In comparison to the first quarter 2012, the 4 percent increase in average loan balances in the second quarter offset the impact of declining yields within the loan and investment portfolios.

Net interest margin was 3.46 percent for the second quarter 2012, up from 3.36 percent in the same period prior year and down from 3.53 percent in the prior quarter. The impact to net interest margin from loan fees this quarter was 4 basis points lower than in the prior quarter. While overall changes in the mix of the loan portfolio over the past year have been favorable to net interest margin, average yields on investments and new loan production are generally trending lower.

Non-interest income was $26.2 million in the second quarter 2012, compared to $21.6 million in the second quarter 2011, and $27.5 million in the first quarter 2012. The 22 percent growth of non-interest income as compared to the second quarter of 2011 was a result of higher volumes in mortgage banking and treasury management, and increased capital markets revenue. Non-interest income declined compared to the first quarter 2012, from lower capital markets revenue. Second quarter capital markets revenue included a negative credit valuation adjustment of $830,000, whereas the first quarter results included a positive credit value adjustment of $19,000.

Expenses
Non-interest expense was $83.9 million for the second quarter 2012, compared to $75.7 million for the second quarter 2011 and $80.2 million for the first quarter 2012. The increase in non-interest expense was primarily driven by net foreclosed property expense, which was up 59 percent compared to the same period prior year and up 44 percent compared to the prior quarter. Net foreclosed property expense included $9.2 million of valuation adjustments.

The effective tax rate for the quarter was 43.0 percent and continues to be impacted by the non-deductibility of certain compensation expense as well as a reduction in tax benefits of previously awarded stock-based compensation. The Company continues to project an effective tax rate for the full year 2012 ranging from 41 to 42 percent.

Credit Quality
The Company's asset quality continued to improve during the second quarter 2012. Non-performing assets declined to $319.2 million at June 30, 2012, down 30 percent from $454.4 million at June 30, 2011, and down 11 percent from $356.7 million at March 31, 2012. Non-performing assets to total assets were 2.47 percent at June 30, 2012, compared to 3.75 percent a year ago, and 2.83 percent at March 31, 2012. Non-performing loans were $209.3 million at the end of the second quarter 2012, a 37 percent decline from $330.4 million a year ago, and a 10 percent decline from $233.2 million at the end of the first quarter 2012. Non-performing loan inflows were $57.7 million during the second quarter 2012, down $11.9 million from the prior quarter. Special mention and potential problem loans declined 56 percent from the second quarter 2011, and 17 percent from the first quarter 2012. Based on ongoing workout and disposition activity, the Company expects problem assets will continue to trend lower in the second half of 2012, driving further improvement in asset quality metrics.

During the second quarter, the Company disposed of $50.8 million of problem assets, with an incremental charge of 2 percent based on the carrying value net of specific reserves at the time of disposition.

The reduction of the allowance for loan losses reflects the overall improvement in asset quality, the reduced requirement for specific reserves, lower charge-offs, and an increase of recoveries. At June 30, 2012, the allowance for loan losses was $174.3 million, or 1.85 percent of total loans, compared to $206.3 million, or 2.38 percent of total loans, at June 30, 2011, and $183.8 million, or 1.99 percent of total loans at March 31, 2012. As a percentage of non-performing loans the allowance for loan losses was 83 percent at the end of the second quarter 2012, compared to 62 percent a year ago, and 79 percent at the end of the first quarter 2012.

The Company benefited from $6.9 million of recoveries this quarter, compared to an average of $3.1 million over the last four quarters. Charge-offs declined to $33.9 million for the second quarter 2012, from $45.3 million for the same period prior year and $39.7 million for the prior quarter. The second quarter 2012 provision for loan losses was $17.4 million, excluding covered loan provision, down from $31.7 million in the same period prior year and $27.6 million in the prior quarter.

Credit quality results exclude $244.8 million in covered assets as of the end of the second quarter 2012, referring to certain assets acquired through an FDIC-assisted transaction that are subject to a loss-sharing agreement, compared to $346.5 million in the second quarter 2011 and $276.5 million in the first quarter 2012.

Balance Sheet
Total loans were $9.4 billion at June 30, 2012, compared to $9.2 billion at March 31, 2012. The 2 percent growth in total loans this quarter was primarily from new commercial and industrial relationships, while revolver usage has remained flat over the last several quarters. The Company funded $430.3 million in loans to new relationships during the second quarter 2012.

Commercial and industrial loans continued to grow from March 31, 2012, and comprised 63 percent of the total loan portfolio at June 30, 2012. Total assets were $12.9 billion at June 30, 2012, up from $12.6 billion at March 31, 2012.

Total deposits were $10.7 billion at June 30, 2012, up from $10.4 billion at March 31, 2012. Non-interest bearing deposits comprised 27 percent of total deposits at June 30, 2012, compared to 29 percent of total deposits at March 31, 2012. Brokered deposits were $1.5 billion, or 14 percent of total deposits, at June 30, 2012, as compared to $1.0 billion, or 9 percent of total deposits, at March 31, 2012.

The Company's investment securities portfolio was $2.4 billion at June 30, 2012, compared to $2.3 billion at March 31, 2012. The securities portfolio is primarily comprised of U.S. government agency backed mortgage pools, agency collateralized mortgage obligations, and investment grade municipal bonds.

Capital
As of June 30, 2012, the Company's total risk-based capital ratio was 14.12 percent, the Tier 1 risk-based capital ratio was 12.25 percent and the leverage ratio was 11.20 percent. Tier 1 common capital ratio was 8.05 percent and tangible common equity ratio was 7.67 percent at the end of the second quarter 2012.

Quarterly Conference Call and Webcast Presentation
PrivateBancorp will host a conference call on Tuesday, July 24, 2012, 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 #93482670. 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 July 26, 2012, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode # 93482670.

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, 2012, the Company had 34 offices in 9 states and $12.9 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, but are not limited to: unforeseen credit quality problems or further deterioration in problem assets that could result in charge-offs greater than we have anticipated in our allowance for loan losses; adverse developments impacting one or more large credits; the extent of further deterioration in real estate values in our market areas, particularly in the Chicago area; difficulties in resolving problem credits or slower than anticipated dispositions of other real estate owned which may result in increased losses or higher credit-related operating costs; continued uncertainty regarding U.S. and global economic recovery and economic outlook, and ongoing volatility in market conditions, that may impact credit quality or prolong weakness in demand for loans or other banking products and services; unanticipated withdrawals of significant client deposits; the availability of cost-effective sources of liquidity or funding; the terms and availability of capital to the extent necessary to repay TARP preferred stock or otherwise required; loss of key personnel or an inability to recruit and retain appropriate talent; unanticipated changes in interest rates or significant tightening of credit spreads; increased competitive pricing pressures; 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 recently adopted or proposed rules and regulations, or those remaining to be proposed in connection with implementation of the Dodd-Frank 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; or failures or disruptions to our data processing or other information or operational systems. 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, 2011 as well as those set forth in our subsequent periodic and current 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 public filings in light of future events 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 reconcilement 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.

Consolidated Income Statements

(Amounts in thousands except per share data)











Three Months Ended


Six Months Ended



June 30,


June 30,



2012


2011


2012


2011



unaudited


unaudited


unaudited


unaudited


Interest Income









Loans, including fees

$ 105,142


$ 102,391


$ 208,681


$ 208,038


Federal funds sold and other short-term investments

133


399


265


735


Securities:









   Taxable

14,854


15,568


30,234


30,958


   Exempt from Federal
income taxes

1,336


1,387


2,636


2,873


   Total interest income

121,465


119,745


241,816


242,604











Interest Expense









Interest-bearing demand deposits

799


587


1,435


1,229


Savings deposits and money market accounts

4,265


6,082


8,867


12,744


Brokered and time deposits

5,394


6,528


10,411


13,220


Short-term borrowings

123


566


265


1,393


Long-term debt

5,538


5,479


11,116


10,962


   Total interest expense

16,119


19,242


32,094


39,548


     Net interest income

105,346


100,503


209,722


203,056


Provision for loan and covered loan losses

17,038


31,093


44,739


68,671


    Net interest income after provision for









loan and covered loan losses

88,308


69,410


164,983


134,385











Non-interest Income









Trust and Investments

4,312


4,720


8,531


9,382


Mortgage banking

2,915


704


5,578


2,106


Capital markets products

6,033


3,871


13,382


8,360


Treasury management

5,260


4,453


10,414


8,778


Loan and credit-related fees

6,372


5,290


12,899


11,188


Deposit service charges and fees and other income

1,644


1,884


3,131


4,368


Net securities (losses) gains

(290)


670


(185)


1,037


   Total non-interest income

26,246


21,592


53,750


45,219











Non-interest Expense









Salaries and employee benefits

42,177


38,636


84,875


77,193


Net occupancy expense

7,653


7,545


15,332


15,077


Technology and related costs

3,273


2,729


6,569


5,390


Marketing

3,058


2,500


5,218


4,443


Professional services

2,247


2,312


4,204


4,646


Outsourced servicing costs

2,093


1,852


3,803


4,006


Net foreclosed property expenses

11,894


7,485


20,129


13,791


Postage, telephone, and delivery

882


931


1,751


1,819


Insurance

4,239


5,092


8,544


12,432


Loan and collection expense

2,918


4,247


6,075


6,800


Other expenses

3,424


2,335


7,587


5,416


   Total non-interest expense

83,858


75,664


164,087


151,013


Income before income taxes

30,696


15,338


54,646


28,591


Income tax provision

13,192


6,320


22,887


8,599


   Net income

17,504


9,018


31,759


19,992


Net income attributable to noncontrolling interests

-


58


-


130


   Net income attributable to
controlling interests

17,504


8,960


31,759


19,862


Preferred stock dividends and discount accretion

3,442


3,419


6,878


6,834


   Net income available to
common stockholders

$ 14,062


$ 5,541


$ 24,881


$ 13,028











Per Common Share Data









Basic earnings per share

$ 0.19


$ 0.08


$ 0.35


$ 0.18


Diluted earnings per share

$ 0.19


$ 0.08


$ 0.34


$ 0.18


Cash dividends declared

$ 0.01


$ 0.01


$ 0.02


$ 0.02


Weighted-average common shares outstanding

70,956


70,428


70,868


70,388


Weighted-average diluted common shares outstanding

71,147


70,663


71,041


70,602











Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

Quarterly Consolidated Income Statements

Unaudited

(Amounts in thousands except per share data)













2Q12


1Q12


4Q11


3Q11


2Q11


Interest Income











Loans, including fees

$ 105,142


$ 103,539


$ 102,897


$ 102,174


$ 102,391


Federal funds sold and other
short-term investments

133


132


215


231


399


Securities:











   Taxable

14,854


15,380


15,263


15,196


15,568


   Exempt from Federal
income taxes

1,336


1,300


1,273


1,293


1,387


   Total interest income

121,465


120,351


119,648


118,894


119,745













Interest Expense











Interest-bearing demand deposits

799


636


585


625


587


Savings deposits and money market accounts

4,265


4,602


4,857


5,356


6,082


Brokered and time deposits

5,394


5,017


5,561


5,895


6,528


Short-term borrowings

123


142


152


466


566


Long-term debt

5,538


5,578


5,511


5,463


5,479


   Total interest expense

16,119


15,975


16,666


17,805


19,242


    Net interest income

105,346


104,376


102,982


101,089


100,503


Provision for loan and
covered loan losses

17,038


27,701


31,611


32,615


31,093


   Net interest income after provision for











loan and covered loan losses

88,308


76,675


71,371


68,474


69,410













Non-interest Income











Trust and Investments

4,312


4,219


3,992


4,452


4,720


Mortgage banking

2,915


2,663


3,032


1,565


704


Capital markets products

6,033


7,349


5,471


5,510


3,871


Treasury management

5,260


5,154


4,813


4,590


4,453


Loan and credit-related fees

6,372


6,527


5,606


5,413


5,290


Deposit service charges and fees and other income

1,644


1,487


2,115


1,735


1,884


Net securities (losses) gains

(290)


105


364


4,370


670


   Total non-interest income

26,246


27,504


25,393


27,635


21,592













Non-interest Expense











Salaries and employee benefits

42,177


42,698


40,729


38,841


38,636


Net occupancy expense

7,653


7,679


7,394


7,515


7,545


Technology and related costs

3,273


3,296


3,142


2,856


2,729


Marketing

3,058


2,160


2,250


2,218


2,500


Professional services

2,247


1,957


2,126


2,434


2,312


Outsourced servicing costs

2,093


1,710


2,077


1,918


1,852


Net foreclosed property expenses

11,894


8,235


6,862


7,129


7,485


Postage, telephone, and delivery

882


869


953


944


931


Insurance

4,239


4,305


3,462


5,393


5,092


Loan and collection expense

2,918


3,157


3,840


2,931


4,247


Other expenses

3,424


4,163


3,395


2,855


2,335


   Total non-interest expense

83,858


80,229


76,230


75,034


75,664


Income before income taxes

30,696


23,950


20,534


21,075


15,338


Income tax provision

13,192


9,695


9,468


7,593


6,320


   Net income

17,504


14,255


11,066


13,482


9,018


Net income attributable to
noncontrolling interests

-


-


7


33


58


   Net income attributable to
controlling interests

17,504


14,255


11,059


13,449


8,960


Preferred stock dividends and discount accretion

3,442


3,436


3,430


3,426


3,419


   Net income available to
common stockholders

$ 14,062


$ 10,819


$ 7,629


$ 10,023


$ 5,541













Per Common Share Data











Basic earnings per share

$ 0.19


$ 0.15


$ 0.11


$ 0.14


$ 0.08


Diluted earnings per share

$ 0.19


$ 0.15


$ 0.11


$ 0.14


$ 0.08


Cash dividends declared

$ 0.01


$ 0.01


$ 0.01


$ 0.01


$ 0.01


Weighted-average common shares outstanding

70,956


70,780


70,540


70,479


70,428


Weighted-average diluted common shares outstanding

71,147


70,932


70,713


70,621


70,663













Note 1: 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)













06/30/12


03/31/12


12/31/11


09/30/11


06/30/11



unaudited


unaudited


audited


unaudited


unaudited


Assets











Cash and due from banks

$ 141,563


$ 166,062


$ 156,131


$ 171,268


$ 160,289


Fed funds sold and other short-term investments

315,378


193,571


205,610


248,559


457,422


Loans held for sale

35,342


29,185


32,049


24,126


13,503


Securities available-for-sale, at fair value

1,625,649


1,705,649


1,783,465


1,872,587


2,057,290


Securities held-to-maturity, at amortized cost

693,277


598,066


490,143


273,200


-


Non-marketable equity investments

47,702


43,882


43,604


43,894


20,406


   Loans - excluding covered assets,
net of unearned fees

9,436,235


9,222,253


9,008,561


8,674,955


8,672,642


Allowance for loan losses

(174,302)


(183,844)


(191,594)


(200,041)


(206,286)


Loans, net of allowance for
loan losses and unearned fees

9,261,933


9,038,409


8,816,967


8,474,914


8,466,356


   Covered assets

244,782


276,534


306,807


318,973


346,452


Allowance for covered loan losses

(21,733)


(26,323)


(25,939)


(16,689)


(16,904)


Covered assets, net of allowance
for covered loan losses

223,049


250,211


280,868


302,284


329,548


Other real estate owned, excluding covered assets

109,836


123,498


125,729


116,364


123,997


Premises, furniture, and equipment, net

38,177


37,462


38,633


39,069


38,171


Accrued interest receivable

37,089


36,033


35,732


32,686


32,128


Investment in bank owned life insurance

51,751


51,356


50,966


50,565


50,183


Goodwill

94,546


94,559


94,571


94,584


94,596


Other intangible assets

14,152


14,683


15,353


15,715


16,089


Capital markets derivative assets

102,613


97,805


101,676


111,248


93,453


Other assets

150,119


142,733


145,373


148,798


161,946


   Total assets

$ 12,942,176


$ 12,623,164


$ 12,416,870


$ 12,019,861


$ 12,115,377













Liabilities











Demand deposits:











   Noninterest-bearing

$ 2,920,182


$ 3,054,536


$ 3,244,307


$ 2,832,481


$ 2,527,230


   Interest-bearing

785,879


714,522


595,238


611,293


531,107


Savings deposits and money market accounts

4,146,022


4,347,832


4,378,220


4,392,697


4,497,297


Brokered deposits

1,484,435


961,481


815,951


902,002


1,342,422


Time deposits

1,398,012


1,344,341


1,359,138


1,370,190


1,336,212


   Total deposits

10,734,530


10,422,712


10,392,854


10,108,663


10,234,268


Short-term borrowings

335,000


355,000


156,000


59,154


63,311


Long-term debt

374,793


379,793


379,793


379,793


409,793


Accrued interest payable

5,855


5,425


5,567


5,841


5,767


Capital markets derivative liabilities

105,773


100,109


104,140


113,968


95,043


Other liabilities

52,071


47,971


81,764


66,266


46,547


   Total liabilities

11,608,022


11,311,010


11,120,118


10,733,685


10,854,729













Equity











Preferred stock - Series B

241,185


240,791


240,403


240,020


239,642


Common stock

71,843


71,611


71,483


71,220


71,155


Treasury stock

(22,639)


(21,749)


(21,454)


(20,680)


(20,615)


Additional paid-in capital

978,510


973,417


968,787


965,640


963,156


Retained earnings/(accumulated deficit)

14,268


932


(9,164)


(16,075)


(25,388)


Accumulated other comprehensive income, net of tax

50,987


47,152


46,697


46,051


32,535


   Total stockholders' equity

1,334,154


1,312,154


1,296,752


1,286,176


1,260,485


Noncontrolling interests

-


-


-


-


163


   Total equity

1,334,154


1,312,154


1,296,752


1,286,176


1,260,648


   Total liabilities and equity

$ 12,942,176


$ 12,623,164


$ 12,416,870


$ 12,019,861


$ 12,115,377













Selected Financial Data

Unaudited

(Amounts in thousands except per share data)













2Q12


1Q12


4Q11


3Q11


2Q11


Selected Statement of Income Data:











Net interest income

$ 105,346


$ 104,376


$ 102,982


$ 101,089


$ 100,503


Net revenue (1) (2)

$ 132,291


$ 132,560


$ 129,046


$ 129,404


$ 122,811


Operating profit (1) (2)

$ 48,433


$ 52,331


$ 52,816


$ 54,370


$ 47,147


Provision for loan and covered loan losses

$ 17,038


$ 27,701


$ 31,611


$ 32,615


$ 31,093


Income before taxes

$ 30,696


$ 23,950


$ 20,534


$ 21,075


$ 15,338


Net income available to common stockholders

$ 14,062


$ 10,819


$ 7,629


$ 10,023


$ 5,541













Per Common Share Data:











Basic earnings per share

$ 0.19


$ 0.15


$ 0.11


$ 0.14


$ 0.08


Diluted earnings per share

$ 0.19


$ 0.15


$ 0.11


$ 0.14


$ 0.08


Dividends declared

$ 0.01


$ 0.01


$ 0.01


$ 0.01


$ 0.01


Book value (period end) (1)

$ 15.09


$ 14.79


$ 14.72


$ 14.57


$ 14.22


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

$ 13.59


$ 13.29


$ 13.19


$ 13.04


$ 12.68


Market value (close)

$ 14.76


$ 15.17


$ 10.98


$ 7.52


$ 13.80


Book value multiple

0.98

x

1.03

x

0.75

x

0.52

x

0.97

x












Share Data:











Weighted-average common
shares outstanding

70,956


70,780


70,540


70,479


70,428


Diluted-average common shares outstanding

71,147


70,932


70,713


70,621


70,663


Common shares issued (at period end)

73,273


73,205


72,514


72,491


72,497


Common shares outstanding (at period end)

72,424


72,415


71,745


71,789


71,808













Performance Ratios:











Return on average assets

0.55%


0.46%


0.36%


0.44%


0.29%


Return on average common equity

5.18%


4.04%


2.86%


3.80%


2.18%


Net interest margin (1) (2)

3.46%


3.53%


3.48%


3.49%


3.36%


Fee revenue as a percent of total revenue (1)

20.12%


20.79%


19.55%


18.71%


17.23%


Non-interest income to average assets

0.83%


0.89%


0.82%


0.91%


0.69%


Non-interest expense to average assets

2.64%


2.59%


2.45%


2.46%


2.43%


Net overhead ratio (1)

1.81%


1.70%


1.64%


1.56%


1.74%


Efficiency ratio(1) (2)

63.39%


60.52%


59.07%


57.98%


61.61%













Selected Information:











Assets under management and
administration (AUMA) (1)

$ 4,738,973


$ 4,879,947


$ 4,303,547


$ 4,161,614


$ 4,395,516


Custody assets included
in AUMA

$ 2,073,777


$ 2,060,455


$ 1,599,528


$ 1,525,001


$ 1,623,190


Credit valuation adjustment on capital markets











derivatives(1)

$ (830)


$ 19


$ 244


$ (1,207)


$ (573)













Balance Sheet Ratios:











Loans to deposits (period end)(3)

87.91%


88.48%


86.68%


85.82%


84.74%


Average interest-earning assets to average interest-











bearing liabilities

146.44%


149.68%


150.70%


145.30%


139.77%













Capital Ratios (period end):











Total risk-based capital (1)

14.12%


14.20%


14.28%


14.82%


15.12%


Tier 1 risk-based capital (1)

12.25%


12.31%


12.38%


12.89%


12.95%


Leverage(1)

11.20%


11.35%


11.33%


11.48%


11.00%


Tier 1 common capital (1) (2)

8.05%


8.04%


8.04%


8.34%


8.34%


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

7.67%


7.69%


7.69%


7.86%


7.58%


Total equity to total assets

10.31%


10.39%


10.44%


10.70%


10.41%













(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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