2014

PrivateBancorp Reports Third Quarter Results Earnings per share of $0.27, up 42% on lower credit costs and loan growth of $189 million

Conference call scheduled for Oct. 10, 2012 at 4:30 p.m. EDT

CHICAGO, Oct. 10, 2012 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $19.6 million, or $0.27 per diluted share, for the third quarter 2012, compared to $10.0 million, or $0.14 per diluted share, for the third quarter 2011, and $14.1 million, or $0.19 per diluted share, for the second quarter 2012. 

For the nine months ended September 30, 2012, the Company had net income available to common shareholders of $44.5 million, or $0.61 per diluted share, compared to $23.1 million, or $0.32 per diluted share, for the nine months ended September 30, 2011. 

"We posted another quarter of strong earnings momentum driven by the consistent execution of our commercial middle market business strategy and the ongoing strengthening of our asset quality position," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc.  "Our emphasis on developing client relationships led to continued loan growth and increased fee revenue from cross sell of our banking products.  Despite the competitive market and low interest rate environment, we have grown quarterly net revenue, excluding securities gains, by 7 percent over the past year.

"Year to date 2012, we grew total loans by more than $600 million and, at the same time, increased deposits and fee income, and improved asset quality.  The continued execution of our strategy and depth of the client relationships that we are building position us well for future opportunities."

Quarter Highlights

  • Net income was $19.6 million, up 39 percent from the second quarter 2012, primarily as a result of lower credit related costs, as well as loan growth and increased fee income. 
  • Net interest income of $105.4 million was consistent with the second quarter 2012.  Interest income from higher average loan balances offset the impact of lower loan and investment yields, while cost of funds was relatively flat.
  • Deposits increased $625 million, or 6 percent, during the quarter to $11.4 billion at September 30, 2012, including $375 million of non-interest bearing accounts.
  • Asset quality continued to improve during the quarter with non-performing loans declining 14 percent and early-stage problem loans declining 20 percent from June 30, 2012.  The provision for loan losses declined to $13.2 million, a reduction of $4.2 million from the prior quarter. 
  • Total loans grew $189 million, an annualized rate of 8 percent, to $9.6 billion at September 30, 2012, largely driven by growth in commercial and industrial loans.

Operating Performance

Net revenue was $134.0 million in the third quarter 2012, an increase of 4 percent compared to $129.4 million in the third quarter 2011, and up slightly as compared to $132.3 million in the second quarter 2012.  Operating profit was $52.2 million in the third quarter 2012, compared to $54.4 million in the same period prior year and $48.4 million in the prior quarter.  The third quarter 2011 results included $4.4 million of net securities gains compared to a net loss of $211,000 for third quarter 2012.  As compared to the second quarter of 2012, operating profit increased 8 percent, largely as a result of lower net foreclosed property expenses and an increase in fee income. 

Net interest income was $105.4 million for the third quarter 2012, an increase of 4 percent from $101.1 million for the third quarter 2011, and flat as compared to second quarter 2012.  Average loan balances increased $840.6 million as compared to the same period prior year, and $136.5 million as compared to the prior quarter.  Incremental interest income generated from higher loan balances during the quarter was offset by the decline in yields on the loan and investment portfolios.  Competitive pricing pressures, change in mix and the low interest rate environment have led to lower yields on the loan and investment portfolios, while the Company's cost of funds has remained relatively flat.  Yield trends are likely to continue to pressure net interest margin given the current operating environment.

Net interest margin was 3.35 percent for the third quarter 2012, down from 3.49 percent in the third quarter 2011 and 3.46 percent in the second quarter 2012.  Higher federal funds sold balances during the third quarter 2012, primarily due to increased client deposit flows, reduced net interest margin by 5 basis points as these balances generated only minimal interest income.  Lower securities investment yields and lower loan yields reduced net interest margin by 6 basis points from the previous quarter.

Non-interest income was $27.8 million in the third quarter 2012, flat compared to the third quarter 2011, and an increase of 6 percent compared to the second quarter 2012.  The third quarter 2011 non-interest income included $4.4 million of net securities gains compared to a net loss of $211,000 for third quarter 2012.  Growth in mortgage banking, syndication and treasury management fees in the third quarter 2012 contributed to increased non-interest income.  Syndication fees, a component of loan and credit related fees, totaled $2.7 million in the third quarter 2012, compared to $908,000 for the third quarter 2011, and $2.0 million for second quarter 2012.  Like capital markets revenue, syndication fees tend to fluctuate from quarter to quarter depending on client needs, market conditions and loan origination trends.  Capital markets revenue was $5.8 million in the third quarter 2012, compared to $5.5 million in the same period prior year and $6.0 million in the second quarter 2012.  Third quarter 2012 capital markets revenue included a $5,000 positive credit valuation adjustment.  The third quarter 2011 results included a negative credit valuation adjustment of $1.2 million and the second quarter 2012 results included a negative credit valuation adjustment of $830,000.  

Expenses

Non-interest expense was $81.7 million for the third quarter 2012, compared to $75.0 million for the third quarter 2011 and $83.9 million for the second quarter 2012.  The increase in non-interest expense, as compared to the same period prior year, is primarily attributable to higher salaries and employee benefits expense, primarily due to higher costs associated with share-based compensation programs and performance-based incentives.  For the third quarter 2012, the 3 percent decline in non-interest expense from the previous quarter is primarily due to lower net foreclosed property expense resulting from lower valuation adjustments, which totaled $6.2 million in the third quarter 2012 compared to $9.2 million in the second quarter 2012.  The increase in salaries and employee benefits expense as compared to second quarter 2012 is largely a result of an increase in the Company's accrual for performance-based compensation.

The effective tax rate for the quarter was 39.3 percent, down from 43.0 percent in the second quarter 2012 primarily due to increased tax benefits associated with stock-based compensation.  For the first nine months of 2012, the effective tax rate was 40.8 percent.  The Company estimates 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 third quarter 2012.  Non-performing assets declined to $277.7 million at September 30, 2012, down 34 percent from $421.1 million at September 30, 2011, and down 13 percent from $319.2 million at June 30, 2012.  Non-performing assets to total assets were 2.09 percent at September 30, 2012, compared to 3.50 percent a year ago and 2.47 percent at June 30, 2012.  Non-performing loans were $179.9 million at the end of the third quarter 2012, a 41 percent decline from $304.7 million a year ago, and a 14 percent decline from $209.3 million at the end of the second quarter 2012.  During the third quarter 2012, non-performing loan inflows were $38.9 million, including $15.5 million of restructured loans accruing interest, down considerably from $57.7 million in the prior quarter.  Special mention and potential problem loans declined 56 percent from the third quarter 2011, and 20 percent from the second quarter 2012.  The Company expects problem assets will continue to trend lower for the fourth quarter 2012. 

During the third quarter 2012, the Company disposed of $45 million of problem assets, with an incremental charge of less than 1 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 and lower charge-offs.  At September 30, 2012, the allowance for loan losses was $166.9 million, or 1.73 percent of total loans, compared to $200.0 million, or 2.31 percent of total loans, at September 30, 2011, and $174.3 million, or 1.85 percent of total loans at June 30, 2012.  As a percentage of non-performing loans, the allowance for loan losses was 93 percent at the end of the third quarter 2012, compared to 66 percent a year ago, and 83 percent at the end of the second quarter 2012.  

Charge-offs declined to $23.1 million for the third quarter 2012, from $42.0 million for the same period prior year and $33.9 million for the prior quarter.  The third quarter 2012 provision for loan losses, excluding covered loan provision, was $13.2 million, down from $32.3 million for the same period prior year and $17.4 million for the prior quarter.

Credit quality results exclude covered assets acquired through an FDIC-assisted transaction that are subject to a loss-sharing agreement. 

Balance Sheet

Total assets were $13.3 billion at September 30, 2012, up from $12.9 billion at June 30, 2012, and total loans were $9.6 billion at September 30, 2012, compared to $9.4 billion at June 30, 2012.  The 2 percent growth in total loans this quarter was primarily from commercial and industrial loans.  The Company funded $325.9 million in loans to new relationships during the third quarter 2012.

Total deposits were $11.4 billion at September 30, 2012, up from $10.7 billion at June 30, 2012.  Non interest-bearing deposits comprised 29 percent of total deposits at September 30, 2012, up 2 percentage points as compared to total deposits at June 30, 2012.  The increase in deposits during the third quarter 2012 reflects a focused initiative to organically grow deposits.  The deposit balances of the Company's commercial clients may fluctuate depending on their cash management and liquidity needs.

The Company's investment securities portfolio was $2.4 billion at September 30, 2012, flat as compared to the end of the prior quarter.  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 September 30, 2012, the Company's total risk-based capital ratio was 13.90 percent, the Tier 1 risk-based capital ratio was 12.24 percent and the leverage ratio was 11.15 percent.  Tier 1 common capital ratio was 8.12 percent and tangible common equity ratio was 7.70 percent at the end of the third quarter 2012.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp, Inc. will host a conference call on Wednesday, October 10, 2012, at 3:30 p.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: 34461639.  A live webcast of the call can be accessed on the Company website at www.theprivatebank.com by visiting the Investor Relations tab under the About Us section.  A rebroadcast will be available beginning approximately two hours after the call until midnight on October 24, 2012, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode: 34461639.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiaries, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve.  As of September 30, 2012, the Company had 35 offices in 10 states and $13.3 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 deposits; lack of sufficient or cost-effective sources of liquidity or funding; our ability to complete our planned capital raising transactions and fund and complete our anticipated redemption of the preferred stock and common stock warrants we issued to the U.S. Department of the Treasury; loss of key personnel or an inability to recruit and retain appropriate talent; unanticipated changes in interest rates, prolonged low interest rate environment or significant tightening of credit spreads; competitive pricing trends; 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 the 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; 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 ÒRisk FactorsÓ 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 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 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


Nine Months Ended 


September 30,


September 30,


2012


2011


2012


2011


unaudited


unaudited


unaudited


unaudited

Interest Income








Loans, including fees

$      106,358


$   102,174


$    315,039


$    310,212

Federal funds sold and other short-term investments

248


231


513


966

Securities:








     Taxable

14,033


15,196


44,267


46,154

     Exempt from Federal income taxes

1,389


1,293


4,025


4,166

     Total interest income

122,028


118,894


363,844


361,498









Interest Expense








Interest-bearing demand deposits

958


625


2,393


1,854

Savings deposits and money market accounts

4,206


5,356


13,073


18,100

Brokered and time deposits

5,860


5,895


16,271


19,115

Short-term borrowings

101


466


366


1,859

Long-term debt

5,495


5,463


16,611


16,425

   Total interest expense

16,620


17,805


48,714


57,353

     Net interest income

105,408


101,089


315,130


304,145

Provision for loan and covered loan losses

13,509


32,615


58,248


101,286

     Net interest income after provision for 








      loan and covered loan losses

91,899


68,474


256,882


202,859









Non-interest Income








Trust and Investments

4,254


4,452


12,785


13,834

Mortgage banking 

3,685


1,565


9,263


3,671

Capital markets products

5,832


5,510


19,214


13,870

Treasury management

5,490


4,590


15,904


13,368

Loan and credit-related fees

7,479


5,413


20,378


16,601

Deposit service charges and fees and other income

1,308


1,735


4,439


6,103

Net securities (losses) gains

(211)


4,370


(396)


5,407

     Total non-interest income

27,837


27,635


81,587


72,854









Non-interest Expense








Salaries and employee benefits

44,820


38,841


129,695


116,034

Net occupancy expense

7,477


7,515


22,809


22,592

Technology and related costs

3,432


2,856


10,001


8,246

Marketing

2,645


2,218


7,863


6,661

Professional services

2,151


2,434


6,355


7,080

Outsourced servicing costs

1,802


1,918


5,605


5,924

Net foreclosed property expenses

8,596


7,129


28,725


20,920

Postage, telephone, and delivery

837


944


2,588


2,763

Insurance

3,352


5,393


11,896


17,825

Loan and collection expense

3,329


2,931


9,404


9,731

Other expenses

3,289


2,855


10,876


8,271

     Total non-interest expense

81,730


75,034


245,817


226,047

Income before income taxes

38,006


21,075


92,652


49,666

Income tax provision 

14,952


7,593


37,839


16,192

     Net income

23,054


13,482


54,813


33,474

Net income attributable to noncontrolling interests

-


33


-


163

     Net income attributable to controlling interests

23,054


13,449


54,813


33,311

Preferred stock dividends and discount accretion

3,447


3,426


10,325


10,260

     Net income available to common stockholders

$        19,607


$     10,023


$      44,488


$      23,051









Per Common Share Data








Basic earnings per share

$            0.27


$         0.14


$          0.62


$          0.32

Diluted earnings per share

$            0.27


$         0.14


$          0.61


$          0.32

Cash dividends declared

$            0.01


$         0.01


$          0.03


$          0.03

Weighted-average common shares outstanding

71,010


70,479


70,915


70,418

Weighted-average diluted common shares outstanding

71,274


70,621


71,110


70,682









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)


















3Q12


2Q12


1Q12


4Q11


3Q11

Interest Income










Loans, including fees

$    106,358


$    105,142


$    103,539


$    102,897


$    102,174

Federal funds sold and other short-term investments

248


133


132


215


231

Securities:










     Taxable

14,033


14,854


15,380


15,263


15,196

     Exempt from Federal income taxes

1,389


1,336


1,300


1,273


1,293

     Total interest income

122,028


121,465


120,351


119,648


118,894











Interest Expense










Interest-bearing demand deposits

958


799


636


585


625

Savings deposits and money market accounts

4,206


4,265


4,602


4,857


5,356

Brokered and time deposits

5,860


5,394


5,017


5,561


5,895

Short-term borrowings

101


123


142


152


466

Long-term debt

5,495


5,538


5,578


5,511


5,463

   Total interest expense

16,620


16,119


15,975


16,666


17,805

     Net interest income

105,408


105,346


104,376


102,982


101,089

Provision for loan and covered loan losses

13,509


17,038


27,701


31,611


32,615

     Net interest income after provision for 










      loan and covered loan losses

91,899


88,308


76,675


71,371


68,474











Non-interest Income










Trust and Investments

4,254


4,312


4,219


3,992


4,452

Mortgage banking 

3,685


2,915


2,663


3,032


1,565

Capital markets products

5,832


6,033


7,349


5,471


5,510

Treasury management

5,490


5,260


5,154


4,813


4,590

Loan and credit-related fees

7,479


6,372


6,527


5,606


5,413

Deposit service charges and fees and other income

1,308


1,644


1,487


2,115


1,735

Net securities (losses) gains

(211)


(290)


105


364


4,370

     Total non-interest income

27,837


26,246


27,504


25,393


27,635











Non-interest Expense










Salaries and employee benefits

44,820


42,177


42,698


40,729


38,841

Net occupancy expense

7,477


7,653


7,679


7,394


7,515

Technology and related costs

3,432


3,273


3,296


3,142


2,856

Marketing

2,645


3,058


2,160


2,250


2,218

Professional services

2,151


2,247


1,957


2,126


2,434

Outsourced servicing costs

1,802


2,093


1,710


2,077


1,918

Net foreclosed property expenses

8,596


11,894


8,235


6,862


7,129

Postage, telephone, and delivery

837


882


869


953


944

Insurance

3,352


4,239


4,305


3,462


5,393

Loan and collection expense

3,329


2,918


3,157


3,840


2,931

Other expenses

3,289


3,424


4,163


3,395


2,855

     Total non-interest expense

81,730


83,858


80,229


76,230


75,034

Income before income taxes

38,006


30,696


23,950


20,534


21,075

Income tax provision

14,952


13,192


9,695


9,468


7,593

     Net income

23,054


17,504


14,255


11,066


13,482

Net income attributable to noncontrolling interests

-


-


-


7


33

     Net income attributable to controlling interests

23,054


17,504


14,255


11,059


13,449

Preferred stock dividends and discount accretion

3,447


3,442


3,436


3,430


3,426

     Net income available to common stockholders

$      19,607


$      14,062


$      10,819


$        7,629


$      10,023











Per Common Share Data










Basic earnings per share

$          0.27


$          0.19


$          0.15


$          0.11


$          0.14

Diluted earnings per share

$          0.27


$          0.19


$          0.15


$          0.11


$          0.14

Cash dividends declared

$          0.01


$          0.01


$          0.01


$          0.01


$          0.01

Weighted-average common shares outstanding

71,010


70,956


70,780


70,540


70,479

Weighted-average diluted common shares outstanding

71,274


71,147


70,932


70,713


70,621

 

 

Consolidated Balance Sheets









(Dollars in thousands)


















































09/30/12


06/30/12


03/31/12


12/31/11


09/30/11


unaudited


unaudited


unaudited


audited


unaudited

Assets










Cash and due from banks

$             143,573


$           141,563


$         166,062


$         156,131


$         171,268

Fed funds sold and other short-term investments

470,984


315,378


193,571


205,610


248,559

Loans held for sale

49,209


35,342


29,185


32,049


24,126

Securities available-for-sale, at fair value

1,550,516


1,625,649


1,705,649


1,783,465


1,872,587

Securities held-to-maturity, at amortized cost

784,930


693,277


598,066


490,143


273,200

Non-marketable equity investments

48,977


47,702


43,882


43,604


43,894

Loans - excluding covered assets, net of unearned fees

9,625,421


9,436,235


9,222,253


9,008,561


8,674,955

Allowance for loan losses

(166,859)


(174,302)


(183,844)


(191,594)


(200,041)

     Loans, net of allowance for loan losses and unearned fees

9,458,562


9,261,933


9,038,409


8,816,967


8,474,914

Covered assets

208,979


244,782


276,534


306,807


318,973

Allowance for covered loan losses

(21,500)


(21,733)


(26,323)


(25,939)


(16,689)

     Covered assets, net of allowance for covered loan losses

187,479


223,049


250,211


280,868


302,284

Other real estate owned, excluding covered assets

97,833


109,836


123,498


125,729


116,364

Premises, furniture, and equipment, net

40,526


38,177


37,462


38,633


39,069

Accrued interest receivable

36,892


37,089


36,033


35,732


32,686

Investment in bank owned life insurance

52,134


51,751


51,356


50,966


50,565

Goodwill

94,534


94,546


94,559


94,571


94,584

Other intangible assets

13,500


14,152


14,683


15,353


15,715

Capital markets derivative assets

104,697


102,613


97,805


101,676


111,248

Other assets

144,208


150,119


142,733


145,373


148,798

     Total assets

$        13,278,554


$      12,942,176


$    12,623,164


$    12,416,870


$    12,019,861











Liabilities










Demand deposits:










     Noninterest-bearing 

$          3,295,568


$        2,920,182


$      3,054,536


$      3,244,307


$      2,832,481

     Interest-bearing 

893,194


785,879


714,522


595,238


611,293

Savings deposits and money market accounts

4,381,595


4,146,022


4,347,832


4,378,220


4,392,697

Brokered deposits 

1,290,796


1,484,435


961,481


815,951


902,002

Time deposits

1,498,287


1,398,012


1,344,341


1,359,138


1,370,190

     Total deposits

11,359,440


10,734,530


10,422,712


10,392,854


10,108,663

Short-term borrowings

5,000


335,000


355,000


156,000


59,154

Long-term debt

374,793


374,793


379,793


379,793


379,793

Accrued interest payable

5,287


5,855


5,425


5,567


5,841

Capital markets derivative liabilities

108,094


105,773


100,109


104,140


113,968

Other liabilities

62,500


52,071


47,971


81,764


66,266

     Total liabilities

11,915,114


11,608,022


11,311,010


11,120,118


10,733,685











Equity 










Preferred stock - Series B

241,585


241,185


240,791


240,403


240,020

Common stock

71,884


71,843


71,611


71,483


71,220

Treasury stock

(22,736)


(22,639)


(21,749)


(21,454)


(20,680)

Additional paid-in capital

983,739


978,510


973,417


968,787


965,640

Retained earnings/(accumulated deficit)

33,150


14,268


932


(9,164)


(16,075)

Accumulated other comprehensive income, net of tax

55,818


50,987


47,152


46,697


46,051

     Total stockholders' equity

1,363,440


1,334,154


1,312,154


1,296,752


1,286,176

Noncontrolling interests

-


-


-


-


-

     Total equity

1,363,440


1,334,154


1,312,154


1,296,752


1,286,176

     Total liabilities and equity

$        13,278,554


$      12,942,176


$    12,623,164


$    12,416,870


$    12,019,861

 

Selected Financial Data










Unaudited











(Amounts in thousands except per share data)
























3Q12


2Q12


1Q12


4Q11


3Q11


Selected Statement of Income Data:













Net interest income

$       105,408


$      105,346


$      104,376


$      102,982


$      101,089




Net revenue (1) (2)

$       133,974


$      132,291


$      132,560


$      129,046


$      129,404




Operating profit (1) (2)

$         52,244


$        48,433


$        52,331


$        52,816


$        54,370




Provision for loan and covered loan losses

$         13,509


$        17,038


$        27,701


$        31,611


$        32,615




Income before taxes

$         38,006


$        30,696


$        23,950


$        20,534


$        21,075




Net income available to common stockholders

$         19,607


$        14,062


$        10,819


$          7,629


$        10,023















Per Common Share Data:













Basic earnings per share

$             0.27


$            0.19


$            0.15


$            0.11


$            0.14




Diluted earnings per share

$             0.27


$            0.19


$            0.15


$            0.11


$            0.14




Dividends declared

$             0.01


$            0.01


$            0.01


$            0.01


$            0.01




Book value (period end) (1)

$           15.49


$          15.09


$          14.79


$          14.72


$          14.57




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

$           14.00


$          13.59


$          13.29


$          13.19


$          13.04




Market value (close)

$           15.99


$          14.76


$          15.17


$          10.98


$            7.52




Book value multiple 

1.03

 x 

0.98

 x 

1.03

 x 

0.75

 x 

0.52

x














Share Data:













Weighted-average common shares outstanding

71,010


70,956


70,780


70,540


70,479




Weighted-average diluted common shares outstanding 

71,274


71,147


70,932


70,713


70,621




Common shares issued (at period end)

73,291


73,273


73,205


72,514


72,491




Common shares outstanding (at period end) 

72,436


72,424


72,415


71,745


71,789















Performance Ratios:













Return on average assets

0.70%


0.55%


0.46%


0.36%


0.44%




Return on average common equity

7.00%


5.18%


4.05%


2.86%


3.80%




Net interest margin (1) (2)

3.35%


3.46%


3.53%


3.48%


3.49%




Fee revenue as a percent of total revenue (1)

21.02%


20.12%


20.79%


19.55%


18.71%




Non-interest income to average assets

0.85%


0.83%


0.89%


0.82%


0.91%




Non-interest expense to average assets

2.49%


2.64%


2.59%


2.45%


2.46%




Net overhead ratio (1)

1.64%


1.81%


1.70%


1.64%


1.56%




Efficiency ratio(1) (2) 

61.00%


63.39%


60.52%


59.07%


57.98%















Selected Information:













Assets under management and administration (AUMA) (1)

$    5,007,235


$   4,738,973


$   4,879,947


$   4,303,547


$   4,161,614




  Custody assets included in AUMA

$    2,192,530


$   2,073,777


$   2,060,455


$   1,599,528


$   1,525,001




Credit valuation adjustment on capital markets













  derivatives(1)

$                  5


$           (830)


$               19


$             244


$        (1,207)















Balance Sheet Ratios:













Loans to deposits (period end)(3)

84.73%


87.91%


88.48%


86.68%


85.82%




Average interest-earning assets to average interest-













  bearing liabilities

147.76%


146.44%


149.68%


150.70%


145.30%















Capital Ratios (period end):













Total risk-based capital (1)(2)

13.90%


14.12%


14.20%


14.28%


14.82%




Tier 1 risk-based capital (1)(2)

12.24%


12.25%


12.31%


12.38%


12.89%




Leverage(1)(2)

11.15%


11.20%


11.35%


11.33%


11.48%




Tier 1 common capital (1) (2)

8.12%


8.05%


8.04%


8.04%


8.34%




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

7.70%


7.67%


7.69%


7.69%


7.86%




Total equity to total assets

10.27%


10.31%


10.39%


10.44%


10.70%
















(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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