PrivateBancorp Reports Fourth Quarter and Full Year 2009 Results

Operating profit increased and capital position strengthened; credit quality continues to impact performance

Jan 25, 2010, 07:30 ET from PrivateBancorp, Inc.

CHICAGO, Jan. 25, /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB) today reported a net loss of $18.6 million, or $0.30 per diluted share, for the fourth quarter ended December 31, 2009, compared with a net loss of $62.8 million, or $1.98 per diluted share, for the fourth quarter 2008.  For the 12 months ended December 31, 2009, the net loss was $42.5 million, or $0.95 per diluted share, compared to a net loss of $93.5 million, or $3.16 per diluted share, for the prior year period.

"While the economic environment in 2009 remained difficult, our business fundamentals are strong and the significant investments we've made in people and infrastructure are driving ongoing momentum in our operating profit," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "Throughout the year we have strengthened our risk management process. The credit environment in the second half of the year caused us to put even greater focus on asset quality management, and in the fourth quarter we redeployed a number of our bankers to leverage their specific industry expertise as we tackle the challenges in our credit portfolio.

"While we are not out of the woods as it relates to stress on our credit portfolio, our combination of strong core performance, attention to rigorous risk management and balance sheet strength position us well as we move into 2010," Richman continued. "Over the long-term, the continued growth in client relationships will lead to higher net revenue and deposits and improvement in our net interest margin. This, along with the increased efficiency of our operations, will facilitate earnings growth."

4th Quarter Results:

  • Growth in non-performing assets slowed to 10 percent quarter-over-quarter and non-performing assets were $436.9 million, compared to $396.6 million in the third quarter. Provision for loan losses was $69.5 million and net charge-offs were $40.6 million, resulting in an increased allowance for loan losses of $221.7 million or 2.44 percent of total loans.
  • Net revenue grew 13.5 percent over third quarter to $114.8 million and net interest margin increased to 3.48 percent, up 39 basis points over third quarter. Operating profit increased 4.4 percent to $46.3 million, up from $44.3 million in third quarter.
  • Client deposits grew 4 percent from the third quarter, including an 18 percent increase in demand deposits, while loans remained flat due to decreased borrowings by existing clients and ongoing selectivity in new business development.
  • Capital position was strengthened and total risk-based capital ratio was 14.70 percent, Tier 1 capital ratio was 12.33 percent and tangible common equity ratio was 7.41 percent.

Credit Quality

Credit quality continued to be impacted in the fourth quarter by ongoing weakness in the overall economy and was largely influenced by poor commercial real estate sector performance.  However, growth in fourth quarter non-performing assets was consistent with management's expectations. Although credit trends in the commercial real estate sector will continue to be uneven, the Company currently anticipates a first-quarter growth rate in non-performing assets to be generally in line with the fourth quarter.

The fourth quarter 2009 provision for loan losses was $69.5 million, compared to $119.3 million in the fourth quarter 2008 and $90.0 million in the third quarter 2009.

The allowance for loan losses as a percentage of total loans was 2.44 percent at December 31, 2009, compared with 1.40 percent at December 31, 2008, and 2.14 percent at September 30, 2009. Allowance for loan losses as a percentage of non-performing loans was 56 percent in the fourth quarter 2009, compared to 85 percent in the fourth quarter 2008 and 54 percent in the third quarter 2009. Charge-offs were $41.5 million for the quarter ended December 31, 2009, offset by recoveries of $874,000, and $40.1 million for the quarter ended September 30, 2009, offset by recoveries of $2.8 million. Charge-offs for the quarter ended December 31, 2008, were $109.5 million, offset by recoveries of $658,000. Approximately $13.0 million of fourth-quarter 2009 net charge-offs were commercial real estate loans and $14.2 million were construction loans.

The Company had $436.9 million in total non-performing assets at December 31, 2009, compared to $155.7 million at December 31, 2008, and $396.6 million at September 30, 2009, largely due to the ongoing deterioration in the Company's commercial real estate portfolio. Approximately 72 percent of non-accrual loans at December 31, 2009, were commercial real estate or construction loans. Non-performing assets to total assets were 3.62 percent at December 31, 2009, compared to 1.55 percent at December 31, 2008, and 3.28 percent at September 30, 2009.

Credit quality results exclude $502.0 million in covered assets as of December 31, 2009, referring to certain assets acquired as a result of the Founders Bank transaction that are subject to a loss-sharing agreement with the FDIC.

Balance Sheet

Total assets increased to $12.1 billion at December 31, 2009, from $10.0 billion at December 31, 2008, and remained flat as compared to September 30, 2009.  Total loans increased to $9.1 billion at December 31, 2009, from $8.0 billion at December 31, 2008, and $9.0 billion at September 30, 2009.  Consistent with overall economic conditions, the Company experienced a decrease in borrowings from existing clients and continued to engage in selective loan growth. Commercial loans were 51 percent of the Company's total loans at the end of the fourth quarter 2009, compared with 50 percent of total loans at December 31, 2008, and 51 percent of total loans at September 30, 2009.  Commercial real estate loans were 31 percent of total loans at the end of the fourth quarter 2009, compared to 30 percent of total loans at the end of the fourth quarter 2008 and up from 29 percent at the end of the third quarter 2009.  The small increase in commercial real estate loans as a percentage of total loans in the fourth quarter 2009 is the result of construction loans converting to commercial real estate mortgages.

Total deposits were $9.9 billion at December 31, 2009, compared to $8.0 billion at December 31, 2008, and $9.6 billion at September 30, 2009.  Client deposits increased to $9.3 billion at December 31, 2009, from $6.0 billion at December 31, 2008, and $8.9 billion at September 30, 2009. Client deposits at December 31, 2009, include $1.8 billion in non-interest bearing deposits. Brokered deposits (excluding $979.7 million in client CDARS® deposits) were 6 percent of total deposits in the fourth quarter 2009, a decrease from 25 percent of total deposits as of December 31, 2008, and 7 percent in the third quarter 2009.  The significant decrease in brokered deposits year-over-year reflects the Company's strategy to focus on growing client deposits.

Funds borrowed, which include federal funds purchased, FHLB advances, trust preferred securities, borrowings under the Company's credit facilities, and convertible senior notes, was $748.0 million at December 31, 2009, down from $1.3 billion at December 31, 2008, and September 30, 2009, reflecting an improvement in funding mix.

The Company's investment securities portfolio was $1.6 billion at December 31, 2009, compared to $1.5 billion at December 31, 2008, and $1.7 billion at September 30, 2009.  Net unrealized gains were $44.8 million, compared to $44.2 million at the end of the fourth quarter 2008, and $61.5 million at the end of the third quarter 2009. The decrease in net unrealized gains during the fourth quarter was largely driven by the interest rate environment.  The Company's securities portfolio is primarily composed of U.S. government agency backed mortgage pools, agency collateralized mortgage obligations, and investment grade municipal bonds.

Operating Performance

Operating profit (the sum of net interest income on a tax equivalent basis and non-interest income less non-interest expense) was $46.3 million in the fourth quarter 2009, up from $16.8 million in the fourth quarter 2008, and $44.3 million in the third quarter 2009.  Net revenue grew to $114.8 million in the fourth quarter 2009, from $71.7 million in the fourth quarter 2008, and $101.2 million in the third quarter 2009. Net interest income improved to $99.6 million in the fourth quarter 2009, up from $59.1 million for the fourth quarter 2008, and from $87.4 million in the third quarter 2009. Net interest margin (on a tax equivalent basis) was 3.48 percent for the fourth quarter 2009, compared to 2.62 percent for the fourth quarter 2008, and 3.09 percent in the third quarter 2009. Net interest margin continued to improve on the repricing of deposits, an increase in demand deposits, improved loan pricing, and the contribution from the former Founders Bank business.

Non-interest income was $14.3 million in the fourth quarter 2009, compared to $11.6 million in the fourth quarter 2008, and $12.9 million in the third quarter 2009. The increase in non-interest income during the fourth quarter was primarily due to capital markets products and mortgage banking contributions.  Capital markets activities for the fourth quarter 2009 resulted in revenue of $2.4 million, including a $796,000 credit valuation adjustment, as compared to $4.8 million in the fourth quarter 2008, and a negative revenue position of $322,000 in the third quarter 2009, including a $2.4 million negative credit valuation adjustment.  Mortgage banking income was $2.2 million in the fourth quarter 2009, compared to $622,000 for the fourth quarter 2008, and $1.8 million in the third quarter 2009. Treasury management income was $3.4 million in the fourth quarter 2009, compared to $1.1 million in the fourth quarter 2008, and $3.1 million in the third quarter 2009. Banking and other services income was $1.9 million in the fourth quarter 2009, including a $4.2 million loss on loan dispositions, compared to $1.3 million in the fourth quarter 2008, and $4.1 million in the third quarter 2009.

The PrivateWealth Group's fee revenue was $4.1 million in the fourth quarter 2009, compared to $4.1 million both in the fourth quarter 2008 and in the third quarter 2009.  The PrivateWealth Group's assets under management at December 31, 2009, were $4.0 billion, compared with $3.3 billion at December 31, 2008, and $4.0 billion at September 30, 2009.

Expenses

Non-interest expense was $68.5 million in the fourth quarter. This compares to $54.9 million in the fourth quarter 2008 and $56.8 million in the third quarter 2009. Expenses increased by $11.7 million from the third quarter 2009 primarily due to an increase of $7.8 million in salaries and benefits. Third quarter salary and benefits expenses included the reversal of incentive compensation accruals. During the fourth quarter 2009, headcount increased slightly as the Company continued to invest in its infrastructure, particularly in the risk management area.

Additionally, loan and collection expenses were $4.5 million, compared to $1.4 million in the third quarter, due to increased credit costs associated with non-performing assets in the fourth quarter 2009. Offsetting the increase was a $644,000 decrease in net foreclosed property expenses.

The efficiency ratio was 59.7 percent in the fourth quarter 2009 compared to 76.6 percent in the fourth quarter 2008 and 56.2 percent in the third quarter 2009. The efficiency ratio improved year-over-year as the Company realized the benefits of investments made in people and infrastructure.

Capital

As of December 31, 2009, the Company had a total risk-based capital ratio at 14.70 percent and Tier 1 risk-based capital ratio at 12.33 percent, exceeding the well-capitalized thresholds of 10 percent and 6 percent, respectively. The Company raised $194 million in new capital through a common stock offering during the fourth quarter and does not foresee the need to raise additional capital in the near term.

The Company's tangible common equity ratio at December 31, 2009, was 7.41 percent.

Quarterly Conference Call and Webcast Presentation

Interested parties are invited to listen to our quarterly conference call on Monday, January 25, 2010, at 10 a.m. CST. The call may be accessed by telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International). A live webcast of the call can be accessed on our website at www.theprivatebank.com by visiting the Investor Relations tab under the About Us section. A rebroadcast of the call will be available beginning approximately two hours after the call until midnight on February 1, 2010, by calling (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and entering passcode #49424957.

About PrivateBancorp, Inc.

PrivateBancorp, Inc. is a growing diversified financial services company with 34 offices in 10 states and $12.1 billion in assets as of December 31, 2009. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. Our website is www.theprivatebank.com.

Forward-Looking Statements: Statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, credit quality and the need to increase our allowance for loan losses; unforeseen difficulties and higher than expected costs associated with our growth; unforeseen difficulties in integrating new hires; inability to retain top management personnel; insufficient liquidity or funding sources; the failure to obtain on terms acceptable to us, or at all, the capital necessary to maintain our regulatory capital ratios above the "well-capitalized" threshold; slower than anticipated growth of the Company's business or unanticipated business declines, including as a result of continuing negative economic conditions; fluctuations in market rates of interest and loan and deposit pricing in the Company's market areas; the effect of  margin pressure on the Company's earnings; legislative or regulatory changes, particularly changes in the regulation of financial services companies and/or the products and services offered by financial services companies and regulation of banks participating in the TARP Capital Purchase Program; the regulatory examination environment and trends in regulatory enforcement actions; unforeseen difficulties relating to the acquisition and integration of businesses acquired in purchase and assumption transactions; further deterioration in asset quality;  any additional charges related to asset impairments including impairment of deferred tax and goodwill assets; adverse developments in the Company's loan or investment portfolios; failure to improve operating efficiencies through expense controls; competition; and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.

Editor's Note: Financial highlights attached.

Consolidated Income Statements

Unaudited

(Amounts in thousands except per share data)










Three Months Ended


Year Ended


December 31,


December 31,


2009


2008


2009


2008

Interest Income








Loans, including fees

$115,140 


$107,370 


$411,830 


$367,104 

Federal funds sold and other short-term investments

340 


488 


1,112 


1,145 

Securities:








    Taxable

15,672 


10,754 


58,663 


28,657 

    Exempt from Federal income taxes

1,672 


2,025 


7,107 


8,477 

    Total interest income

132,824 


120,637 


478,712 


405,383 









Interest Expense








Interest-bearing deposits

848 


285 


2,646 


1,515 

Savings deposits and money market accounts

9,022 


11,579 


29,635 


48,880 

Brokered and other time deposits

13,959 


36,405 


79,335 


126,316 

Short-term borrowings

1,613 


3,416 


8,094 


12,787 

Long-term debt

7,820 


9,805 


34,018 


25,490 

  Total interest expense

33,262 


61,490 


153,728 


214,988 

    Net interest income

99,562 


59,147 


324,984 


190,395 

Provision for loan and covered asset losses

70,077 


119,250 


199,419 


189,579 

Net Interest Income (Expense) after provision for








     loan and covered asset losses

29,485 


(60,103)


125,565 


816 









Non-interest Income








The PrivateWealth Group

4,081 


4,140 


15,459 


16,968 

Mortgage banking

2,243 


622 


8,930 


4,158 

Capital markets products

2,409 


4,767 


17,150 


11,049 

Treasury management

3,366 


1,086 


10,148 


2,369 

Bank owned life insurance

442 


501 


1,728 


1,809 

Banking and other services

1,918 


1,297 


11,659 


4,453 

Net securities (losses) gains

(149)


(770)


7,381 


510 

Early extinguishment of debt



(985)


    Total non-interest income

14,310 


11,643 


71,470 


41,316 









Non-interest Expense








Salaries and employee benefits

31,020 


28,219 


123,653 


116,678 

Net occupancy expense

7,039 


4,543 


26,170 


17,098 

Technology and related costs

3,503 


2,019 


10,599 


6,310 

Marketing

3,568 


2,781 


9,843 


10,425 

Professional fees

5,562 


4,714 


16,327 


13,954 

Investment manager expenses

576 


690 


2,322 


3,299 

Net foreclosed property expenses

1,810 


4,605 


5,675 


6,217 

Supplies and printing

436 


461 


1,465 


1,627 

Postage, telephone, and delivery

855 


563 


3,060 


2,226 

Insurance

5,015 


2,341 


22,607 


7,408 

Amortization of intangibles

536 


267 


1,737 


1,164 

Loan and collection

4,526 


1,456 


9,617 


3,023 

Other expenses

4,082 


2,244 


14,340 


6,696 

    Total non-interest expense

68,528 


54,903 


247,415 


196,125 

Loss before income taxes

(24,733)


(103,363)


(50,380)


(153,993)

Income tax benefit

(9,556)


(40,783)


(20,564)


(61,357)

    Net loss

(15,177)


(62,580)


(29,816)


(92,636)

Net income attributable to noncontrolling interests

64 


53 


247 


309 

    Net loss attributable to controlling interests

(15,241)


(62,633)


(30,063)


(92,945)

Preferred stock dividends and discount accretion

3,389 


146 


12,443 


546 

    Net loss available to common stockholders

($18,630)


($62,779)


($42,506)


($93,491)









Per Common Share Data








Basic

$(0.30)


$(1.98)


$(0.95)


$(3.16)

Diluted

$(0.30)


$(1.98)


$(0.95)


$(3.16)

Dividends

$0.01 


$0.075 


$0.04 


$0.30 

Weighted average common shares outstanding

61,608 


31,733 


44,516 


29,553 

Diluted average common shares outstanding

61,608 


31,733 


44,516 


29,553 









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.

Note 2: For the three months and year ended December 31, 2008 and 2009 diluted shares are equal to basic shares due to the net loss.  The calculation of diluted earnings per share results in anti-dilution.


Quarterly Consolidated Income Statements

Unaudited

(Amounts in thousands except per share data)












4Q09


3Q09


2Q09


1Q09


4Q08

Interest Income










Loans, including fees

$115,140 


$107,749 


$95,997 


$92,944 


$107,370 

Federal funds sold and other short-term investments

340 


323 


161 


288 


488 

Securities:










    Taxable

15,672 


14,799 


13,646 


14,546 


10,754 

    Exempt from Federal income taxes

1,672 


1,797 


1,786 


1,852 


2,025 

    Total interest income

132,824 


124,668 


111,590 


109,630 


120,637 











Interest Expense










Interest-bearing deposits

848 


932 


467 


399 


285 

Savings deposits and money market accounts

9,022 


8,013 


6,036 


6,564 


11,579 

Brokered and other time deposits

13,959 


18,170 


20,322 


26,884 


36,405 

Short-term borrowings

1,613 


1,649 


1,844 


2,988 


3,416 

Long-term debt

7,820 


8,469 


8,814 


8,915 


9,805 

  Total interest expense

33,262 


37,233 


37,483 


45,750 


61,490 

    Net interest income

99,562 


87,435 


74,107 


63,880 


59,147 

Provision for loan and covered asset losses

70,077 


90,016 


21,521 


17,805 


119,250 

Net Interest Income (Expense) after provision for










     loan and covered asset losses

29,485 


(2,581)


52,586 


46,075 


(60,103)











Non-interest Income










The PrivateWealth Group

4,081 


4,084 


3,500 


3,794 


4,140 

Mortgage banking

2,243 


1,826 


2,686 


2,175 


622 

Capital markets products

2,409 


(322)


3,830 


11,233 


4,767 

Treasury management

3,366 


3,067 


2,110 


1,605 


1,086 

Bank owned life insurance

442 


444 


453 


389 


501 

Banking and other services

1,918 


4,093 


2,054 


3,594 


1,297 

Net securities (losses) gains

(149)


(309)


7,067 


772 


(770)

Early extinguishment of debt



(985)



    Total non-interest income

14,310 


12,883 


20,715 


23,562 


11,643 











Non-interest Expense










Salaries and employee benefits

31,020 


23,212 


34,300 


35,121 


28,219 

Net occupancy expense

7,039 


7,004 


6,067 


6,060 


4,543 

Technology and related costs

3,503 


2,565 


1,967 


2,564 


2,019 

Marketing

3,568 


2,500 


1,933 


1,842 


2,781 

Professional fees

5,562 


5,759 


2,492 


2,514 


4,714 

Investment manager expenses

576 


581 


556 


609 


690 

Net foreclosed property expenses

1,810 


2,454 


967 


444 


4,605 

Supplies and printing

436 


295 


392 


342 


461 

Postage, telephone, and delivery

855 


803 


821 


581 


563 

Insurance

5,015 


4,603 


9,157 


3,832 


2,341 

Amortization of intangibles

536 


547 


325 


329 


267 

Loan and collection

4,526 


1,388 


1,838 


1,865 


1,456 

Other expenses

4,082 


5,124 


3,180 


1,954 


2,244 

    Total non-interest expense

68,528 


56,835 


63,995 


58,057 


54,903 

(Loss) income before income taxes

(24,733)


(46,533)


9,306 


11,580 


(103,363)

Income tax (benefit) provision

(9,556)


(18,789)


3,372 


4,409 


(40,783)

    Net (loss) income

(15,177)


(27,744)


5,934 


7,171 


(62,580)

Net income attributable to noncontrolling interests

64 


66 


57 


60 


53 

    Net (loss) income attributable to controlling interests

(15,241)


(27,810)


5,877 


7,111 


(62,633)

Preferred stock dividends and discount accretion

3,389 


3,385 


3,399 


2,270 


146 

    Net (loss) income available to common stockholders

($18,630)


($31,195)


$2,478 


$4,841 


($62,779)











Per Common Share Data










Basic

$(0.30)


$(0.68)


$0.06 


$0.15 


$(1.98)

Diluted

$(0.30)


$(0.68)


$0.06 


$0.14 


$(1.98)

Dividends

$0.01 


$0.01 


$0.01 


$0.01 


$0.075 

Weighted average common shares outstanding

61,608 


46,047 


38,015 


32,030 


31,733 

Diluted average common shares outstanding

61,608 


46,047 


39,795 


34,304 


31,733 


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.

Note 2:  For the fourth quarter 2008 and the third and fourth quarter 2009 diluted shares are equal to basic shares due to the net loss.  The calculation of diluted earnings per share during those periods results in anti-dilution.


Consolidated Balance Sheets


Unaudited


(Dollars in thousands)




































12/31/09


09/30/09


06/30/09


03/31/09


12/31/08



unaudited


unaudited


unaudited


unaudited


unaudited


Assets











Cash and due from banks

$320,160 


$199,703 


$99,088 


$96,712 


$131,848 


Fed funds sold and other short-term investments

218,935 


332,188 


393,953 


83,626 


98,387 


Loans held for sale

28,363 


19,000 


23,825 


11,298 


17,082 


Securities available-for-sale, at fair value

1,569,541 


1,648,313 


1,443,648 


1,385,244 


1,425,564 


Non-marketable equity investments

29,413 


30,681 


28,586 


28,035 


27,213 













Loans, excluding covered assets and net of unearned fees

9,073,474 


9,028,456 


8,728,926 


8,483,641 


8,036,807 


Allowance for loan losses

(221,688)


(192,791)


(140,088)


(127,011)


(112,672)


    Loans, net of allowance for loan losses and unearned fees

8,851,786 


8,835,665 


8,588,838 


8,356,630 


7,924,135 













Covered assets

502,034 


530,059 





Allowance for covered assets losses

(2,764)






    Covered assets, net of allowance for covered assets

499,270 


530,059 
















Other real estate owned

41,497 


36,705 


29,236 


28,703 


23,823 


Premises, furniture, and equipment, net

41,344 


32,870 


33,162 


33,179 


34,201 


Accrued interest receivable

35,562 


35,862 


30,867 


30,627 


34,282 


Investment in bank owned life insurance

47,666 


47,225 


46,780 


46,327 


45,938 


Goodwill

94,671 


94,683 


95,045 


95,045 


95,045 


Other intangible assets

18,485 


19,021 


5,890 


6,215 


6,544 


Derivative assets

71,540 


83,784 


66,921 


94,214 


74,999 


Other assets

191,200 


136,825 


103,511 


79,859 


101,476 


    Total assets

$12,059,433 


$12,082,584 


$10,989,350 


$10,375,714 


$10,040,537 













Liabilities











Demand deposits:











    Non-interest bearing

$1,840,900 


$1,565,492 


$1,243,453 


$954,311 


$711,693 


    Interest bearing

752,728 


589,298 


535,374 


428,529 


232,099 


Savings deposits and money market accounts

4,080,824 


4,057,382 


3,129,384 


3,021,268 


2,798,882 


Brokered deposits (1)

1,566,139 


1,606,823 


1,943,065 


1,740,960 


2,654,768 


Other time deposits

1,678,172 


1,741,783 


1,426,874 


1,671,520 


1,599,014 


    Total deposits

9,918,763 


9,560,778 


8,278,150 


7,816,588 


7,996,456 


Short-term borrowings

214,975 


690,352 


892,706 


834,466 


654,765 


Long-term debt

533,023 


618,173 


606,793 


710,793 


618,793 


Accrued interest payable

9,673 


12,051 


18,809 


23,775 


37,623 


Derivative liabilities

71,958 


85,097 


65,844 


91,911 


76,497 


Other liabilities

75,425 


47,614 


47,670 


31,953 


50,837 


    Total liabilities

10,823,817 


11,014,065 


9,909,972 


9,509,486 


9,434,971 













Stockholders' Equity











Preferred stock

237,487 


237,145 


236,808 


294,546 


58,070 


Common stock

70,444 


46,593 


46,548 


32,543 


32,468 


Treasury stock

(18,489)


(18,427)


(18,223)


(17,338)


(17,285)


Additional paid-in-capital

940,338 


767,579 


761,068 


495,811 


482,347 


Retained earnings

(22,093)


(2,748)


28,896 


26,875 


22,365 


Accumulated other comprehensive income, net

27,896 


38,161 


24,131 


33,698 


27,568 


    Controlling interest stockholders' equity

1,235,583 


1,068,303 


1,079,228 


866,135 


605,533 


Noncontrolling interests

33 


216 


150 


93 


33 


    Total stockholders' equity

1,235,616 


1,068,519 


1,079,378 


866,228 


605,566 


    Total liabilities and stockholders' equity

$12,059,433 


$12,082,584 


$10,989,350 


$10,375,714 


$10,040,537 













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.

(1) Computed as the sum of traditional brokered deposits, client CDARs and non-client CDARs. Client CDARs for the fourth quarter 2008 through the fourth quarter 2009 were $679.0 million, $865.7 million, $1.0 billion, $981.7 million, and $979.7 million and


SOURCE PrivateBancorp, Inc.



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