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 |
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 |
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 |
$ 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 |
133 |
132 |
215 |
231 |
399 |
|||||
Securities: |
||||||||||
Taxable |
14,854 |
15,380 |
15,263 |
15,196 |
15,568 |
|||||
Exempt from Federal |
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 |
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 |
- |
- |
7 |
33 |
58 |
|||||
Net income attributable to |
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 |
$ 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, |
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 |
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 |
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 |
$ 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 |
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 |
$ 4,738,973 |
$ 4,879,947 |
$ 4,303,547 |
$ 4,161,614 |
$ 4,395,516 |
|||||
Custody assets included |
$ 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 |
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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