CHICAGO, April 17, 2014 /PRNewswire/ -- PrivateBancorp,
Inc. (NASDAQ: PVTB) today reported net income of $34.5 million or $0.44 per diluted share for the first quarter
2014, compared to $27.3 million or
$0.35 per diluted share for the first
quarter 2013 and $33.7 million or
$0.43 per diluted share for the
fourth quarter 2013.
"We have built a strong commercial banking platform that drove
us to our ninth-consecutive quarter of net income growth," said
Larry D. Richman, President and
Chief Executive Officer, PrivateBancorp, Inc. "First quarter net
income increased 27 percent from a year ago, largely on the
significant improvement in credit quality we have achieved over the
last year. Our loan growth continued as commercial and industrial
loans drove a $281 million net
increase in total loans from the prior quarter. We have a strong
team in place and I am confident in our ability to both capture new
market share and to expand our business with our growing client
base in this gradually improving economy."
First Quarter 2014 Highlights
- Return on average common equity improved to 10.5 percent and
return on average assets improved to 1.0 percent for the first
quarter 2014.
- Net revenue was $135.8 million,
up $1.5 million from the first
quarter 2013 and comparable to the fourth quarter 2013, as loan
growth and lower funding costs offset the impact of declining loan
yields and lower noninterest income.
- Operating profit of $60.0 million
was $4.7 million higher than first
quarter 2013 and comparable to the fourth quarter 2013. The
increase relative to the first quarter 2013 was driven by lower
noninterest expense, primarily the result of a decline in credit
costs.
- Total loans grew to $10.9
billion, up 9 percent from a year ago and 3 percent from
December 31, 2013, primarily driven
by commercial and industrial loans to new clients.
- Total deposits were $11.9
billion, compared to $11.4
billion as of March 31, 2013,
and $12.0 billion as of December 31, 2013. The loan-to-deposit ratio was
92 percent, as compared to 88 percent as of March 31, 2013, and 89 percent as of December 31, 2013.
- Net interest margin was 3.23 percent, up 5 basis points from
the fourth quarter 2013. The benefits of lower funding costs,
reduced liquidity and interest recoveries on non-accrual loans
overcame the impact of continued pricing pressure.
- Provision for loan losses was $3.4
million, compared to $10.1
million for the first quarter 2013 and $4.9 million for the fourth quarter 2013,
reflecting above average recoveries for the second consecutive
quarter.
Operating Performance
Net interest income was $108.8
million in the first quarter 2014, an increase of 6 percent
compared to the first quarter 2013, and comparable to the fourth
quarter 2013, despite two fewer days in the first quarter. Compared
to the previous periods, interest income benefited from higher
average loan balances, while the competitive lending environment
continued to put pressure on loan yields. Interest expense declined
compared to the previous periods, reflecting lower deposit costs
and a full quarter's benefit of the prepayment of a subordinated
debt facility in the fourth quarter 2013. Net interest margin was
3.23 percent in the first quarter 2014, compared to 3.18 percent in
the fourth quarter 2013. Lower funding costs, reduced excess
liquidity and interest recoveries on nonaccrual loans in the
quarter offset continued pricing pressure.
Noninterest income was $26.2
million in the first quarter 2014, down $4.2 million compared to the first quarter 2013,
primarily due to lower mortgage banking revenue and other income,
as the prior year quarter included a $1.1
million gain on loan sale. Noninterest income was
$26.7 million in the fourth quarter
2013.
Asset management revenue was $4.3
million for the first quarter 2014, compared to $4.4 million for the first quarter 2013 and
$4.6 million for the fourth quarter
2013. The prior periods included fees generated by the investment
management subsidiary sold at year-end. Assets under management and
administration were $6.0 billion as
of March 31, 2014, compared to
$5.5 billion a year ago and
$5.7 billion as of December 31, 2013, benefiting from growth in both
managed and custody assets.
Capital markets revenue of $4.1
million declined from $5.7
million in the fourth quarter 2013. Excluding the impact of
CVA in the quarter, capital markets revenue was $4.1 million, a decrease of $952,000 from the previous quarter, reflecting
lower demand given the outlook for interest rates. Treasury
management fees of $6.6 million grew
4 percent from the previous quarter, benefiting in part from new
credit relationships. Syndication fees were $3.3 million, up $1.2
million compared to the fourth quarter 2013, as syndication
activity increased from a typically slow fourth quarter.
Expenses
Noninterest expense was $75.8
million in the first quarter 2014, a decline of 4 percent
from the first quarter 2013 and comparable to the fourth quarter
2013. Noninterest expense largely benefited from continued declines
in credit-related costs. Net foreclosed property expense declined
$3.8 million from the first quarter
2013 and $777,000 from the fourth
quarter 2013, a result of reduced foreclosed property ("OREO").
Loan and collection expense was down $1.7
million from the first quarter 2013 and $1.3 million from the fourth quarter 2013, a
result of reduced mortgage activity and lower workout-related
costs.
Salary and employee benefits expense increased 3 percent from
the first quarter 2013 and 5 percent from the fourth quarter 2013.
Compared to the previous quarter, salary and benefits expense
included seasonally higher payroll taxes and benefits, annual
salary adjustments that went into effect during the quarter and a
lower bonus accrual. Marketing expense, while up slightly compared
to the first quarter 2013, declined $1.2
million compared to the fourth quarter 2013, reflecting
seasonally lower advertising activity. The efficiency ratio was
55.8 percent in the first quarter 2014, compared to 58.8 percent in
the first quarter 2013 and 55.7 percent in the fourth quarter
2013.
Credit Quality
Credit quality was in line with the previous quarter.
Nonperforming assets were 0.82 percent of total assets at
March 31, 2014, down from 1.51
percent at March 31, 2013, and 0.87
percent at December 31, 2013, largely
due to OREO dispositions. At March 31,
2014, OREO was $23.6 million,
down $50.3 million from March 31, 2013, and $5.0
million from December 31,
2013.
The allowance for loan losses as a percentage of total loans was
1.34 percent at March 31, 2014, and
December 31, 2013. Provision for loan
losses was $3.4 million for the first
quarter 2014 compared to $4.9 million
for the fourth quarter 2013. The current period provision was
impacted by loan growth, changes in the composition of the loan
portfolio and larger than average recoveries exceeding charge-offs.
In the first quarter 2014, total charge-offs were $4.9 million, compared to $19.5 million for the first quarter 2013 and
$11.4 million for the fourth quarter
2013.
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 $14.3 billion at
March 31, 2014, up compared to
$13.4 billion at March 31, 2013, and $14.1
billion at December 31, 2013.
Total loans of $10.9 billion grew
$891.2 million, or 9 percent, from
March 31, 2013, and $281.0 million, or 3 percent, from the previous
quarter end, benefiting largely from net loan growth of commercial
and industrial and construction loans. At March 31, 2014, total commercial loans comprised
68 percent of total loans, up from 65 percent a year ago, and total
commercial real estate and construction loans comprised 26 percent
of total loans, down slightly from 27 percent at March 31, 2013. The Company's investment
securities portfolio was $2.6 billion
at March 31, 2014, up 8 percent from
March 31, 2013, and 3 percent from
December 31, 2013.
Total liabilities were $13.0
billion at March 31, 2014, up
compared to $12.1 billion at
March 31, 2013, and $12.8 billion compared to December 31, 2013. Total deposits were
$11.9 billion at March 31, 2014, an increase of $493.9 million, or 4 percent, from March 31, 2013, and a decline of $127.5 million, or 1 percent, from December 31, 2013. At March 31, 2014, the loan-to-deposit ratio was
91.9 percent. Noninterest bearing demand deposits comprised 26
percent of total deposits at March 31,
2014, as compared to 24 percent at March 31, 2013, and 26 percent at December 31, 2013.
Capital
As of March 31, 2014, the total
risk-based capital ratio was 13.39 percent, the Tier 1 risk-based
capital ratio was 11.19 percent, and the leverage ratio was 10.60
percent. The Tier 1 common capital ratio was 9.33 percent
(excluding the effect of the final Basel III capital rules that go
into effect January 2015) and the
tangible common equity ratio was 8.74 percent at the end of the
first quarter 2014.
Quarterly Conference Call and Webcast Presentation
PrivateBancorp will host a conference call Thursday, April 17, 2014, at 10 a.m. CDT. The call may be accessed by
telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International) and
entering passcode #15890768. A live webcast of the call can
be accessed on the Company website at: investor.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 April 30,
2014, by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and
entering passcode #15890768.
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 March 31, 2014, the
Company had 33 offices in 10 states and $14.3 billion in assets. The Company's website is
www.theprivatebank.com.
Forward-Looking Statements
Statements made in this press release that are not historical
facts may constitute forward-looking statements within the meaning
of federal securities laws. Our ability to predict results or the
actual effects of future plans, strategies or events is inherently
uncertain. Factors which could cause actual results to differ from
those reflected in forward-looking statements include:
- continued uncertainty regarding U.S. and global economic
outlook that may impact market conditions or prolong weakness in
demand for certain banking products and services;
- unanticipated developments in pending or prospective loan
transactions or greater than expected paydowns or payoffs of
existing loans;
- unanticipated changes in interest rates;
- competitive pressures in the financial services industry that
may affect the pricing of the Company's loan and deposit products
as well as its services;
- unforeseen credit quality problems or changing economic
conditions that could result in charge-offs greater than we have
anticipated in our allowance for loan losses or changes in value of
our investments;
- lack of sufficient or cost-effective sources of liquidity or
funding as and when needed;
- loss of key personnel or an inability to recruit and retain
appropriate talent;
- potential impact of adapting to the new capital standards and
capital stress testing requirements;
- greater than anticipated impact on costs, revenues and offered
products and services associated with the implementation of other
regulatory changes; or
- failures or disruptions to our data processing or other
information or operational systems, including the potential impact
of disruptions or breaches at our third party service
providers.
These factors should be considered in evaluating forward-looking
statements and undue reliance should not be placed on our
forward-looking statements. Readers should also consider the risks,
assumptions and uncertainties set forth in the "Risk Factors"
section of our Form 10-K for the year ended December 31, 2013,
as well as those set forth in our subsequent periodic and current
reports filed with the SEC. Forward-looking statements speak only
as of the date they are made and we assume no obligation to update
any of these statements in light of new information, future events
or otherwise unless required under the federal securities laws.
Non-U.S. GAAP Financial Measures
This press release contains both financial measures based on
accounting principles generally accepted in the United States (U.S. GAAP) and non-U.S.
GAAP based financial measures. We believe that presenting these
non-U.S. GAAP financial measures will provide information useful to
investors in understanding our underlying operational performance,
our business, and performance trends and facilitates comparisons
with the performance of others in the banking industry. If non-U.S.
GAAP financial measures are used, the comparable U.S. GAAP
financial measure, as well as the reconciliation to the comparable
U.S. GAAP financial measure, can be found in this press release.
These disclosures should not be viewed as a substitute for
operating results determined in accordance with U.S. GAAP, nor are
they necessarily comparable to non-U.S. GAAP performance measures
that may be presented by other companies.
Editor's Note: Financial highlights attached. Full financial
supplement available on the Company's website at
investor.theprivatebank.com.
|
Consolidated
Income Statements
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
1Q14
|
|
4Q13
|
|
3Q13
|
|
2Q13
|
|
1Q13
|
Interest
Income
|
|
|
|
|
|
|
|
|
|
Loans, including
fees
|
$
|
110,199
|
|
|
$
|
110,723
|
|
|
$
|
108,912
|
|
|
$
|
107,407
|
|
|
$
|
106,787
|
|
Federal funds sold
and interest-bearing deposits in banks
|
142
|
|
|
221
|
|
|
111
|
|
|
112
|
|
|
208
|
|
Securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
13,255
|
|
|
13,038
|
|
|
12,931
|
|
|
12,519
|
|
|
12,822
|
|
Exempt from Federal
income taxes
|
1,529
|
|
|
1,604
|
|
|
1,562
|
|
|
1,532
|
|
|
1,502
|
|
Other interest
income
|
33
|
|
|
34
|
|
|
61
|
|
|
62
|
|
|
90
|
|
Total interest
income
|
125,158
|
|
|
125,620
|
|
|
123,577
|
|
|
121,632
|
|
|
121,409
|
|
Interest
Expense
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand deposits
|
942
|
|
|
1,021
|
|
|
1,032
|
|
|
1,034
|
|
|
1,115
|
|
Savings deposits and
money market accounts
|
3,974
|
|
|
4,169
|
|
|
3,895
|
|
|
3,887
|
|
|
4,399
|
|
Brokered and time
deposits
|
4,806
|
|
|
5,062
|
|
|
5,014
|
|
|
4,956
|
|
|
5,129
|
|
Short-term and
secured borrowings
|
196
|
|
|
161
|
|
|
161
|
|
|
410
|
|
|
118
|
|
Long-term
debt
|
6,488
|
|
|
6,751
|
|
|
7,640
|
|
|
7,613
|
|
|
7,608
|
|
Total interest
expense
|
16,406
|
|
|
17,164
|
|
|
17,742
|
|
|
17,900
|
|
|
18,369
|
|
Net interest
income
|
108,752
|
|
|
108,456
|
|
|
105,835
|
|
|
103,732
|
|
|
103,040
|
|
Provision for loan
and covered loan losses
|
3,707
|
|
|
4,476
|
|
|
8,120
|
|
|
8,843
|
|
|
10,357
|
|
Net interest income
after provision for loan and covered loan losses
|
105,045
|
|
|
103,980
|
|
|
97,715
|
|
|
94,889
|
|
|
92,683
|
|
Non-interest
Income
|
|
|
|
|
|
|
|
|
|
Asset
management
|
4,347
|
|
|
4,613
|
|
|
4,570
|
|
|
4,800
|
|
|
4,394
|
|
Mortgage
banking
|
1,632
|
|
|
1,858
|
|
|
2,946
|
|
|
3,198
|
|
|
4,170
|
|
Capital markets
products
|
4,083
|
|
|
5,720
|
|
|
3,921
|
|
|
6,048
|
|
|
5,039
|
|
Treasury
management
|
6,599
|
|
|
6,321
|
|
|
6,214
|
|
|
6,209
|
|
|
5,924
|
|
Loan, letter of
credit and commitment fees
|
4,634
|
|
|
4,474
|
|
|
4,384
|
|
|
4,282
|
|
|
4,077
|
|
Syndication
fees
|
3,313
|
|
|
2,153
|
|
|
4,322
|
|
|
3,140
|
|
|
3,832
|
|
Deposit service
charges and fees and other income
|
1,297
|
|
|
1,322
|
|
|
1,298
|
|
|
1,196
|
|
|
2,391
|
|
Net securities
gains
|
331
|
|
|
279
|
|
|
118
|
|
|
136
|
|
|
641
|
|
Total non-interest
income
|
26,236
|
|
|
26,740
|
|
|
27,773
|
|
|
29,009
|
|
|
30,468
|
|
Non-interest
Expense
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
44,620
|
|
|
42,575
|
|
|
41,360
|
|
|
39,854
|
|
|
43,140
|
|
Net occupancy
expense
|
7,776
|
|
|
7,548
|
|
|
7,558
|
|
|
7,387
|
|
|
7,534
|
|
Technology and
related costs
|
3,283
|
|
|
3,443
|
|
|
3,343
|
|
|
3,476
|
|
|
3,464
|
|
Marketing
|
2,413
|
|
|
3,592
|
|
|
2,986
|
|
|
3,695
|
|
|
2,317
|
|
Professional
services
|
2,759
|
|
|
2,393
|
|
|
2,465
|
|
|
1,782
|
|
|
1,899
|
|
Outsourced servicing
costs
|
1,464
|
|
|
1,612
|
|
|
1,607
|
|
|
1,964
|
|
|
1,634
|
|
Net foreclosed
property expenses
|
2,823
|
|
|
3,600
|
|
|
4,396
|
|
|
5,555
|
|
|
6,643
|
|
Postage, telephone,
and delivery
|
825
|
|
|
845
|
|
|
852
|
|
|
981
|
|
|
843
|
|
Insurance
|
2,903
|
|
|
2,934
|
|
|
2,590
|
|
|
2,804
|
|
|
2,539
|
|
Loan and collection
expense
|
1,056
|
|
|
2,351
|
|
|
1,345
|
|
|
2,280
|
|
|
2,777
|
|
Other
expenses
|
5,828
|
|
|
4,934
|
|
|
2,767
|
|
|
7,477
|
|
|
6,173
|
|
Total non-interest
expense
|
75,750
|
|
|
75,827
|
|
|
71,269
|
|
|
77,255
|
|
|
78,963
|
|
Income before income
taxes
|
55,531
|
|
|
54,893
|
|
|
54,219
|
|
|
46,643
|
|
|
44,188
|
|
Income tax
provision
|
21,026
|
|
|
21,187
|
|
|
21,161
|
|
|
17,728
|
|
|
16,918
|
|
Net income
available to common stockholders
|
$
|
34,505
|
|
|
$
|
33,706
|
|
|
$
|
33,058
|
|
|
$
|
28,915
|
|
|
$
|
27,270
|
|
Per Common Share
Data
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
Diluted earnings per
share
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
Cash dividends
declared
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
Weighted-average
common shares outstanding
|
76,675
|
|
|
76,533
|
|
|
76,494
|
|
|
76,415
|
|
|
76,143
|
|
Weighted-average
diluted common shares outstanding
|
77,417
|
|
|
76,967
|
|
|
76,819
|
|
|
76,581
|
|
|
76,203
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
3/31/14
|
|
12/31/13
|
|
9/30/13
|
|
6/30/13
|
|
3/31/13
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$
|
233,685
|
|
|
$
|
133,518
|
|
|
$
|
247,460
|
|
|
$
|
150,683
|
|
|
$
|
118,583
|
|
Federal funds sold
and interest-bearing deposits in banks
|
117,446
|
|
|
306,544
|
|
|
180,608
|
|
|
147,699
|
|
|
203,647
|
|
Loans
held-for-sale
|
26,262
|
|
|
26,816
|
|
|
27,644
|
|
|
34,803
|
|
|
38,091
|
|
Securities
available-for-sale, at fair value
|
1,577,406
|
|
|
1,602,476
|
|
|
1,611,022
|
|
|
1,580,179
|
|
|
1,457,433
|
|
Securities
held-to-maturity, at amortized cost
|
1,023,214
|
|
|
921,436
|
|
|
931,342
|
|
|
955,688
|
|
|
959,994
|
|
Federal Home Loan
Bank ("FHLB") stock
|
30,005
|
|
|
30,005
|
|
|
34,063
|
|
|
34,063
|
|
|
34,288
|
|
Loans – excluding
covered assets, net of unearned fees
|
10,924,985
|
|
|
10,644,021
|
|
|
10,409,443
|
|
|
10,094,636
|
|
|
10,033,803
|
|
Allowance for loan
losses
|
(146,768)
|
|
|
(143,109)
|
|
|
(145,513)
|
|
|
(148,183)
|
|
|
(153,992)
|
|
Loans, net of
allowance for loan losses and unearned fees
|
10,778,217
|
|
|
10,500,912
|
|
|
10,263,930
|
|
|
9,946,453
|
|
|
9,879,811
|
|
Covered
assets
|
94,349
|
|
|
112,746
|
|
|
140,083
|
|
|
158,326
|
|
|
176,855
|
|
Allowance for covered
loan losses
|
(16,571)
|
|
|
(16,511)
|
|
|
(21,653)
|
|
|
(24,995)
|
|
|
(24,089)
|
|
Covered assets, net
of allowance for covered loan losses
|
77,778
|
|
|
96,235
|
|
|
118,430
|
|
|
133,331
|
|
|
152,766
|
|
Other real estate
owned, excluding covered assets
|
23,565
|
|
|
28,548
|
|
|
35,310
|
|
|
57,134
|
|
|
73,857
|
|
Premises, furniture,
and equipment, net
|
39,556
|
|
|
39,704
|
|
|
36,445
|
|
|
37,025
|
|
|
38,373
|
|
Accrued interest
receivable
|
39,273
|
|
|
37,004
|
|
|
35,758
|
|
|
38,325
|
|
|
39,205
|
|
Investment in bank
owned life insurance
|
54,184
|
|
|
53,865
|
|
|
53,539
|
|
|
53,216
|
|
|
52,873
|
|
Goodwill
|
94,041
|
|
|
94,041
|
|
|
94,484
|
|
|
94,496
|
|
|
94,509
|
|
Other intangible
assets
|
8,136
|
|
|
8,892
|
|
|
10,486
|
|
|
11,266
|
|
|
12,047
|
|
Derivative
assets
|
44,528
|
|
|
48,422
|
|
|
57,771
|
|
|
57,361
|
|
|
90,303
|
|
Other
assets
|
137,486
|
|
|
157,328
|
|
|
130,848
|
|
|
144,771
|
|
|
126,450
|
|
Total
assets
|
$
|
14,304,782
|
|
|
$
|
14,085,746
|
|
|
$
|
13,869,140
|
|
|
$
|
13,476,493
|
|
|
$
|
13,372,230
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Demand
deposits:
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
|
3,103,736
|
|
|
$
|
3,172,676
|
|
|
$
|
3,106,986
|
|
|
$
|
2,736,868
|
|
|
$
|
2,756,879
|
|
Interest-bearing
|
1,466,095
|
|
|
1,470,856
|
|
|
1,183,471
|
|
|
1,234,134
|
|
|
1,390,955
|
|
Savings deposits and
money market accounts
|
4,786,398
|
|
|
4,799,561
|
|
|
4,778,057
|
|
|
4,654,930
|
|
|
4,741,864
|
|
Brokered time
deposits
|
1,097,865
|
|
|
1,119,777
|
|
|
1,303,596
|
|
|
1,190,796
|
|
|
983,625
|
|
Time
deposits
|
1,432,067
|
|
|
1,450,771
|
|
|
1,460,446
|
|
|
1,491,604
|
|
|
1,518,980
|
|
Total
deposits
|
11,886,161
|
|
|
12,013,641
|
|
|
11,832,556
|
|
|
11,308,332
|
|
|
11,392,303
|
|
Short-term and
secured borrowings
|
333,400
|
|
|
8,400
|
|
|
131,400
|
|
|
308,700
|
|
|
107,775
|
|
Long-term
debt
|
627,793
|
|
|
627,793
|
|
|
499,793
|
|
|
499,793
|
|
|
499,793
|
|
Accrued interest
payable
|
6,251
|
|
|
6,326
|
|
|
6,042
|
|
|
5,963
|
|
|
6,787
|
|
Derivative
liabilities
|
40,522
|
|
|
48,890
|
|
|
55,933
|
|
|
62,014
|
|
|
84,370
|
|
Other
liabilities
|
67,409
|
|
|
78,792
|
|
|
69,728
|
|
|
58,651
|
|
|
49,137
|
|
Total
liabilities
|
12,961,536
|
|
|
12,783,842
|
|
|
12,595,452
|
|
|
12,243,453
|
|
|
12,140,165
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Common
stock:
|
|
|
|
|
|
|
|
|
|
Voting
|
75,428
|
|
|
75,240
|
|
|
75,240
|
|
|
75,238
|
|
|
73,144
|
|
Nonvoting
|
1,585
|
|
|
1,585
|
|
|
1,585
|
|
|
1,585
|
|
|
3,536
|
|
Treasury
stock
|
(1,697)
|
|
|
(6,415)
|
|
|
(7,303)
|
|
|
(9,001)
|
|
|
(9,631)
|
|
Additional paid-in
capital
|
1,021,436
|
|
|
1,022,023
|
|
|
1,019,143
|
|
|
1,016,615
|
|
|
1,014,443
|
|
Retained
earnings
|
233,347
|
|
|
199,627
|
|
|
166,700
|
|
|
134,423
|
|
|
106,288
|
|
Accumulated other
comprehensive income, net of tax
|
13,147
|
|
|
9,844
|
|
|
18,323
|
|
|
14,180
|
|
|
44,285
|
|
Total
equity
|
1,343,246
|
|
|
1,301,904
|
|
|
1,273,688
|
|
|
1,233,040
|
|
|
1,232,065
|
|
Total liabilities and
equity
|
$
|
14,304,782
|
|
|
$
|
14,085,746
|
|
|
$
|
13,869,140
|
|
|
$
|
13,476,493
|
|
|
$
|
13,372,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
1Q14
|
|
4Q13
|
|
3Q13
|
|
2Q13
|
|
1Q13
|
|
Selected Statement
of Income Data:
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
108,752
|
|
|
$
|
108,456
|
|
|
$
|
105,835
|
|
|
$
|
103,732
|
|
|
$
|
103,040
|
|
|
Net revenue
(1)(2)
|
$
|
135,788
|
|
|
$
|
136,036
|
|
|
$
|
134,426
|
|
|
$
|
133,546
|
|
|
$
|
134,292
|
|
|
Operating profit
(1)(2)
|
$
|
60,038
|
|
|
$
|
60,209
|
|
|
$
|
63,157
|
|
|
$
|
56,291
|
|
|
$
|
55,329
|
|
|
Provision for loan
and covered loan losses
|
$
|
3,707
|
|
|
$
|
4,476
|
|
|
$
|
8,120
|
|
|
$
|
8,843
|
|
|
$
|
10,357
|
|
|
Income before income
taxes
|
$
|
55,531
|
|
|
$
|
54,893
|
|
|
$
|
54,219
|
|
|
$
|
46,643
|
|
|
$
|
44,188
|
|
|
Net income available
to common stockholders
|
$
|
34,505
|
|
|
$
|
33,706
|
|
|
$
|
33,058
|
|
|
$
|
28,915
|
|
|
$
|
27,270
|
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
|
Diluted earnings per
share
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.37
|
|
|
$
|
0.35
|
|
|
Dividends
declared
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
Book value (period
end) (1)
|
$
|
17.21
|
|
|
$
|
16.75
|
|
|
$
|
16.40
|
|
|
$
|
15.88
|
|
|
$
|
15.87
|
|
|
Tangible book value
(period end) (1)(2)
|
$
|
15.90
|
|
|
$
|
15.43
|
|
|
$
|
15.05
|
|
|
$
|
14.52
|
|
|
$
|
14.49
|
|
|
Market value
(close)
|
$
|
30.51
|
|
|
$
|
28.93
|
|
|
$
|
21.40
|
|
|
$
|
21.22
|
|
|
$
|
18.89
|
|
|
Book value
multiple
|
1.77
|
|
x
|
1.73
|
|
x
|
1.31
|
|
x
|
1.34
|
|
x
|
1.19
|
|
x
|
Share
Data:
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding
|
76,675
|
|
|
76,533
|
|
|
76,494
|
|
|
76,415
|
|
|
76,143
|
|
|
Weighted-average
diluted common shares outstanding
|
77,417
|
|
|
76,967
|
|
|
76,819
|
|
|
76,581
|
|
|
76,203
|
|
|
Common shares issued
(period end)
|
78,108
|
|
|
77,982
|
|
|
77,993
|
|
|
78,015
|
|
|
78,050
|
|
|
Common shares
outstanding (period end)
|
78,049
|
|
|
77,708
|
|
|
77,680
|
|
|
77,630
|
|
|
77,649
|
|
|
Performance
Ratio:
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity
|
10.48
|
%
|
|
10.28
|
%
|
|
10.43
|
%
|
|
9.28
|
%
|
|
9.01
|
%
|
|
Return on average
assets
|
1.00
|
%
|
|
0.96
|
%
|
|
0.96
|
%
|
|
0.86
|
%
|
|
0.81
|
%
|
|
Return on average
tangible common equity (1)(2)
|
11.50
|
%
|
|
11.33
|
%
|
|
11.55
|
%
|
|
10.30
|
%
|
|
10.04
|
%
|
|
Net interest margin
(1)(2)
|
3.23
|
%
|
|
3.18
|
%
|
|
3.18
|
%
|
|
3.22
|
%
|
|
3.19
|
%
|
|
Fee revenue as a
percent of total revenue (1)
|
19.24
|
%
|
|
19.61
|
%
|
|
20.72
|
%
|
|
21.77
|
%
|
|
22.45
|
%
|
|
Non-interest income
to average assets
|
0.76
|
%
|
|
0.76
|
%
|
|
0.81
|
%
|
|
0.87
|
%
|
|
0.91
|
%
|
|
Non-interest expense
to average assets
|
2.19
|
%
|
|
2.16
|
%
|
|
2.07
|
%
|
|
2.31
|
%
|
|
2.35
|
%
|
|
Net overhead ratio
(1)
|
1.43
|
%
|
|
1.40
|
%
|
|
1.26
|
%
|
|
1.44
|
%
|
|
1.44
|
%
|
|
Efficiency ratio
(1)(2)
|
55.79
|
%
|
|
55.74
|
%
|
|
53.02
|
%
|
|
57.85
|
%
|
|
58.80
|
%
|
|
Balance Sheet
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Loans to deposits
(period end) (3)
|
91.91
|
%
|
|
88.60
|
%
|
|
87.97
|
%
|
|
89.27
|
%
|
|
88.08
|
%
|
|
Average
interest-earning assets to average interest-bearing
liabilities
|
143.43
|
%
|
|
144.87
|
%
|
|
140.72
|
%
|
|
139.76
|
%
|
|
141.21
|
%
|
|
Capital Ratios
(period end):
|
|
|
|
|
|
|
|
|
|
|
Total risk-based
capital (1)
|
13.39
|
%
|
|
13.30
|
%
|
|
13.48
|
%
|
|
13.70
|
%
|
|
13.58
|
%
|
|
Tier 1 risk-based
capital (1)
|
11.19
|
%
|
|
11.08
|
%
|
|
11.05
|
%
|
|
11.04
|
%
|
|
10.90
|
%
|
|
Tier 1 leverage ratio
(1)
|
10.60
|
%
|
|
10.37
|
%
|
|
10.32
|
%
|
|
10.25
|
%
|
|
9.86
|
%
|
|
Tier 1 common equity
to risk-weighted assets (1)(2)(4)
|
9.33
|
%
|
|
9.19
|
%
|
|
9.11
|
%
|
|
9.05
|
%
|
|
8.89
|
%
|
|
Tangible common
equity to tangible assets (1)(2)
|
8.74
|
%
|
|
8.57
|
%
|
|
8.49
|
%
|
|
8.43
|
%
|
|
8.48
|
%
|
|
Total equity to total
assets
|
9.39
|
%
|
|
9.24
|
%
|
|
9.18
|
%
|
|
9.15
|
%
|
|
9.21
|
%
|
|
|
|
(1)
|
Refer to Glossary of
Terms for definition.
|
(2)
|
This is a non-U.S.
GAAP financial measure. Refer to "Non-U.S. GAAP Financial Measures"
for a reconciliation from non-U.S. GAAP to U.S. GAAP.
|
(3)
|
Excludes covered
assets. Refer to Glossary of Terms for definition.
|
(4)
|
For purposes of our
presentation, we calculate this ratio under currently effective
requirements and without giving effect to the final Basel III
capital rules adopted and issued by the Federal Reserve Board in
July 2013, which are effective January 1, 2014 with compliance
required January 1, 2015.
|
|
Selected Financial
Data (continued)
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q14
|
|
4Q13
|
|
3Q13
|
|
2Q13
|
|
1Q13
|
Additional
Selected Information:
|
|
|
|
|
|
|
|
|
|
(Increase) decrease
credit valuation adjustment on capital markets derivatives
(1)
|
$
|
(66)
|
|
|
$
|
619
|
|
|
$
|
(521)
|
|
|
$
|
1,882
|
|
|
$
|
246
|
|
Salaries and employee
benefits:
|
|
|
|
|
|
|
|
|
|
Salaries and
wages
|
$
|
24,973
|
|
|
$
|
23,971
|
|
|
$
|
23,639
|
|
|
$
|
23,397
|
|
|
$
|
24,015
|
|
Share-based
costs
|
3,685
|
|
|
3,316
|
|
|
3,261
|
|
|
3,236
|
|
|
2,863
|
|
Incentive
compensation, retirement costs and other employee
benefits
|
15,962
|
|
|
15,288
|
|
|
14,460
|
|
|
13,221
|
|
|
16,262
|
|
Total salaries
and employee benefits
|
$
|
44,620
|
|
|
$
|
42,575
|
|
|
$
|
41,360
|
|
|
$
|
39,854
|
|
|
$
|
43,140
|
|
|
|
|
|
|
|
|
|
|
|
Provision (release)
for unfunded commitments
|
$
|
496
|
|
|
$
|
1,019
|
|
|
$
|
(1,346)
|
|
|
$
|
467
|
|
|
$
|
1,723
|
|
|
|
|
|
|
|
|
|
|
|
Assets under
management and administration (AUMA) (1)
|
$
|
6,036,381
|
|
|
$
|
5,731,980
|
|
|
$
|
5,570,614
|
|
|
$
|
5,427,498
|
|
|
$
|
5,515,199
|
|
Custody assets
included in AUMA
|
$
|
2,663,502
|
|
|
$
|
2,506,291
|
|
|
$
|
2,427,093
|
|
|
$
|
2,351,163
|
|
|
$
|
2,438,600
|
|
(1)
|
Refer to Glossary of
Terms for definition.
|
SOURCE PrivateBancorp, Inc.