-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HSjKLCMD1TKua4s2iHJOF2Nkx5WPI/YxfUj3qK+a0n9HpOZX2OlEq86z0Bb2/z0c LtxWcpviuXo/lZ4FuTElNQ== 0000913849-02-000198.txt : 20020722 0000913849-02-000198.hdr.sgml : 20020722 20020722094054 ACCESSION NUMBER: 0000913849-02-000198 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020722 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRIVATEBANCORP INC CENTRAL INDEX KEY: 0000889936 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 363681151 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25887 FILM NUMBER: 02707263 BUSINESS ADDRESS: STREET 1: TEN NORTH DEARBORN SUITE 900 CITY: CHICAGO STATE: IL ZIP: 60602 MAIL ADDRESS: STREET 1: TEN NORTH DEARBORN STREET CITY: CHICAGO STATE: IL ZIP: 60602 8-K 1 f8k_072202.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): JULY 22, 2002 PRIVATEBANCORP, INC. (Exact Name of Registrant as Specified in its Charter) ____________________________ DELAWARE 000-25887 36-3681151 (State or other jurisdiction (Commission file number) (I.R.S. employer of incorporation) identification no.) TEN NORTH DEARBORN 60602 CHICAGO, ILLINOIS (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (312) 683-7100 NOT APPLICABLE (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. ------------ On July 22, 2002, PrivateBancorp, Inc. (the "Company") announced its earnings results for the quarter ended June 30, 2002. Attached as Exhibit 99.1 is a copy of the press release relating to the Company's earnings results, which is incorporated herein by reference. ITEM 7(C). EXHIBITS. -------- Exhibit 99.1 Press Release dated July 22, 2002. 2 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PRIVATEBANCORP, INC. Date: July 22, 2002 By: /s/ Ralph B. Mandell ------------------------------------- Ralph B. Mandell Chairman of the Board, President and Chief Executive Officer 3 INDEX TO EXHIBITS ----------------- Exhibit - ------- 99.1 Press Release dated July 22, 2002. 4 EX-99 3 f8kex991_072202.txt EXHIBIT 99.1-PRESS RELEASE EXHIBIT 99.1 ------------ FOR FURTHER INFORMATION: Gary L. Svec, CFO PrivateBancorp, Inc. 312-683-7100 For Immediate Release PRIVATEBANCORP REPORTS RECORD SECOND QUARTER EARNINGS Earnings per share up 79 percent over second quarter 2001 Chicago, IL, July 22, 2002 -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported that earnings per share increased 79 percent to $0.50 per diluted share for the second quarter 2002 compared to second quarter 2001 earnings per diluted share of $0.28. Net income for the second quarter ended June 30, 2002 was $2.6 million, an increase of 92 percent over second quarter 2001 net income of $1.4 million. Net income for the six months ended June 30, 2002 increased 77 percent to $4.8 million, or $0.92 per diluted share, compared to $2.7 million, or $0.56 per diluted share, for the same period last year. "Continued strong growth in loans and deposits, increased net interest margin and significant improvement in our operating efficiency drove second quarter financial performance. We have invested substantially in our people, our systems and the expansion of the PrivateBank concept over the past three years and we are now seeing the benefits of those investments reflected in the financial performance of PrivateBancorp," said Ralph B. Mandell, Chairman, President and Chief Executive Officer. "We continue to see ample opportunities in the markets we currently serve, to attract new clients while at the same time continuing to pursue expansion of services offered to current clients. Additionally, we are exploring opportunities to expand the PrivateBank concept to potential markets which we do not yet serve," said Mandell. "Based on our current assessment of the credit quality of our loan portfolio, we expect our earnings will exceed the high-end of current analysts' earnings estimates for 2002 of $1.84 per share." Deposit and loan growth continues to be strong. Deposits grew by 9 percent during the quarter to $1.1 billion, compared to total deposits of $981.9 million as of March 31, 2002. Deposits increased by 26 percent as of June 30, 2002 from $850.5 million at December 31, 2001. Loans outstanding increased by 11 percent to $865.8 million at June 30, 2002, from $782.4 million at March 31, 2002 and $780.8 million at December 31, 2001. Net interest income totaled $10.0 million in the second quarter of 2002, an increase of 51 percent over second quarter 2001 net interest income of $6.6 million, due to growth in average earning assets between periods as well as improvements in net interest margin. Average earning assets during the period were $1.2 billion, compared to $864.0 million in the prior year quarter, an increase of 40 percent. Net interest margin (on a tax equivalent basis) improved to 3.53 percent in the second quarter of 2002, up substantially from 3.18 percent in the first quarter of 2002, and up from 3.21 percent in the second quarter of 2001. The improvement in net interest margin compared to the first quarter of 2002 is primarily attributable to decreases in our cost of funds resulting from maturing funding sources that have been replaced at lower rates. Non-interest income was $2.1 million in the second quarter of 2002, reflecting an increase of approximately $699,000 or 51 percent compared to the second quarter of 2001. The increase in non- 5 interest income is attributable to increased banking, trust service and other income, offset by lower securities gains. Banking, trust services and other income increased $777,000, or 76%, from the prior year quarter. Increased volume levels in sales of residential real estate loans during the quarter contributed approximately $418,000 to this increase. Securities gains totaled $274,000 during the second quarter of 2002, compared to $353,000 in the second quarter of 2001. Trust assets under administration increased to $733.9 million at June 30, 2002 compared to $711.9 million at June 30, 2001, and down from $758.2 million at March 31, 2002. The nominal 3 percent decrease in trust assets under administration since March 31, 2002 is attributable primarily to continued weakness in the domestic equity markets, offset by new wealth management business revenue generated during the quarter. Non-interest expense increased to $7.1 million in the second quarter of 2002 from $5.4 million in the second quarter of 2001. The 32 percent increase in non-interest expense between periods is primarily attributable to increases in salaries and employee benefits resulting from the increased scope of operations and compares favorably to the larger increases in net interest income and non-interest income for the same period. As a result, the efficiency ratio improved significantly to 55.4 percent in the second quarter of 2002 from 64.5 percent in the prior year quarter. Credit quality remains high. At June 30, 2002, nonperforming loans as a percentage of total loans were 0.37 percent, unchanged from March 31, 2002 and June 30, 2001. At June 30, 2002, nonaccrual loans as a percentage of total loans were 0.07 percent, versus 0.19 percent at March 31, 2002 and 0.23 percent at June 30, 2001. Net charge-offs, primarily relating to one commercial real estate credit, totaled $490,000 in the quarter ended June 30, 2002 versus $27,000 in the first quarter 2002 and $297,000 for the quarter ended June 30, 2001. The provision for loan losses was $1.6 million in the second quarter of 2002, versus $511,000 in the first quarter 2002 and $738,000 in the second quarter of 2001. The allowance as a percentage of loans was 1.14 percent as of June 30, 2002 compared to 1.12 percent at March 31, 2002 and 1.04 percent as of June 30, 2001. The increased level of the allowance reflects management's ongoing assessment of the losses that are probable and reasonably estimable in the loan portfolio. Our analysis is influenced by the volume and quality of loans and commitments in the portfolio, loss experience and economic conditions. PrivateBancorp, Inc. was organized in 1989 to provide highly personalized financial services primarily to affluent individuals, professionals, owners of closely-held businesses and commercial real estate investors. The Company operates two banking subsidiaries, The PrivateBank and Trust Company and The PrivateBank (St. Louis). The Company, which had assets of $1.3 billion at June 30, 2002, currently has banking offices in Chicago, Wilmette, Oak Brook, St. Charles, Lake Forest, Winnetka, and Geneva, Illinois, and in St. Louis, Missouri. Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.'s website at www.privatebk.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 and Section 27A of the Securities Act of 1933, 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, fluctuations in market rates of interest and loan and deposit pricing, greater than anticipated deterioration in asset quality due to a prolonged economic downturn in the greater Chicago and St. Louis metropolitan areas or other unanticipated circumstances, legislative or regulatory changes, adverse developments in the Company's loan or investment portfolios, competition and the possible dilutive effect of potential acquisitions or expansion. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed 6 on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events. Editor's Note: Financial highlights attached. ### 7 PRIVATEBANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------------------- ----------------------------- 2002 2001 2002 2001 UNAUDITED UNAUDITED UNAUDITED UNAUDITED ------------ ------------ ------------- ----------- INTEREST INCOME Interest and fees on loans........................ $ 12,665 $ 12,877 $ 24,813 $ 25,879 Interest on investment securities................. 4,886 3,327 9,092 6,529 Interest on short-term investments................ 8 31 25 208 ---------- ---------- ---------- ---------- Total interest income.......................... 17,559 16,235 33,930 32,616 ---------- ---------- ---------- ---------- INTEREST EXPENSE Interest on deposits.............................. 5,741 7,595 11,954 15,798 Interest on borrowings............................ 1,353 1,545 2,662 3,052 Interest on long-term debt -- trust preferred securities..................................... 485 485 970 761 ---------- ---------- ---------- ---------- Total interest expense......................... 7,579 9,625 15,586 19,611 ---------- ---------- ---------- ---------- NET INTEREST INCOME 9,980 6,610 18,344 13,005 Provision for loan losses......................... 1,609 738 2,120 1,077 ---------- ---------- ---------- ---------- Net interest income after provision............ 8,371 5,872 16,224 11,928 ---------- ---------- ---------- ---------- NON-INTEREST INCOME Banking, trust services and other income.......... 1,802 1,024 3,344 1,977 Net securities gains.............................. 274 353 44 539 ---------- ---------- ---------- ---------- Total non-interest income...................... 2,076 1,377 3,388 2,516 ---------- ---------- ---------- ---------- NON-INTEREST EXPENSE Salaries and benefits............................. 3,469 1,855 6,683 4,289 Other operating expenses.......................... 3,644 3,338 6,902 5,984 Amortization of goodwill.......................... -- 206 -- 412 ---------- ---------- ---------- ---------- Total non-interest expense..................... 7,113 5,399 13,585 10,685 ---------- ---------- ---------- ---------- Income before income taxes........................ 3,334 1,850 6,027 3,759 Income tax expense................................ 724 492 1,273 1,068 ---------- ---------- ---------- ---------- Net income........................................ $ 2,610 $ 1,358 $ 4,754 $ 2,691 ========== ========== ========== ========== Weighted average shares O/S....................... 4,919,165 4,681,655 4,888,762 4,664,951 Diluted average shares O/S........................ 5,205,933 4,855,083 5,139,872 4,818,867 EARNINGS PER SHARE Basic............................................. $ 0.53 $ 0.29 $ 0.97 $ 0.58 Diluted........................................... $ 0.50 $ 0.28 $ 0.92 $ 0.56 NOTE: Certain reclassifications have been made to prior periods' statements to place them on a basis comparable with the current period's financial statements.
PRIVATEBANCORP, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
JUNE 30, MARCH 31, DECEMBER 31, 2002 2002 2001 ------------ ------------ ------------ UNAUDITED UNAUDITED ASSETS Cash and due from banks...................................... $ 39,625 $ 25,852 $ 22,283 Short term investments....................................... 75 3,558 518 Investment securities--available for sale.................... 392,090 388,728 332,933 Loans held for sale.......................................... 3,913 1,785 11,335 Loans........................................................ 865,778 782,434 780,771 Allowance for loan losses.................................... (9,909) (8,790) (8,306) ---------- ---------- ---------- Net loans................................................. 855,869 773,644 772,465 Premises and equipment, net.................................. 6,455 4,026 3,814 Goodwill..................................................... 10,805 10,805 10,805 Other assets................................................. 23,176 22,810 22,615 ---------- ---------- ---------- Total assets.............................................. $1,332,008 $1,231,208 $1,176,768 ========== ========== ========== LIABILITIES Non-interest bearing deposits................................ $ 81,421 $ 62,359 $ 73,146 Interest bearing deposits.................................... 993,054 919,506 777,349 ---------- ---------- ---------- Total deposits............................................ 1,074,475 981,865 850,495 ---------- ---------- ---------- Borrowings................................................... 154,499 155,523 231,488 Long-term debt--trust preferred securities................... 20,000 20,000 20,000 Other liabilities............................................ 11,337 8,894 12,481 ---------- ---------- ---------- Total liabilities......................................... $1,260,311 $1,166,282 $1,114,464 ========== ========== ========== STOCKHOLDERS' EQUITY Common stock and surplus..................................... $ 47,221 $ 47,189 $ 46,320 Retained earnings............................................ 21,927 19,465 17,468 Accumulated other comprehensive income....................... 4,231 31 323 Deferred compensation........................................ (732) (809) (857) Loans to executive officers.................................. (950) (950) (950) ---------- ---------- ---------- Total stockholders' equity................................ $ 71,697 $ 64,926 $ 62,304 ========== ========== ========== Total liabilities and stockholders' equity................ $1,332,008 $1,231,208 $1,176,768 ========== ========== ========== Book value per share......................................... $ 14.57 $ 13.20 $ 12.97 NOTE: Certain reclassifications have been made to prior periods' statements to place them on a basis comparable with the current period's financial statements.
9 PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2Q02 1Q02 4Q01 3Q01 2Q01 ------- ------- ------- ------- ------- KEY STATISTICS Net income.............................. $2,610 $2,144 $1,918 $1,591 $1,358 Basic earnings per share................ $ 0.53 $ 0.44 $ 0.40 $ 0.34 $ 0.29 Diluted earnings per share.............. $ 0.50 $ 0.42 $ 0.39 $ 0.32 $ 0.28 Return on average total assets.......... 0.82% 0.73% 0.70% 0.64% 0.60% Return on average total equity.......... 15.07% 13.35% 12.18% 10.46% 9.46% Dividend payout ratio................... 5.66% 6.88% 7.51% 8.94% 8.62% Non-interest income to average assets... 0.65% 0.44% 0.86% 0.49% 0.57% Non-interest expense to average assets.. 2.24% 2.19% 2.43% 2.16% 2.39% Net overhead ratio(1)................... 1.59% 1.75% 1.57% 1.67% 1.82% Efficiency ratio(2)..................... 55.4% 62.5% 60.9% 60.6% 64.5% Net interest margin(3).................. 3.53% 3.18% 3.28% 3.17% 3.21% Yield on average earning assets......... 6.03% 6.02% 6.57% 7.16% 7.67% Cost of average interest-bearing liabilities.......................... 2.69% 3.06% 3.59% 4.40% 4.92% Net interest spread(4).................. 3.34% 2.96% 2.98% 2.76% 2.75% - --------------------------- (1) Non-interest expense less non-interest income divided by average total assets. (2) Non-interest expense divided by the sum of net interest income, on a tax equivalent basis, plus non-interest income. (3) Net interest income, on a tax equivalent basis, divided by average interest-earning assets. (4) Yield on average interest-earning assets less rate on average interest-bearing liabilities.
10 PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2Q02 1Q02 4Q01 3Q01 2Q01 ----------- ----------- ----------- ----------- ----------- BALANCE SHEET RATIOS Loans to deposits (period end)......... 80.58% 79.69% 91.80% 89.39% 88.84% Average interest-earning assets to average interest-bearing liabilities 107.8 107.5 108.9 110.2 110.4 PER SHARE DATA Dividends.............................. $ 0.030 $ 0.030 $ 0.030 $ 0.030 $ 0.025 Book value (period end)................ $ 14.57 $ 13.20 $ 12.97 $ 13.07 $ 12.35 Tangible book value (period end)....... $ 12.37 $ 11.01 $ 10.72 $ 10.75 $ 9.96 SHARE PRICE DATA Closing price (period end)............. $30.1500 $24.5000 $19.6300 $15.9000 $16.2200 Diluted earnings multiple.............. 15.03x 14.38x 12.77x 12.42x 14.46x Book value multiple (period end)....... 2.07x 1.86x 1.51x 1.22x 1.31x COMMON STOCK INFORMATION Outstanding shares at end of period.... 4,921,580 4,917,020 4,804,280 4,750,124 4,680,668 NUMBER OF SHARES USED TO COMPUTE: Basic earnings per share............... 4,919,165 4,858,022 4,773,572 4,714,506 4,681,655 Diluted earnings per share............. 5,205,933 5,075,764 4,951,338 4,929,171 4,855,083 CAPITAL RATIOS (PERIOD END): Total equity to total assets........... 5.38% 5.27% 5.29% 5.96% 6.12% Total risk-based capital ratio......... 9.36% 9.93% 9.71% 10.55% 10.98% Tier-1 risk-based capital ratio........ 7.84% 8.37% 8.18% 8.88% 9.17% Leverage ratio......................... 6.02% 6.25% 6.64% 6.99% 7.26%
11 PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS)
2Q02 1Q02 4Q01 3Q01 2Q01 ----------- ----------- ----------- ----------- ----------- SUMMARY INCOME STATEMENT INTEREST INCOME Loans, including fees................... $12,665 $12,148 $12,311 $12,785 $12,877 Securities.............................. 4,886 4,206 4,144 3,704 3,327 Short-term investments.................. 8 17 13 23 31 ------- ------- ------- ------- ------- Total interest income................ 17,559 16,371 16,468 16,512 16,235 Interest expense........................ 7,579 8,007 8,548 9,478 9,625 ------- ------- ------- ------- ------- Net interest income..................... 9,980 8,364 7,920 7,034 6,610 Provision for loan losses............... 1,609 511 1,257 845 738 ------- ------- ------- ------- ------- Net interest income after provision for loan losses................... 8,371 7,853 6,663 6,189 5,872 ------- ------- ------- ------- ------- NON-INTEREST INCOME Banking, trust services and other income 1,802 1,542 1,149 902 1,024 Net securities gains (losses)........... 274 (230) 1,191 365 353 ------- ------- ------- ------- ------- Total non-interest income............ 2,076 1,312 2,340 1,267 1,377 ------- ------- ------- ------- ------- NON-INTEREST EXPENSE Salaries and employee benefits.......... 3,469 3,214 2,519 2,303 1,855 Goodwill................................ -- -- 206 206 206 Occupancy expense....................... 1,206 1,139 1,325 985 960 Other non-interest expense.............. 2,438 2,119 2,576 1,847 2,378 ------- ------- ------- ------- ------- Total non-interest expense........... 7,113 6,472 6,626 5,341 5,399 ------- ------- ------- ------- ------- Income before income taxes.............. 3,334 2,693 2,377 2,115 1,850 Provision for income taxes.............. 724 549 459 524 492 ------- ------- ------- ------- ------- Net income........................... $ 2,610 $ 2,144 $ 1,918 $ 1,591 $ 1,358 ======= ======= ======= ======= =======
12 PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS)
2Q02 1Q02 4Q01 3Q01 2Q01 ----------- ----------- ----------- ----------- ----------- CREDIT QUALITY KEY RATIOS Net charge-offs to average loans........ 0.24% 0.01% 0.27% 0.11% 0.18% Total non-performing loans to total loans................................ 0.37% 0.37% 0.41% 0.91% 0.37% Total non-performing assets to total assets............................... 0.24% 0.24% 0.27% 0.62% 0.26% Nonaccrual loans to: Total loans.......................... 0.07% 0.19% 0.09% 0.37% 0.23% Total assets......................... 0.05% 0.12% 0.06% 0.26% 0.16% Allowance for loan losses to: Total loans.......................... 1.14% 1.12% 1.06% 1.06% 1.04% Non-performing loans................. 313% 303% 262% 118% 282% Nonaccrual loans..................... 1,527% 603% 1,250% 284% 459% NON-PERFORMING ASSETS: Loans delinquent over 90 days........... $2,518 $1,448 $2,504 $3,766 $ 938 Nonaccrual loans........................ 649 1,458 664 2,658 1,504 Other real estate....................... -- -- -- 62 -- ------ ------ ------ ------ ------ Total non-performing assets.......... $3,167 $2,906 $3,168 $6,486 $2,442 ====== ====== ====== ====== ====== NET LOAN CHARGE-OFFS: Loans charged off....................... $ 515 $ 66 $ 521 $ 199 $ 332 Recoveries.............................. 25 39 12 16 35 ------ ------ ------ ------ ------ Net charge-offs...................... $ 490 $ 27 $ 509 $ 183 $ 297 ====== ====== ====== ====== ====== PROVISION FOR LOAN LOSSES............... $1,609 $ 511 $1,257 $ 845 $ 738 ====== ====== ====== ====== ====== ALLOWANCE FOR LOAN LOSSES SUMMARY Balance at beginning of period.......... $8,790 $8,306 $7,558 $6,896 $6,455 Provision............................... 1,609 511 1,257 845 738 Net charge-offs......................... 490 27 509 183 297 ------ ------ ------ ------ ------ Ending allowance for loan losses..... $9,909 $8,790 $8,306 $7,558 $6,896 ====== ====== ====== ====== ====== NET LOAN CHARGE-OFFS (RECOVERIES): Commercial real estate.................. -- -- -- -- -- Residential real estate................. -- -- -- -- -- Commercial.............................. $ 481 $ 18 $ 438 $ 185 $ 276 Personal................................ 9 9 71 (2) 21 Home equity............................. -- -- -- -- -- Construction............................ -- -- -- -- -- ------ ------ ------ ------ ------ Total net loan charge-offs (recoveries)...................... $ 490 $ 27 $ 509 $ 183 $ 297 ====== ====== ====== ====== ======
13 PRIVATEBANCORP, INC. BALANCE SHEETS (DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30, 2002 2002 2001 2001 2001 -------- --------- -------- -------- -------- UNAUDITED UNAUDITED UNAUDITED UNAUDITED ASSETS Cash and due from banks.. $ 39,625 $ 25,852 $ 22,283 $ 26,343 $ 28,515 Federal funds sold....... 75 3,558 518 2,959 7,305 Investment securities - available for sale.... 392,090 388,728 332,933 279,319 224,505 Loans held for sale...... 3,913 1,785 11,335 140 448 Loans.................... 865,778 782,434 780,771 715,977 666,262 Less: Allowance for loan losses........ (9,909) (8,790) (8,306) (7,558) (6,896) ---------- ---------- ---------- ---------- -------- Net loans............. 855,869 773,644 772,465 708,419 659,366 ---------- ---------- ---------- ---------- -------- Premises and equipment, net................... 6,455 4,026 3,814 4,198 4,260 Goodwill................. 10,805 10,805 10,805 11,011 11,217 Other assets............. 23,176 22,810 22,615 9,586 9,271 ---------- ---------- ---------- ---------- -------- Total assets....... $1,332,008 $1,231,208 $1,176,768 $1,041,975 $944,887 ========== ========== ========== ========== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Non-interest bearing deposits.............. $ 81,421 $ 62,359 $ 73,146 $ 68,789 $ 65,373 Interest bearing demand deposits.............. 54,694 54,214 52,061 45,711 44,436 Savings and money market deposits.............. 412,570 369,811 362,987 361,563 302,258 Time deposits............ 525,790 495,481 362,301 325,083 338,427 ---------- ---------- ---------- ---------- -------- Total deposits........ 1,074,475 981,865 850,495 801,146 750,494 Funds borrowed........... 154,499 155,523 231,488 137,956 106,128 Long-term debt - trust preferred securities.. 20,000 20,000 20,000 20,000 20,000 Other liabilities........ 11,337 8,894 12,481 20,786 10,439 ---------- ---------- ---------- ---------- -------- Total liabilities..... 1,260,311 1,166,282 1,114,464 979,888 887,061 Stockholders' equity..... 71,697 64,926 62,304 62,087 57,826 ---------- ---------- ---------- ---------- -------- Total liabilities and stockholders' equity............. $1,332,008 $1,231,208 $1,176,768 $1,041,975 $944,887 ========== ========== ========== ========== ========
14 PRIVATEBANCORP, INC. AVERAGE QUARTERLY BALANCE SHEETS (UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30, 2002 2002 2001 2001 2001 -------- --------- -------- -------- -------- AVERAGE ASSETS Cash and due from banks.. $ 27,114 $ 25,149 $ 24,258 $ 22,483 $ 23,033 Federal funds sold....... 1,964 3,737 2,111 2,429 2,724 Investment securities-- available for sale.... 396,807 355,528 287,553 250,979 213,241 Loans held for sale...... 2,330 5,176 5,093 513 1,393 Loans.................... 815,672 777,312 737,425 689,891 648,261 Less: Allowance for loan losses........... (9,081) (8,540) (7,832) (7,248) (6,813) ---------- ---------- ---------- --------- --------- Net loans................ 806,591 768,772 729,593 682,643 641,448 ---------- ---------- ---------- --------- --------- Premises and equipment, net................... 5,271 3,937 4,003 4,308 4,132 Goodwill................. 10,805 10,805 10,931 11,132 11,333 Other assets............. 23,522 23,335 19,863 9,757 10,229 ---------- ---------- ---------- --------- --------- Total assets............. $1,274,404 $1,196,439 $1,083,405 $984,244 $907,533 ========== ========== ========== ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Non-interest bearing deposits.............. $ 70,244 $ 64,285 $ 68,591 $ 62,141 $ 59,051 Interest bearing demand deposits.............. 57,127 54,066 47,593 43,311 45,759 Savings and money market deposits.............. 379,726 363,351 370,451 336,297 296,302 Time deposits............ 523,774 485,498 351,312 328,172 309,777 ---------- ---------- ---------- --------- --------- Total deposits........... 1,030,871 967,200 837,947 769,921 710,889 Funds borrowed........... 144,576 135,979 154,141 125,623 110,708 Long-term debt - trust preferred securities.. 20,000 20,000 20,000 20,000 20,000 Other liabilities........ 9,498 8,141 8,860 8,380 8,381 ---------- ---------- ---------- --------- --------- Total liabilities........ 1,204,945 1,131,320 1,020,948 923,924 849,978 Stockholders' equity..... 69,459 65,119 62,457 60,320 57,555 ---------- ---------- ---------- --------- --------- Total liabilities and stockholders' equity.. $1,274,404 $1,196,439 $1,083,405 $984,244 $907,533 ========== ========== ========== ========= =========
15 PRIVATEBANCORP, INC. AVERAGE YEAR-TO-DATE BALANCE SHEETS (UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30, 2002 2002 2001 2001 2001 -------- --------- -------- -------- -------- AVERAGE ASSETS Cash and due from banks.... $ 26,137 $ 25,149 $ 22,374 $ 22,256 $ 22,140 Federal funds sold......... 2,846 3,737 4,862 5,790 7,498 Investment securities-- available for sale...... 376,282 355,528 235,447 217,888 201,069 Loans held for sale........ 3,745 5,176 2,098 1,055 1,380 Loans...................... 796,598 777,312 669,114 646,126 623,830 Less: Allowance for loan losses.................. (8,812) (8,540) (7,028) (6,757) (6,508) ---------- ---------- -------- -------- -------- Net loans.................. 787,786 768,772 662,086 639,369 617,322 ---------- ---------- -------- -------- -------- Premises and equipment, net 4,667 3,937 4,128 4,170 4,099 Goodwill................... 10,805 10,805 11,234 11,336 11,440 Other assets............... 23,118 23,335 12,695 10,157 10,620 ---------- ---------- -------- -------- -------- Total assets............... $1,235,386 $1,196,439 $954,924 $912,021 $875,568 ========== ========== ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Non-interest bearing deposits................ $ 67,244 $ 64,285 $ 59,998 $ 57,023 $ 54,635 Interest bearing demand deposits................ 55,605 54,066 44,231 43,098 42,990 Savings and money market deposits................ 371,584 363,351 326,198 311,285 298,572 Time deposits.............. 504,742 485,498 318,510 307,456 296,924 ---------- ---------- -------- -------- -------- Total deposits............. 999,175 967,200 748,937 718,862 693,121 Funds borrowed............. 140,302 135,979 120,585 109,276 100,968 Long-term debt - trust preferred securities.... 20,000 20,000 17,918 17,216 15,801 Other liabilities.......... 8,553 8,141 8,953 8,971 9,239 ---------- ---------- -------- -------- -------- Total liabilities.......... 1,168,030 1,131,320 896,393 854,325 819,129 Stockholders' equity....... 67,356 65,119 58,531 57,696 56,439 ---------- ---------- -------- -------- -------- Total liabilities and stockholders' equity.... $1,235,386 $1,196,439 $954,924 $912,021 $875,568 ========== ========== ======== ======== ========
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