-----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, GaZ70pEE1JPdYVLjuim4j/gMfevH5h6oW4iHj9/t+7+fEfKbDiY2R3UBlIoGQoxn vUZw4jFGfOGeXoT5xzdoNw== 0000913849-03-000190.txt : 20030421 0000913849-03-000190.hdr.sgml : 20030421 20030421090259 ACCESSION NUMBER: 0000913849-03-000190 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030421 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: 03656313 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_041803.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): APRIL 21, 2003 PRIVATEBANCORP, INC. (Exact Name of Registrant as Specified in its Charter) ____________________________ DELAWARE 36-3681151 (State or other jurisdiction 000-25887 (I.R.S. employer of incorporation) (Commission file number) 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 April 21, 2003, PrivateBancorp, Inc. (the "Company") announced its earnings results for the quarter ended March 31, 2003. 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 April 21, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. ---------------------------------------------- Certain supplemental information relating to non-GAAP financial measures reported in the attached press release is included on page 7 of Exhibit 99.1. 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: April 21, 2003 By: /s/ Ralph B. Mandell -------------------------- Ralph B. Mandell Chairman of the Board and Chief Executive Officer 3 INDEX TO EXHIBITS ----------------- Exhibit - ------- 99.1 Press Release dated April 21, 2003 4 EX-99.1 3 ex99-1_041803.txt PRESS RELEASE EXHIBIT 99.1 FOR FURTHER INFORMATION: [LOGO] Dennis Klaeser, CFO PrivateBancorp, Inc. 312-683-7100 For Immediate Release PRIVATEBANCORP REPORTS RECORD FIRST QUARTER EARNINGS Earnings per share up 57 percent over first quarter 2002 Chicago, IL, April 21, 2003 -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported that earnings per share increased 57 percent to $0.44 per diluted share for the first quarter 2003 compared to first quarter 2002 earnings per diluted share of $0.28. Net income for the first quarter ended March 31, 2003 was $3.6 million, an increase of 68 percent over first quarter 2002 net income of $2.1 million. All per share amounts have been adjusted to reflect the three-for two stock split effected in the form of a 50 percent stock dividend paid to shareholders on January 17, 2003. "Our record results reflect continued strong financial performance despite the prevailing economic uncertainty seen in the first quarter of 2003," said Ralph B. Mandell, Chairman, President and CEO. "While asset growth slowed from prior quarters, income growth was driven by increases in net interest margin and noninterest income. Our acquisition of Lodestar Investment Counsel, LLC in late 2002 contributed to the sizeable growth in noninterest income." "We are pleased to report that our asset quality remains strong. Our ratio of nonperforming loans to total loans was 0.35 percent and nonaccrual loans to total loans was 0.15 percent. Despite the continued softness in the economy, we demonstrated improvement in our return on average equity which increased to 15.5 percent during the first quarter 2003 from 13.4 percent during the prior year quarter. 1 Our efficiency ratio improved from 62.5 percent in the first quarter of 2002 to 58.5 percent this quarter," added Mandell. "As expected, our efficiency ratio for the first quarter 2003 was slightly higher than the fourth quarter 2002 due to the cyclical nature of certain employee salary and benefit related expenses that we incur in the first quarter of each year." Net interest income totaled $13.0 million in the first quarter of 2003, an increase of 55 percent over first quarter 2002 net interest income of $8.4 million, due to growth in average earning assets between periods. Average earning assets during the period were $1.49 billion, compared to $1.14 billion in the prior year quarter, an increase of 31 percent. Compared to the fourth quarter of 2002, average earning assets increased by $110.3 million, or 8 percent during the first quarter of 2003. Net interest margin (on a tax equivalent basis) was 3.68 percent in the first quarter of 2003, up from 3.18 percent in the prior year first quarter and 3.56 percent in the fourth quarter of 2002. The improvement in net interest margin compared to the fourth quarter of 2002 is primarily attributable to continued reductions in the rate paid on interest bearing liabilities, which more than offset lower interest earning asset yields in a modestly lower rate environment. Noninterest income was $2.4 million in the first quarter of 2003, reflecting an increase of approximately $1.1 million or 84 percent from the first quarter of 2002. The increase in fee income was attributable primarily to the inclusion of the full quarter operating results of Lodestar Investment Counsel, LLC as well as increases in fee income from residential mortgage originations. PrivateBancorp, Inc. acquired a controlling interest in Lodestar Investment Counsel in late 2002. Sales of residential real estate loans generated $782,000 of income during the first quarter 2003 compared to $403,000 during the prior year quarter. Wealth management assets under management were $1.2 billion at March 31, 2003 compared to $758.2 million at March 31, 2002 and $1.2 billion at December 31, 2002. Noninterest income for the first quarter of 2003, also reflects the fair market value adjustment on a previously disclosed $25.0 million 10-year treasury rate for 3-month LIBOR interest rate swap which resulted in losses of $230,000 during the first quarter of 2003. During the first quarter 2003, the Company recognized $55,000 of net securities losses compared to net securities losses of $230,000 2 during the first quarter of 2002. The securities losses for the current quarter include a permanent impairment write-down of $330,000. The Company wrote down $300,000 on the Company's interest-only collateralized mortgage obligation ("CMO") portfolio and $30,000 on an investment that qualifies for CRA purposes. Continued low levels of market interest rates during the first quarter 2003 have resulted in accelerated mortgage prepayments, which have further impaired the fair value of our interest-only CMO security portfolio. Also included in net security losses of $55,000 are net security gains of $275,000. Noninterest expense increased to $9.4 million in the first quarter of 2003 from $6.5 million in the first quarter of 2002. The 46 percent increase in noninterest expense between periods is attributable to increased costs associated with internal growth and Lodestar operations. Our full-time equivalent ("FTE") employees increased to 194 from 162 a year ago. The efficiency ratio improved to 58.5 percent in the first quarter of 2003 from 62.5 percent in the prior year quarter, primarily due to higher non-interest income during the first quarter 2003. Loans outstanding increased to $1.0 billion at March 31, 2003 reflecting growth of 30 percent over the $782.4 million in loans outstanding at March 31, 2002. Loans outstanding as of March 31, 2003 increased by 5 percent as compared to December 31, 2002 loans outstanding of $965.6 million. At March 31, 2003, nonperforming loans as a percentage of total loans were 0.35 percent, versus 0.14 percent at December 31, 2002 and 0.37 percent at March 31, 2002. At March 31, 2003, nonaccrual loans as a percentage of total loans were 0.15 percent, versus 0.08 percent at December 31, 2002 and 0.19 percent at March 31, 2002. Net charge-offs totaled $70,000 in the quarter ended March 31, 2003 versus net recoveries of $29,000 in the fourth quarter 2002 and net charge-offs of $27,000 for the quarter ended March 31, 2002. The allowance as a percentage of total loans was 1.22 percent as of March 31, 2003 compared to 1.20 percent at December 31, 2002 and 1.12 percent as of March 31, 2002. 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 3 and The PrivateBank (St. Louis). The PrivateBank and Trust Company subsidiary has a controlling interest in a Chicago-based investment advisor, Lodestar Investment Counsel, Inc. The Company, which had assets of $1.6 billion at March 31, 2003, 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.privatebankandtrust.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, 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, legislative or regulatory changes, adverse developments in the Company's loan or investment portfolios, 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. Editor's Note: Financial highlights attached. ### 4
PRIVATEBANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) THREE MONTHS ENDED MARCH 31, ---------------------------- 2003 2002 ----------- ------------ UNAUDITED UNAUDITED INTEREST INCOME Interest and fees on loans....................................................... $ 15,167 $ 12,148 Interest on investment securities................................................ 5,379 4,206 Interest on short-term investments............................................... 25 17 ------------ ------------ Total interest income......................................................... 20,571 16,371 ------------ ------------ INTEREST EXPENSE Interest on deposits............................................................. 5,777 6,213 Interest on borrowings........................................................... 1,312 1,309 Interest on long-term debt-- Trust Preferred Securities.......................... 485 485 ------------ ------------ Total interest expense........................................................ 7,574 8,007 ------------ ------------ NET INTEREST INCOME 12,997 8,364 Provision for loan losses........................................................ 956 511 ------------ ------------ Net interest income after provision........................................... 12,041 7,853 ------------ ------------ NON-INTEREST INCOME Banking, wealth management services and other income............................. 2,701 1,542 Net securities losses............................................................ (55) (230) Trading losses on interest rate swap............................................. (230) -- ------------ ------------ Total non-interest income..................................................... 2,416 1,312 ------------ ------------ NON-INTEREST EXPENSE Salaries and benefits............................................................ 4,778 3,214 Other operating expenses......................................................... 4,599 3,258 Amortization of other intangibles................................................ 42 -- ------------ ------------ Total non-interest expense.................................................... 9,419 6,472 ------------ ------------ Minority interest expense........................................................ 38 -- ------------ ------------ Income before income taxes....................................................... 5,000 2,693 ------------ ------------ Income tax expense............................................................... 1,397 549 ------------ ------------ Net income....................................................................... $ 3,603 $ 2,144 ============ ============ WEIGHTED AVERAGE SHARES O/S...................................................... 7,600,804 7,287,033 DILUTED AVERAGE SHARES O/S....................................................... 8,142,210 7,613,646 EARNINGS PER SHARE Basic............................................................................ $ 0.47 $ 0.29 Diluted.......................................................................... $ 0.44 $ 0.28 NOTE 1: Certain reclassifications have been made to prior period statements to place them on a basis comparable with the current period financial statements. NOTE 2: All previously reported share and per share data has been restated to reflect the 3-for-2 stock split which occurred on January 17, 2003.
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PRIVATEBANCORP, INC. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 03/31/03 12/31/02 03/31/02 --------- -------- --------- UNAUDITED UNAUDITED ASSETS Cash and due from banks..................................... $ 46,643 $ 34,529 $ 25,852 Short-term investments...................................... 7,415 258 3,558 Investment securities-available for sale.................... 505,877 487,020 388,728 Loans held for sale......................................... 12,591 14,321 1,785 Loans....................................................... 1,018,196 965,641 782,434 Allowance for loan losses................................... (12,471) (11,585) (8,790) ------------ ------------ ------------ Net loans................................................ 1,005,725 954,056 773,644 Premises and equipment, net................................. 6,516 6,851 4,026 Goodwill and other intangibles.............................. 21,743 21,742 10,805 Other assets................................................ 22,484 24,637 22,810 ------------ ------------ ------------ Total Assets............................................. $ 1,628,994 $ 1,543,414 $ 1,231,208 ============ ============ ============ LIABILITIES Non-interest bearing deposits............................... $ 88,243 $ 88,986 $ 62,359 Interest bearing deposits................................... 1,277,101 1,116,285 919,506 ------------ ------------ ------------ Total deposits........................................... 1,365,344 1,205,271 981,865 ------------ ------------ ------------ Borrowings.................................................. 124,933 209,954 155,523 Long-term debt - Trust Preferred Securities................. 20,000 20,000 20,000 Other liabilities........................................... 22,914 19,064 8,894 Minority Interest in Lodestar Investment Counsel............ 70 33 -- ------------ ------------ ------------ Total Liabilities........................................ 1,533,261 1,454,322 1,166,282 ------------ ------------ ------------ STOCKHOLDERS' EQUITY Common stock and surplus.................................... 53,356 53,071 47,189 Retained earnings........................................... 31,437 27,784 19,465 Accumulated other comprehensive income...................... 11,403 8,826 31 Deferred compensation....................................... (462) (589) (809) Loans to executive officers................................. -- -- (950) ------------ ------------ ------------ Total Stockholders' Equity............................... 95,734 89,092 64,926 ------------ ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.................. $ 1,628,995 $ 1,543,414 $ 1,231,208 ============ ============ ============ BOOK VALUE PER SHARE........................................ $ 12.33 $ 11.56 $ 8.80 NOTE 1: Certain reclassifications have been made to prior period statements to place them on a basis comparable with the current period financial statements. NOTE 2: All previously reported share and per share data has been restated to reflect the 3-for-2 stock split which occurred on January 17, 2003.
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PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 1Q03 4Q02 3Q02 2Q02 1Q02 ------- ------- ------- ------- ------- KEY STATISTICS Net income....................................... $ 3,603 $ 3,220 $ 3,033 $ 2,610 $ 2,144 Basic earnings per share......................... $ 0.47 $ 0.43 $ 0.41 $ 0.35 $ 0.29 Diluted earnings per share....................... $ 0.44 $ 0.41 $ 0.39 $ 0.33 $ 0.28 Return on average total assets................... 0.92% 0.88% 0.89% 0.82% 0.73% Return on average total equity................... 15.48% 15.99% 15.86% 15.07% 13.35% Dividend payout ratio............................ 8.62% 6.14% 6.51% 5.66% 6.88% Non-interest income to average assets............ 0.62% 0.38% 0.41% 0.65% 0.44% Non-interest expense to average assets........... 2.41% 2.16% 2.08% 2.24% 2.19% Net overhead ratio(1)............................ 1.80% 1.78% 1.68% 1.59% 1.75% Efficiency ratio(2).............................. 58.5% 57.3% 56.3% 55.4% 62.5% Net interest margin(3)........................... 3.68% 3.56% 3.46% 3.53% 3.18% Yield on average earning assets.................. 5.73% 5.79% 5.90% 6.03% 6.02% Cost of average interest-bearing liabilities..... 2.20% 2.42% 2.63% 2.69% 3.06% Net interest spread(4)........................... 3.53% 3.37% 3.27% 3.34% 2.96% Tax equivalent adjustment to net interest income(5)..................................... $ 695 $ 661 $ 756 $ 790 $ 687 - --------------------------- NOTE 1: All previously reported share and per share data has been restated to reflect the 3-for-2 stock split which occurred on January 17, 2003. (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. (5) The company adjusts GAAP reported net interest income by the tax equivalent adjustment amount to account for the tax attributes on federally tax exempt municipal securities. For GAAP purposes, tax benefits associated with federally tax exempt municipal securities are recorded as a benefit in income tax expense. The following table reconciles reported net interest income to net interest income on a tax equivalent basis for the periods presented:
RECONCILIATION OF NET INTEREST INCOME TO NET INTEREST INCOME ON A TAX EQUIVALENT BASIS -------------------------------------------------------- 1Q03 4Q02 3Q02 2Q02 1Q02 ------- ------- ------- -------- ------ Net interest income.......................... $12,997 $11,813 $10,443 $ 9,980 $8,364 Tax equivalent adjustment to net interest income.................................... 695 661 756 790 687 ------- ------- ------- -------- ------ Net interest income, tax equivalent basis.... $13,692 $12,474 $11,199 $10,770 $9,051 ======= ======= ======= ======= ======
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PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 1Q03 4Q02 3Q02 2Q02 1Q02 ----- ----- ----- ----- ----- BALANCE SHEET RATIOS Loans to Deposits (period end)......... 74.57% 80.12% 78.50% 80.58% 79.69% Average interest-earning assets to average interest-bearing liabilities......................... 107.1 108.2 108.0 107.8 107.5 PER SHARE DATA Dividends.............................. $0.04 $0.03 $0.03 $0.02 $0.02 Book value (period end)................ $12.33 $11.56 $10.71 $9.71 $8.80 Tangible book value (period end)....... $9.53 $8.74 $9.25 $8.25 $7.34 SHARE PRICE DATA Closing Price (period end)............. $22.95 $25.24 $20.38 $20.10 $16.33 Diluted earnings multiple.............. 12.86 x 15.52 x 13.17 x 15.35 x 14.70 x Book value multiple (period end)....... 1.86 x 2.18 x 1.90 x 2.07 x 1.86 x COMMON STOCK INFORMATION Outstanding shares at end of period.... 7,762,014 7,704,203 7,404,234 7,382,370 7,375,530 NUMBER OF SHARES USED TO COMPUTE: Basic earnings per share............... 7,600,804 7,422,471 7,392,542 7,378,748 7,287,033 Diluted earnings per share............. 8,142,210 7,912,101 7,809,603 7,808,900 7,613,646 CAPITAL RATIOS (PERIOD END): Total equity to total assets........... 5.88% 5.77% 5.65% 5.38% 5.27% Total risk-based capital ratio......... 8.33% 8.29% 9.10% 9.37% 9.93% Tier-1 risk-based capital ratio........ 7.02% 6.91% 7.61% 7.84% 8.37% Leverage ratio......................... 5.29% 5.47% 5.91% 6.07% 6.25% NOTE: All previously reported share and per share data has been restated to reflect the 3-for-2 stock split which occurred on January 17, 2003.
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PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS) 1Q03 4Q02 3Q02 2Q02 1Q02 ------- ------- ------- ------- ------- SUMMARY INCOME STATEMENT INTEREST INCOME Interest on fees on loans..................... $15,167 $14,043 $13,704 $12,665 $12,148 Interest on investment securities............. 5,379 5,507 4,557 4,886 4,206 Interest on short-term investments............ 25 63 38 8 17 ------- ------- ------- ------- ------- Total Interest Income...................... 20,571 19,613 18,299 17,559 16,264 INTEREST EXPENSE.............................. 7,574 7,800 7,856 7,579 8,007 ------- ------- ------- ------- ------- NET INTEREST INCOME 12,997 11,813 10,443 9,980 8,364 Provision for loan losses..................... 956 914 828 1,609 511 ------- ------- ------- ------- ------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES................................ 12,041 10,899 9,615 8,371 7,853 ------- ------- ------- ------- ------- NON INTEREST INCOME Banking, wealth management services and other income................................ 2,701 1,975 1,763 1,802 1,542 Net securities (losses) gains................. (55) (313) 280 274 (230) Trading losses on interest rate swap.......... (230) (282) (662) -- -- ------- ------- ------- ------- ------- Total non-interest income.................. 2,416 1,380 1,381 2,076 1,312 ------- ------- ------- ------- ------- NON INTEREST EXPENSE Salaries and benefits......................... 4,778 3,903 3,393 3,469 3,214 Amortization of other intangibles............. 42 -- -- -- -- Occupancy expense............................. 1,419 1,319 1,227 1,206 1,139 Other operating expenses...................... 3,180 2,712 2,468 2,438 2,119 ------- ------- ------- ------- ------- Total Non-Interest Expense................. 9,419 7,934 7,088 7,113 6,472 ------- ------- ------- ------- ------- Minority Interest Expense..................... 38 -- -- -- -- ------- ------- ------- ------- ------- INCOME BEFORE INCOME TAXES.................... 5,000 4,345 3,908 3,334 2,693 Income tax expense............................ 1,397 1,125 875 724 549 ------- ------- ------- ------- ------- NET INCOME.................................... $ 3,603 $ 3,220 $ 3,033 $ 2,610 $ 2,144 ======= ======= ======= ======= =======
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PRIVATEBANCORP, INC. KEY FINANCIAL DATA UNAUDITED (DOLLARS IN THOUSANDS) 1Q03 4Q02 3Q02 2Q02 1Q02 -------- --------- -------- ------ ------ CREDIT QUALITY KEY RATIOS Net charge-offs (recoveries) to average loans....... 0.03% (0.01)% 0.04% 0.24% 0.01% Total non-performing loans to total loans........... 0.35% 0.14% 0.33% 0.37% 0.37% Total non-performing assets to total assets......... 0.22% 0.09% 0.21% 0.24% 0.24% Nonaccrual loans to: total loans...................................... 0.15% 0.08% 0.05% 0.07% 0.19% total assets..................................... 0.09% 0.05% 0.03% 0.05% 0.12% Allowance for loan losses to: total loans...................................... 1.22% 1.20% 1.17% 1.14% 1.12% non-performing loans............................. 355% 828% 357% 313% 303% nonaccrual loans................................. 841% 1547% 2475% 1527% 603% NON-PERFORMING ASSETS: Loans delinquent over 90 days....................... $ 2,032 $ 650 $ 2,549 $ 2,518 $1,448 Nonaccrual loans.................................... 1,483 749 430 649 1,458 ------- ------- ------- ------- ------ Total non-performing assets...................... $ 3,515 $ 1,399 $ 2,979 $ 3,167 $2,906 ======= ======= ======= ======= ====== NET LOAN CHARGE-OFFS (RECOVERIES): Loans charged off................................... $ 81 $ 4 $ 165 $ 515 $ 66 Recoveries.......................................... 11 33 70 25 39 ------- ------- ------- ------- ------ Net charge-offs (recoveries)........................ $ 70 $ (29) $ 95 $ 490 $ 27 ======= ======= ======= ======= ====== PROVISION FOR LOAN LOSSES........................... $ 956 $ 914 $ 828 $ 1,609 $ 511 ======= ======= ======= ======= ====== ALLOWANCE FOR LOAN LOSSES SUMMARY Balance at beginning of period...................... $11,585 $10,642 $ 9,909 $ 8,790 $8,306 Provision........................................... 956 914 828 1,609 511 Net charge-offs (recoveries)........................ 70 (29) 95 490 27 ------- ------- ------- ------- ------ Balance at end of period............................ $12,471 $11,585 $10,642 $ 9,909 $8,790 ======= ======= ======= ======= ====== NET LOAN CHARGE-OFFS (RECOVERIES): Commercial real estate.............................. -- -- -- -- -- Residential real estate............................. -- -- -- -- -- Commercial.......................................... $ 1 $ (2) $ 46 $ 481 $ 18 Personal............................................ 69 (27) 49 9 9 Home equity......................................... -- -- -- -- -- Construction........................................ -- -- -- -- -- ------- ------- ------- ------- ------ Total net loan charge-offs (recoveries)............. $ 70 $ (29) $ 95 $ 490 $ 27 ======= ======= ======= ======= ======
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PRIVATEBANCORP, INC. BALANCE SHEETS (DOLLARS IN THOUSANDS) UNAUDITED AUDITED UNAUDITED UNAUDITED UNAUDITED 3/31/03(1) 12/31/02(1) 09/30/02 06/30/02 03/31/02 ---------- ---------- ---------- ---------- ---------- ASSETS Cash and due from banks........... $ 46,643 $ 34,529 $ 44,561 $ 39,625 $ 25,852 Short-term investments............ 7,415 258 3,848 75 3,558 Investment securities-available for sale....................... 505,877 487,020 403,192 392,090 388,728 Loans held for sale............... 12,591 14,321 9,062 3,913 1,785 Loans............................. 1,018,196 965,641 913,197 865,778 782,434 Less: Allowance for loan losses...................... (12,471) (11,585) (10,642) (9,909) (8,790) ---------- ---------- ---------- ---------- ---------- Net loans...................... 1,005,725 954,056 902,555 855,869 773,644 ---------- ---------- ---------- ---------- ---------- Premises and equipment, net....... 6,516 6,851 6,378 6,455 4,026 Goodwill and other intangibles.... 21,743 21,742 10,805 10,805 10,805 Other assets...................... 22,484 24,637 23,925 23,176 22,810 ---------- ---------- ---------- ---------- ---------- Total Assets...................... $1,628,994 $1,543,414 $1,404,326 $1,332,008 $1,231,208 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Non-interest bearing deposits..... $ 88,243 $ 88,986 $ 80,994 $ 81,421 $ 62,359 Interest bearing demand deposits.. 73,699 64,893 57,575 54,694 54,214 Savings and money market deposits. 476,100 488,941 431,455 412,570 369,811 Time deposits..................... 727,302 562,451 593,303 525,790 495,481 ---------- ---------- ---------- ---------- ---------- Total deposits................. 1,365,344 1,205,271 1,163,327 1,074,475 981,865 Funds borrowed.................... 124,933 209,954 125,422 154,499 155,523 Long-term debt - Trust Preferred Securities..................... 20,000 20,000 20,000 20,000 20,000 Minority Interest in Lodestar Investment Counsel............. 70 33 -- -- -- Other liabilities................. 22,914 19,064 16,296 11,337 8,894 ---------- ---------- ---------- ---------- ---------- Total liabilities................. 1,533,261 1,454,322 1,325,045 1,260,311 1,166,282 Stockholders' equity.............. 95,734 89,092 79,281 71,697 64,926 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Stockholders' Equity........ $1,628,995 $1,543,414 $1,404,326 $1,332,008 $1,231,208 ========== ========== ========== ========== ========== - --------------------------- (1) Reflects the consummation of the acquisition of a controlling interest in Lodestar Investment Counsel on December 30, 2002.
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PRIVATEBANCORP, INC. AVERAGE QUARTERLY BALANCE SHEETS (UNAUDITED, DOLLARS IN THOUSANDS) 03/31/03 12/31/02 09/30/02 06/30/02 03/31/02 ---------- ---------- ---------- ---------- ---------- ASSETS Cash and due from banks............... $ 36,159 $ 35,407 $ 35,479 $ 27,114 $ 25,149 Short-term investments................ 11,833 3,015 2,584 1,964 3,737 Investment securities-available for sale............................... 492,443 442,001 393,565 396,807 355,528 Loans held for sale................... 11,178 11,966 6,578 2,330 5,176 Loans................................. 993,797 936,016 881,916 815,672 777,312 Less: Allowance for loan losses.... (12,091) (11,116) (10,190) (9,081) (8,540) ---------- ---------- ---------- ---------- ---------- Net loans.......................... 981,706 924,900 871,726 806,591 768,772 ---------- ---------- ---------- ---------- ---------- Premises and equipment, net........... 6,757 6,438 6,472 5,271 3,937 Goodwill and other intangibles........ 22,271 11,077 10,805 10,805 10,805 Other assets.......................... 19,807 23,301 22,766 23,522 23,335 ---------- ---------- ---------- ---------- ---------- Total Assets....................... $1,582,154 $1,458,105 $1,349,975 $1,274,404 $1,196,439 ========== ========== ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Non-interest bearing deposits......... $ 81,926 $ 84,649 $ 79,530 $ 70,244 $ 64,285 Interest bearing demand deposits...... 65,977 60,177 57,526 57,127 54,066 Savings and money market deposits..... 477,748 480,110 417,541 379,726 363,351 Time deposits......................... 637,990 572,308 566,333 523,774 485,498 ---------- ---------- ---------- ---------- ---------- Total deposits..................... 1,263,641 1,197,244 1,120,930 1,030,871 967,200 Funds borrowed........................ 191,898 144,982 119,714 144,576 135,979 Long-term debt - Trust Preferred Securities......................... 20,000 20,000 20,000 20,000 20,000 Minority Interest in Lodestar Investment Counsel................. 23 1 -- -- -- Other liabilities..................... 12,218 15,958 13,505 9,498 8,141 ---------- ---------- ---------- ---------- ---------- Total liabilities.................. 1,487,780 1,378,185 1,274,149 1,204,945 1,131,320 Stockholders' equity.................. 94,374 79,920 75,826 69,459 65,119 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Stockholders' Equity............ $1,582,154 $1,458,105 $1,349,975 $1,274,404 $1,196,439 ========== ========== ========== ========== ==========
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