PrivateBancorp (PVTB) 8-K PrivateBancorp Reports First Quarter Earnings per Share of $0.41

For further information:

Dennis Klaeser, CFO

PrivateBancorp, Inc.

312-683-7100

For Immediate Release

PrivateBancorp Reports First Quarter Earnings per Share of $0.41

Chicago, IL, April 23, 2007--- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported first quarter 2007 net income of $9.0 million, or $0.41 per diluted share compared to  $9.0 million, or  $0.42 per diluted share for the first quarter 2006.   The first quarter 2007 results include the financial results for The PrivateBank – Georgia, which was acquired on December 13, 2006, and start-up costs associated with The PrivateBank – Kansas City.   The acquisition of The PrivateBank – Georgia was slightly accretive to earnings per share for the first quarter of 2007 and start-up costs associated with The PrivateBank – Kansas City reduced earnings per share by $0.014.  

“The first quarter’s operating results, taken on their face, do not reveal the progress we have made in positioning the Company to achieve its long term growth objectives.  During the past year, we achieved over 21 percent organic growth in core deposits, loans and wealth management fee income. We made substantial investments in our people and our infrastructure and continued to execute on our strategy of expanding into new markets. Unfortunately, the growth of our net interest income was significantly lower than we expected given the year over year compression in our net interest margin,” said Ralph B. Mandell, Chairman, President and CEO.  “We continue to stay focused on executing our strategy and building our client base and anticipate that our net interest margin will improve when the yield curve normalizes.”

Net interest income totaled $32.0 million in the first quarter 2007, an increase of 15 percent over first quarter 2006 net interest income of $27.8 million.  Excluding net interest income from The PrivateBank – Georgia, net interest income grew by $1.6 million, an increase of 6 percent over the first quarter of 2006.  Net interest margin (on a tax equivalent basis) was 3.26 percent for the first quarter 2007 compared to 3.45 percent in the year earlier period, and 3.25 percent in the fourth quarter 2006.   During the first quarter 2007, the yield on average interest earning assets increased by 7 basis points while the cost of average interest-bearing liabilities remained unchanged from the fourth quarter 2006.

The provision for loan losses in the first quarter 2007 was $1.4 million, compared to $2.3 million in the first quarter 2006 and $0.7 million in the fourth quarter 2006.  Net charge offs totaled $582,000, or 0.07 percent of average loans, in the quarter ended March 31, 2007, versus net charge offs of $144,000 in the prior year quarter and net charge-offs of $49,000 in the fourth quarter 2006.  Non-performing loans to total loans were 0.28 percent at March 31, 2007, compared to 0.25 percent at December 31, 2006 and 0.15 percent at March 31, 2006.  The allowance for loan losses as a percentage of total loans was 1.09 percent at March 31, 2007 and December 31, 2006, compared to 1.13 percent at March 31, 2006.

Wealth management fee income was $3.8 million during the first quarter 2007, an increase of 21 percent from $3.2 million in the first quarter of 2006 and up 6 percent from $3.6 million in the fourth quarter 2006.  Wealth management assets under management increased 9 percent to $2.95 billion at March 31, 2007 compared to $2.72 billion at March 31, 2006 and $2.90 billion at the end of 2006.

Residential mortgage fee income increased to $1.3 million for the first quarter 2007 from $0.7 million in the first quarter 2006 and $0.8 million for the fourth quarter 2006.

Non-interest expense increased by 33 percent to $23.4 million in the first quarter 2007 from $17.6 million in the first quarter 2006, and increased 4 percent from fourth quarter 2006 non-interest expense of $22.6 million.  Excluding the impact of The PrivateBank – Georgia and costs associated with the start up of The PrivateBank – Kansas City, non-interest expense increased by 21 percent year over year.  During the first quarter of 2007, total non-interest expense at The PrivateBank – Georgia was $1.6 million, and the total non-interest expense from The PrivateBank – Kansas City was $0.5 million.   The year over year core growth in our non-interest expense is primarily attributable to the increased scale and scope of the Company’s operations, including increased professional fees, marketing and occupancy costs.

The Company continues to add qualified, experienced managing directors to its team to facilitate the future growth of the organization.  The number of managing directors increased to 150 as of March 31, 2007, or 29 percent from 116 at March 31, 2006, and 148 at December 31, 2006.  The increase includes 11 Managing Directors from the acquisition of The PrivateBank – Georgia and, four Managing Directors from the start-up of The PrivateBank – Kansas City.  Full-time equivalent (FTE) employees increased 23 percent to 482 at the end of the first quarter 2007, from 393 at the end of the first quarter 2006, reflecting, in part, the addition of 37 FTEs as a result of the acquisition of The PrivateBank – Georgia and the addition of five FTEs as a result of the start up of The PrivateBank – Kansas City.

The efficiency ratio was 59.3 percent in the first quarter 2007, up from 51.7 percent in the prior year first quarter, but down from 61.9 percent reported in the fourth quarter 2006.  The year over year increase in the efficiency ratio resulted primarily from the decrease in the net interest margin.

Total assets were $4.3 billion at March 31, 2007, an increase of 18 percent from $3.7 billion at March 31, 2006, and unchanged from $4.3 billion at December 31, 2006.  At March 31, 2007, total loans were $3.6 billion, versus $2.8 billion at March 31, 2006 and $3.5 billion at December 31, 2006.  During the first quarter, loans grew by over 2 percent or an annualized rate of approximately 9 percent.  Excluding The PrivateBank- Georgia, loans grew by 21 percent year over year. Investment securities were $482.0 million at March 31, 2007, down from $682.4 million at March 31, 2006 and $496.8 million at December 31, 2006.

Total deposits were $3.6 billion at March 31, 2007, up from $2.9 billion at March 31, 2006 and unchanged from $3.6 billion at December 31, 2006.   Core deposits, defined as total deposits less brokered deposits, were $3.0 billion at quarter’s end, and at 2006 year end, compared to $2.2 billion at March 31, 2006.  Excluding The PrivateBank - Georgia, core deposits grew by 25 percent year over year.  Brokered deposits were $631.7 million at March 31, 2007, down from $704.6 million at March 31, 2006 and up from $589.3 million at December 31, 2006.  Funds borrowed, which include federal funds purchased, FHLB advances, borrowings under our credit facility, and convertible senior notes, decreased 5 percent to $334.1 million at March 31, 2007 from $351.5 million at March 31, 2006, and increased 19 percent from $281.7 million at December 31, 2006.  As previously announced, during the first quarter of 2007, the Company issued $115.0 million of contingent convertible senior notes to qualified institutional investors, the proceeds of which continue to be used to replace more expensive funding.

PrivateBancorp, Inc. was organized in 1989 to provide distinctive, highly personalized premium financial services primarily to privately held businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors for their personal and professional interests.  The Company uses a European tradition of “private banking” as a model to develop lifetime relationships with its clients.  Through a team of highly qualified managing directors, The PrivateBank tailors products and services to meet each client’s personal and commercial banking and wealth management needs.  The Company, which had assets of $4.3 billion as of March 31, 2007, has 18 offices located in the Atlanta, Chicago, Detroit, Milwaukee, St. Louis, and Kansas City, metropolitan areas.

Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.’s website at www.pvtb.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 in the Company’s market areas, the effect of continued margin pressure on our earnings, deterioration in asset quality due to an economic downturn in the greater Chicago, Detroit, Milwaukee, St. Louis, Kansas City or Atlanta metropolitan areas, developments pertaining to the previously-announced employee fraud, the dollar amount of recovery, if any, on any insurance bond claim relating to the employee fraud, legislative or regulatory changes, adverse developments in the Company’s loan or investment portfolios, slower than anticipated growth of the Company’s business or unanticipated business declines, unforeseen difficulties in the continued integration of The PrivateBank - Georgia or higher than expected operational costs, failure to get regulatory approval for a de novo federal savings bank in Kansas City, competition, failure to improve operating efficiencies through expense controls, and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.

Editor’s Note: Financial highlights attached.

 

Consolidated Statements of Income
(dollars in thousands except per share data)
	Three Months Ended
	March 31,
	2007		2006
	unaudited		unaudited
Interest Income
Interest and fees on loans	$	68,886	$	48,910
Interest on investment securities		5,890		8,302
Interest on short-term investments		238		87
Total Interest Income		75,014		57,299
Interest Expense
Interest on deposits		37,435		24,552
Interest on borrowings		4,084		3,468
Interest on long-term debt - trust preferred securities		1,520		1,504
Total Interest Expense		43,039		29,524
Net Interest Income		31,975		27,775
Provision for loan losses		1,406		2,253
Net Interest Income After Provision		30,569		25,522
Non Interest Income
Wealth management income		3,826		3,160
Mortgage banking income		1,314		724
Other income		1,126		1,138
Net securities gains (losses)		79		(578	)
Gains (losses) on interest rate swap		-		555
Total Non Interest Income		6,345		4,999
Non Interest Expense
Salaries and benefits		13,729		10,536
Occupancy expense		2,790		2,169
Professional fees		1,715		1,016
Wealth management fees		782		406
Marketing		1,289		913
Data processing		901		766
Amortization of intangibles		243		154
Insurance		352		310
Other operating expenses		1,564		1,288
Total Non Interest Expense		23,365		17,558
Minority interest expense		90		77
Income Before Income Taxes		13,459		12,886
Income tax expense		4,423		3,899
Net Income	$	9,036	$	8,987
Weighted Average Shares Outstanding		21,331,021		20,561,694
Diluted Average Shares Outstanding		22,018,295		21,424,810
Earnings Per Share
Basic	$	0.42	$	0.44
Diluted	$	0.41	$	0.42
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 data has been restated to reflect the adoption of SFAS No. 123(R), “Share Based Payment”

Consolidated Balance Sheets
(dollars in thousands except per share data)
	03/31/07			12/31/06			03/31/06
	unaudited			audited			unaudited
Assets
Cash and due from banks	$	73,736		$	42,428		$	42,827
Short-term investments		17,535			36,969			9,613
Investment securities: available-for-sale		482,024			496,782			682,355
Loans held for sale		14,928			14,515			9,747
Loans		3,581,398			3,499,988			2,786,075
Allowance for loan losses		(38,893	)		(38,069	)		(31,497	)
Net loans		3,542,505			3,461,919			2,754,578
Premises and equipment, net		21,674			21,413			15,146
Goodwill		93,043			93,043			63,176
Other assets		95,649			94,322			91,443
Total Assets	$	4,341,094		$	4,261,391		$	3,668,885
Liabilities
Non-interest bearing deposits	$	312,782		$	300,689		$	240,961
Interest bearing deposits		3,270,173			3,250,324			2,698,541
Total deposits		3,582,955			3,551,013			2,939,502
Funds borrowed		334,128			281,733			351,523
Long-term debt - trust preferred securities		98,000			98,000			98,000
Other liabilities		26,084			33,521			36,998
Total Liabilities		4,041,167			3,964,267			3,426,023
Stockholders' Equity
Common stock and additional paid-in-capital		177,260			174,968			145,323
Treasury stock		(13,068	)		(5,254	)		(3,724	)
Retained earnings		128,904			121,539			96,517
Accumulated other comprehensive income		6,831			5,871			4,746
Total Stockholders' Equity		299,927			297,124			242,862
Total Liabilities and
Stockholders' Equity	$	4,341,094		$	4,261,391		$	3,668,885
Book Value Per Share	$	13.93		$	13.83		$	11.72
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 data has been restated to reflect the adoption of SFAS No. 123(R), “Share Based Payment”

Key Financial Data
Unaudited
(dollars in thousands except per share data)
		1Q07	4Q06	3Q06	2Q06	1Q06
Key Statistics
	Net income	$9,036	$9,052	$9,794	$10,013	$8,987
	Basic earnings per share	$0.42	$0.43	$0.48	$0.48	$0.44
	Diluted earnings per share	$0.41	$0.42	$0.46	$0.47	$0.42
	Return on average total assets	0.86%	0.91%	1.04%	1.10%	1.03%
	Return on average total equity	12.37%	13.61%	15.43%	16.65%	15.40%
	Dividend payout ratio	15.34%	14.44%	12.96%	12.65%	14.06%
	Fee revenue as a percent of total revenue (1)	16.39%	15.81%	15.79%	19.48%	15.32%
	Wealth management assets under management	2,952,227	2,902,205	2,780,121	2,686,255	2,716,599
	Non-interest income to average assets	0.60%	0.56%	0.63%	0.73%	0.57%
	Non-interest expense to average assets	2.22%	2.27%	2.13%	2.09%	2.01%
	Net overhead ratio (2)	1.62%	1.71%	1.50%	1.36%	1.44%
	Efficiency ratio (3)	59.3%	61.9%	53.9%	50.3%	51.7%
Net interest margin
	Fed funds sold & other short-term investments	3.26%	5.48%	6.40%	5.02%	4.81%
	Investment Securities (taxable)	5.01%	4.51%	5.50%	5.75%	4.88%
	Investment Securities (non-taxable)	6.89%	6.90%	6.88%	6.90%	6.91%
	Loans, net of unearned discount	7.84%	7.78%	7.83%	7.64%	7.39%
	Yield on average earning assets	7.56%	7.49%	7.59%	7.39%	7.00%
	Interest bearing deposits	4.67%	4.65%	4.53%	4.21%	3.84%
	Funds borrowed	4.87%	5.15%	5.20%	4.58%	4.24%
	Trust preferred securities	6.20%	6.21%	6.21%	6.17%	6.14%
	Cost of average interest-bearing liabilities	4.73%	4.73%	4.62%	4.29%	3.96%
	Net interest spread (4)	2.83%	2.77%	2.97%	3.10%	3.04%
	Net interest margin (5)	3.26%	3.25%	3.47%	3.55%	3.45%
	Tax equivalent adjustment to net interest income (6)	$1,073	$1,058	$1,166	$1,173	$1,174

(1)	Represents wealth management, mortgage banking and other income as a percentage of the sum of net interest income and wealth management, mortgage banking and other income.
(2)	Non-interest expense less non-interest income divided by average total assets.
(3)	Non-interest expense divided by the sum of net interest income, on a tax equivalent basis, plus non-interest income.
(4)	Yield on average interest-earning assets less rate on average interest-bearing liabilities.
(5)	Net interest income, on a tax equivalent basis, divided by average interest-earning assets.
(6)	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
	1Q07		4Q06		3Q06		2Q06		1Q06
Net interest income	$	31,975	$	29,797	$	30,040	$	29,862	$	27,775
Tax equivalent adjustment to net interest income		1,073		1,058		1,166		1,173		1,174
Net interest income, tax equivalent basis	$	33,048	$	30,855	$	31,206	$	31,035	$	28,949

Note: All previously reported data has been restated to reflect the adoption of SFAS No. 123(R), “Share Based Payment”

Key Financial Data
Unaudited
(dollars in thousands except per share data)
	1Q07			4Q06			3Q06			2Q06			1Q06
Balance Sheet Ratios
Loans to Deposits (period end)		99.96	%		98.56	%		96.84	%		94.57	%		94.78	%
Average interest-earning assets to average interest-bearing liabilities		109.8			111.3			112.2			111.9			111.2
Per Share Data
Dividends	$	0.075		$	0.060		$	0.060		$	0.060		$	0.060
Book value (period end)	$	13.93		$	13.83		$	12.73		$	12.08		$	11.72
Tangible book value (period end) (1)	$	9.28		$	9.15		$	9.45		$	8.78		$	8.41
Share Price Data (period end)
Closing Price	$	36.56		$	41.63		$	45.72		$	41.41		$	41.49
Diluted earnings multiple (2)		21.99	x		24.98	x		25.05	x		21.97	x		24.36	x
Book value multiple		2.62	x		3.01	x		3.59	x		3.43	x		3.54	x
Common Stock Information
Outstanding shares at end of period		21,531,296			21,481,250			20,842,083			20,769,859			20,729,339
Number of shares used to compute:
Basic earnings per share		21,331,021			20,882,759			20,581,504			20,659,566			20,561,694
Diluted earnings per share		22,018,295			21,637,210			21,440,343			21,523,387			21,424,810
Capital Ratios (period end) (3):
Total equity to total assets		6.91	%		6.97	%		6.85	%		6.87	%		6.62	%
Total risk-based capital ratio		10.34	%		10.27	%		10.62	%		10.56	%		10.41	%
Tier-1 risk-based capital ratio		7.91	%		8.06	%		8.53	%		8.52	%		8.44	%
Leverage ratio		6.97	%		7.51	%		7.26	%		7.33	%		7.17	%

(1) Tangible book value is total capital less goodwill and other intangibles divided by outstanding shares at end of period.

(2) Period end closing stock price divided by annualized quarterly earnings for the quarter then ended.

(3) Capital ratios for the most recent period presented in the press release are based on preliminary data.

Note: All previously reported data has been restated to reflect the adoption of SFAS No. 123(R), “Share Based Payment”

Key Financial Data
Unaudited
(dollars in thousands)
	1Q07		4Q06			3Q06				2Q06			1Q06
Summary Income Statement
Interest Income
Interest and fees on loans	$	68,886	$	64,418		$	60,361			$	55,127		$	48,910
Interest on investment securities		5,890		5,227			6,320				7,734			8,302
Interest on short-term investments		238		320			116				199			87
Total Interest Income		75,014		69,965			66,797				63,060			57,299
Interest Expense		43,039		40,168			36,757				33,198			29,524
Net Interest Income		31,975		29,797			30,040				29,862			27,775
Provision for loan losses		1,406		707			1,494				2,382			2,253
Net Interest Income after Provision for Loan Losses		30,569		29,090			28,546				27,480			25,522
Non Interest Income
Wealth management income		3,826		3,615			3,477				3,603			3,160
Mortgage banking income		1,314		807			804				1,005			724
Other income		1,126		1,172			1,351				2,616			1,138
Net securities (losses) gains		79		(1	)		1,212				(1,007	)		(578	)
Gains (losses) on interest rate swap		-		-			(904	)			413			555
Total Non Interest Income		6,345		5,593			5,940				6,630			4,999
Non Interest Expense
Salaries and benefits		13,729		12,205			10,864		��		10,325			10,536
Occupancy expense		2,790		2,733			2,639				2,214			2,169
Professional fees		1,715		1,976			1,866				1,955			1,016
Wealth management fees		782		686			774				799			406
Marketing		1,289		1,137			1,159				1,083			913
Data processing		901		999			788				764			766
Insurance		352		337			349				323			310
Amortization of intangibles		243		169			152				153			154
Other operating expenses		1,564		2,321			1,420				1,318			1,288
Total  Non Interest Expense		23,365		22,563			20,011				18,934			17,558
Minority interest expense		90		82			85				86			77
Income Before Income Taxes		13,459		12,038			14,390				15,090			12,886
Income tax expense		4,423		2,986			4,596				5,077			3,899
Net income	$	9,036	$	9,052		$	9,794			$	10,013		$	8,987

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 data has been restated to reflect the adoption of SFAS No. 123(R), “Share Based Payment”

Key Financial Data
Unaudited
(dollars in thousands)
	1Q07			4Q06			3Q06			2Q06			1Q06
Credit Quality
Key Ratios
Net charge-offs (recoveries) to average loans		0.07	%		0.01	%		0.04	%		0.05	%		0.02	%
Total non-performing loans to total loans		0.28	%		0.25	%		0.06	%		0.10	%		0.15	%
Total non-performing assets to total assets		0.34	%		0.23	%		0.06	%		0.09	%		0.12	%
Nonaccrual loans to:
total loans		0.13	%		0.11	%		0.02	%		0.06	%		0.12	%
total assets		0.11	%		0.09	%		0.02	%		0.05	%		0.09	%
Allowance for loan losses to:
total loans		1.09	%		1.09	%		1.11	%		1.13	%		1.13	%
non-performing loans		263	%		380	%		1490	%		1051	%		693	%
nonaccrual loans		808	%		1010	%		5897	%	1946%				976	%
Non-performing assets:
Loans delinquent over 90 days	$	5,124		$	5,137		$	1,260		$	1,262		$	1,080
Nonaccrual loans		4,816			3,770			588			1,721			3,228
OREO		4,831			1,101			480			203			235
Total non-performing assets	$	14,771		$	10,008		$	2,328		$	3,186		$	4,543
Net loan charge-offs (recoveries):
Loans charged off	$	586		$	86		$	308		$	466		$	165
(Recoveries)		(4	)		(37	)		(17	)		(77	)		(21	)
Net charge-offs (recoveries)	$	582		$	49		$	291		$	389		$	144
Provision for loan losses	$	1,406		$	707		$	1,494		$	2,382		$	2,253
Allowance for Loan Losses Summary
Balance at beginning of period	$	38,069		$	34,693		$	33,490		$	31,497		$	29,388
Provision		1,406			707			1,494			2,382			2,253
Net charge-offs (recoveries)		582			49			291			389			144
Addition of The PrivateBank - Georgia allowance		-			2,718			-			-			-
Balance at end of period	$	38,893		$	38,069		$	34,693		$	33,490		$	31,497
Net loan charge-offs (recoveries):
Commercial real estate		-			-			-		$	250			-
Residential real estate		-			-			-			-			-
Commercial	$	581		$	29		$	298		$	180		$	121
Personal	$	1		$	20		$	(7	)	$	(41	)	$	23
Home equity		-			-			-			-			-
Construction		-			-			-			-			-
Total net loan charge-offs (recoveries)	$	582		$	49		$	291		$	389		$	144

Balance Sheets
(dollars in thousands)
	unaudited			audited			unaudited			unaudited			unaudited
	03/31/07			12/31/06			09/30/06			06/30/06			03/31/06
Assets
Cash and due from banks	$	73,736		$	42,428		$	91,026		$	46,625		$	42,827
Short-term investments		17,535			36,969			33,565			1,496			9,613
Investment securities: available-for-sale		482,024			496,782			458,869			499,801			682,355
Loans held for sale		14,928			14,515			7,719			6,443			9,747
Loans		3,581,398			3,499,988			3,136,634			2,956,026			2,786,075
Less:  Allowance for loan losses		(38,893	)		(38,069	)		(34,693	)		(33,490	)		(31,497	)
Net loans		3,542,505			3,461,919			3,101,941			2,922,536			2,754,578
Premises and equipment, net		21,674			21,413			19,825			17,902			15,146
Goodwill		93,043			93,043			63,176			63,176			63,176
Other assets		95,649			94,322			98,439			91,255			91,443
Total Assets	$	4,341,094		$	4,261,391		$	3,874,560		$	3,649,234		$	3,668,885
Liabilities and Stockholders' Equity
Non-interest bearing deposits	$	312,782		$	300,689		$	280,478		$	273,003		$	240,961
Interest bearing demand deposits		144,812			152,323			115,531			127,445			142,734
Savings and money market deposits		1,485,783			1,575,080			1,327,932			1,277,067			1,243,501
Time deposits		1,639,578			1,522,921			1,514,881			1,448,259			1,312,306
Total deposits		3,582,955			3,551,013			3,238,822			3,125,774			2,939,502
Funds borrowed		334,128			281,733			235,858			133,163			351,523
Long-term debt - Trust Preferred Securities		98,000			98,000			98,000			98,000			98,000
Other liabilities		26,084			33,521			36,653			41,497			36,998
Total liabilities		4,041,167			3,964,267			3,609,333			3,398,434			3,426,023
Stockholders' equity		299,927			297,124			265,227			250,800			242,862
Total Liabilities and Stockholders' Equity	$	4,341,094		$	4,261,391		$	3,874,560		$	3,649,234		$	3,668,885

Average Quarterly Balance Sheets
(unaudited, dollars in thousands)
	03/31/07			12/31/06			09/30/06			06/30/06			03/31/06
Assets
Cash and due from banks	$	45,656		$	48,478		$	43,029		$	37,582		$	35,208
Short-term investments		29,348			21,341			7,101			15,646			7,317
Investment securities: available-for-sale		490,844			464,005			494,626			579,223			696,323
Loans held for sale		10,493			10,891			6,875			7,375			7,655
Loans		3,528,404			3,259,404			3,037,863			2,869,754			2,660,074
Less:  Allowance for loan losses		(38,157	)		(36,175	)		(34,335	)		(32,517	)		(30,018	)
Net loans		3,490,247			3,223,229			3,003,528			2,837,237			2,630,056
Premises and equipment, net		21,485			20,594			19,137			17,148			14,417
Goodwill		93,043			69,344			63,176			63,176			63,176
Other assets		90,979			77,713			86,836			83,249			85,792
Total Assets	$	4,272,095		$	3,935,595		$	3,724,308		$	3,640,636		$	3,539,944
Liabilities and Stockholders' Equity
Non-interest bearing deposits	$	265,959		$	273,576		$	271,287		$	264,798		$	240,119
Interest bearing demand deposits		139,808			119,575			122,321			128,854			123,524
Savings and money market deposits		1,553,254			1,445,841			1,315,230			1,273,639			1,240,914
Time deposits		1,556,657			1,490,239			1,435,345			1,389,356			1,230,534
Total deposits		3,515,678			3,329,231			3,144,183			3,056,647			2,835,091
Funds borrowed		333,312			209,039			180,608			206,098			326,862
Long-term debt - Trust Preferred Securities		98,000			98,000			98,000			98,000			98,000
Other liabilities		28,830			35,537			49,671			38,670			43,364
Total liabilities		3,975,820			3,671,807			3,472,462			3,399,415			3,303,317
Stockholders' equity		296,275			263,788			251,846			241,221			236,627
Total Liabilities and Stockholders' Equity	$	4,272,095		$	3,935,595		$	3,724,308		$	3,640,636		$	3,539,944

Average Year-To-Date Balance Sheets
(unaudited, dollars in thousands)
	03/31/07			12/31/06			09/30/06			06/30/06			03/31/06
Assets
Cash and due from banks	$	45,656		$	28,848		$	38,598		$	36,348		$	35,208
Short-term investments		29,348			10,696			6,593			11,505			7,317
Investment securities: available-for-sale		490,844			557,696			589,318			637,450			696,323
Loans held for sale		10,493			7,719			7,368			7,520			7,655
Loans		3,528,404			2,959,125			2,857,212			2,765,489			2,660,075
Less:  Allowance for loan losses		(38,157	)		(33,281	)		(32,305	)		(31,274	)		(30,018	)
Net loans		3,490,247			2,925,844			2,824,907			2,734,215			2,630,057
Premises and equipment, net		21,485			18,094			17,190			15,790			14,417
Goodwill		93,043			64,730			63,176			63,176			63,176
Other assets		90,979			78,837			81,643			79,414			85,791
Total Assets	$	4,272,095		$	3,692,464		$	3,628,793		$	3,585,418		$	3,539,944
Liabilities and Stockholders' Equity
Non-interest bearing deposits	$	265,959		$	252,338		$	259,094		$	252,529		$	240,119
Interest bearing demand deposits		139,808			123,554			124,895			126,204			123,524
Savings and money market deposits		1,553,254			1,319,457			1,276,866			1,257,367			1,240,914
Time deposits		1,556,657			1,387,214			1,352,495			1,310,384			1,230,534
Total deposits		3,515,678			3,082,563			3,013,350			2,946,484			2,835,091
Funds borrowed		333,312			230,461			237,247			266,123			326,862
Long-term debt - Trust Preferred Securities		98,000			98,000			98,000			98,000			98,000
Other liabilities		28,830			36,483			41,378			37,047			43,364
Total liabilities		3,975,820			3,447,507			3,389,975			3,347,654			3,303,317
Stockholders' equity		296,275			244,957			238,818			237,764			236,627
Total Liabilities and Stockholders' Equity	$	4,272,095		$	3,692,464		$	3,628,793		$	3,585,418		$	3,539,944